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Cedi to weaken further — Fitch
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• Ghana cedi
The cedi is expected to weaken further over the coming months, a report from Fitch Solutions Country Risk and Industry Research, has revealed.
In the year to date (August 30 2022), the cedi had depreciated sharply, having lost 38.1 per cent of its value against the US dollar.
“This is caused by increased demand for the dollar following tighter monetary policy in the US and rapidly growing investor concerns around Ghana’s fiscal and external health,” the November edition of the report on the outlook of the cedi said.
As of August, the cedi was third worst-performing currency globally, after Sri Lanka’s rupee and Zimbabwe’s dollar.
The report said Ghana’s deteriorating fiscal and balance of payment dynamics had effectively cut the country off from international capital markets since Q421, which had seen bond yields rise to 23.36 per cent from 10.51 per cent at the start of the year.
Additionally, credit rating agencies S&P, Fitch Ratings and Moody’s decided to downgrade the country’s sovereign ratings in early 2022, with the former two having downgraded Ghana again in August 2022.
According to Fitch, these developments had further eroded investor confidence and had put additional downside pressure on the exchange rate.
“Although we expect that the cedi will remain on a depreciatory trajectory in the immediate term, the outlook depends on whether Ghana will reach an agreement with the International Monetary Fund (IMF) and obtain funding in the months ahead,” the report said.
In July 2022, President Nana Akufo-Addo announced that he had instructed the Finance Minister, Ken Ofori Atta, to start negotiations with the IMF as part of broader efforts to ‘quicken Ghana’s build back’.
“While we believe that the two parties will reach a deal in Q422, there are downside risks to this view, which would have negative implications for the cedi,” the report said.
Attorney General and Minister for Justice, Dr. Dominic Ayine, has announced that the government has accepted the recommendation to abolish the death penalty and replace it with life imprisonment as part of the constitutional review process.
He said the proposed amendment would affect Articles 3, 13, 19 and 72 of the 1992 Constitution, with offences that previously attracted the death penalty instead carrying life imprisonment.
Dr. Ayine made the announcement on July 30, 2026, at the Jubilee House in Accra during the Government Accountability Series while outlining the government’s position on the final recommendations of the Constitution Review Committee.
According to him, the government believes the death penalty is inconsistent with the constitutional right to life and Ghana’s international human rights obligations.
He explained that the recommendation forms part of broader proposals aimed at strengthening the protection of fundamental human rights under the Constitution.
Dr. Ayine said the government had also accepted the spirit of several recommendations to expand rights relating to women, children, persons with disabilities, older persons and the youth.
He added that a comprehensive Human Rights Act would be introduced to protect these rights and provide detailed enforcement mechanisms instead of amending the entrenched provisions of the Constitution through a national referendum.
By: Jacob Aggrey
Minister for Tourism, Culture and Creative Arts, Abla Dzifa Gomashie, has called on both local and international investors to tap into opportunities in Ghana’s tourism, hospitality and creative industries.
Speaking in an interview yesterday with World Media USA Today, the Minister said government is committed to creating a conducive investment environment to support growth in the sector.
She highlighted key investment areas including hotels, fashion, music, film production, and tourism infrastructure.
Dzifa Gomashie also encouraged Ghanaians to invest in domestic tourism to help boost the local economy.
According to her, strategic investment in tourism and the creative economy will drive economic transformation, create jobs, and position Ghana as Africa’s gateway for heritage, culture, business and investment.
“Ghana has vast opportunities across tourism, hospitality and the creative industries. We are ready and open for business,” she stated.
The Minister’s remarks come as government intensifies efforts to leverage culture and tourism as drivers of economic growth and job creation.
By Edem Mensah-Tsotorme
