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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.
The Tema Regional Police Command has arrested a 32-year-old man for allegedly posing as a soldier and extorting money from unsuspecting members of the public at Ashaiman.
The suspect, identified as Bright Atsu Kudiabor, was arrested by the Ashaiman Police on Wednesday, September 16, 2026, at about 7:00 a.m.
According to the Police, he was arrested at an area known as “I Shall Return”, where he was allegedly parading himself as a soldier and demanding money from people.
The Police said Kudiabor, who is an ex-convict, was initially arrested by personnel of the Ghana National Fire Service in Ashaiman with assistance from other members of the public.
A search conducted on him after he was handed over to the Police reportedly led to the recovery of a set of military camouflage uniform.
The suspect is currently in Police custody and assisting with investigations.
The Tema Regional Police Command said he would be processed for court after investigations are completed.
The Police urged the public to remain vigilant and report anyone who falsely presents themselves as a soldier or a member of another security agency to deceive or extort money from the public.
By: Jacob Aggrey
Volta Regional Minister, James Gunu, says the Volta Region holds enormous agricultural potential and efforts must be geared towards connecting farmers to the needed resources to unlock that potential.
He said focus must be on linking farmers to resources, technology, financing and markets to increase production, create jobs and build sustainable livelihoods.
Hon. Gunu made the remarks at the national launch of the Ghana Tomato Self-Sufficiency Initiative (GHATSI) held at Anloga in the Volta Region on Tuesday, September 15.
The initiative, under the theme “Produce at Home. Feed the Nation. Export the Surplus,” seeks to boost local tomato production, processing and marketing while reducing Ghana’s heavy reliance on imported tomatoes.
The launch was attended by the Minister for Food and Agriculture, Eric Opoku, his Deputy, John Setor Dumelo, Feed Ghana Coordinator, Bright Demordzi, Members of Parliament, traditional leaders, MMDCEs, farmers and other stakeholders.
Mr.Gunu expressed appreciation to the Minister for Food and Agriculture for the support announced for the region, including two excavators, 200 cartons of organic fertiliser, and GH¢200,000 for Ms. Kuatudzo Esther Dela, a tomato farmer and processor from Ziope.
He described the initiative as an important step towards making agriculture a stronger driver of food security, job creation and economic growth in the Volta Region.
By Edem Mensah-Tsotorme
