Bussiness
Confidence in foreign exchange market to support cedi’s rally
Cedi has fallen by more than 30% so far in 2022
Confidence in the foreign exchange market is expected to support the cedi’s rally against the US dollar and the other major foreign currencies in the coming weeks.
This follows rising investor sentiments that the country and the International Monetary Fund (IMF) will reach a Staff-Level agreement today.
According to Databank Research, it expects a possible IMF programme to turn the economy around.
“The Ghana cedi started to see gains against the major trading currencies after the government launched the domestic debt exchange programme. This contributed to easing the pressures as the improved visibility of Ghana’s economic outlook calmed investors’ fears around the cedi”.
The IMF Mission team is expected to conclude its work today, December 13, 2022, and issue a statement in that regard.
On arrival at the beginning of the month, the team said the Fund have had productive discussions with the government over the last few months and looks forward to making further progress toward reaching an agreement on policies and reforms that could be supported by an IMF lending arrangement.
Last week, the local currency clawed back 10% against the dollar, selling at ¢13.00 on average in the retail market. It also appreciated 6.4% and 7.7% to the pound and the euro respectively.
¢12.50 now $1 as cedi continues resurgence
The cedi traded around ¢12.50 in the retail market to the dollar yesterday, December 12, 2022.
Source: Joy Business
Ghanaian dancehall artiste Charles Nii Armah Mensah, known as Shatta Wale, has won two awards at the 43rd International Reggae and World Music Awards (IRAWMA) held in Florida over the weekend.
He picked up the Best African Dancehall Entertainer award as well as Concert of the Year for ShattaFest.
In a statement, Shatta Wale’s management expressed appreciation to the organisers and supporters of the awards.
“Management would like to sincerely appreciate the organisers of the IRAWMA awards for the recognition and continuous support for African music on the global stage.
“We also extend our deepest gratitude to fans across the world, especially the Shatta Movement fraternity, for their unwavering support, votes, and dedication throughout the years,” the statement said.
The statement added that the latest wins reaffirm the artiste’s position as one of Africa’s leading musical exports and a prominent figure in global dancehall culture.
The awards bring Shatta Wale’s total haul at the IRAWMA to 11, highlighting his continued presence on the international reggae and dancehall scene.
At last year’s edition, he won three awards: Best African Dancehall Entertainer, Best Music Video for “Killa Ji Mi”, and Best Crossover Song for “Commando” featuring Bounty Killer. -GNA
Bussiness
Global Market Volatility: Gov’t absorb GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol
Effective Thursday, April 16, 2026, which is the next pricing window, the Government will absorb GH¢2.00 per litre on diesel and GH¢ 0.36 per litre on petrol.
This intervention is intended to cushion customers and ease the cost burden on households, transport operators, and businesses.
The measure, approved by Cabinet, is in response to rising prices of petroleum products on the international market, which have significantly impacted ex-pump prices in Ghana.
This temporary intervention will remain in force for a period of one (1) month.
During this period government will continue to closely monitor developments in the global oil market and assess the need for further policy adjustments.
A statement signed by Minister of Government Communications, Felix Ofosu Kwakye noted that they remain commited to maintaining price stability, protecting livelihoods, and supporting Ghana’s economic recovery in the face of external shocks.
