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
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.
Ghana’s gold and minerals sector is set for a major spotlight as Meetings. Co, in partnership with key industry stakeholders, announces the Mining & Minerals Convention 2025, scheduled from August 26-27, 2025, at the Kempinski Hotel Gold Coast City, Accra.
Held under the theme “Shaping the Future of Ghana’s Gold Industry,”‘ the Convention will convene government leaders, regulators, miners, refiners, investors, sustainability partners, innovators, and responsible mining, and global competitiveness,policy experts to explore strategies that position Ghana’s gold industry for long-term growth.
The two-day convention will feature presidential and ministerial keynote addresses, industry thought leadership, technical paper presentations, policy dialogues, fireside chats, exhibitions, and high-level networking sessions.
Convention delegates can anticipate a dynamic and insightful experience, marked by thought leadership from leading policymakers and regulators, in-depth discussions on key topics such as sustainability, ESG, digital gold, and responsible sourcing, as well as valuable opportunities to forge public-private partnerships and investment deals.
Moreover, the event will offer practical action points aimed at unlocking greater economic value for Ghana.
The 2025 edition will be supported by a strong coalition of strategic partners, including the Ministry of Lands and Natural Resources, the Minerals Commission, GoldBod, the Minerals Income and Investment Fund (MIIF), and the Ghana Extractive Industries Transparency Initiative (GHEITI).
