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Economic challenges due to high exchange rate – ISSER
The Institute of Statistical, Social and Economic Research (ISSER) at the University of Ghana has attributed rising labour agitations, high business costs, and the collapse of some businesses to the high foreign exchange rates and inflation.
This finding is sourced from the Institute’s assessment of the recent mid-year budget review presented by the Minister of Finance, Dr. Mohammed Amin Adam.
According to the report, in the first half of 2024, the cedi depreciated by 18.6% against the US Dollar, 17.9% against the Pound Sterling, and 16.0% against the Euro.
In 2023, the cedi depreciated by 27.8% against the US Dollar, 31.9% against the Pound Sterling, and 30.3% against the Euro.
In 2022, the cedi depreciated by 30.0% against the US Dollar, 21.2% against the Pound Sterling, and 25.3% against the Euro.
“This suggests some stabilization of the exchange rate over the past three years,” the report stated.
The report added that, aside from January, the cedi was generally more volatile against major foreign currencies (Dollar, Euro, and Pound) in the first half of 2024 compared to the same period last year.
Despite the increased volatility in 2024, the cumulative depreciation rates were relatively lower. The report urged the government to take further steps to reduce the rate of cedi depreciation against major trading currencies and to increase exports to lessen the demand for foreign exchange.
“It also recommended that the central bank enforce forex regulations more strictly and increase its presence in the exchange rate market.
With respect to inflation, the Institute referenced June 2024 inflation, which decreased to 22.8 per cent, adding that it represented a significant drop from the peak of 54.6 per cent in December 2022.
The Institute added: “However, compared to the inflation of 12.6 per cent in December 2021, this figure is still high,”
ISSER urged the government to examine the commodities driving inflation and commit to addressing the underlying factors.
“For instance, improving the road network in areas designated as the food basket of Ghana and reducing foreign exchange rates can help lower transportation costs and fuel costs, consequently reducing food and non-food inflation to single digits”, the report noted.
Source: Citinewsroom.com
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EC to conduct elections in selected polling stations at Ablekuma North
As part of its commitment to resolve the impass egarding he Ablekuma North Constituency Parliamentary Election, the Electoral Commission(EC) yesterday, Tuesday, July 1, 2025, met with the representatives of the National Democratic Congress (NDC) and New Patriotic Party (NPP).
The meeting, which was a follow-up to an earlier meeting held on Thursday, June 12, 2025, provided both parties the opportunity to brief the commission on any new
developments regarding the said constituency.
The parties informed the Commission that their positions put forward at the last mecting remained unchanged.
The NDC held the view that the election should be rerun thirty -seven
(37) Polling Stations because scanned Pink Sheets from 37 Polling Stations which were used to
collate the results, were provided the NPP.
The NPP was of the view that the results from three (3) outstanding Poling Stations be collated and a winner declared since the NDC Agents had verified and confirmed
the scanned Poling Station results they presented.
According to the EC, it is important for the public to understand that the issue in contention has to do with
the fact that 37 Pink Sheets provided by the NPP and used to colate the results were scanned copies.
“The Public may recall that Political Party supporters besieged our Collation Centre and
destroyed a number of the Pink Sheets for the Ablekuma North Parliamentary Elcction during the collation of results following the December 7 Gencral Election,” the EC added.
After extensive deliberations, the Commission informed the Political Parties that it would
proceed to rerun the election in 19
of the 37 Polling Stations.
The Commission arrived at the decision to rerun the election in the underlisted Polling Stations because, the scanned Polling Station resuits used for the collation, though approved by Agents of both political Parties, were not verified by the Presiding Officers responsible for the Polling
Stations.
According to the EC, it is instructive to note that the Commission was able to secure the Presiding Officers
verification and confirmation for 18 scanned Polling Station results-
Agents of both parties also approved same.
The election will be held on Friday, July 11, 2025
The Commission has further urged the Ghana Police Service to provide the needed security to ensure a safe environment for the conduct of the election.
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The Minister for Fisheries and Aquaculture Development Addresses Parliament.
The Minister for Fisheries and Aquaculture Development, Emelia Arthur has disclosed that in 2021, Ghana was issued a yellow card by the European Union after being identified as a non-compliant third country in the fight against illegal fishing activities.
According to the Minister, the government, through the Ministry of Fisheries and Aquaculture Development, has engaged the European Union(EU) through the Ghana European Union dialogue, to address the concerns raised by the European Union(EU).
The engagement included the implementation of an action plan, periodic update report and validation exercises.
“We are happy to report that Ghana has made significant progress in resolving key concerns, primarily related to lapses in the regulatory framework, fisheries enforcement, and traceability,” she stated.
Also, she emphasized that a review of pending actions indicates that the enactment of the Fisheries and Aquaculture Development Bill, along with its accompanying regulations, remains critical to enhancing fisheries governance in Ghana.
She further informed the House that the Ministry has already submitted the Fisheries and Aquaculture Development Bill, 2025, to the House.
The bill was later referred to the Parliamentary Select Committee on Agriculture, Food, and Cocoa Affairs for consideration.
The Minister made this statement in response to a question posed by Member of Parliament for Atwima Mponua, Seth Osei-Akoto, regarding the immediate measures the ministry is implementing to sanitize Ghana’s fishing sector in the light of the European Union’s warning that Ghana could face a potential red card.
