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Economic challenges due to high exchange rate – ISSER
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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
MTN Ghana has undertaken a tree-planting exercise at the Chipa Forest Reserve as part of its commitment to protecting the planet and support the restoration of degraded sections of the forest.
The activity forms part of the company’s 2026 Sustainability Month celebration held under the theme “Small Actions: Big Impact,” and its 30th anniversary celebration.
It was held in partnership with the Forestry Commission (FC) and the Rainforest Alliance with MTN Ghana supporting the restoration of approximately two hectares of degraded forest through the planting of 1,666 trees.
Due to the current dry weather conditions, 833 trees were planted during the exercise, with the remaining 833 to be planted when the rain commences.
The exercise brought together MTN employee volunteers, officials from the Forestry Commission and representatives of the Rainforest Alliance, demonstrating the importance of collaboration in driving environmental sustainability.
Speaking at the event, the Acting General Manager for Sustainability and Shared Value at MTN Ghana, Georgina Asare Fiagbenu, emphasized the critical role trees play in sustaining life and protecting the environment.
“Trees are essential to human survival and healthy ecosystems. They absorb carbon dioxide, release oxygen, regulate temperatures, protect soil, support biodiversity and provide habitats for many species. They also conserve water, reduce erosion and help communities adapt to the effects of climate change,” she said.
The District Manager of the Tema-Ada Forest Services Division of the Forestry Commission, Linda Ansah, welcomed MTN Ghana’s support, describing it as a valuable contribution to efforts aimed at restoring degraded sections of the reserve.
The Country Director of the Rainforest Alliance, Nicholas Jengri, also welcomed the partnership and emphasised the importance of collective action in addressing environmental challenges.
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The Ministry of Education (MOE) has warned students, parents and guardians against fake and digitally manipulated Computerized School Selection and Placement System (CSSPS) placement slips being circulated on social media.
The MOE said it had detected attempts by some unscrupulous individuals to digitally alter placement slips and circulate them online with claims that students’ original school placements had been changed by the Ministry.
A statement signed by Mr Hashmin Mohammed, the Press Secretary to the Minister of Education issued to the Ghana News Agency on Tuesday, described the claims as “false and misleading.”
It said preliminary internal verification had established that some of the placement slips being circulated did not correspond with records generated from the official CSSPS platform.
The statement noted that discrepancies had been identified in the barcodes and QR codes appearing on some of the purported placement slips.
“The codes did not match the placement information displayed on the documents being circulated as evidence of alleged changes,” it added.
The Ministry’s system records and audit logs did not support the claims being made by individuals circulating the materials, the statement said.
“The evidence available to the Ministry indicates that the affected documents have been digitally manipulated or otherwise altered to create the impression that students’ placements have been changed.”
It described the alleged manipulation as a serious attempt to undermine public confidence in the CSSPS process and create confusion and anxiety among students, parents and guardians.
The statement indicated that the Ministry had referred the matter to the Cyber Security Authority and other relevant security agencies for further investigation and appropriate action. It urged the public to exercise caution and avoid sharing unverified placement slips or claims about placement changes on social media.
Parents, guardians and students have also been advised to rely only on placement information obtained through official CSSPS channels.
The Ministry reaffirmed its commitment to ensuring that the 2026 CSSPS exercise was conducted with transparency, fairness, integrity and accountability, adding that legitimate concerns regarding placement would be investigated through the appropriate channels.
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