Bussiness
Negative sentiments around cedi to persist until visibility of ongoing IMF negotiations – Report
The negative sentiments around the cedi would persist until there is visibility on Ghana’s ongoing negotiations with the International Monetary Fund, Databank Research has revealed.
Again, the possible delays in the 2023 budget presentation, owing to the government’s keenness on capturing the IMF deal in the budget, will further quiver investor confidence, breeding uncertainties in the market.
The cedi witnessed renewed depreciatory pressures last week after seeing some stability in the previous week.
It weakened across its major trading pairs, posting a weekly depreciation of 3.79% against the dollar and 7.03% against the pound in the retail market.
It also depreciated by 7.67% against the euro in the retail market.
“We expect the negative sentiments around the cedi to persist until there is visibility on Ghana’s ongoing negotiations with the IMF.
The cedi witnessed renewed depreciatory pressures last week after seeing some stability in the previous week, trading at a bid/ask rate of ¢13.07/¢13.08 to the US dollar on the interbank market and ¢14.20/¢14.80 in the retail market.
In the 16th Forex Forward Auction for the Bulk Oil Distribution Companies, the Bank of Ghana received and allocated $60 million at a 30-day forward rate of ¢13.3138 per dollar.
This is against ¢13.2474/US$ in the previous auction, signaling intense demand pressures.
Source: www.myjoyonline.com
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).
