Bussiness
Pressure mounts on cedi; loses 9% in value to dollar last week
Cedi has fallen by more than 30% so far in 2022
Pressure on the Ghana cedi continues to surge after some sterling performance two weeks ago, making it the world’s top-performing currency during the period.
The local currency lost about 9% in value last week to the US dollar in the retail market to reverse the previous week’s gains.
It traded at an average of ¢11.50 to the American greenback in the retail market, whilst it went for about ¢10.89 on the interbank market. The cedi is however going for almost ¢12 at the forex bureaus.
It also ceded 4.8% week-on-week to the euro and 3.1% week-on-week to the pound respectively.
Analysts believe the sharp reversal in the cedi’s gains stemmed from widespread speculative foreign exchange purchases as the local currency strengthened following the International Monetary Fund deal.
However, it is expected the forex market rates will stabilise around the current levels until the mid-year budget review, with policy propositions and the scale of monetary policy adjustments envisaged under the programme potentially shaping market sentiments.
According to Bloomberg, the cedi has depreciated by about 12% to the American greenback since January 1, 2023, whilst the year-to-date depreciation of the cedi to the dollar on the interbank market is 21.8%.
Credit: 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).
