Bussiness
Public Lectures And Flawed Analysis – Economist
Renowned economist, Dr. Nii Moi Thompson has urged government to take pragmatic steps in dealing with the free fall of the cedi against major trading currencies.
The local currency, according to the Bank of Ghana has depreciated by about 14 percent within the first quarter of this year, against major trading currencies.
Reacting to the development in write-up sighted up by GhanaWeb, the former Director General of the National Development Planning Commission (NDPC) opined that situation cannot be tackled successfully with “flawed and politicized analysis or through public lectures.”
He suggested that government has to make more cuts on its domestic and foreign expenditures including that of foreign trips taken by government officials.
“It is clear that the cedi’s woes cannot be addressed successfully with flawed and politicised analyses, or through public lectures full of sound and fury that signify nothing. Addressing those woes will, instead, require sober reflection, a clear vision of the cedi and the economy’s future, sound policies, and disciplined action, all of which will certainly transcend governments,” Dr Nii Moi Thompson said.
“In the immediate term, as the crisis rages on, the government must begin as a matter of urgency by curbing frivolous spending, especially spending that is likely to weaken the cedi further. This includes the importation or purchase of luxury vehicles; a reduction in foreign travels by public officials (if they could do it at the height of COVID, they can do it now); an end to the president’s extravagant lifestyle and those of his appointees generally; an end to endless foreign “medical reviews” for public officials, including MPs; and any other spending that puts needless pressure on the cedi,” he added.
Meanwhile, Ghana’s economy has been downgraded by key rating agencies such as Moody’s Investor Services and Fitch Ratings.
The local currency on the other hand, is still suffering major depreciation with some forex bureaus selling above GH¢8 to the US dollar.
Ghana is also faced with increased inflation figures and persistent fuel price hikes since the start of 2022.
Source: Ghanaweb.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).
