The opposition New Patriotic Party (NPP) general secretary, Justin Frimpong Kodua, has challenged claims that Ghana’s economy is improving under President John Dramani Mahama, arguing that macroeconomic data does not reflect the daily realities of ordinary citizens. In a heated political exchange in a TV3 interview, he said the party questioned whether falling inflation and…
[ad_1] A Monetary Economist Dr. Dennis Nsafoah, says he disagrees with critics of the Bank of Ghana over the injection of $US10 billion in the Ghanaian economy to stabilise the cedi. In recent weeks, the Bank of Ghana has faced criticism for “pumping US$10 billion” into the economy to stabilise the exchange rate. Critics argue…
[ad_1] Dr Mahamudu Bawumia Vice President Dr. Mahamudu Bawumia has announced a bold plan to stabilise Ghana’s currency, the Cedi, by anchoring its value to gold. Speaking at the inauguration of the Royal Ghana Gold Refinery in Accra on Thursday, he emphasised that gold is the best anchor for the Cedi. His remarks come as…
[ad_1] The Ghanaian economy has faced challenges in recent years, one of the most pressing being the depreciation of the Ghana cedi. The depreciation of the currency has had far-reaching consequences for numerous sectors of the economy, particularly small and medium-sized firms (SMEs). These businesses are the backbone of Ghana’s economy, generating significant employment and…
[ad_1] Joe Jackson, the acting CEO of Dalex Finance, has disputed the cedi depreciation figures presented by Minister of Finance Dr. Mohammed Amin Adam. At his monthly briefing on the economy, the minister said the exchange rate has been largely stabilised with the depreciation of the cedi against the US Dollar halving from 54.2% at…
[ad_1] The Executive Secretary of the Chamber of Petroleum Consumers (COPEC) has urged the government to focus on strengthening the Cedi to ensure a reduction in the prices of petroleum products. Prices of petroleum products have been on a free fall in the past weeks and further worsened with the reversal of the suspension of…
[ad_1] In a recent statement, the Ministry of Finance has highlighted the sustained stability of the Ghanaian Cedi against major currencies since 2023. Finance Minister Dr. Mohammed Amin Adam shared this promising news during the Ministry’s Monthly briefing held in Accra on Tuesday, March 26, 2024. Dr. Adam presented encouraging statistics indicating a significant…
[ad_1] The first tranche of the about $800 million Cocoa Syndicated Loan is easing pressure on the Ghana cedi a few days into 2024. The local currency came under some pressure this month after remaining stable in November 2023. However, market dealers expect the foreign exchange inflows to increase the supply-side intervention and bolster the…
[ad_1] The Ghana cedi would remain relatively stable this week, following the recent approval of the $800 million cocoa syndication loan by Parliament, and the $102.6 million African Development Bank budget support programme for Ghana. While market activity appears dull, analysts expect some stability in the near term. They anticipate a slight improvement in foreign…
[ad_1] The Ghana cedi could record a single-digit depreciation against the US dollar in 2024, The Economist Intelligence Unit has disclosed in its 2024 Africa Outlook Report. According to the UK-based firm, the cedi will benefit from the International Monetray Fund Programme. It stated that only five African countries (Egypt, Sudan, Ethiopia, Angola, and Zimbabwe)…
