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Ghana Cedi Tops Global Currency Rankings in April, Easing Inflation

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The Ghanaian cedi has emerged as the world’s top-performing currency this month, appreciating nearly 16% against the US dollar since early April, according to Bloomberg data. This surge has provided significant relief from inflationary pressures, marking a pivotal moment in the country’s economic recovery efforts.

As of today, the cedi is trading at GH₵13.4 to the dollar—its strongest level in months. The appreciation has helped lower the cost of imports, contributing to a notable drop in consumer prices. Ghana’s consumer price inflation fell to 21.2% in April, down from 22.4% in March, marking the lowest level in eight months. Monthly inflation slowed to 0.8%, driven primarily by reduced import costs.

Government Statistician Alhassan Iddrisu highlighted the impact of the cedi’s strength, noting declines in both food and non-food inflation. Food inflation dipped to 25% from 26.5%, while non-food inflation dropped to 17.9% from 18.7%.

Despite the cedi’s rally, the Bank of Ghana is expected to tread cautiously with monetary policy. Following a surprise 100 basis-point rate hike in March, which pushed the key interest rate to 28%, analysts say the central bank may hold off on further changes until inflation risks—such as rising utility costs—are more clearly under control.

“The cedi’s appreciation has helped, but inflationary threats remain,” said Dr. Agyapomaa Gyeke-Dako, senior lecturer at the University of Ghana Business School.

Mark Bohlund, senior credit analyst at REDD Intelligence, echoed the sentiment, warning that premature rate cuts could reignite inflation. Still, Bank of Ghana Governor Johnson Asiama hinted at potential rate relief later in the year if disinflation persists.

Since September 2021, Ghana’s inflation has remained above the central bank’s 6–10% target band, spurred by a debt crisis and a steep decline in the cedi. However, the Monetary Policy Committee projects a fall to 16% by the end of 2025, with a return to target by mid-2026.

The IMF, which is supporting Ghana through an economic programme, expressed optimism. “It makes us very confident that inflation is going to go down in the next few months toward the program objectives,” said Stéphane Roudet, IMF Mission Chief to Ghana.

For now, the strengthening cedi stands as both a symbol of resilience and a key instrument in Ghana’s journey toward macroeconomic stability.

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NEIP and MoFA Partner to Boost Poultry Agribusiness Under Adwumawura Programme

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The National Entrepreneurship and Innovation Programme (NEIP) has signed a Memorandum of Understanding (MoU) with the Ministry of Food and Agriculture (MoFA) to scale up support for agricultural entrepreneurs through the Adwumawura Programme.

 

The partnership seeks to strengthen Ghana’s agribusiness sector by combining MoFA’s technical expertise with NEIP’s entrepreneurship training initiatives.

 

As part of the agreement, MoFA will provide high-quality poultry feed and deliver technical and field support to programme beneficiaries. NEIP, on the other hand, will equip entrepreneurs with practical business training and essential resources, including hen coops, to help them establish and expand their poultry ventures.

 

At the signing ceremony, officials from both institutions emphasized that the collaboration is tailored to empower small-scale poultry farmers, especially “nkoko nketenkete” entrepreneurs, to create jobs, grow agribusinesses, and contribute to sustainable economic development.

 

The initiative falls under NEIP’s broader Reset Agenda, which is focused on driving innovation, supporting small enterprises, and positioning agriculture as a central pillar of Ghana’s economic transformation.

 

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Commercial Transport Operators Threaten Strike Over Soaring Spare Parts Prices

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Commercial Transport Operators have issued a stern warning to government, demanding immediate action to reduce the high cost of spare parts or risk facing major disruptions in the transport sector.

 

In a statement dated September 9, 2025, the operators said they felt “compelled” to call on the Ministry of Transport, Ministry of Trade and Industry, Ministry of Finance, and the Parliamentary Select Committees on Trade, Industry, and Transport to swiftly intervene.

 

They recalled that in March 2025, during engagements with spare parts dealers and government officials, a promise was made to bring down spare parts prices, but nothing had been done since.

 

“Unfortunately, this promise has not been fulfilled, and the prices remain exorbitant,” the operators lamented.

 

The statement further warned: “If immediate action is not taken, we fear that the situation will escalate, and we may be forced to take drastic measures that could disrupt transportation services. We cannot continue to operate under these unsustainable conditions.”

 

They urged the relevant ministries and parliamentary committees to ensure that spare parts dealers adhere to their commitments, stressing that the survival of the transport industry—and by extension, the economy—depends on swift action.

 

“Failure to address this pressing issue will have severe consequences for our industry and the economy as a whole,” the statement concluded.

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GoldBod Unveils Bold Reforms to Transform Ghana’s Mining Sector

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The Chief Executive Officer of the Ghana Gold Board (GoldBod), Mr. Sammy Gyamfi, has announced sweeping reforms and strategic initiatives to position Ghana’s mining sector as a globally competitive and sustainable industry.

 

Speaking at the maiden edition of the Mining and Minerals Convention at the Kempinski Gold Coast Hotel, Mr. Gyamfi said the GoldBod was driving a paradigm shift from raw mineral extraction to value retention, with the goal of maximising national benefit from Ghana’s mineral wealth.

 

Between January and August 2025, small-scale gold exports facilitated by GoldBod reached a record 66.7 tonnes valued at $6 billion, surpassing the entire 2024 figure of 63 tonnes worth $4.6 billion. For the first time, small-scale gold exports outperformed large-scale mining exports over the same period.

 

Key reforms announced include:

 

Aggressive licensing reforms to promote responsible sourcing.

 

Scrapping of the 1.5% withholding tax on unprocessed small-scale gold.

 

Introduction of a nationwide traceability system to ensure transparency and compliance.

 

Partnerships requiring large-scale miners to supply 20% of their output to the Bank of Ghana for reserve accumulation.

 

 

To combat illegal mining, the GoldBod has pledged ₵5 million and five Toyota Hilux pickups to enforcement agencies, alongside a program to reclaim 1,000 hectares of degraded forest reserves beginning November 2025.

 

On value addition, Mr. Gyamfi announced plans for a state-owned gold refinery and an ISO-certified Assay Laboratory at Kotoka International Airport. Discussions are also underway to establish a “Gold Village” as a continental hub for jewellery production.

 

Calling for stronger investment, he urged local banks, pension funds, and financiers to channel resources into mining, stressing Africa’s need to transition from raw exports to beneficiation, from middlemen to tech-driven trade, and from youth as labourers to youth as innovators and owners.

 

“Ghana is resetting and Africa is rising. The GoldBod is ready. All we need now is courage and capital. Let us fund the minerals and mining sector differently. Let us transform it together,” Mr. Gyamfi concluded.

 

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