Bussiness
Cedi depreciation slows down; now sells at about ¢7.84
The cedi appears to be responding positively to the recent increment in the Policy Rate by 2.5 percentage points to 17% and other actions taken by the Bank of Ghana to address its depreciation.
The local currency traded below ¢8 to the US dollar at most forex bureaus and banks, yesterday, March 23rd, 2022. Same were said of the British pound and the euro.
In actual fact, the cedi appreciated by 1.20% to the dollar, 0.47% to the pound and 1.52% to the euro respectively on March 23rd, 2022. However, in terms of the year-to-date, the local currency has lost about 15% in value to the dollar.
The local currency can further reverse its lost fortunes and slowdown the rate of depreciation significantly after the announcement of the expected fiscal measures by the Finance Minister, Ken Ofori-Atta, later today, March 24th, 2022.
Currency Analyst, Courage Martey, had earlier told Joy Business that the cedi will soon improve upon its ailing performance against the dollar.
“In the interim, we’ll say its early days yet. In addition to that, the cedi also has a history about its performance and so we will also want to look forward to what the Minister of Finance [Ken Ofori-Atta] will be delivering as far as the fiscal decisions are concerned. From that point and the weeks ahead, we’ll start to analyze the foreign exchange market to see how the cedi will react to some of these announcements”.
“But on the face of it, this appeared to be good measures; aggressive and decisive measures from the Central Bank which we expect to be backed by the fiscal measures, so that going forward the market – at least sentiments – should start to improve. Once it’s starts to improve, we should start to see it reflecting in the pricing behavior of participants on the market”, he added.
The increase in the policy rate by 2.5 percentage points to 17% is expected to entice investors to acquire cedi denominated instruments because of the attractive yields they will come with.
Though cost of borrowing will go up, while cost of living and doing business will also surge, the Central Bank will in the interim mop up excess liquidity in order to control inflation and reduce interest in dollar denominated assets.
Source: www.myjoyonline.com
Bussiness
Charterhouse announces the Business Elevate Series with launch of ‘The Gastro Feastival’
Charterhouse, Ghana’s leading event management and audiovisual production company, is marking its 25th anniversary of delivering top-tier events with the introduction of an exciting new initiative: The Business Elevate Series.
This innovative series is designed to shine a spotlight on key economic sectors through a series of dynamic B2B and B2C events, including industry conferences, seminars, and exhibitions.
Kicking off the series is The Gastro Feastival, a groundbreaking annual food industry festival that will showcase Ghana’s rich and diverse food ecosystem and agribusinesses from production to consumption.
The launch event will take place on Friday, March 7, 2025, from 4:00 PM to 6:00 PM at the Grand Arena (Accra International Conference Centre).
This landmark event will bring together food industry stakeholders, enthusiasts, experts, and organizations to highlight the food industry’s critical role in Ghana’s socio-economic development and culture.
It will also promote food security, digital innovation, women’s empowerment, youth employment in agribusiness, and sustainable practices.
The Business Elevate Series is a game-changing initiative designed to foster growth and transformation across multiple sectors. With Charterhouse’s deep expertise in organizing impactful meetings, the series aims to unlock investment opportunities, drive innovation, and catalyze social and economic change.
The Gastro Feastival will address six major pillars that drive industry transformation: Investment Opportunities; Job Creation; Innovation, Technology, and Digitization; Youth Involvement (entrepreneurship and career opportunities); Women’s Involvement; Environmental and Social Governance (ESG); Export Opportunities
The event will also establish a Resource Bank, spotlighting key growth opportunities and ensuring the effective allocation of resources to transform Ghana’s food industry.
The Gastro Feastival is a Charterhouse initiative, with Kosmos Innovation Centre as the technical partner.
Bussiness
Ghana’s GDP shows economy is fast recovering despite DDEP – Finance Ministry
Ghana’s Gross Domestic Product (GDP) indicates a rapid economic recovery despite global challenges and ongoing debt restructuring, according to the Ministry of Finance (MoF).
The Ministry in a statement today indicated that latest data from the Ghana Statistical Service (GSS), cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a notable increase from the 4.7% recorded in the first quarter of 2024.
The MoF statement further noted that, “The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).”
According to them, the overall real GDP growth for the first half of 2024 rebounded strongly, with year-on-year GDP growth averaging 5.8% for the period, significantly higher than the 2.9% recorded in the same period in 2023.
By Edem Mensah-Tsotorme
Read full statement below
