Bussiness
Cedi now worst African currency; depreciates 7.6% to dollar
The Ghana cedi is now the worst-performing currency on the African continent just two months into 2022.
This is because it has depreciated by about 7.6% to the dollar from January 1, 2022 to February, 25, 2022.
The local currency has therefore overtaken the Zambian kwacha, which was the worst-performing currency on the continent two weeks ago.
Both Ghana and Zambia have challenges in addressing their escalating debts as well as struggling with revenue mobilisation and expenditure management.
This conundrum is impacting negatively on the country’s exchange rate, interest rate and inflation. Additionally, the recent downgrade of the country’s ability to borrow is also a major worry as investors are still unsure about the outlook of the Ghanaian economy.
This affirms some economists and analysts’ assertion that all concerns regarding the Electronic Transaction Levy must be addressed and passed immediately by Parliament.
If not the depreciating cedi will affect the budget of most corporate institutions as well as reduce the disposable income of consumers.
But there could be some hope going forward as the World Bank Group has approved a five-year Country Partnership Framework for Ghana from this year till 2026.
This will see the injection of $4.5 billion into the economy, in the next five years.
CURRENCY YEAR-TO-DATE PERFORMANCE RANKING Namibian dollar 4.49% 1st South African rand 3.68% 2nd Botswana pula 1.17% 3rd Tunisia dinar 0.75% 4th Uganda shilling 0.46% 5th Egypt Pound 0.02% 6th Malawi kwacha 0.00% 7th Tanzania shilling -0.02% 8th Kenya shilling -0.06% 9th Nigerian naira -0.70% 10th Mauritius rupee -0.75% 11th Coted’lviore CFA -0.90 12th Morocco dirham -2.56% 13th Zambia kwacha -5.98% 14th Ghana cedi -7.60 15th
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
