Bussiness

Confidence in foreign exchange market to support cedi’s rally

Cedi has fallen by more than 30% so far in 2022

Confidence in the foreign exchange market is expected to support the cedi’s rally against the US dollar and the other major foreign currencies in the coming weeks.

This follows rising investor sentiments that the country and the International Monetary Fund (IMF) will reach a Staff-Level agreement today.

According to Databank Research, it expects a possible IMF programme to turn the economy around.

“The Ghana cedi started to see gains against the major trading currencies after the government launched the domestic debt exchange programme. This contributed to easing the pressures as the improved visibility of Ghana’s economic outlook calmed investors’ fears around the cedi”.

The IMF Mission team is expected to conclude its work today, December 13, 2022, and issue a statement in that regard.

On arrival at the beginning of the month, the team said the Fund have had productive discussions with the government over the last few months and looks forward to making further progress toward reaching an agreement on policies and reforms that could be supported by an IMF lending arrangement.

Last week, the local currency clawed back 10% against the dollar, selling at ¢13.00 on average in the retail market. It also appreciated 6.4% and 7.7% to the pound and the euro respectively.

¢12.50 now $1 as cedi continues resurgence

The cedi traded around ¢12.50 in the retail market to the dollar yesterday, December 12, 2022.

Source: Joy Business

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