News
Economic challenges due to high exchange rate – ISSER
The Institute of Statistical, Social and Economic Research (ISSER) at the University of Ghana has attributed rising labour agitations, high business costs, and the collapse of some businesses to the high foreign exchange rates and inflation.
This finding is sourced from the Institute’s assessment of the recent mid-year budget review presented by the Minister of Finance, Dr. Mohammed Amin Adam.
According to the report, in the first half of 2024, the cedi depreciated by 18.6% against the US Dollar, 17.9% against the Pound Sterling, and 16.0% against the Euro.
In 2023, the cedi depreciated by 27.8% against the US Dollar, 31.9% against the Pound Sterling, and 30.3% against the Euro.
In 2022, the cedi depreciated by 30.0% against the US Dollar, 21.2% against the Pound Sterling, and 25.3% against the Euro.
“This suggests some stabilization of the exchange rate over the past three years,” the report stated.
The report added that, aside from January, the cedi was generally more volatile against major foreign currencies (Dollar, Euro, and Pound) in the first half of 2024 compared to the same period last year.
Despite the increased volatility in 2024, the cumulative depreciation rates were relatively lower. The report urged the government to take further steps to reduce the rate of cedi depreciation against major trading currencies and to increase exports to lessen the demand for foreign exchange.
“It also recommended that the central bank enforce forex regulations more strictly and increase its presence in the exchange rate market.
With respect to inflation, the Institute referenced June 2024 inflation, which decreased to 22.8 per cent, adding that it represented a significant drop from the peak of 54.6 per cent in December 2022.
The Institute added: “However, compared to the inflation of 12.6 per cent in December 2021, this figure is still high,”
ISSER urged the government to examine the commodities driving inflation and commit to addressing the underlying factors.
“For instance, improving the road network in areas designated as the food basket of Ghana and reducing foreign exchange rates can help lower transportation costs and fuel costs, consequently reducing food and non-food inflation to single digits”, the report noted.
Source: Citinewsroom.com
News
Heritage Month Ghana trends
Since the institution of the Heritage Month celebration in Ghana, it has offered citizens opportunities of a lifetime to learn about their cultures and lifestyles.
Ghana’s version is observed in the month of March, coinciding with the country’s Independence Day celebrations on March 6.
Show host, George Sappor in full
regalia as a traditional leader
outfit to mark Independence Day and
Heritage Month. She usually does it with
husband and best friend, Kofi Aduonum
but in his absence, she maintained the
poise to attract the atte
Heritage Month features festivals, food fairs, arts, crafts, and music events to highlight the economic and social value of preserving national heritage.
Though a brainchild of the Ghana Tourism Authority (GTA), the celebration has been driven to greater heights by local media with the organisation of several events to create the needed euphoria.
at Original TV gave
culture a touch of ‘old
school’ in her presentation
last Tuesday to wow
her audience as part of
the station’s Heritage
Month celebration
Among the events are the Heritage Caravan and Back To Your Village Food Bazaar powered by Accra-based Citi FM and Citi TV, Wear Ghana Festival and the Gɔbɛ festival powered by 3News.
The Heritage Caravan is a road trip which takes patrons across more than half of Ghana’s regions to offer a distinctive road trip that allows participants to explore the various regions of Ghana, providing an up-close encounter with the country’s historical and cultural heritage.
In addition to these roles played by the media, news anchors and other presenters appear on screens immaculately garbed in locally made outfits, bringing out the beauty of our traditions.
Today, The Spectator newspaper selected a few of the media personalities that are working to give the celebration a global dimension to project the country.
By Andrew Nortey
News
MoMo vendor 24 murdered at Kwadaso
A disturbing crime has shaken the Kwadaso Onion market community in Kumasi, leaving family and friends grieving the loss of a young life.
Identified only as Junior, a 24-year-old mobile money vendor, was found murdered in his room on Saturday, March 8, 2025.
According to eyewitnesses, Junior had returned home the previous day with a substantial amount of money, over Gh¢20,000.
It was suspected that the killers might have been motivated by the large sum of money in Junior’s possession.
A police source that confirmed this to The Spectator, said investigation has been launched into Junior’s murder, but so far, no arrests have been made.
The Kwadaso community is reeling in shock, calling for justice and an end to the atrocity that has claimed the life of a young and promising individual.
Junior, is believed to be a native of Ejisu Onwe, and was known to his colleagues and friends as a hardworking and diligent individual who worked at the Kumasi Race Course.
His tragic death serves as a stark reminder of the risks and challenges mobile money vendors faced.
The incident comes barely a month after Patricia Nimako, a 27-year-old Mobile Money (MoMo) vendor, was shot and killed at Krofrom, Kumasi in the Ashanti region by an unknown assailants.
The suspected armed robbers fled with the deceased cell phones and an amount of GH¢10,000 on Thursday, February 13, at approximately 3:00 p.m.
The two armed robbers reportedly stormed the kiosk where the deceased was operating and without any provocation shot her dead.
There has not been any arrest yet by the police.
From Kingsley E. Hope , Kumasi
