Bussiness
Negative sentiments around cedi to persist until visibility of ongoing IMF negotiations – Report
The negative sentiments around the cedi would persist until there is visibility on Ghana’s ongoing negotiations with the International Monetary Fund, Databank Research has revealed.
Again, the possible delays in the 2023 budget presentation, owing to the government’s keenness on capturing the IMF deal in the budget, will further quiver investor confidence, breeding uncertainties in the market.
The cedi witnessed renewed depreciatory pressures last week after seeing some stability in the previous week.
It weakened across its major trading pairs, posting a weekly depreciation of 3.79% against the dollar and 7.03% against the pound in the retail market.
It also depreciated by 7.67% against the euro in the retail market.
“We expect the negative sentiments around the cedi to persist until there is visibility on Ghana’s ongoing negotiations with the IMF.
The cedi witnessed renewed depreciatory pressures last week after seeing some stability in the previous week, trading at a bid/ask rate of ¢13.07/¢13.08 to the US dollar on the interbank market and ¢14.20/¢14.80 in the retail market.
In the 16th Forex Forward Auction for the Bulk Oil Distribution Companies, the Bank of Ghana received and allocated $60 million at a 30-day forward rate of ¢13.3138 per dollar.
This is against ¢13.2474/US$ in the previous auction, signaling intense demand pressures.
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
