Bussiness
Pressure mounts on cedi; loses 9% in value to dollar last week
Cedi has fallen by more than 30% so far in 2022
Pressure on the Ghana cedi continues to surge after some sterling performance two weeks ago, making it the world’s top-performing currency during the period.
The local currency lost about 9% in value last week to the US dollar in the retail market to reverse the previous week’s gains.
It traded at an average of ¢11.50 to the American greenback in the retail market, whilst it went for about ¢10.89 on the interbank market. The cedi is however going for almost ¢12 at the forex bureaus.
It also ceded 4.8% week-on-week to the euro and 3.1% week-on-week to the pound respectively.
Analysts believe the sharp reversal in the cedi’s gains stemmed from widespread speculative foreign exchange purchases as the local currency strengthened following the International Monetary Fund deal.
However, it is expected the forex market rates will stabilise around the current levels until the mid-year budget review, with policy propositions and the scale of monetary policy adjustments envisaged under the programme potentially shaping market sentiments.
According to Bloomberg, the cedi has depreciated by about 12% to the American greenback since January 1, 2023, whilst the year-to-date depreciation of the cedi to the dollar on the interbank market is 21.8%.
Credit: 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
