Traders at the bustling Makola and Okaishie markets in Accra are resisting growing pressure to slash prices, even as the Ghanaian cedi strengthens against major foreign currencies, particularly the US dollar. In recent weeks, the cedi has posted a notable recovery after prolonged depreciation, stirring public expectations for lower prices—especially on imported goods. However, many…
The Bank of Ghana (BoG) has issued a strong warning to the general public to be wary of individuals posing as foreign investors offering high investment returns, describing them as scammers operating illegally. In a statement released on May 9, 2025, the BoG revealed that these fraudsters are using various platforms to lure unsuspecting individuals…
The Ghana Union of Traders’ Associations (GUTA) has issued a strong call to traders across the country to immediately reduce the prices of goods and services in light of the cedi’s recent appreciation. In a concise yet firm statement, GUTA urged the trading community to reflect the improved exchange rate in their pricing. “We wish…
Ghana’s Finance Minister, Cassiel Ato Forson, has credited the recent strengthening of the cedi to deliberate and sustained economic planning, dismissing suggestions that the improvement is a short-term market response. Speaking during a meeting with the Food and Beverage Association of Ghana, Forson emphasized that the cedi’s recent appreciation reflects long-term fiscal strategies rather than…
The Ghanaian cedi has been recognized by Bloomberg as the best-performing currency in the world this month, gaining nearly 16% against the US dollar since the beginning of April 2025. This strong appreciation has contributed significantly to easing inflation in the country, bringing Ghana’s consumer inflation rate to its lowest level in eight months. As…
The Ghana Statistical Service (GSS) is calling for coordinated action across households, businesses, and government to preserve the country’s current downward inflation trend, following a slight decrease in April’s inflation figures. According to the GSS, year-on-year inflation dropped to 21.2% in April 2025, down from 22.4% in March. This marks the fifth consecutive month of…
The Bank of Ghana’s (BoG) gold reserves have soared to 31.37 tonnes as of April 2025, marking a substantial rise from 8.78 tonnes recorded in May 2023. This significant growth—amounting to an increase of approximately 264.4%—comes as a result of the central bank’s ongoing “Gold for Reserves” initiative. Launched in July 2021 under the Domestic…
Some Oil Marketing Companies (OMCs) have marginally increased fuel prices as the second pricing window for January takes effect. Leading OMCs, including state-owned GOIL and Shell, have already adjusted their petrol and diesel prices upward. At GOIL, petrol, which sold at GH₵14.99 per litre during the first pricing window, now retails at GH₵15.74. Diesel prices…
Ghana is exploring options to import petroleum products from Nigeria’s Dangote Petroleum Refinery, aiming to reduce its dependence on more costly fuel imports from Europe. This strategy could potentially save Ghana up to $400 million in monthly fuel import costs, according to Mustapha Abdul-Hamid, Chairman of Ghana’s National Petroleum Authority (NPA). Abdul-Hamid made the remarks…
The International Monetary Fund (IMF) has approved the first review of Ethiopia’s $3.4 billion lending program, clearing the way for the disbursement of $340.7 million. The decision, announced by the IMF on Friday, marks a significant step forward for the East African nation as it continues to navigate economic reforms and debt restructuring efforts. Ethiopia…
