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Nigeria

‘Govt Must Not Get Comfortable With Rebased Inflation Figure’

Lagos Chamber of Commerce and Industry (LCCI) has said the government must not get comfortable with a rebased inflation figure and lose the fight against inflationary pressures. The Chamber stated this in a statement titled, ‘Beyond the Numbers: Ensuring Real Economic Relief For Nigerians’. The director-general of LCCI, Dr. Chinyere Almona said that the latest decision by the Monetary Policy Committee of the Central Bank of Nigeria (CBN) to maintain the Monetary Policy Rate (MPR) at 27.50 per cent is well appreciated and taken as the beginning of a better deal for the business community regarding the cost of credit. She said that “in recent months, the rising and high interest rates have tormented businesses seeking to leverage credit for business operations and expansion. “We look forward to seeing a persistent focus on fighting the fundamentals that have contributed to […]

Ahmad February 23, 2025

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Ahafo

Cedi Weakens, Now GH¢17.10 to the Dollar

The Ghanaian cedi has continued its decline, now trading at GH¢17.10 to the US dollar, marking a significant year-to-date loss of nearly 29%. This depreciation is intensifying concerns over rising inflation and the cost of living as import costs and essential goods prices surge. Experts attribute the cedi’s sustained weakening to several factors, including high demand for foreign currency to support imports, reduced foreign exchange inflows, and ongoing economic challenges. The depreciation pressures the Bank of Ghana, which has intervened in the past by injecting dollars into the forex market, though this approach has seen limited success in stabilizing the currency. Businesses and consumers alike are feeling the impact, with imported goods becoming more expensive. Many companies are adjusting prices upwards, which could drive inflation even higher. The cedi’s depreciation is a critical issue ahead of the December elections, as […]

Edem 4Style November 5, 2024

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Ahafo

Mahama questioned Bawumia why the cedi trades at GH¢17 to the dollar.

NDC presidential candidate John Dramani Mahama publicly challenged Vice President Dr. Mahamudu Bawumia to answer five pressing economic questions during the 2024 campaign. Mahama questioned why the cedi trades at GH¢17 to the dollar, Ghana's debt has surged from GH¢120 billion to GH¢767 billion, inflation has soared to 54%, and why GH¢42 billion was borrowed from the Bank of Ghana. Additionally, he criticized Bawumia for prioritizing digitalization over direct economic management, urging him to address Ghana’s economic issues directly.

Edem 4Style October 29, 2024

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Ahafo

Fuel Prices Skyrocket in Ghana, Sparking Public Outcry.

Fuel prices in Ghana have surged dramatically, causing widespread concern among citizens and businesses alike. The National Petroleum Authority (NPA) announced the increase following global oil market fluctuations, which have seen crude oil prices rise due to geopolitical tensions and supply chain disruptions.As of this week, the price for a litre of petrol has risen by nearly 10%, now standing at GHS 15.50 per litre, while diesel has shot up to GHS 17.30 per litre. This marks one of the steepest increases in recent months and has triggered reactions from transport unions, market vendors, and consumers across the country.Transport operators, including the Ghana Private Road Transport Union (GPRTU), have already hinted at possible fare hikes, as their operational costs have become unsustainable. Many Ghanaians fear that this will further worsen the cost of living, as fuel price increases typically result […]

Edem 4Style October 18, 2024

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UPPER EAST

Upper East and Upper West Lead in August 2024 Inflation Rates.

 In August 2024, the Upper West and Upper East regions of Ghana experienced the highest inflation rates, with food inflation at 41.5% and non-food inflation at 31.9%, according to the Ghana Statistical Service’s Consumer Price Index and Inflation report.The Savannah and Bono East regions followed, with food inflation at 31.9% and 30.0%, respectively. For non-food inflation, the Northern and Ashanti regions had rates of 25.0% and 23.8%, respectively.In the food inflation category, Eastern, Upper East, Ahafo, and Greater Accra regions ranked fourth to seventh, with rates of 24.5%, 22.6%, 21.8%, and 20.9%. For non-food inflation, Western, Western North, Greater Accra, and Bono regions were ranked fourth to seventh with rates of 23.2%, 22.3%, 21.9%, and 21.5%.Central, Oti, Northern, Bono, and Ashanti regions had food inflation rates of 20.9%, 16.3%, 15.7%, 15.5%, and 15.2%, placing them eighth to twelfth. In non-food […]

Edem 4Style September 13, 2024

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