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Cedi to depreciate 30% to dollar in 2023 – EIU



Economist Intelligence Unit (EIU) is predicting a 30% depreciation of the cedi to the dollar in 2023.

This is however lower than the about 44% depreciation of the local currency in 2022.

Disclosing this in its 2023 Country Report on Ghana, the UK based firm said it expects the cedi to depreciate significantly this year.

“We now expect the currency to weaken to ¢12.46:US$1 at end­ 2023 (from ¢10.95:US$1 as at mid­-April).”

It further said that the cedi depreciation will be driven by increased demand for hard currency due to high import prices, inflation, capital flight, rising profit repatriation by Ghanaian-based multinationals and weak investor sentiment in the face of the ongoing debt crisis.

However, the expected Executive Board approval of an International Monetary Fund programme by mid-2023 and sustained fiscal and monetary tightening will help to slow the cedi’s fall comparatively over the second half of the year.

It added “we expect further gradual depreciation in 2024­-2027, to ¢14.70: US$1 at end 2027, but at a much slower pace than in 2022­-2023 as debt-restructuring uncertainties abate. Ghana’s sustained depreciation reflects the country’s structural current-account deficit and higher inflation than its trading partners”.

It concluded that reserves will average 3.3 months of import cover over 2023-2027, just above the internationally regarded prudential minimum of three months.

The cedi begun trading May 2, 2023 at ¢12.10 pesewas to the dollar on the forex or retail market.

It is also selling at ¢14.98 to the pound and ¢3.00 to the euro.

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Power has been restored following resumption of gas supply – GRIDCo



The Ghana Grid Company (GRIDCo) and the Electricity Company of Ghana (ECG) have jointly announced that power supply has been restored to all affected customers.

This followed the resumption of gas supply from Takoradi for use by generating plants in Tema.

According to a statement jointly issued by GRIDCo and ECG on Saturday, October 28, the improved gas supply has enabled power restoration to all loads across the country.

“Customers currently experiencing any outage should report to the ECG Call Centre on 0302- 611 611 or the Customer Service Office for the fault to be rectified, since this is likely to be a local fault.

“GRIDCo and ECG regret the inconvenience caused by the recent load management exercise and thank the public for their patience,” the statement said.

GRDICO earlier attributed the recent power cuts in parts of the country to limited gas supply.

“The Ghana Grid Company Ltd, (GRIDCo), the “Operator” of the National Interconnected Transmission System (NITS) informs the general public that due to limited gas supply to Tema, there will be a supply gap of 550MW at peak time.

“This will affect the power supply to consumers in some parts of the country,” an earlier statement issued by GRIDCo on Thursday, October 26 said.

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Agriculture is a major driving force behind growth of Ghana’s economy – Akufo-Addo



President Nana Addo Dankwa Akufo-Addo on Thursday, 26th October 2023, held a meeting with International Partners to discuss the food and agriculture sector of Ghana’s economy

He applauded the longstanding commitment of the respective governments of the partners to Ghana’s economic progress.

This commitment, he said “has contributed significantly to making agriculture a major driving force behind the growth of the Ghanaian economy, with the sector maintaining an average growth rate of 5.9% over the past six (6) years, up from 2.9% we inherited in 2017.”

The president indicated at the meeting that the second phase of the Programme for Planting for Food and Jobs is poised to continue the transformation of Ghana’s agricultural landscape.

“We have shifted our approach from a subsidy policy to an input credit system that accommodates all participants in the agricultural value chain. This programme’s design places strong emphasis on commercial agriculture, with a cascading effect on all stakeholders, from production to processing, distribution, and marketing,” he said.

This comprehensive approach will stimulate economic activities within the sector, generate employment, support industrialisation, boost exports, increase incomes, foster rural development, and propel overall economic growth, he added.

“We anticipate that, by the end of the five-year implementation period, Ghana will have achieved enhanced food security, and established a strong comparative advantage in the production of diverse cash and food crops and poultry products. Additionally, we aim to leverage competitively the opportunities presented by the Africa Continental Free Trade Agreement (AfCFTA),” the president stressed.

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PFJ phase 2 can help Ghana achieve food security – Akufo-Addo



President Akufo-Addo has affirmed that the Planting for Food and Jobs Programme has the potential to make the country self-sufficient in the production and supply of food.

Nana Akufo-Addo believes that the programme would yield the desired results with the necessary investment.

Speaking at the Presidential Roundtable Discussion with development partners on the PFJ, the President said the government will provide the necessary support to ensure the success of the scheme.

“I am firmly convinced that the second phase of the Planting for Food and Jobs programme will raise awareness about the potential of Ghana’s agriculture and attract the necessary investments so that we can achieve food security and economic growth in Ghana. On behalf of the government, I wholeheartedly acknowledge our responsibility to create a conducive environment, and we are resolutely committed to meeting this expectation through regulatory measures and other incentives.”

Meanwhile, Deputy Minister of Finance Dr. John Kumah assured that the Ministry will ensure that the required funds are released to the Ministry of Food and Agriculture to help with the successful implementation of the programme.

“By the numbers, the budgetary allocation from the Ministry of Finance has increased from GH¢188 million to GH¢857.8 million in 2022 under President Akufo-Addo. Crucially, we have maintained our resolve and commitment to the agricultural sector. In 2021, we paid GH¢834 million to MOFA, and despite the difficult economic conditions in 2022, the Ministry of Finance ensured that 92% of MOFA’s approved budget was released.”

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