Director of Communications at the bank of Ghana Benard Otabil attributes the 10.50billion Ghana cedis loss it made in 2023 to the depreciation of the cedi and exchange rate differentials.

According to the Economist Intelligence Unit, the remarkable resilience of the greenback is a reflection on the strength of the US economy, which has defied high interest rates and market predictions. The US dollar remains close to an all-time high in real effective terms.

Fuel prices are likely to go up as the National Petroleum Authority (NPA) directs various industry players to increase the Unified Petroleum Price Fund (UPPF) margin by GH₵0.05 on every litre in the Price Build Up for petroleum products from June 1, 2024.

The World Bank has approved a $250 million International Development Association (IDA) credit for a five-year Ghana Financial Stability Project.

The Ghana Statistical Service (GSS) for the first time has released Export and Import Price Indices (XMPI) also known as the Unit Value Indices which measure changes over time in the relative price of exported and imported products versus the quantities of exports and imports of these commodities. The XMPI reveal that general prices for export commodities on average increased by 20.4 percent between Q1 2023 and Q1 2024, while prices for imported commodities increased by 11.5 percent.

The African Development Bank Group is urging reforms in the financial architecture for developing countries. It characterizes Ghana’s comprehensive restructuring efforts as challenging and slow.

The Monetary Policy Committee of the Bank of Ghana (BoG) has kept the policy rate at 29%. Addressing the media, Governor of the BoG, Dr. Ernest Addison noted that the Committee took the decision to help keep inflation stable.