The Ghana cedi lost 3.88% in value to the US dollar last week on the spot market increasing its year-to-date depreciation to 21.20%.

The Ghana Statistical Service (GSS) has announced that the country’s gross domestic product (GDP) is estimated to have increased by 4.7 percent in the first quarter (January to March) of 2024. Compared to the fourth quarter (October to December 2023) last year, the economy grew by 1.2 percent.

Interest rates tumbled once again across the yield curve, in line with falling inflation. The 91-day yield eased to 24.85% from the prior week’s 25.03%.

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Bringing you updates from the world of business

Inflation for the month of May 2024 slightly decreased to 23.1%. This represents a decline of 1.95% points from that of the month of April which was at 25.0%.

The multi-dimensional poverty index launched by the Ghana Statistical Service indicates that the employment status of the head of a family has a direct impact on the poverty status of people within the family.

Mr. Boakye raises concern over Ghana’s declining reliability in the export of power export market. Increasingly, we are encouraging other countries to build their own solutions. It may be expensive, but when they commit to it, they don't have any choice than to depend on their own generation.

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.