Joy Business Report @1

Some New Patriotic Party (NPP) parliamentarians are demanding the sacking of Ken Ofori-Atta as Finance Minister. The MPs, numbering about 80, held a press conference on Tuesday to impress on the President to relieve his cousin of the responsibility of managing the national purse or risk losing their support for government business going forward.

The woes of the Ghana cedi continued this morning as the local currency depreciated further to sell at ¢15.20 to one US dollar. This is about 3.4% depreciation in less than a day, after trading this morning, October 24, 2022, at ¢14.70.

The Ghana cedi lost further grounds Friday morning to trade at ¢14.70 to the dollar, quotations from the forex bureaus indicate. The local currency lost 20 pesewas in value to the American ‘greenback’. It sold for ¢14.50 last night.

Bringing you updates from the world of business

Bringing you updates from the world of business

The Ghana cedi has breached the ¢12 to the dollar mark within just a week, selling at ¢12.10 at most forex bureaus or the retail market.

The depreciation pressures on the Ghana cedi continued relentlessly today as the local currency sold at ¢11.62 pesewas in the retail market.

The depreciation pressures on the Ghana cedi continued relentlessly today as the local currency sold at ¢11.62 pesewas in the retail market. This is almost 6% depreciation since Friday, October 7th.

Government has set up a 5-Member Consultative Committee to lead the financial sector stakeholder engagements to reach a deal with the International Monetary Fund (IMF) on Ghana’s debt restructuring.

Some banks in the country have begun suspending loans, particularly to new customers. This follows the increase in the policy rate by the Bank of Ghana to 24.5%.