Bank of Ghana marks 60 years of the Ghana Cedi with national activities to highlight its legacy.
The Bank of Ghana has announced plans to commemorate the 60th anniversary of the Ghana Cedi, which has served as the nation’s sole legal tender since its introduction on July 19, 1965. The celebration, under the theme ‘Cedi@60’, will run from July to December 2025.
In a public notice issued on May 13, 2025, and signed by the Secretary of the Bank, Sandra Thompson, the central bank highlighted the significance of the Cedi as a symbol of Ghana’s economic sovereignty, resilience, and development. Over the past six decades, the Cedi has undergone various reforms and modifications to meet the changing demands of the Ghanaian economy.
As part of the anniversary celebrations, the Bank of Ghana will roll out a series of activities and engagements nationwide. These will include official launch events, public exhibitions, educational campaigns, and stakeholder forums aimed at deepening public understanding and appreciation of the currency’s history and importance.
The Bank noted that the anniversary presents an opportunity for Ghanaians to reflect on the evolution of the Cedi, celebrate national progress, and reaffirm their responsibility to protect the value and integrity of the currency.
The public, along with institutions, stakeholders, and development partners, is invited to participate in the commemorative events. Further details of the scheduled programmes will be announced in due course.
The Bank of Ghana reaffirmed its commitment to maintaining a stable Cedi and ensuring general price stability in the economy.
Ghana’s cocoa industry under pressure as production and competitiveness decline.
Adnan Adams Mohammed
Ghana’s cocoa sector may face major foreign exchange setbacks unless swift investments are made to boost large-scale production.
That is the warning from the Netherlands Ambassador to Ghana, Jeroen Verheul, who has called for an urgent reset of the country’s cocoa industry.
He warns that Ghana risks losing its global competitiveness to emerging producers like Ecuador and Brazil if long-standing structural issues in the sector are not urgently addressed.
The Dutch envoy was speaking to Channel One Business on the sidelines of a high-level public-private dialogue in Accra on Ghana’s readiness for the EU Corporate Sustainability Due Diligence Directive.
The Ambassador stressed that compliance with EU sustainability directives and increased productivity through large-scale farming will be key to maintaining Ghana’s market share and safeguarding crucial forex earnings.
For him, any decline in Ghana’s global competitiveness could trigger broader macroeconomic consequences.
“If production is going down as it is going down right now, then that means there is less export of cocoa and less foreign exchange earned by farmers and less foreign exchange earned by the economy.
“So it’s a threat to the economy if production if going down so there is an imperative for the Ghana economy to maintain the cocoa sector, to invest in it, to make it more productive to make it more competitive,” Jeroen Verheul said.
As an intervention, the International Trade Centre (ITC) is also taking proactive steps to help Ghana align its cocoa production with international standards to avoid future market rejections.
Larry Attipoe National Coordinator for the Centre’s value chain initiatives in Ghana said this is expected to strengthen Ghana’s cocoa value chain and ensure long-term export viability.
“We bring information such as what it takes you to produce to meet international demands [and] meet all the specifications,” he mentioned.
Meanwhile, Minister of Energy and Green Transition, John Jinapor, is deeply concerned over the sharp decline in cocoa production and the rising debt burden within the sector.
Addressing the inauguration of an 11-member board of directors for COCOBOD, Jinapor highlighted that the sector’s debt has ballooned from GH₵400 million in 2017 to a staggering GH₵2.6 billion—a development he described as alarming and deserving of urgent attention.
“COCOBOD, just like the energy sector, has been in the news for some disturbing reasons. From a debt of 400 million in 2017, the debt is now projected at 2.6 billion, which is very worrying, and all of us ought to be very concerned about the state of COCOBOD,” he said.
He also lamented the drop in cocoa production, which, according to him, has declined from about one million metric tonnes in 2016/2017 to roughly 500,000 metric tonnes, and is continuing on a downward trajectory.
“Around 2016/2017, cocoa production hit around one million. Now it’s declined to around 500. That is quite worrying and is even going down further, just like oil production,” he noted.
Jinapor urged the new board to prioritise cost-cutting measures and operational efficiency, staying true to COCOBOD’s core mandate.
“A trim in costs, bringing about efficiency and deal particularly in what COCOBOD was established to do. That is to ensure that we increase cocoa production and add value to our cocoa,” he said.
He explained that the inclusion of key financial leaders, such as the Finance Minister and the Governor of the Bank of Ghana, on the board is meant to enhance fiscal discipline.Ghanaian food recipes
“The presence of the finance minister and the Governor of BoG, Dr Johnson Asiama, is to check fiscal slippages, which can affect its monitoring side. So you ought to ensure that there is a high level of discipline,” he explained.
Expressing confidence in the newly constituted board, Jinapor said: “With the calibre of people on this board, I’m very confident that we will turn the sector around.”
The new COCOBOD board is chaired by Dr. Samuel Ofosu Ampofo, Policy Advisor at the Office of the Vice President, and includes Dr. Johnson Asiama, Governor of the Bank of Ghana, and Dr. Cassiel Ato Forson, the Minister for Finance.
Asiedu Nketiah visits CCP museum to strengthen NDC-China ties.
Adnan Adams Mohammed
The National Chairman of the NDC Party, Johnson Asiedu Nketiah, has led a delegation to visit the Chinese Communist Party’s museums to learn about their rich culture and history.
The delegation, made of some NDC party executives, engaged in exchange programs aimed at developing and empowering Ghanaian youth.
Chairman Asiedu Nketiah, during an interactive session with the Chinese counterparts, shared the NDC Party’s history, principles, and policies with the Chinese Communist Party. He discussed potential opportunities for cooperation, projects, investments, and support between the two parties.
As former Vice President of the Socialist International, Chairman Asiedu Nketiah’s experience in international politics and investment brokerage will likely benefit Ghana.
The delegation is expected back in Ghana by this weekend and includes Hon. Vincent Kuagbenu, CEO of Community Water and Sanitation Agency; Hon. Dr. Hannah Bissiw, National Women Organizer and CEO of Mineral Investment Fund; Dr. Karl Arhin, Deputy Director of International Relations of NDC; and Dr. Nana Kwaku Asiedu Nketiah Jnr, Vice Chairman of the National Youth Working Committee and Deputy CEO of MIIF.
A leader you can trust- Visionary, bold, firm, assertive, honest, truthful, fearless and above all a high sense of integrity and reputation.
The Minister for Finance, Dr Cassiel Ato Forson, has tasked the newly inaugurated Governing Board of the Ghana Gold Board to work hard to support and sustain the gains by the local currency (Cedi) against the major international trading currencies.
Although the Gold Board activities in the past months are not solely responsible for the Cedi’s resilience, the minister believes the activities of the Goldbod stand to further strengthen this performance.
At the inauguration of the new Governing Board, the minister emphasised that, the paradigm shift in government’s approach to gold trading contributing to robust gold reserves, will challenge traditional models reliant on old patterns, potentially leading to inaccurate projections and missing the true potential of the Cedi. In fact, it will change how both the Ghana cedi and Ghana’s foreign exchange accumulation will behave in the future.
“I wish to assure the Ghanaian public and our stakeholders, that the outlook for the Ghana cedi remains robust and sustainable, supported by the transformative activities of the Goldbod”, Dr Ato Forson said.
“I urge the newly-constituted Board to work hard to support and sustain this trajectory.”
Read Full Statement Below:
SPEECH DELIVERED BY THE FINANCE MINISTER, DR. CASSIEL ATO FORSON AT THE INAUGURATION OF THE GOVERNING BOARD OF THE GOLDBOD TODAY
Esteemed Chairman and members of the Board of Directors of the Ghana Gold Board (GoldBod);
2. I have the singular honour to congratulate you, on behalf of His Excellency President John Dramani Mahama, on your appointment to the Board.
3. Today’s inauguration marks the climax of months of diligent and painstaking work.
4. This journey began on January 27th, 2025, with the inauguration of the Technical Committee tasked to develop the legal and operational framework, particularly the drafting of a Bill for the establishment of the Ghana Gold Board (GoldBod).
5. The Technical Committee delivered on its mandate in a timely and efficient manner, culminating in the passage of the GoldBod Bill by Parliament at its last session, and its subsequent assent by His Excellency the President.
6. I must commend the members of the erstwhile Technical Committee and all who played various roles in developing the fit for purpose and time-tested GoldBod Act, within record time.
7. Distinguished members of the Board, it bears reminding you, that the Ghana GoldBod is a flagship initiative envisioned by His Excellency President John Dramani Mahama for economic revitalization.
8. The GoldBod is a vehicle for achieving currency stability through the structured purchasing and management of Ghana’s gold resources.
9. As Africa’s leading gold producer, Ghana derives substantial foreign exchange earnings from gold. However, the benefits accrued from this valuable mineral remain minimal, often coming at a steep environmental cost.
10. Historically, Ghana’s revenues from gold have been confined to traditional sources such as royalties and taxes.
11. The Ghanaian economy has not realized the full benefit of our gold resources.
12. Hence, the time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold.
13. To achieve this, we must optimise every stage of the value chain—from extraction to refining, value addition and marketing, both locally and internationally.
14. The Ghana Gold Board is here to serve as that specialised agency for effective marketing of our gold resources.
15. This will involve the implementation of a deliberate program to formalise gold trading from the small-scale mining industry and promote traceability with the aim of enhancing the international acceptability of gold from Ghana.
16. I am happy to announce, that the erstwhile chaos in Ghana’s gold purchasing sector that prevented the nation from fully benefiting from its gold resources, has come to an end.
17. Hitherto, the Precious Minerals Marketing Company (PMMC) had the mandate to purchase and sell gold. However, this mandate was not exclusive.
18. The Bank of Ghana also used to purchase gold through PMMC and other private aggregators under initiatives such as “gold for forex,” “gold for reserves”, “gold for oil,” and “gold for cash” among others.
19. Additionally, the Minerals Income Investment Fund (MIIF), despite its primary mandate to optimize mineral investment, also ventured into gold buying, incurring substantial financial losses.
20. Apart from these, numerous individual Ghanaians and foreigners with export licenses and/or gold buying licenses were also active in the gold purchases and export market.
21. This fragmented, uncoordinated and unregulated system led to widespread gold smuggling and deprived the state of much-needed foreign exchange.
22. All of this now belongs in the past, because the Ghana GoldBod is the now the sole buyer and assayer of gold, with exclusive mandate to grant license to engage in the trade of Gold from Ghana’s small-scale mining sector.
23. Distinguished members of the Board, I am pleased to observe that the GoldBod has already began to fulfil its object and has contributed immensely to the recent stability of the Ghana Cedi through gold reserve accumulation.
24. As of May 13, 2025, the Ghana cedi has solidified its position as the standout performer among global currencies, achieving a remarkable 16.7% appreciation against the US dollar year-to-date.
25. This marks a significant reversal from the 13.4% depreciation observed in the same period of 2024, with the cedi earning recognition as the top-performing currency in April 2025.
26. This rally stems from a robust policy framework, underpinned by synchronized monetary and fiscal measures, as well as a favorable global context.
27. The central bank, in close collaboration with the Ministry of Finance, has adopted a stringent monetary policy, complemented by aggressive liquidity sterilization.
28. Concurrently, the Ministry of Finance has implemented a disciplined fiscal stance anchored around prudent public finance management.
29. Bolstering these efforts, enhanced foreign exchange inflows from gold, cocoa, and remittances, alongside a softening US dollar amid global uncertainties, have significantly driven the strength of the Ghana cedi.
30. But the unprecedented performance of the Ghana cedi has not come at the cost of our safety net. In fact, our foreign exchange reserves at the Bank of Ghana reached a record-high in April 2025, surpassing targets set under the IMF-supported programme ahead of schedule.
31. This underscores the sustainability of the cedi’s performance.
32. The activities of the Goldbod stand to further strengthen this performance. In fact, it will change how both the Ghana cedi and Ghana’s foreign exchange accumulation will behave in the future.
33. This paradigm shift will challenge traditional models reliant on old patterns, potentially leading to inaccurate projections and missing the true potential of the cedi.
34. I wish to assure the Ghanaian public and our stakeholders, that the outlook for the Ghana cedi remains robust and sustainable, supported by the transformative activities of the Goldbod.
35. I urge the newly-constituted Board to work hard to support and sustain this trajectory.
36. Together, let us help to propel His Excellency President John Dramani Mahama’s ongoing reset of Ghana’s economy and our effort to deliver economic prosperity for all Ghanaians.
37. I thank you and may God bless our homeland Ghana.
Public pressure mounts as traders are given a 60-day window to reduce prices following the cedi’s appreciation.
Adnan Adams Mohammed
Some key stakeholders of the Ghanaian economy have taken a swipe at traders for their delay in reducing prices of goods and services to align with the current appreciation of the local currency, the Cedi.
This follows a 60-day grace period given to traders by the Ghana Union of Traders Association (GUTA), after a high-level meeting with the Minister for Trade and Industry, Elizabeth Ofosu-Adjare, to reduce prices of goods and services in the country. But, the two month grace period has been criticised as too long a time of allowing extortion of consumers by traders.
In recent weeks, the cedi has shown marked resilience, reversing years of depreciation — a development that has reignited public expectations for downward price adjustments, especially for imported goods.
”Well it’s justified to some extent”, Professor Peter Quartey, Director of Institute for Statistical, Social, and Economic Research (ISSER) said while commenting on demands by consumers on traders to reduce their prices.
“Anytime the exchange rate depreciates quickly traders increase prices but as soon as it appreciates then there is some sluggishness in reducing prices but we also appreciate the fact that some have imported using the old exchange rates.”
Also, the West African Regional Director of CUTS International, Appiah Kusi Adomako has argued that the 60-day window is overly generous to businesses and unfair to consumers.
“The 60 days is a bit generous to businesses, but to the consumers, I don’t think it is fair, because anytime prices go up, the cedi begins to fall badly. We can even see prices jumping three times in a day. And sometimes people even use the predictive prices of the cedi to the dollar to sell their goods in the market,” Mr. Appiah Adomako Kusi said.
He stressed that businesses often increase prices instantly when the cedi depreciates, sometimes even based on projected exchange rates, and therefore should not delay reductions now that the currency is gaining value.
He acknowledged that some businesses may still be selling old stock or clearing goods at the ports, but cautioned that new goods arriving after May 15 should not exploit the 60-day grace period.
“Now that the cedi has started to appreciate in value, I think it will be fair that businesses should gradually reduce prices as the cedi appreciates. So that by the end of the 60th day, we should be able to get full benefits coming to consumers.
“I think it’s also fair for the consumer to ride on the gains of the cedi against the dollar.”
Meanwhile, General Secretary of the Food and Beverages Association of Ghana, Samuel Ato Aggrey, has expressed optimism that ongoing market forces will compel traders to reduce prices of goods within the next 60 days, owing to the strengthening Ghana cedi and mounting public pressure.
Ato Aggrey, in an interview last week explained that as some businesses begin to reflect the cedi’s recent appreciation in their pricing, competition will naturally push others to follow suit or risk losing customers.
“We are hopeful that within those 60 days, the prices will change. Some of them have already started seeing the effect. If you go to the market and do your survey, you will know that some of the prices of goods have come down,” he said.
“By 60 days, we are going to see uniformity in the prices of goods, because what will happen is that those who will be reducing their prices will create a lot of competitive atmosphere in the market. Therefore, if your goods are still selling at a high price, you will be forced to reduce them.
“If you are not careful, and you say you’re going to maintain your old price, you are going to create an atmosphere of competition that will go against you,” he warned..
The Minister for Trade, Industry, and Agribusiness, Elizabeth Ofosu-Adjare, after a closed-door meeting with key business groups, including the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG), said that the government cannot compel traders to reduce prices, despite the recent appreciation of the Cedi and easing inflation.
According to her, Ghana’s liberalised market system limits the government’s ability to enforce price controls, making dialogue the most viable path to achieving relief for consumers.
She revealed that some manufacturers have already indicated a willingness to reduce prices in response to recent macroeconomic gains such as a stronger Cedi and declining inflation
“The meeting has been fruitful and we have said that the government does not have the power to control prices, but it has the power to negotiate with our stakeholders to ensure traders, manufacturers, and consumers to ensure that they take advantage of opportunities when they happen.
“I am happy to inform you that the direct importers have agreed to reduce their prices, some have already started that. We have also heard from GUTA and AGI that it is good that the Cedi has stabilised but they need a bit of time for it to reflect in the prices. It will happen gradually,” she stated.
Economists urge strong regulatory measures and sustained fiscal discipline to maintain the Ghana cedi’s global top-performing status.
Adnan Adams Mohammed
To sustain the recent appreciation of the Ghanaian Cedi, economists have asked managers of the economy to adopt and implement a robust exchange rate management framework.
They believe that without firm regulatory oversight and improved market discipline, the local currency’s ongoing appreciation risks being short-lived.
The recent appreciation of the Cedi has earned it the status of the world’s best-performing currency in recent weeks, bolstering confidence in Ghana’s monetary authorities. However, the Institute for Statistical, Social, and Economic Research (ISSER) has stressed the need for consistent macroeconomic policies to anchor confidence in the local currency.
“So to ensure stability in our exchange rate, we have to continue to have the kind of monetary policies we are having now; and the Bank of Ghana continues to shore up our gold reserves”, Professor Peter Quartey, Director of ISSER said in an interview last week.
“Then also we must enforce the exchange rules; it is only in Ghana where one can walk to a corner and buy dollars and pounds and walk around with it. In other jurisdictions they take your passport so they know what it is going to be used for.
“Take advantage of the geopolitics because the US Dollar is losing some value, but it may reverse given that now the US has a temporary trade deal with China”, he added.
Consequently, a Bank of Ghana board member, Isaac Adongo, has disclosed plans to clamp down on over-the-counter US dollar withdrawals in a move aimed at sustaining the local currency’s momentum.
The policy, which builds on existing restrictions, would be expected to introduce even tighter controls, essentially halting routine dollar cash withdrawals from bank counters except in rare, approved cases.
“If you put your dollars in the bank account, it is okay. We are happy with that; you can only get dollars if indeed you are going to use them for a dollar-denominated transaction,” Adongo indicated in an interview last week.
The Bolgatanga Central MP emphasised the central bank’s authority in determining how foreign exchange is used within the economy.
“The central bank’s role includes regulating the use of our legal tender. When you request dollars, we’ll provide cedis instead.”
At the heart of the move is a strategy to neutralise speculative dollar demand and reduce the pressure on the local currency by limiting access to physical dollars.
“You’ll see the results reflected in the dollar rate,” Adongo stated. “We’re eliminating dollar speculation through bank accounts. Deposited dollars will only be released for legitimate foreign transactions – dollars are meant for spending abroad, not domestically.”
However, the Ghana Bankers Association has refuted claims suggesting an imminent restriction on over-the-counter (OTC) withdrawals of foreign currencies, particularly U.S. dollars, from banks and financial institutions in Ghana.
The President of the Bankers Association, John Awuah, stated categorically that no such directive has been issued by the Bank of Ghana yet.
“We have not received any directive from the Bank of Ghana that bars the withdrawal of foreign currency over the counter. As we have been operating in the past, as it is today, it will be the same tomorrow until such a directive is formally communicated to us, the mode of operations for foreign accounts in Ghana.”
Mr. Awuah reaffirmed that banks remain guided by the existing legal and regulatory framework, and that no official changes have been made to affect the public’s ability to access foreign currency.
“We operate under Act 721 of 2006, which may undergo some review, but that is the guiding act, as has been updated with notices and directives from the Bank of Ghana. None of those directives stipulates the barring or discontinuation of over-the-counter foreign exchange withdrawal – there is a process.”
He acknowledged that due diligence procedures are in place, but stressed that account holders with legitimate needs can still access foreign currency as usual.
Subsequently, the Bank of Ghana last week issued a statement to the general public re-emphasising on the existing regulatory compliance on US dollar withdrawals from banks.
Additionally, the Centre for Economic Research and Policy Analysis (CERPA) has called for sustained economic discipline and targeted policy interventions to maintain the recent appreciation of the Ghanaian cedi, which has become the world’s best-performing currency in 2025.
In a new policy brief released last week, CERPA analysed the drivers behind the cedi’s nearly 16% gain against the US dollar and outlined the economic benefits and risks associated with the currency’s rebound.
To sustain the cedi’s gains and avoid potential setbacks, CERPA has recommended: Maintaining fiscal discipline to ensure macroeconomic stability; Encouraging the reinvestment of foreign profits to support the forex market; Promoting import substitution through support for local industries and agriculture; Strengthening the gold purchase programme to secure reserve backing; and Implementing targeted monetary policies to keep inflation in check.
CERPA noted that while the cedi’s appreciation is a positive sign, it remains fragile without consistent economic management.
“A coordinated strategy that strengthens exports, supports domestic production, and maintains investor confidence is crucial to turning recent gains into long-term resilience” its policy brief asserted.
The Ghana cedi has emerged as the best performing currency in sub-Saharan Africa, supported by macroeconomic reforms, remittances, and rising cocoa prices.
Adnan Adams Mohammed
A financial analyst has defused assertions by some critics that the Ghanaian local currency, the cedi, is appreciating in value against major international trading currencies simply due to government’s use of the Bank of Ghana’s gold reserves to intervene on the foreign exchange market.
Dr Richmond Atuahene indicated that the Cedi’s performance should be seen as the outcome of a balanced blend of prudent policies and economic activity trends.
In recent weeks, the Cedi has gained strength to be the world’s best performing currency, according to Bloomberg’s analysis, after losing so much value to be the world’s weakest currency just a few years ago. As many Ghanaians are jubilating over this reversal of fortunes, most traders, and some critics of the government are downplaying the current government’s coherent economic policies and fiscal consolidation efforts resulting in the historic performance of the local currency. However, Dr Atuahene justifies his position against such criticism.
“The cedi’s gains are the result of multiple economic forces working together,” Dr. Atuahene noted in an interview last week. “The currency is not strengthened because it is only gold having an impact. Let me tell you on record, remittances have been revamped in this country.”
He explained that “A significant rise in foreign remittances has increased liquidity in the banking sector, improving banks’ access to forex and supporting overall currency stability.”
He also cited surging cocoa prices on the international market as another critical factor.
“Don’t forget cocoa. It will shock you to know that a year ago [in 2024], cocoa was sold at [US$)4,825 per metric tonne. Today, go to the market—we’re talking about [US$) 8,000,” he said.
Beyond remittances and exports, he pointed to macroeconomic policies such as fiscal discipline and tightened monetary policy as important drivers behind the cedi’s resurgence.
“All these things are the factors, in addition to the fiscal discipline, tightened monetary policy, and what have you. So, you can’t lay your hands on just the gold. Let’s get it that remittances are giving lots of banks forex” he added.
Meanwhile, the cedi is projected to continue its upward momentum this week, buoyed by improved market sentiment, Bank of Ghana (BoG) support, and renewed investor confidence, according to Databank Research’s weekly currency update. Last week, the local currency emerged as the top-performing currency among 15 sub-Saharan African countries, continuing its upward trajectory on the back of robust liquidity and stabilizing macroeconomic fundamentals. The Ghana cedi recorded notable appreciation across major currencies: 6.25% against the US dollar (USD), 7.61% against the British pound (GBP), and 5.81% against the euro (EUR).
In a significant endorsement of Ghana’s economic recovery efforts, S&P Global Ratings on May 9, 2025, upgraded Ghana’s long- and short-term foreign currency sovereign credit ratings from Selective Default (SD) to ‘CCC+/C’, while affirming local currency ratings at ‘CCC+/C’ with a stable outlook.
The ratings agency attributed the upgrade to improved economic growth, ongoing fiscal reforms, a stronger external position, and a growing track record of prudent public financial management, particularly through election cycles.
S&P’s decision reflects growing international optimism in Ghana’s economic trajectory, particularly under the stewardship of Finance Minister Dr. Cassiel Ato Forson.
With macroeconomic reforms taking root, foreign exchange conditions improving, and international credit ratings trending upward, analysts anticipate the cedi will maintain its strength in the near term.
“Investor sentiment is improving, and the central bank’s interventions continue to support the local unit,” Databank Research noted. “We expect further appreciation of the cedi in the coming week.”
The rating upgrade is expected to bolster Ghana’s external financing opportunities, reduce debt vulnerabilities, and provide a firmer foundation for long-term currency stability.
On the backdrop of the predicted elevated forecast for the Ghanaian economy, Dr Atuahene is hopeful that Ghana could derive significant benefits if the current appreciation of the cedi against major foreign currencies is maintained over the long term, highlighting the importance of currency stability for the broader economy, particularly in terms of economic planning and business confidence.
“The currency appreciation, if it happens to be long-term, is one of the best things that could happen to us for a very long time. Because we have been in this situation for a very long time. But if we can continue to sustain the stability of the cedi, it will change our situation” he stated.
Dr. Atuahene further noted that sustaining such stability hinges on maintaining key economic fundamentals.
“There are cardinal things—stable exchange rate, lower inflation, lower fiscal deficit, if you get all these components in, then your currency will be as good as anything, and that is good for businesses, import planning,” he said.
“Eni’s commitment to a Just Transition includes expanding renewable energy capacity and supporting local communities.”
The voluntary sustainability report outlines Eni’s achievements and forward-looking strategies for a safer and more sustainable energy.
Eni, last week, published ‘Eni for 2024 – A Just Transition’, its voluntary sustainability report that illustrates the main results achieved during the year on the path towards a Just Transition. The report, now in its nineteenth edition, provides an overview of Eni’s performance and concrete actions for a Just Transition, capable of combining industrial growth, environmental sustainability and social inclusion, illustrating future strategies and goals.
“We live in times of rapid and complex change’, says Eni CEO Claudio Descalzi in his message to stakeholders introducing the report. ‘Profound geopolitical evolutions, environmental challenges and technological revolutions are reshaping the routes to global growth and energy security. The result is a context of unprecedented fragmentation, uncertainty and volatility, in which the ability to adapt no longer appears to be a sufficient lever: we need to put all our skills into play in order to lead the response to change, anticipating new trends through innovative solutions, carefully assessing risks and courageously seizing opportunities. And it is precisely in this ability to anticipate and transform that lies one of Eni’s distinctive traits. In 2024 we continued on our path of transformation and achieved concrete results, the outcome of an industrial model that aims to embrace environmental, economic and social sustainability.”
This year saw an important discontinuity in sustainability reporting: the entry into force of the European Corporate Sustainability Reporting Directive (CSRD), which regulates mandatory sustainability reporting and introduces new European reporting standards. In addition to publishing its first Sustainability Statement in line with the EU legislation, Eni has decided to continue to prepare its voluntary report Eni For, a complementary and supplementary document to the Sustainability Statement, to make Eni’s sustainability information more accessible to stakeholders, enriching it and providing concrete examples through case studies, in-depth analyses and interviews.
Among the company’s main achievements in 2024, the report includes the reduction of net Scope 1 and 2 emissions by 55% for Upstream and 37% for Eni compared to 2018. A special focus was placed on reducing methane emissions by confirming the target of bringing them close to zero in 2030. Eni for also renewed its commitment to achieve water positivity in at least 30% of sites operated with withdrawals greater than 0.5 Mm3/year of fresh water in water-stressed areas by 2035.
The report also illustrates Eni’s progress in implementing the satellite model, an innovative approach that aims to create integrated businesses capable of generating value for the energy transition. It highlights the achievements of Plenitude, which has exceeded 4 GW of installed capacity from renewable sources and aims to reach up to 15 GW by 2030, integrating production from renewable sources with the sale of energy and energy solutions to households and businesses, and with an extensive network of charging points for electric vehicles (10 million customers and 21k charging points for electric vehicles). On the other hand, Enilive, the company dedicated to mobility products and services, reached a biorefining capacity of 1.65 million tonnes in 2024 and plans to exceed 5 million tonnes/year by 2030, also increasing the optionality of SAF production (Sustainable Aviation Fuel).
Eni continues to invest in innovation and in the development of cutting-edge technologies, as demonstrated by the commissioning of the HPC6 supercomputer and the creation of Eniquantic for quantum computing, and in transformation consistent with the energy transition: from the announcement of the reconversion of the Livorno refinery into a biorefinery, to the start of the relaunch of Versalis towards greater financial sustainability.
Just Transition permeates Eni’s strategy, with a constant commitment to respect for human rights, the safety of people – a founding value of Eni’s activities -, transparency and dialogue with stakeholders. In 2024, the company strengthened actions to prevent and combat violence against women and worked to ensure that the transformation generates concrete benefits for communities in host countries, also in collaboration with international organisations such as the International Labour Organisation (ILO) and the International Finance Corporation (IFC) to promote more inclusive and safer working conditions along the agri-feedstock supply chain.
Finally, the report documents the company’s contribution to the communities in the countries where it operates, with over 100 local development projects active in 21 countries of presence, ranging from access to water, to energy and to health, and the promotion of initiatives consistent with the United Nations Sustainable Development Goals. Eni for 2024 confirms the company’s clear vision, built on the integration between business and sustainability and between growth and responsibility, as well as its role in driving an equitable energy transformation, with the aim of continuing to generate shared and lasting value together with its people and stakeholders.
National DRIP Coordinator engages Obuasi Municipal Assembly staff
The National DRIP Coordinator, Nii Lantey Vanderpuye, has impounded and handed over to the Obuasi police a back- hoe machine belonging to the Obuasi West Municipal assembly which was being used for an unauthorised activity.
The equipment was impounded by the National Coordinator on the Obuasi-Kumasi highway with a broken hydraulic valve. Upon interrogation, the operator of the machine said that he was assigned a task by one of the engineers at the assembly.
The National Coordinator not convinced invited the Obuasi police to effect the arrest of the operator and take possession of the machine for further investigation.
The National Coordinator warned that no one would be allowed to misuse any of the equipment under the management of the Secretariat and any officer who instructs the usage of any of the machines without the permission of the district roads management team and the district coordinator would be surcharged with the cost of servicing and maintenance of the said equipment. He urged the general public to be interested in how these machines are used because they are expensive national assets.
The assemblies have been advised to be patient and wait for the training of their operators before handing over the keys to them. He promised that the training regime would begin soon in all the regional capitals.
The world market price of crude oil is forecasted to fall to about US$64 a barrel this year as against US$80.7 per barrel in 2024, the World Bank in its Commodity Markets Outlook report has indicated.
The World Bank further cautioned that other commodity prices are set to fall sharply this year, by about 12% as it attributes this development to weakening global economic growth.
This could have some implications for Ghana government’s projected revenue from the export of oil and gold in the 2025 budget. In the 2025 budget, the government is projecting over US$1 billion in revenue from crude oil exports, based on a benchmark price of US$74 per barrel.
According to the World Bank, oil prices are also expected to exert substantial downward pressure on the total commodity index in 2025, as a marked slowdown in global oil consumption coincides with expanding supply.
It said the anticipated commodity price softening will be broad-based, however, with more than half of the commodities in the forecast set to decrease this year, many by more than 10%.
The situation the Bretton Woods institution warned could have a knock-on consequences for economic activity and inflation for developing countries like Ghana.
The report also pointed out that there are important upside risks to commodity prices—for instance, if geopolitical tensions worsen, threatening oil and gas supplies, or if extreme weather events lead to agricultural and energy price spikes.
All things being equal, coupled with a stable foreign exchange market, the price of petroleum products will be flat at the pumps.
The report stated that escalating concerns about global economic growth saw oil prices fall sharply in early April 2025 to below US$63 per barrel, the lowest level since April 2021.
The price slump started with the announcement of large trade tariffs on April 2, 2025, by the United States. This was associated with a US$12 per barrel decrease in the course of four trading days, the 11th-worst four-trading-day price performance since 1990.
Although the Brent crude price had declined to US$70 per barrel by early March 2025, the net impact of these different factors resulted in a small increase of $1/bbl in quarter one 2025, partially reversing a $5/bbl quarter-on-quarter decrease in the final quarter of 2024.
Meanwhile, global oil demand increased by1.2% in the first quarter of 2025 compared with 1.1% in quarter 4, 2024.
Oil demand in China edged up by 0.2 mb/d (1.4%) in first quarter 2025 from 1.0% in 4th quarter of 2024, with demand in advanced economies also picking up by 0.4 mb/d (0.9%), from 0.3%.
Over the course of 2024, oil consumption growth slowed in China, Europe and Central Asia , and Latin America and the Caribbean, but accelerated in East Asia and the Pacific excluding China, the Middle East and North Africa, and South Asia.
Consumption fell in Sub-Saharan Africa, while it was flat in advanced economies.
The deceleration of China’s oil demand in 2024 was due in part to increasing penetration of electric vehicles (EVs). More than 40% of new cars purchased in China in 2024 are estimated to be EVs, with a resulting oil demand reduction of about 0.45 mb/d.
