What Changed in Accra This Week?

6 days ago

MPC holds the policy rate at 14%

The 131st Monetary Policy Committee, meeting 20-22 July under Governor Asiama, kept the rate at 14.0% by unanimous decision — pausing the easing cycle. Inflation rose to 5.3% in June from 3.7% in May, still below the 8±2% band, while renewed Middle East conflict pushed crude back above $85. Reserves stand at $12.9bn, five months of import cover.

6 days ago

Cedi at ₵11.60 as July's slide continues

BoG's official interbank mid reached 11.6000, up from 11.35 on 1 July — a 2.2% depreciation across the month that has erased part of June's rally. The currency is 9.5% weaker across the year to 17 July.

Last week

T-bill rates ease slightly at the 20 July auction

91-day 5.78% (down 0.08), 182-day 7.68% (down 0.11), 364-day 13.00% (flat). The curve stays unusually steep at 7.2 points from the 91-day to the 364.

Last week

Cedi recovery stalls at around ₵11.50

After strengthening to ₵11.34 on 3 July, the cedi drifted back. Depreciated 0.55% over the fuel pricing window, contributing to the 16 July pump increase. Still ~2.8% stronger than 30 days ago.

Last week

Ghana inflation at 5.3% with monthly pace easing

June CPI held the pattern: annual rate up on lagging non-food (trotro fares 10.5%, rents 8.4%, school fees 7.2%) while month-on-month slowed to 0.2% from 1.1%. July CPI publishes early August.

Last week

Crude fell but pump prices rose. Here is why

Brent dropped to $71.90 during the window then rebounded above $84 on renewed Iran tensions. Refined product FOB rose regardless: petrol +5.4%, diesel +8.75%. Cedi weakened 0.55%. COPEC urged OMCs to hold prices.