Business

Iran sanction relief could send Cedis soaring at GH₵8 per dollar – Analyst

Published

2 months ago

May 22, 2025

The Chief Executive Officer of the Swift Petrotrade Group, Prince Ellis Antsroe, has indicated that the cedi could trade at GH₵8 to a dollar if the United States of America lifts its sanctions on Iran.

He explained that a sanction relief could see global crude oil prices likely crashing further to as low as $40 or even lower per barrel.

Speaking to Myjoyonline.com, he said that this anticipated development will boost the confidence of commodity investors in safe-haven assets such as gold, which will increase.

“This could send the gold prices to the $3,500 per ounce range or even better. In other words, 1 kg of gold could be sold at around $123,500, as 1kg is made up of about 35.274 ounces,” he explained.

He further said that strong global demand for gold at extremely high prices will see an enormous inflow of US dollars into Ghana, as it is currently exporting substantial quantities of the commodity.

“If this happens, while Ghana’s imports remain at similar levels, the cedi could continue its rally against the dollar to regions of GH₵8 to a dollar and remain fairly stable so long as the prices of the commodities under consideration remain in similar ranges,” he said.

He further added that “while Ghanaians may have their fingers crossed to see the US lift the sanctions on Iran to trigger low oil prices and its subsequent higher gold prices, US intelligence suggests that Israel is preparing to strike Iranian nuclear facilities, according to CNN. It is not clear yet whether the Israeli leaders have made a final decision.”

However, Mr. Antsroe expressed optimism that any attack by Israel on Iran would hinder the ongoing negotiations between the US and the Middle East.

He said this would increase the volatility that is already prevalent in the region that supplies one-third of the global oil and, by extension, lead to higher oil prices over a period.

“While the oil prices go up, there may be expectations that the gold prices may begin to decline; however, due to general uncertainties as a result of the geopolitical factors, the gold prices may not fall as much as the experts could predict.”

“We may see a bit of undulating curves in the performance of gold prices, but that may not be strong enough to break the Ghanaian Cedi. A colossal look at the scenarios can perfectly make me ask myself if the success of Ghana is dependent on the happenings in the rest of the world,” he noted.

myjoyonline.com

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Business

Inflation For June 2025 Slows Significantly To 13.7%

Published

6 days ago

July 2, 2025

AladdynKing

The year-on- year Inflation for the month of June 2025 has slowed significantly to 13.7 percent from the 18.4 percent posted in May 2025.

This is sixth consecutive decline in inflation for this year and the lowest since December 2021.

According to the data released by the Ghana Statistical Service in Accra today, July 2, 2025, the decline, was influenced by significant slowdown in the general price levels of foodstuffs and items

The Government Statistician, Dr. Alhassan Iddrisu noted that the development shows that the pressures driving inflation over the past months are declining.

For the first time in a while, the general price levels from May to June this year dropped, recording what a deflation of 1.2 percent.

According to the Ghana Statistical Service the move could mean that Ghanaians paid less for goods and services for the month of June 2025 compared to May 2025.

Dr. Iddrisu, said “the downward inflationary trend over the last 6 months provides some consistency and assurance of real sustained shift in prices.”

The Upper West region recorded the highest regional inflation of 32.3% largely caused by food inflation and utilities while the Bono region recorded the lowest of 8.4%.

Dr. Iddrisu further called for the use granular data to ascertain the disparity in regional inflation to achieve reduced inflation in the regions.

Food inflation dropped by 6.5 percentage points to 16.3% down from 22.8% in May while non-food inflation dropped by 3 percentage points 11.4%.

myjoyonline.com

Business

BoG Issues Warning To Banks And Public Over 10 Unlicensed Money Transfer Services

Published

2 weeks ago

June 27, 2025

AladdynKing

The Bank of Ghana (BoG) has issued a strong caution to the public, banks, dedicated electronic money issuers (DEMIs), and enhanced payment service providers (EPSPs), urging them not to engage in any transactions with ten money transfer organisations that are operating in the remittance and foreign exchange markets without the necessary regulatory approval.

The entities involved include Ace Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and Izi Send.

“By this notice, all market players are reminded of the above directives and entreated to comply accordingly”, a statement released by the BoG on June 27, 2025, said.

The BoG emphasized that any institution that fails to adhere to this directive will face strict sanctions, which may include the revocation of its operating license.

“Approved money transfer organisations are reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all the guidelines in respect of their operations”.

The statement further clarified that Section 3.1 of the Foreign Exchange Act, 2006 (Act 723) stipulates: “a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act”.

It also referenced Section 15.3 of the same Act, which provides that “each transfer of foreign exchange to or from Ghana shall be made through a person licensed to carry out the business of money transfers or any other authorised dealer.”

“The Public, Banks, Dedicated Electronic Money Issuer (DEMI) and Enhanced Payment Service Providers (EPSP) are by this Notice cautioned to desist from dealing with any of these institutions”.

Unapproved-Money-Transfer-Organisation-MTOs-Operating-in-the-Remittance-and-the-Ghana-Forex-Market Download

Business

Electroland Ghana announces further price reductions as cedi strengthens

Published

4 weeks ago

June 10, 2025

AladdynKing

Electroland Ghana Limited has announced a major price reduction on its goods following the continued appreciation of the cedi against major currencies.

This move, made in line with its “Cedi Apicki Apicki” promotion, comes shortly after a previous price reduction, which was also prompted by the cedi’s strengthening.

Addressing journalists at a press conference on Monday, June 9, the Head of Marketing & Media Relations at Electroland Ghana, Adiza Ibrahim, stated that customers across the country would benefit from a double price reduction on all products.

“We are entreating the general public across Ghana that this additional discount tech prices is for everybody,” she said

She further emphasised that the company has not authorised any third party to request or receive electronic payments, cautioning customers to beware of fraud.

“We have not entrusted any third party to take mobile money payment on behalf of Electroland before their items are supplied to them. I am entreating the general public to be cautious,” she emphasised.

Electroland Ghana Limited is a leading distributor of Midea, TCL, and Nasco electronics in Ghana.

citinewsroom.com