Cedi Gains Hold Steady as Ghana Suspends Fuel Levy and Investigates Massive Payroll Fraud.

bernard boateng
Jun 16
3 min read

Ghana’s currency, the cedi, has continued to post impressive year-on-year gains against the world’s top currencies. However, the recent stabilization in daily forex movements signals a potential plateau or slight depreciation trend, as broader economic and fiscal uncertainties unfold.

Summary of Economic and Financial News in Ghana

Cedi Shows Strong YoY Performance, But Stabilizes in Recent Days

The latest rates show that the cedi has significantly appreciated over the past year:

Currency Pair	Current Rate	1 Year Ago	Change (%)
USD/GHS	¢10.36	¢14.31	+27.60%
EUR/GHS	¢11.97	¢15.31	+21.82%
GBP/GHS	¢14.08	¢18.15	+22.42%

This performance is attributed to tight monetary controls, reduced import demand, and improved forex inflows. However, in the past week, the cedi’s appreciation momentum appears to have slowed, with some analysts warning that the currency may begin to feel pressure as demand picks up and fiscal risks re-emerge.

⛽ Government Suspends GH¢1 Fuel Levy Indefinitely

In a key policy shift, the Government of Ghana has suspended the controversial GH¢1.00 petroleum levy, which was initially scheduled to take effect on June 16. The Ghana Revenue Authority (GRA) confirmed that the implementation has been halted indefinitely, with a new rollout date yet to be announced.

As a result, fuel prices are set to drop, offering relief to commuters and businesses already impacted by inflationary pressures. The move follows public backlash and is seen as part of broader efforts to manage the cost of living amid revenue generation challenges.

🎓 University Strike Averted – Lecturers Suspend Industrial Action

In the education sector, academic unions UTAG, TUTAG, and CETAG have called off their planned strike actions over delayed Book and Research allowances. Their decision to suspend industrial action follows progress in negotiations with government stakeholders.

This development averts potential disruptions in university academic calendars and final-year student assessments.

📈 Ghana Stock Exchange: Financial and Gold Stocks Lead the Way

Investor sentiment remains strong on the Ghana Stock Exchange (GSE), with major gains recorded across banking and resource stocks. The week ending June 9 saw the following top performers:

SOGEG: +10.00%
EGH: +9.72%
GLD: +6.81%
MTNGH: +4.63%
GCB: +0.56%

Analysts attribute the positive performance to increased confidence in macroeconomic stability and reduced policy uncertainty.

🔍 Trending: #NSSScandal – 81,000+ Ghost Names Found on Payroll

The most talked-about story in Ghana right now is the explosive National Service Scheme (NSS) ghost names scandal. A high-level investigation has uncovered that over 81,000 fictitious names were used to siphon GH¢548 million from the state’s payroll system.

Key developments include:

Investigators found individuals aged 80–90 years listed as active service personnel.
The fraudulent scheme cost the government approximately GH¢50 million per month.
Former NSS directors and 12 other officials are facing charges for fraud, embezzlement, and breach of trust.
The government has launched Operation Recover All Loots (ORAL) to recoup stolen funds and restore integrity to the public payroll system.

The scandal has led to widespread condemnation across social media under the hashtag #NSSScandal, with citizens calling for swift accountability and long-term payroll reform.

🧭 Outlook: Cedi Direction Hinges on Policy and Politics

While the cedi has outperformed expectations over the past year, its recent pause in gains may reflect mounting uncertainty in fiscal policy, public sector inefficiencies, and global commodity fluctuations.

Key things to watch in the coming weeks include: