Traders Vows To Cut Prices and Treasury Sees Record Demand

Ghana’s economic scene is heating up this week, with the cedi holding steady, traders slashing prices, and the Treasury witnessing a remarkable oversubscription in its latest auction.

GUTA Commits to Price Reductions Amid Government Action on Port Fees

The Ghana Union of Traders Association (GUTA) has pledged to lower goods prices if the government effectively reduces port charges and shipping costs, which have long inflated market prices. President John Mahama’s recent directive to the Transport Minister and Attorney-General to tackle unauthorized fees has been hailed as a timely move by GUTA’s 1st Vice President, Clement Boateng. He noted that Ghana’s shipping costs exceed those in Togo, Benin, Ivory Coast, and Nigeria. With the cedi’s recent gain, spare parts dealers have already reduced prices from GH¢1,500 to GH¢1,200, urging consumers to push for more cuts.

Treasury Records 97.82% Oversubscription in T-Bill Auction

For the first time in two months, Ghana’s Treasury saw a 97.82% oversubscription in its primary T-bill auction, with bids reaching GHS 20.98 billion against a GHS 5.44 billion target. The Bank of Ghana accepted GHS 10.64 billion, signaling strong investor confidence. This surge follows a sharp cut in BoG Bill rates, lowering yields to 13.72% for 91-day bills, 14.61% for 182-day bills, and 14.73% for 364-day bills. The government plans to raise GHS 7.70 billion in the next auction, reflecting robust market interest.

Tricycle Operators Renew Push for Legalisation to Curb Crime

The National Union of Tricycle Operators of Ghana is pressing for the legalisation and regulation of tricycle and Okada operations, emphasizing their role in job creation and crime reduction. At a sensitisation event in Wa on July 18, National Chairman Hamza Hafiz urged the government to accelerate the process, supported by local riders in Upper West. They highlighted how the tricycle business, or Kambu, has reduced youth crime, including theft and robbery, while addressing issues like police harassment and lack of parking spaces.

Cedi Exchange Rates and Stock Market Snapshot

The cedi remains stable at GH¢10.44 to the dollar, GH¢12.15 to the euro, and GH¢14.02 to the pound, all down from last year. On the Ghana Stock Exchange, RBGH (+13.92%) and CLYD (+12.50%) lead gains, while ETI dropped 3.53%.

Stay tuned to the Cedi Board® for real-time updates on Ghana’s financial pulse. From prices and policy to investment tips that help you make sense of the numbers.