US Removes Tariffs on Ghanaian Exports as EC Chairperson Faces Removal Petition

Today's Cedi Board highlights a slight depreciation in the Cedi against major trading partners alongside significant shifts in trade policy and governance. While the forex market shows a month-on-month upward trajectory for the Dollar, Euro, and Pound, the broader economic landscape is reacting to the removal of U.S. tariffs on key Ghanaian agricultural exports. Simultaneously, the governance space is absorbing the implications of a formal petition lodged against the Electoral Commission's leadership. Additionally, investor sentiment appears robust in the banking sector as GCB Bank records significant year-to-date gains. Let's analyze the latest data and emerging trends shaping Ghana's economic landscape.

Market Movers: Currency Performance

Today’s data confirms a slight depreciation of the Cedi compared to a month ago, a notable shift given the recent period of appreciation that had been welcomed by the market. The US Dollar has experienced the sharpest price hike, rising by 2.49% to hit GH₵11.12 (up from GH₵10.85), while the Euro and British Pound have similarly climbed to GH₵12.80 (up 1.51%) and GH₵14.55 (up 0.90%) respectively. With the trend reversing after a bout of stability, all eyes remain on the currencies to see whether this downward movement will persist or stabilize as the week unfolds.

In the News: Policy, Politics, and Security

Electoral Commission Staff Petitions Mahama to Remove Chairperson Jean Mensa

A significant constitutional development has emerged as Joseph Blankson Adumadzie, a staff member of the Electoral Commission (EC), has formally petitioned President John Dramani Mahama to initiate removal proceedings against EC Chairperson Jean Mensa and her two deputies. The petition, submitted under Article 146 of the 1992 Constitution, cites allegations of cronyism, abuse of office, and gross incompetence. Mr. Adumadzie argues that these alleged actions threaten the credibility of the electoral system. This move places a constitutional obligation on the President to refer the matter to the Chief Justice to determine if there is a prima facie case. For the broader governance landscape, this development introduces a period of legal and procedural scrutiny regarding the leadership of Ghana's election management body.

Trump Removes 15% Tariff on Ghanaian Exports to US

In a major trade policy shift, U.S. President Donald Trump has removed the 15% tariff on specific Ghanaian agricultural exports effective November 13, 2025. This reversal follows a period of diplomatic engagement after tariffs were initially imposed in August 2025. The cancellation covers a wide range of products including cocoa, cashew nuts, avocados, and pineapples. Analysts suggest this could effectively recalibrate the U.S.-Ghana trade relationship following the expiration of AGOA access. With Ghana exporting an average of 78,000 metric tons of cocoa beans to the U.S. annually, estimates indicate this policy change could facilitate an additional US$60 million in annual earnings. This development appears to offer a reprieve for the agricultural sector and may improve foreign exchange inflows.

GAF Shuts Accra Recruitment Centres with the Exception of El-Wak

The Ghana Armed Forces (GAF) have consolidated their recruitment screening processes in Accra solely to the El-Wak Sports Stadium. Following the tragic stampede on November 12, 2025, which resulted in six fatalities, the GAF initially decentralized the process to prevent overcrowding, the subsequent move to centralize operations at El-Wak aims to enforce stricter crowd control and safety measures during the final stages of documentation.

Investor's Insight!

GCB Shares Hits All-Time High with 198% YTD

The equity market is witnessing a notable surge in the banking sector, specifically regarding GCB Bank. The stock has climbed to an all-time high of 19.00 per share, reflecting a remarkable year-to-date (YTD) growth of 198%. The trend line illustrates a consistent upward trajectory from a price of 6.41 in January 2025 to the current peak in November. This performance suggests strong investor confidence in the bank's fundamentals or strategic outlook. For market participants, such substantial capital appreciation indicates that the banking sector may be serving as a hedge against broader economic volatility, attracting liquidity from investors seeking high-growth assets.

Trending Topic: #EMYAfrica25

The hashtag #EMYAfrica25 is dominating social media conversations following the 10th Edition of the EMY Africa Awards held in Accra. The trend appears driven by a mix of celebratory sentiments and cultural pride. Key drivers include the "Man of the Decade" honor bestowed upon business titan Sir Sam Jonah and a highly discussed tribute performance by Adina for the late Daddy Lumba. The event has generated over 50,000 interactions on platforms like X, with users engaging heavily with content related to King Promise’s win for Man of the Year (Music). This high level of engagement suggests that despite economic pressures, the creative and entertainment industries continue to command significant public attention and serve as a unifying cultural force.

Conclusion

Today's report presents a complex economic picture characterized by mixed signals. While the Cedi faces depreciation pressures against major trading currencies, the removal of U.S. tariffs on agricultural exports offers a potential avenue for improved foreign exchange revenue which could mitigate future volatility. Meanwhile, the petition against the EC leadership introduces a layer of institutional scrutiny that governance watchers will monitor closely. These developments collectively suggest an environment where strategic adaptation is necessary for both policymakers and private sector participants.

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