Kofi Ahovi

  The Ghana Institute of Freight Forwarders (GIFF) has revealed that prices of some imported goods could be reduced in the coming weeks following new guidelines issued by the Bank of Ghana (BoG) on foreign exchange rates for all players in the shipping industry, effective July 22, 2025. The Vice President of the GIFF, Nana Asiamah Peprah I, disclosed this on  JOYNEWS’ Businesslive  Programme on July 22, 2025. He explained that most of the shipping lines are quoting rates “way above” the BoG’s rates as well as the commercial banks rates. This, he said has made the cost of some imported items a little expensive. Some of these shipping lines who were quoting very high rates are now being compelled to work with the Bank of Ghana rates, that will definitely impact on cost of imports and prices on the market”, he said.   Nana Peprah I is hopeful the development will deal with concerns about high prices of imported goods despite recent gains made by the cedi. This is one of...

 PRICES of foodstuffs in the open market have gone up sharply in the last couple of months, raising serious concerns about the rising cost of living in the country. The development is largely driven by the steep rise in petroleum products leading to the upward adjustment in transport fares across the country according to a random survey conducted by the Graphic Business in some major markets in the capital city. They include the Mallam Atta, Adabraka, CMB and Agbobloshie markets. The survey was to gauge how the increase in transport fares had affected food prices in the last couple of weeks ahead of the formal release of inflation figures for the month of March. The latest phenomenon is fast eroding the disposal income of both private and public sector workers whose earnings have largely remained static since January. Food prices Read also: Hike in fuel prices: Minority demands scrapping of 3 taxes on petroleum products A 50kg bag of onion now sells at GH¢550 as against GH¢400 in D...

  Prices of petroleum products will from Wednesday, March 16 experience a significant surge as consumers are expected to pay ¢11 per litre. The Bulk Oil Distributors has blamed the situation on the volatility on the market as well as the rising cost of crude on the international market. According to the Chief Executive, Senyo Hosi, the cedi which is depreciating among other major trading currencies is also a factor for the rise in the price of the commodities. This is not really with crude but with products on a metric tonne basis. You’re actually breaking the pair and likely breaking 11 as well, subject to which product and how the OMCs want to add some margins on their current prices. Read also: Govt begs citizens to donate GHc100 a month to help build National Cathedral What you see from the OMCs publication is quite reflective of what the market situation is and I think a big chunk of it has to do with some of the onset increase around our current cedi issues,” he said. In an i...

Prices of petroleum products may go up by about 6%, beginning March 1st, 2022, if government fails to intervene in the rising price of crude oil. According to the Institute for Energy Security, the impending price increases have been largely influenced by the sharp depreciation of the cedi against the US dollar. Other factors include the 3.33% increase in the price of Brent crude, the 2.71% rise in Liquefied Petroleum Gas (LPG) price, the 3.58% increase in the price of petrol, and the 4.50% jump in diesel price; all on the international oil and fuel markets”, it added. Crude oil prices rose on Thursday, 24 th  February 2022 when markets became aware of a military operation sanctioned by the Russian leader, Vladimir Putin. The so-called “special military operation” in Ukraine organised under the hand of the President fueled market anxiety over the potential impact for oil and gas supply from the region and the escalating tensions of a potential World War III. Read also: Bank of Ghan...

  There were significant price reductions for some commodities at the close of July. According to Esoko, the price of cassava dropped by 7.91 percent to close the month at GHS 145.50 per bag with wheat also losing 6.90 percent to close at GHS 283.20 per bag. Groundnut shelled lost 3.19 percent to close at GHS 563.71 per bag with gari also losing 1.95 percent to close at GHS 237.43 per bag. Cowpea white lost 1.83 percent to close at 443.71 per bag while maize lost 1.71 percent to close at GHS 164.29 per bag. Some commodities however recorded gains, tomato gained 6.55 percent to close the month at GHS 566.83 per crate with local rice also making a gain of 2.97 percent to close at GHS 346.29 per bag. “Out Look for August 2020, all things being equal it is expected that the prices of most of the stable foods will drop” says Esoko in its monthly commodity index. Maize The average price for a bag of maize lost 1.71 percent to close the month at GHS 164.29. The highest price of GHS223.00 ...