Ghana Roundup: Cedi rebounds against US dollar, debt dispute with Afreximbank, intensified corruption fight
Ghana cedi rebounds to ¢12.33 against the US dollar
The Ghanaian cedi has rebounded sharply, now trading at ¢12.33 to the US dollar, per Bank of Ghana data. This recovery follows a nearly 25% year-to-date depreciation and is attributed to strong central bank interventions and improved dollar inflows from exports. At the interbank level, the cedi buys at ¢12.3138 and sells at ¢12.3262. It also gained against the British pound (¢16.32) and the euro (¢13.72). The central bank cited stabilising market conditions but stressed the need for continued vigilance. Favourable gold export prices and disciplined fiscal policies are key to sustaining the trend, as Ghana continues debt restructuring talks.
Ghana and Afreximbank in dispute over $768m debt
Ghana, emerging from a major debt restructuring, is now in a dispute with Afreximbank over a $768.4 million loan. Ghana wants the loan restructured like its other debts, but Afreximbank insists it holds “preferred creditor status” and should be repaid in full. The disagreement could delay Ghana’s debt resolution and set a precedent for how regional lenders are treated in future restructurings across Africa. Ghana’s Finance Ministry rejects Afreximbank’s claim, saying its debt is not senior to others. Similar issues have complicated debt talks in countries like Zambia, Kenya, and Ethiopia.
Ghana Integrity Initiative targets local communities in anti-corruption drive
The Ghana Integrity Initiative (GII), in partnership with CDD-Ghana and GACC, and with EU funding, organised a two-day capacity-building workshop for citizen groups in Akuapem North Municipality. The training focused on the Public Financial Management Act, 2016, and aimed to empower participants to combat corruption in their communities. GII’s Programs and Research Officer, Mr. Jacob Tetteh Ahuno, highlighted the importance of collective action and the need to mobilise civil society in the fight against corruption. He urged participants to raise awareness through outreach in schools, churches, mosques, and markets. The workshop, themed “Citizens Anti-Corruption Training,” is part of the EU-funded “Strengthening Accountability, Rule of Law, and Institutional Responsiveness in Ghana” project. Attendees included representatives from churches, PWDs, NCCE, CHRAJ, GHABA, traditional leaders, and the media.
UK trade envoy visits Ghana to strengthen economic ties
The British High Commission in Accra has announced that Bell Ribeiro-Addy, the UK’s Trade Envoy to Ghana, will make her first official visit from 19–22 May 2025, with engagements in Accra and Kumasi. Appointed in January by Prime Minister Keir Starmer, Ribeiro-Addy’s visit underscores the UK’s commitment to deepening trade relations and economic cooperation with Ghana. She will meet with key stakeholders, including Finance Minister Dr. Ato Forson, Trade Minister Elizabeth Ofosu-Adjare, Deputy Education Minister Dr. Clement Apaak, traditional leaders, academics, UK businesses, and the GIPC. Discussions will focus on trade expansion, investment, and mutual economic growth.
Ghana's cocoa faces EU ban over heavy metal contamination – Dutch envoy
Ghana risks having its cocoa rejected by the European market due to contamination from heavy metals, warns Jeroen Verheul, Dutch Ambassador to Ghana. He attributed the threat to illegal mining activities, which not only reduce cocoa production but also pollute water sources that could affect cocoa beans. Verheul noted that some farmers are accepting large sums from gold prospectors to give up their cocoa farms, further worsening the decline. Ghana’s cocoa output has dropped significantly in recent years, posing a direct threat to trade, especially with the Netherlands, which imports about 300,000 metric tonnes of cocoa annually. Speaking to The Ghanaian Times, he emphasised the urgent need to address "Galamsey" and protect Ghana’s cocoa industry.
