Cedi, inflation pressures fail to trigger Q4 power tariff hike

Power tariffs will remain unchanged in the fourth quarter (Q4) despite a 3.04 percent depreciation of the cedi and a sharp rise in the inflation assumption used by the Public Utilities Regulatory Commission (PURC) as lower natural gas costs and a stronger projected contribution from hydro generation help contain pressure on electricity prices.

The Bank of Ghana has maintained its policy rate at 14 percent, with the Monetary Policy Committee assessing the risks to inflation and economic growth as broadly balanced despite renewed global price pressures.

The Bank of Ghana will introduce a new series of banknotes in November, replacing the current designs with upgraded notes featuring enhanced security and durability features as the central bank seeks to strengthen currency integrity and improve cash management.

The Bank of Ghana (BoG) has expanded its monetary policy education efforts with the second edition of its Monetary Policy Committee Educational Observership Programme (MPC-EOP), giving university students direct exposure to the analytical and deliberative processes that underpin the setting of the policy rate.

“When a leader does not address a problem well, the problem becomes the leader, and the leader becomes the problem.” – African proverb

The next decade will be one of the most consequential periods for businesses across Africa.