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Ghana Cedi will Remain Stable in 2026 with Marginal Movements – Economist

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The Ghanaian cedi is likely to maintain relative stability throughout 2026, with no repeat of the strong appreciation seen in 2025.

According to Courage Boti, Manager of Macroeconomic Research at GCB Bank PLC, the cedi will see only possible marginal depreciation if underlying macroeconomic fundamentals hold firm.

Speaking at the Fourth Annual Forecast Dinner and Charter Recognition Ceremony organized by the CFA Society Ghana, Boti attributed the outlook to successful policy interventions that have helped restore the cedi to what he described as its fair value.

“I do not expect further strong appreciation like we have seen in 2025,” he stated. “The reason largely is that the interventions worked out. What we have today looks like the fair value of the cedi. You could expect some marginal depreciation this year if the fundamentals that drove this kind of appreciation or correction are sustained.”

The cedi’s remarkable performance in 2025—appreciating by around 40–41% against the US dollar—stemmed from improved macroeconomic stability, disciplined fiscal management, rising export revenues (particularly from gold and cocoa), and central bank efforts to build reserves and curb inflation. Boti’s prediction reflects confidence that these gains have created a more balanced exchange rate environment, reducing volatility and positioning the currency for steady performance in the coming year.

While no specific exchange rate targets or ranges were provided, the forecast underscores a shift from sharp corrections to gradual, manageable movements. This stability would support continued inflation moderation, investor confidence, and Ghana’s broader economic recovery, especially as the country navigates global commodity price fluctuations and external financing needs.

The remarks come amid growing optimism in Ghana’s financial sector, with experts at the event also discussing opportunities to deepen capital markets and attract more listings on the Ghana Stock Exchange.

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Ukraine Eyes Major Wheat Flour Production Facility in Ghana to Tap Into West Africa’s Growing Market

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The Ukrainian government is actively exploring establishing a wheat flour production facility in Ghana, a move aimed at strengthening bilateral agricultural cooperation and expanding Kyiv’s foothold in West Africa’s rapidly growing wheat market.

The proposal was disclosed following a high-level meeting on April 8, 2026, in Accra between Ghana’s Minister of Food and Agriculture, Eric Opoku, and Ukraine’s Deputy Minister of Agrarian Policy and Food, Denys Bashlyk.

Officials described the proposed industrial project as an extension of a Memorandum of Understanding (MoU) signed between the two nations in November 2025. That agreement seeks to create a hub for processing and distributing Ukrainian agricultural products in Ghana and the broader West African region.

Strategic Push into a Booming Market

While specific details—including the plant’s location, investment cost, and production capacity—have not yet been made public, the initiative is expected to boost Ghana’s domestic wheat processing capabilities significantly.

Ghana’s demand for wheat-based products—including bread, biscuits, pasta, pastries, instant noodles, and pizza—has been rising steadily. According to data from the United States Department of Agriculture (USDA), Ghana’s wheat imports surged by 56.7% over four years, rising from 697,309 tonnes in 2022 to 1.09 million tonnes in 2025.

For Ukraine, the project represents a strategic opportunity to gain a stronger presence in the Ghanaian market, where it currently has little footprint. As the world’s fifth-largest wheat exporter—after Russia, Canada, the United States, and Australia—Ukraine exported approximately 20.6 million tonnes of wheat in 2024.

From Raw Exports to Value-Added Processing

The development highlights growing interest by Eastern European agricultural powerhouses in investing directly in African processing infrastructure.

Rather than relying solely on raw commodity exports, countries like Ukraine are seeking to reduce dependence on volatile global markets by establishing local milling and distribution networks.

Such investments allow producer nations to capture more value along the supply chain while helping African nations reduce their reliance on imported finished products. For Ghana, a local Ukrainian-backed flour mill could stabilize supply, create jobs, and potentially lower costs for consumers.

Officials from both sides have indicated that feasibility studies are underway, with further announcements expected once technical and financial assessments are complete.

The project aligns with Ghana’s broader agenda to enhance food security, attract foreign direct investment in agriculture, and position itself as a regional agro-processing hub.

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Netherlands Reclaims Position as World’s Top Exporter of Cocoa Products, Ghana Remains Key Supplier

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Amsterdam, Netherlands – The Netherlands has overtaken Germany to become the world’s leading exporter of cocoa products in 2025, recording €12.4 billion in exports, according to new data from Statistics Netherlands (CBS).

The sharp rise in export value was driven by elevated global cocoa prices and strong international demand for semi-processed cocoa products used in chocolate manufacturing.

Nearly three-quarters of Dutch cocoa exports consist of intermediate goods such as cocoa butter, cocoa powder, and chocolate liquor, which are shipped to manufacturers across Europe and North America.

Germany remains the largest single market for these exports, followed by Belgium, France, the United Kingdom, and the United States.

West African countries, particularly Côte d’Ivoire and Ghana, continue to serve as critical suppliers of raw cocoa beans feeding Dutch processing hubs, especially around Amsterdam and the Zaanstreek industrial area.

The sustained high prices have been linked to poor harvests in West Africa caused by adverse weather conditions in recent years.

For Ghana, the development underscores its continued strategic importance in the global cocoa supply chain.

However, it also highlights the longstanding imbalance in the industry, where African nations primarily export raw beans while European processors capture the majority of the value through further processing and re-export of higher-value products.

Economists argue that while Ghana benefits from strong demand for its beans, greater investment in local processing capacity and industrialisation is needed to retain more value domestically and reduce heavy reliance on raw commodity exports. The Netherlands’ dual role as a major importer of raw beans and leading exporter of processed cocoa products further cements its position as Europe’s cocoa trading powerhouse.

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Ghana Nears Approval of Cannabis Licences as Country Prepares to Launch Regulated Industry

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Accra, Ghana – Ghana’s Narcotics Control Commission (NACOC) is in the final stages of reviewing applications for cannabis licences, with successful applicants expected to receive approval to begin operations soon, marking a significant milestone in the country’s efforts to develop a legal and regulated cannabis sector.

Deputy Director-General for Enforcement, Control, and Elimination, Alexander Twum-Barimah, disclosed this while speaking at the Kwahu Business Forum on Saturday.

He emphasised that the review process has been “thorough and deliberate” to ensure that only applicants who fully meet all legal, regulatory, and security requirements are granted licences. NACOC officials engaged with potential investors at the forum’s exhibition stand, providing details on various licence categories, including cultivation, processing, distribution, and export.

Mr Twum-Barimah stressed that the commission is committed to building a properly regulated industry that creates legitimate economic opportunities while maintaining strict controls to prevent misuse and illegal activities.

“The goal is to strike a balance between enabling economic development and safeguarding public health and security,” he said.

All licence holders will be subject to ongoing monitoring and compliance checks.

The development signals Ghana’s intention to harness the economic potential of cannabis through job creation, investment, and export revenue, while aligning with international best practices in regulation. Further updates on the licensing process are expected in the coming weeks.

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