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Crude oil price rebound, gold and cocoa price decline – BoG report

Inflation dropped sharply to 8.5 per cent in April 2021

• The Bank of Ghana said the Composite Index of Economic Activity (CIEA) grew strongly by 26.8 percent in March 2021, against a contraction of 1.9 percent a year earlier

• The report also said lending rates of banks declined to 20.9 percent in April 2021, compared to 22.4 percent recorded in the same period of 2020

• Inflation dropped sharply to 8.5 percent in April 2021

The Bank of Ghana has stated that the prices of some commodities on the market traded well despite some setbacks due to the Coronavirus pandemic.

According to a circular issued by the Bank of Ghana after the 100th Monetary Policy Committee conference showed Crude oil prices increased by 30.0% to US$65.3 per barrel in April 2021, supported by production restraints amid re-opened economies.

Gold prices declined by 5.3 percent to US$1,760.7 per ounce on account of stronger US Dollar and rising US Treasury yields. Cocoa prices eased to US$2,419.5 per tonne compared to US$2,523.9 per tonne due to increased supply in Ivory Coast.

The circular also stated that the Ghana Cedi appreciated by 0.5 percent against the US dollar in the year to April 2021, compared with a depreciation of 1.2 percent in the same period of 2020.

However, headline inflation dropped sharply to 8.5 percent in April 2021, mainly driven by lower food prices and base drift effects, from 10.3 percent in March. Food inflation dipped markedly to 6.5 percent in April from 8.8 percent in March, while Non-food inflation rose to 10.2 percent from 10.0 percent.

Similar to headline inflation trends, underlying inflation pressures, gauged by the Bank’s core inflation measure, which excludes energy and utility, eased in April 2021.

Below is the full circular from Bank of Ghana:

Source: www.mynewsgh.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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