• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Grain Imports Amid Potential Drought-Induced Food Shortage Likely to Weaken Cedi – Finance Minister

1 year ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
A customer counts Ghana cedi banknotes at the Nima market in Accra, Ghana on Monday, March 11, 2024

A customer counts Ghana cedi banknotes at the Nima market in Accra, Ghana on Monday, March 11, 2024

115
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Grain Imports Amid Potential Drought-Induced Food Shortage Likely to Weaken Cedi – Finance Minister

Ghana’s plan to import grain to make up for a potential drought-induced food shortage is likely to weaken the cedi, says Finance Minister Dr Mohammed Amin Adam.

Adding that, the weakening of the cedi is likely to raise the risk of food inflation contributing to an increase in headline inflation.

The country’s headline inflation for the month of July is 20.9%.

Per recent data, the cedi lost 0.31% against the dollar, 1.82% against the pound, and 3.76% to the euro on the retail market. It sold at GHS 16.28 to a dollar on Monday, August 26, 2024, taking its year-to-date loss to 24.57%.

Ghana is banning the export of some grains including rice, corn, and soy to avert a drought-induced food shortage in the country.

Drought and near-drought conditions over the past two months have increased the risk of crop failure in a part of the country responsible for about 62% of Ghana’s grain production, Agriculture Minister Bryan Acheampong told the press on Monday.

RelatedPosts

Rwanda Emerges as Africa’s First AI Scaling Hub With $17.5 Million Funding Boost

Engineers & Planners Reconstitutes Board and Management of Azumah Resources After Securing Ownership of Gold Mining Firm

Ghana’s Current Crude Output Far Below Projected 500,000 bpd – Dr Theo Acheampong

The six affected regions are mostly in the north.

As much as 1.8 million hectares of land are at risk and farmers growing food on roughly half that area have already been impacted, he said.

“We are forecasting a significant shortfall in grain availability,” said Mr Acheampong. “Without any interventions, this could lead to a nationwide food shortage.”

Ghana is following countries such as Nigeria and Ivory Coast to restrict grain exports this year to improve food security. This comes after a swathe of Southern Africa – including Zambia, Botswana, and Zimbabwe – suffered the driest February in at least four decades, wiping out crops.

That particular drought was blamed on the El Niño weather phenomenon.

Ghana further plans to raise $500 million to mitigate the impact of the grain shortage, including about $155 million from the World Bank and other development partners.

Authorities will tap the funding to offer some compensation to affected farmers, with payments of 1,000 cedis ($64) per hectare.

Tags: cediFinance MinisterGrain ImportsGrain Imports Amid Potential Drought-Induced Food Shortage Likely to Weaken Cedi - Finance MinisterPotential Drought-Induced Food Shortage
No Result
View All Result

Highlights

World Bank Reaffirms $4.5bn Support for Ghana’s Development Priorities Under Country Partnership Framework

Equities Extend Rally as GSE Index Closes at Fresh High

T-Bill Undersubscribed as Gov’t Manages to Mobilize GHS 2.8bn

GIPC CEO Promotes EV Investments in China

China’s Role in Africa’s Green Energy Future

Ghana, Turkey Renew Commitment to Achieve $1bn Trade Target Before 2027

Trending

Business

Rwanda Emerges as Africa’s First AI Scaling Hub With $17.5 Million Funding Boost

October 20, 2025

Rwanda Emerges as Africa’s First AI Scaling Hub With $17.5 Million Funding Boost Rwanda is taking a...

Engineers & Planners Reconstitutes Board and Management of Azumah Resources After Securing Ownership of Gold Mining Firm

October 20, 2025

Ghana’s Current Crude Output Far Below Projected 500,000 bpd – Dr Theo Acheampong

October 20, 2025

World Bank Reaffirms $4.5bn Support for Ghana’s Development Priorities Under Country Partnership Framework

October 20, 2025

Equities Extend Rally as GSE Index Closes at Fresh High

October 20, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.