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New Sachet Water Prices Takes Effect Today

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Women selling sachet water

Sachet water price is expected to increase from today, April 1.

According to the National Association of Sachet and Packaged Water Producers (NASPAWAP), the new price of packaged water is informed by the increasing cost of raw materials and fuel and the cedi’s depreciation.

Barring any hitches, a water sachet will be selling at ¢0.40, while the 500ml bottled water will be retailed at ¢2. From Friday, iced bottled water of 750ml or medium size will be sold at ¢2.50.

A bag of sachet water, 500ml by 30pcs, will be sold at ¢6 maximum from the retail trucks.

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Mini shops, however, will retail the commodity at ¢8 per bag maximum. The 1.5L or large bottled water will be sold at ¢3.50.

President of the Asociation, Magnus Nunoo, has explained that most of the inputs and packaging materials which are mainly imported and produced from petroleum sources have seen price hikes.

“At our previous review, the dollar’s exchange rate was in the region of ¢6.50. Currently, it is inching up to ¢8.50. Fuel which forms a major cost of distributing the products to the market centres, has significantly gone up since our last review,” he noted.

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He, however, cautioned that there might be slight variations in prices across the regions due to haulage to remote and distant areas.

The president further appealed to government to review the tax policies on packaged water industry to help reduce the financial burden to save the industry.

 

 

 

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Source: GhArticles.com

BUSINESS SPECIAL

Cedi Records 18.21% Depreciation To Dollar In Quarter 1; Ranked Among “Worst Spot Returns – Bloomberg

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Cedi and Dollar

The cedi recorded an 18.21% rate of depreciation to the US dollar in the first quarter of 2022, according to Bloomberg.

This still ranked the local currency as the worst among African currencies with the “Worst Spot Returns”. However, for the timely intervention by the Bank of Ghana, the situation could have been worse.

Despite the country benefiting immensely from the high price of crude oil on the international market and to some extent the favorable price of gold, the cedi has not fared well so far this year.

It came under severe pressure, particularly in the months of February 2022 and early March 2022. This was largely as a result of immense demand for the US dollar, as investors seek for dollar denominated assets, due to unfavorable ratings of Ghana’s economic outlook by rating agencies, Fitch and Moody’s.

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Government had also faced stiff opposition in getting some revenue bills, particularly the Electronic Transaction Levy, from getting passed. Similarly, investors wanted some reassurance by government that it was committed to narrowing the fiscal deficit, whilst reducing arrears and the rising debt.

However, the E-Levy has since been passed, whilst the government had introduced fiscal measures to revive the fiscal economy.  Coupled with the timely measures by the Bank of Ghana, this has since slowdown the rate of depreciation of the cedi against the US dollar.

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Meanwhile, the Angolan Kwanza is the best performing currency in Africa this year with an appreciation of 24% to the dollar in the first quarter of 2022.

It is followed by the South African rand with an appreciation of 9.38% to the dollar.

CURRENCIES WITH “WORST SPOT RETURNS” AT THE END OF QUARTER 1, 2022

RANKING CURRENCY YEAR-TO-DATE
16th New Sudanese pound -2.08%
17th Ethiopian Birr -3.89%
18th Liberian dollar -4.94%
19th Sierra Leone leone -5.10%
20th Mauritian rupee -7.05%
21st Zambian kwacha -8.02%
22nd Egypt pound -14.27%
23rd Ghana cedi -18.21%

CURRENCIES WITH “BEST SPOT RETURNS” AT THE END OF QUARTER 1, 2022

RANKING CURRENCY YEAR-TO-DATE
1st Angolan kwanza  24.2%
2nd South African rand  9.38%
3rd Guinean franc  4.40%
4th Botswna pula  2.59%
5th Nigerian naira 1.74%
6th Kenya shilling 1.59%
7th Rwanda franc 0.66%
8th Mozambique new metical 0.19

 

 

 

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Source: GhArticles.com

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GPRTU Set To Increase Transport By 20% After Engaging Government

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GPRTU Set To Increase Transport Fares

The Ghana Private Road Transport Union (GPRTU) has revealed that it hopes to adjust transportation fares upwards by 20%.

According to the Union, the decision will be finalised after it engages government on its proposal.

The Union argues that the adjustment has become necessary following the significant increase in fuel prices.

Speaking on Accra-based Citi News, the General Secretary of GPRTU, Godfred Abulbire, said the outcome of the negotiations would determine the increase in transport fares.

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“It will remain until our talks with the Ministry are done. Then, we would have to go through the same process of sending a letter, and then go on to the round table discussion; then we would consider how to help cushion our members better.”

In February, transport fares were increased by 15% instead of 30% after several calls.

As a litre of petrol fuel now sells for ¢10, the GPRTU is asking that they are allowed to increase fares again to cushion their members in these challenging times.

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10 African Countries With The Highest Petrol Prices As Of March 2022

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10 African Countries With The Highest Petrol Prices As Of March 2022

In Africa’s most populous country Nigeria, petrol has been scarce for nearly one month. An earlier report by Business Insider Africa explained that the fuel scarcity in Nigeria began after the country inadvertently imported adulterated fuel.

Efforts by the West African country’s state-owned energy company (the NNPC) to clean up the contaminated product from the market inevitably resulted in a shortage. Since then, marketers have been engaging in hoarding and profiteering.

Interestingly, despite the recent price surge in Nigeria, the country is not among those with the highest price per litre in Africa. And that’s because the Nigerian Government heavily subsidises the commodity.

Moving on, the rising cost of petrol in Sub Saharan Africa has also be attributed to the ongoing Russian invasion of Ukraine. And there is palpable fear that as the conflict continues to escalate, it could have even more negative impact on energy costs in Africa.

According to DW, fears of possible cuts to Russian crude is yet another factor that has influenced rising energy costs around the world. As you may well know, Russia is one of the world’s top producers of crude. If the US or EU countries decide to extend Russia’s mounting economic sanctions by banning its oil, this would definitely portend catastrophe to the global energy industry.

Before we proceed to the list of 10 African countries with the highest petrol prices, it’s important to note that another factor responsible for rising energy cost in Africa is the fact that virtually all of Africa’s leading oil producing countries have failed at developing capacity to be able to refine the product locally.

That said, below are the 10 African countries with the highest petrol prices. This list is courtesy of data made available by Global Petrol Prices.

 

  1. Zimbabwe

    This Southern African country has the highest petrol cost in Africa. A litre of petrol costs as much as $2.153. Earlier this month, the country’s Energy and Power Development Minister, Zhemu Soda, explained that frequent petrol price hikes was due to developments in the international oil industry. Zimbabwe is not an oil producer, although there were conflicting reports about crude oil discovery in Northern Zimbabwe back in 2018.

  2. Seychelles

    This island country has the second most expensive fuel price in Africa. According to the information we are working with, a litre of petrol in this country is sold for $1.541. The country does not currently produce any oil and gas, although some international oil companies are busy prospecting potential oil deposits off its many coasts.

  3. Malawi

    In Malawi, it costs $1.426 to buy a litre of petrol. The country is said to have a great prospect of discovery crude oil reserves in Lake Malawi.

  4. South Africa

    Here, a litre of petrol costs $1.413. In 2019, Total Energies announced that it had made a major discovery of gas condensates in one of its exploration fields in South Africa. Experts said this could significantly improve the country’s fortunes.

  5. Uganda

    In this East African country, a litre of petrol costs $1.389. The high cost of petrol in Uganda is despite the fact that the country actually produces oil. Checks by Business Insider Africa show that the country’s crude oil reserves, as of 2021, stood at 2.5 billion barrels.

  6. Mauritius

    This country has the sixth most expensive petrol price in Africa at $1.381 per litre. Mauritius currently does not produce oil, although experts say there are prospects.

  7. Burundi

    In this East African country, a litre of petrol costs $1.340. According to the United Nations’ Environmental Programme, this country currently does not have any local sources of crude oil or natural gas.

  8. Senegal

    In this Francophone West African country, it costs $1.299 to buy a litre of petrol. The country discovered some crude oil deposits between 2014 and 2017, although full-scale exploration has been pushed back till 2023.

  9. Lesotho

    In this country, it costs $1.231 to buy a litre of petrol. The country does not have any confirmed oil deposits.

  10. Rwanda

    Here, a litre of petrol costs $1.230. Again, this East African country does not produce crude oil.

 

 

 

 

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Source: GhArticles.com

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