Ghanaian motorists will experience some relief in the coming days as the price of petroleum products is projected to decline from May 16.

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According to a report by Joy Business, the welcoming projection was made by the Chamber of Oil Marketing Companies (COMAC), attributing a pending reduction to the appreciation of the Ghana cedi and the fall in price of petroleum products on the international market.

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“One of the biggest components in the price derivation of crude oil product prices in Ghana has to do with the forex. As we speak now, the benchmark prices are falling as well, and the U.S. is falling. That's why you've seen petroleum product prices coming down. All the way from 15% to 13% today, on average”, Chief Executive of COMAC, Dr Riverson Oppong, is quoted by Joy Business to have said.

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The Ghana cedi has been recognised by Bloomberg as the world’s best-performing currency, having appreciated nearly 16% against the US dollar since April.

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The average interbank rates used by commercial banks for transactions at the close of business, 12th May, show the US dollar buying at GH₵12.88 and selling at GH₵12.89. The British pound is buying at GH₵17.02 and selling at GH₵17.04. The euro is currently being bought at GH₵14.32 and sold at GH₵14.34.

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Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has assured that the days of sharp and unpredictable swings in the value of the Ghanaian cedi are gradually fading, crediting this to improved inflows and ongoing reforms in the foreign exchange market.

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Meanwhile, Global ratings agency S&P Global has upgraded Ghana’s foreign-currency sovereign credit rating from Selective Default (SD) to CCC+, in a move that signals growing international confidence in the country’s economic recovery and fiscal management under Finance Minister Dr. Cassiel Ato Forson.

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The upgrade, announced on May 9 reflects Ghana’s substantial progress in restructuring its external debt and restoring macroeconomic stability after years of financial turbulence.

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According to S&P, the country’s negotiations with its remaining commercial creditors are nearing completion, marking a critical milestone in the nation’s journey to regain fiscal credibility.

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“This rating action reflects our view of Ghana’s improving debt position and the government’s ongoing commitment to fiscal reform,” the agency stated in its report.

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“Though challenges remain, Ghana is showing clear signs of macroeconomic stabilization, driven by firm policy direction and credible fiscal adjustments.”

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