Prices of petroleum products are expected to drop at the pumps starting Friday, May 16, 2025, the Chamber of Oil Marketing Companies (COMAC) has confirmed to Joy Business.
The Chamber has attributed the anticipated reduction to the cedi’s current strong performance and declining prices of finished petroleum products on the international market.
Speaking to Joy Business, the Chief Executive Officer of COMAC, Dr. Riverson Oppong, said the reduction was expected, as the foreign exchange rate is a major factor in petroleum price determination.
“One of the biggest components in the price derivation of crude oil products in Ghana has to do with the forex,” he noted.
He added that the situation has also been influenced by the weakening of the U.S. dollar and falling crude oil prices globally.
“As we speak now, the benchmark prices are falling as well, and the U.S. dollar is weakening. That’s why you’re seeing petroleum product prices coming down — all the way from 15% to 13% today, on average,” Dr. Oppong said.
He expressed optimism that the trend may continue, allowing consumers to enjoy further relief through lower fuel prices.
“Indeed, we expect this to continue. As long as these two components continue to decline, I believe that ordinary Ghanaians — you and I — will benefit from it in every possible way,” he added.
Cedi’s Good Run
The Ghana cedi gained 6.25% week-on-week against the U.S. dollar on the retail market, cementing its position as the best-performing currency among a basket of 15 Sub-Saharan African currencies. This brings its year-to-date gains against the dollar to 16.29%.
It traded at a mid-rate of GH¢13.60 to one dollar at the close of last week’s retail market trading. The market remained liquid, following an aggregate market supply of US$378.6 million.
The local unit also appreciated 7.61% week-on-week against the British pound and 5.81% against the euro.
As of the start of the week on May 12, 2025, the cedi was selling at GH¢13.60 to one U.S. dollar on the retail market. On the interbank market, it was trading at GH¢12.89 to one dollar.
Credit Rating Upgrade
Global credit rating agency S&P Global Ratings upgraded Ghana’s long- and short-term foreign currency sovereign credit ratings to ‘CCC+/C’ from ‘Selective Default’. The agency also affirmed the country’s debt at “CCC+” and maintained long- and short-term local currency ratings at ‘CCC+/C’, with a stable outlook on both.
S&P attributed the upgrade to Ghana’s economic growth, ongoing fiscal reforms, and improved external position despite high debt service costs. It also cited Ghana’s improving track record of public financial management during election cycles.
Analysts have described the upgrades as a positive development that will support the cedi’s near-term stability. They also expect the local currency to continue gaining ground this week on the back of improved market sentiment and continued support from the Bank of Ghana.