Fuel Prices Rise as Ghanaian Cedi Weakens Against Major Currencies

Edudzi Tameklo, an economist and financial analyst, has explained why fuel prices in Ghana increased despite a drop in global crude oil prices. According to him, the price of crude oil on the international market had decreased, but this did not directly affect the price of fuel in Ghana.

The main reason for the increase in fuel prices was attributed to the depreciation of the cedi against major currencies such as the US dollar and the euro.

This has resulted in higher costs for importers of crude oil, which are then passed on to consumers. Edudzi Tameklo emphasized that this is a common phenomenon in countries with floating exchange rates, where currency fluctuations can have significant impacts on prices.