Ghana’s local currency, the cedi, has recorded marginal gains against major trading currencies, particularly the US dollar, at some forex bureaus.

In its daily update, the Central Bank noted that the cedi is trading at a buying price of GH¢15.48 and a selling price of GH¢15.49 to a dollar.

The British pound is being bought at GH¢19.39 and sold at GH¢19.42, while the euro trades at a buying price of GH¢16.14 and a selling price of GH¢16.16.

Checks by GhanaWeb Business on February 14, 2025, at 9:30 AM indicate that the cedi is trading at GH¢15.90 to the dollar, while the pound is trading at GH¢19.70 at some major forex bureaus across the country.

Additionally, the euro is trading at GH¢16.70 on the retail market.

To curb the depreciation of the cedi, the Bank of Ghana sold over $200 million in the last quarter of 2024.

Watch the latest edition of BizTech below:

Click here to follow the GhanaWeb Business WhatsApp channel

The top US prosecutor in Manhattan has resigned after refusing an order to drop a corruption case against New York City Mayor Eric Adams.

Danielle Sassoon, a conservative lawyer recently promoted by President Donald Trump, said dismissing the case would set a “breathtaking and dangerous precedent”.

Sassoon’s departure – along with at least two other top justice department officials – is the latest sign of disquiet over sweeping changes the Trump administration is making in federal law enforcement.

In an indictment last September, Adams is alleged to have accepted gifts totalling more than $100,000 (£75,000) from Turkish citizens in exchange for favours, but he denied the charges.

The case was initially brought by officials appointed by former President Joe Biden.

But on Monday, a Trump appointee, acting deputy attorney general Emil Bove, ordered Sassoon and New York prosecutors to drop the case, saying it “restricted” the mayor’s ability to address “illegal immigration and violent crime” – a key goal of Trump’s administration.

Bove did not address the merits of the case and noted that the justice department would reserve the right to reinstitute the charges after New York City’s mayoral election in November.

Sassoon refused to drop the case, however, setting out her reasoning in a letter to Bove’s boss, Attorney General Pam Bondi, on Thursday and saying she saw no “good faith” reason for dropping the case.

“Because the law does not support a dismissal, and because I am confident that Adams has committed the crimes with which he is charged, I cannot agree to seek a dismissal driven by improper considerations,” she wrote.

Sassoon said her office held a meeting with Bove and lawyers for Adams on 31 January in which the mayor’s representatives offered “what amounted to a quid pro quo”, saying Adams would be able to help with administration policies “only if the indictment were dismissed”.

Alex Spiro, a lawyer for Adams, denied that there was any deal tying immigration enforcement with the dropping of the case.

He said in a statement that  “the idea that there was a quid pro quo [with the Trump administration] is a total lie. We offered nothing and the department asked nothing of us.”

In a letter accepting her resignation, Bove accused Sassoon of attempting to “continue pursuing a politically motivated prosecution despite an express instruction to dismiss the case”.

He also said that other prosecutors who worked on the Adams case would be placed on leave and would be subject to an internal investigation – and that Sassoon would be investigated as well.

Two other justice department prosecutors resigned on Thursday: John Keller, acting head of the public corruption unit, and Kevin Driscoll, a senior official in the department’s criminal division.

Later on Thursday, US media outlets reported three additional prosecutors with the Justice Department’s corruption unit also resigned.

Sassoon, 38, joined the federal prosecutor’s office in Manhattan in 2016 and was part of the team that prosecuted FTX founder Sam Bankman-Fried.

The mayor and Trump
Mayor Adams, a Democrat, has expressed a willingness to work with the Trump administration when it comes to the president’s hardline immigration policy. On Thursday, after a meeting with Trump’s “border czar” Tom Homan, the mayor agreed that immigration officials could re-establish an office at the city’s Rikers Island jail.

In a statement, Adams said, “I want to work with the new federal administration, not war with them, to find common ground and make better the lives of New Yorkers.”

The New York mayor met with Trump in Florida days before his inauguration and then attended his swearing-in ceremony on 20 January. Adams denied at the time that he discussed his legal issues with the incoming president.

On Thursday, February 14, Trump told reporters that he had not asked for the case against Adams to be dropped.

However, Bove’s letter described his instructions to drop the case as “direct orders implementing the policy of a duly elected President”.

Adams indicted last September
Adams was indicted last autumn on charges of wire fraud, bribery, and receiving campaign contributions from foreigners.

According to a 57-page indictment, the mayor allegedly accepted hotel stays, lavish meals and airline upgrades from Turkish nationals beginning in 2016, when he was president of the New York City borough of Brooklyn.

In one instance, Adams is alleged to have paid $600 for a two-night stay at a luxury hotel in Istanbul, a visit that was valued at approximately $7,000.

He has pleaded not guilty and denies any wrongdoing.

Explore the world of impactful news with CitiNewsroom on WhatsApp!

Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU:

https://whatsapp.com/channel/0029VaCYzPRAYlUPudDDe53x

No spam, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital

The Chartered Institute of Marketing, Ghana (CIMG) has officially announced the results of its highly anticipated national elections.

The voting process, overseen by the Electoral Commission, concluded with the election of new executives who will guide the Institute in the coming term.

The newly elected National Executives are:

• National President-Elect: Michael Abbiw
• National Vice-President Elect: Ama Gifty Amoah
• National Secretary-Elect: Edwin Letsa K. Kpedor
• National Treasurer-Elect: Dr. Francis Mensah Sasraku

Additionally, the following individuals have been elected as Council Members:

• Hilda Peasah
• Norrender Wordie Debrah
• Kwasi Kyere

“We are excited to welcome our new leaders and are confident that their expertise and vision will propel the Institute to greater heights,” said a communique accompanying the Electoral Commission’s results.

The announcement, which comes after a smooth and transparent voting process, was met with enthusiasm from members of the marketing community with many congratulating the newly elected officers.

The election results reflect a strong commitment to leadership and progress within the organization.

The marketing body has extended its appreciation to all candidates who participated in the election and to the voters for their active engagement and dedication to shaping the future of marketing in Ghana.

The new executives are expected to assume their roles in the coming weeks.

As the Institute moves forward, all eyes will be on the fresh leadership as they work to advance the goals of CIMG and strengthen its influence in the marketing sector both locally and internationally.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

U.S. President Donald Trump on Thursday rolled out his plan to increase U.S. tariffs to match the tax rates that other countries charge on imports, possibly triggering a broader economic confrontation with allies and rivals alike as he hopes to eliminate any trade imbalances.

“I’ve decided for purposes of fairness that I will charge a reciprocal tariff,” Trump said in the Oval Office at the proclamation signing. “It’s fair to all. No other country can complain.”

Trump’s Republican administration has insisted that its new tariffs would equalize the ability of U.S. and foreign manufacturers to compete, though under current law these new taxes would likely be paid by American consumers and businesses either directly or in the form of higher prices. The rates to be charged would be studied over the weeks ahead, which could create the potential space to resolve challenges or prolong a degree of suspense and uncertainty.

The politics of tariffs could easily backfire on Trump if his agenda pushes up inflation and grinds down growth, making this a high stakes wager for a president eager to declare his authority over the U.S. economy.

The tariff increases would be customized for each country with the partial goal of starting new trade negotiations. But other nations might also feel the need to respond with their own tariff increases on American goods. As a result, Trump may need to find ways to reassure consumers and businesses to counteract any uncertainty caused by his tariffs.

The United States does have low average tariffs, but Trump’s proclamation as written would seem designed to jack up taxes on imports, rather than pursue fairness as the United States also has regulatory restrictions that limit foreign products, said Scott Lincicome, a trade expert at the Cato Institute, a libertarian think tank.

“It will inevitably mean higher tariffs, and thus higher taxes for American consumers and manufacturers,” he said. Trump’s tariffs plan “reflects a fundamental misunderstanding of how the global economy works.”

Trump’s proclamation identifies value-added taxes — which are similar to sales taxes and common in the European Union — as a trade barrier to be included in any reciprocal tariff calculations. Other nations’ tariff rates, subsidies to industries, regulations and possible undervaluing of currencies would be among the factors the Trump administration would use to assess tariffs.

A senior White House official, who insisted on anonymity to preview the details on a call with reporters, said that the expected tariff revenues would separately help to balance the expected US$1.9 trillion budget deficit. The official also said the reviews needed for the tariffs could be completed within a matter of weeks or a few months.

The possible tax increases on imports and exports could be large compared to the comparatively modest tariffs that Trump imposed during his first term. Trade in goods between Europe and the United States nearly totaled $1.3 trillion last year, with the United States exporting $267 billion less than it imports, according to the Census Bureau.

The president has openly antagonized multiple U.S. trading partners over the past several weeks, levying tariff threats and inviting them to retaliate with import taxes of their own that could send the economy hurtling into a trade war.

Trump has put an additional 10% tariff on Chinese imports due to that country’s role in the production of the opioid fentanyl. He also has readied tariffs on Canada and Mexico, America’s two largest trading partners, that could take effect in March after being suspended for 30 days. On top of that, on Monday, he removed the exemptions from his 2018 steel and aluminum tariffs. And he’s mused about new tariffs on computer chips and pharmaceutical drugs.

But by Trump’s own admission, his separate tariffs for national security and other reasons would be on top of the reciprocal tariffs, meaning that the playing field would not necessarily be level.

In the case of the 25% steel and aluminum tariffs, “that’s over and above this,” Trump said. Autos, computer chips and pharmaceuticals would also be tariffed at higher rates than what his reciprocal plan charges, he said.

The EU, Canada and Mexico have countermeasures ready to inflict economic pain on the United States in response to Trump’s actions, while China has already taken retaliatory steps with its own tariffs on U.S. energy, agricultural machinery and large-engine autos as well as an antitrust investigation of Google.

The White House has argued that charging the same import taxes as other countries do would improve the fairness of trade, potentially raising revenues for the U.S. government while also enabling negotiations that could eventually improve trade.

But Trump is also making a political wager that voters can tolerate higher inflation levels. Price spikes in 2021 and 2022 severely weakened the popularity of then-President Joe Biden, with voters so frustrated by inflation eroding their buying power that they chose last year to put Trump back in the White House to address the problem. Inflation has risen since November’s election, with the government reporting on Wednesday that the consumer price index is running at an annual rate of 3%.

The Trump team has decried criticism of its tariffs even as it has acknowledged the likelihood of some financial pain. It says that the tariffs have to be weighed against the possible extension and expansion of Trump’s 2017 tax cuts as well as efforts to curb regulations and force savings through the spending freezes and staff reductions in billionaire adviser Elon Musk’s Department of Government Efficiency initiative.

But an obstacle to this approach might be the sequencing of the various policies and the possibilities of a wider trade conflict stifling investment and hiring amid the greater inflationary pressures.

Analysts at the bank Wells Fargo said in a Thursday report that the tariffs would likely hurt growth this year, just as the possibility of extended and expanded tax cuts could help growth recover in 2026.

Trump tried to minimize the likelihood that his policies would trigger anything more than a brief bump in inflation. But when asked if he would ask agencies to analyze the possible impact on prices, the president declined.

“There’s nothing to study,” Trump said. “It’s going to go well.”

Watch the latest edition of BizTech below:

Click here to follow the GhanaWeb Business WhatsApp channel