Fuel prices in Ghana are set to go up on September 1, following the Ghanaian cedi’s slight depreciation against major trading currencies on the interbank market.
According to reports, the Prices of Petrol, Diesel and LPG are expected to increase by up to 5.40%, 3.39% and 4.47% per litre, respectively, from September 1.
This comes in the wake of the Ghana cedi depreciating slightly against the US dollar.
On August 29, 2025, the Bank of Ghana announced that the cedi is trading at a buying price of GH¢11.24 and a selling price of GH¢11.25 to the dollar, which was a 19 pesewa increase from Thursday’s price.
The pound was being bought at GH¢15.19 and sold at GH¢15.21, while the euro is trading at a buying price of GH¢13.12 and a selling price of GH¢13.14.
On the other hand, in some forex bureaus across the country, the Ghana cedi is trading at GH¢12.50, while the pound is selling at GH¢16.80.
The Ghana cedi has come under pressure in August due to what some market players describe as a limited supply of dollars on the market.
The cedi has moved from 10 cedis 40 pesewas to a dollar to over 11 cedis.
However, Dr Johnson Asiama, the governor of the Bank of Ghana (BoG), has said the current depreciation of the cedi is just a short-term blip and assured that the situation will normalise soon.
Dr Johnson Asiama, in an interview with JOY BUSINESS, stated, “The Bank of Ghana operates a managed floating system in terms of framework; therefore, these blips will happen, but the assurance is that this is a short-term issue and the challenges are being addressed.”
He further added that the Central Bank has adequate and enough reserves to support the market.
The BoG governor added, “Let me be clear, we are not running out of dollars, adding that the gap between market rates and official rates are being driven by bad market practices”.
“We have also taken measures to ensure that liquidity improves in the market, together with getting the interbank market to function adequately,” Dr Asiama stated.
Dr Johnson Asiama further detailed, “The interbank market is supposed to take care of itself in terms of inflows from trade and remittance. Offshoring Foreign Exchange instead of bringing it home, and we have identified these loopholes and are shutting them down”
“Some payment service providers have experimented with crypto and offshore settlement models. While innovation is welcomed, such practices must not weaken the cedi, and we will move to regulate these activities within the law,” the governor has affirmed.
Dr Johnson Asiama revealed current macroeconomic situation is sound and solid, which should impact on the cedi’s fortunes going forward.
The Governor added, “We should remember that Ghana is under an IMF programme, and we are watching our reserves carefully, especially when it comes to our market interventions.”
“So we can be assured that as far as the IMF programme is concerned and Ghana reserves, we are okay,” Dr Asiama established.
See the post below:
Prices of Petrol, Diesel and LPG to increase by up to 5.40%, 3.39% and 4.47% per litre respectively from September 1#JoyNews pic.twitter.com/8jprpZmwIJ
— JoyNews (@JoyNewsOnTV) August 29, 2025