Bad Loans, No Payouts: BoG Sets Tough New Rules for Banks in 2027

Ghana’s economy is at a turning point with new Bank of Ghana policies, treasury bill financing updates, and mixed movements in the Ghana cedi exchange rate. From banking regulations to treasury bills in Ghana and currency performance, here’s what investors, businesses, and policymakers should note.

Bank of Ghana’s New Directive on Non-Performing Loans

Starting January 2027, the Bank of Ghana (BoG) will enforce stricter rules to reduce non-performing loans (NPLs) across the financial sector.

• Banks with NPL ratios above 10% will be barred from paying dividends to shareholders and bonuses to staff.

• Institutions with NPLs between 10% and 15% get a two-year grace period to restructure loans.

• Those above 15% NPL ratio face immediate sanctions, including dividend, bonus, and lending restrictions.

• Microfinance institutions will have an even tighter 5% NPL threshold.

  
  

The central bank explains that the NPL directive will help improve credit risk management in Ghana, protect depositors, and strengthen the banking system. For investors and bank staff, this means reduced payouts if loan books are weak, while borrowers may see stricter credit conditions.

Treasury Bill Auction in Ghana Falls Short of Target

The government raised GH¢2.728 billion in the most recent treasury bill auction in Ghana, missing its GH¢4.24 billion target.

The August 15, 2025 auction attracted GH¢3.009 billion in investor bids across 91-day, 182-day, and 364-day treasury bills, but only 90.65% of bids were accepted.

Breakdown of Accepted Bids:

• 91-day T-bill: GH¢2.023 billion (out of GH¢2.059 billion)

• 182-day T-bill: GH¢537.69 million (out of GH¢678.18 million)

• 364-day T-bill: GH¢167.66 million (out of GH¢272.58 million)

  
  

Treasury Bill Rates in Ghana (Average):

• 91-day: 10.14%

• 182-day: 12.23%

• 364-day: 13.09%

  
  

Despite strong participation, the shortfall highlights Ghana’s fiscal financing challenges and the delicate balance between interest rates in Ghana and government borrowing needs.

Ghana Cedi Exchange Rate: Mixed Market Movements

The Ghana cedi today showed contrasting trends on retail and interbank markets.

• Retail Market: The cedi appreciated by 1.06%, trading at GH¢11.40 – GH¢11.90 per US dollar. Its year-to-date gains reached 31.85%, keeping it among the world’s best-performing currencies.

• Interbank Market: The cedi depreciated by 1.41%, closing at GH¢10.65/USD, pressured by corporate dollar demand and reduced forex supply.

  
  

• Performance against other currencies:

  • +0.64% vs GBP (GH¢15.65/£1)

  • -0.73% vs EUR (GH¢13.70/€1)

    
    

Analysts at Databank Research project short-term pressure on the Ghana cedi exchange rate, especially as global markets favor the US dollar.

Investor’s Insight: Tourism Investment Opportunities in Ghana

Beyond finance and currency markets, Ghana’s tourism sector continues to deliver impressive returns.

In 2024, the industry generated US$4.8 billion from 1.29 million visitors, reflecting a 12% annual growth. Strong demand for:

• Hospitality and hotels in Ghana

• Eco-tourism and adventure travel

• Business conferences and premium leisure

  
  

…makes tourism one of Ghana’s most profitable investment opportunities. Investors can tap into sustainable long-term returns by funding new hotels, resorts, and travel services.

From the Bank of Ghana NPL directive to missed treasury bill auction targets and volatile Ghana cedi exchange rates, the economy remains in a delicate balancing act. While financial regulations tighten and fiscal pressures persist, growth sectors like tourism in Ghana offer a wealth of opportunities for forward-looking investors.

Stay tuned to the Cedi Board® for real-time updates on Ghana’s financial pulse. From prices and policy to investment tips that help you make sense of the numbers.