Bank of Ghana Pushes Diaspora Credit Access, GUTA Calls for Price Cuts, Ecobank Sees Major Stake Change

The Ghanaian economy continues to experience notable shifts across banking, trade, and investment. Here are today’s top highlights from the Cedi Board.

Bank of Ghana Approves Diaspora Credit Access Partnership

The Bank of Ghana (BoG) has approved a landmark partnership between XDS Data (Ghana) Ltd and US-based Nova Credit Inc.

This initiative aims to address the challenge of “credit invisibility” faced by many Ghanaians abroad. Under the partnership, diaspora members in the US, UK, Canada, and Australia will be able to share their Ghanaian credit history with international lenders, landlords, and service providers.

With consent, XDS Data will securely transmit credit records while Nova Credit translates the data for global use. This breakthrough will give Ghanaians abroad easier access to bank accounts, rental agreements, and credit facilities, boosting financial inclusion and integration in host countries.

GUTA Urges Traders to Slash Prices as Old Stock Remains on Shelves

The Ghana Union of Traders Association (GUTA) has called on its members to reduce prices on old stock in order to free up capital and make room for new imports.

The call comes after the expiration of the 60-day grace period for price adjustments, which was introduced following the cedi’s strong appreciation.

Joseph Paddy, GUTA’s PRO, warned that traders holding onto old prices risk being pushed out of business. With price stability maintained for over eight months, consumers are increasingly expecting reductions.

GUTA President Joseph Obeng has further urged the government to maintain currency stability, assuring that traders will gradually adjust as new goods arrive.

Bosquet Investments Acquires 21.22% Stake in Ecobank Transnational

In a significant development for African banking, Bosquet Investments Ltd., the private investment vehicle of former ETI Chairman Alain Nkontchou, has acquired a 21.22% stake in Ecobank Transnational Incorporated (ETI) from Nedbank Group Ltd.

The deal, announced on August 15, 2025, is subject to regulatory approval. It reflects Nkontchou’s deepening commitment to Ecobank’s Growth, Transformation, and Returns strategy.

Ecobank CEO Jeremy Awori welcomed the move, describing it as a strong vote of confidence in the bank’s future and praising Nedbank’s 17-year partnership.

With Ecobank present in 35 African markets and serving over 32 million customers, this transaction could mark the beginning of a new growth phase for the pan-African financial giant.

From boosting diaspora credit access to reshaping trade pricing and major banking deals, Ghana’s economic landscape is showing signs of transformation. As the cedi continues to hold strong, investors and consumers alike will be watching closely for the ripple effects of these policy and market shifts.

Stay tuned for more insights in the next Cedi Board update.