Bank of Ghana regulates digital credit as fuel prices rise and insurers pay GH₵3.3bn in claims

Ghana’s economy opened September with key developments in financial regulation, insurance, and energy markets. The Bank of Ghana has officially brought digital credit services under regulatory oversight, the insurance industry revealed GH₵3.3 billion in claims paid last year, and petroleum product prices are set for a significant rise. Here are the highlights from the Cedi Board®.

Bank of Ghana Brings Digital Credit Services Under Regulation

The Bank of Ghana (BoG) has formally classified digital credit services as a non-bank financial service, placing the fast-growing fintech-driven sector under its regulatory supervision.

In a notice issued on August 29, 2025, the central bank stated that this designation falls under the First Schedule of the Non-Bank Financial Institutions Act, 2008 (Act 774). The move is part of Governor Dr. Johnson Pandit Asiama’s agenda to strengthen financial inclusion by ensuring that small businesses and individuals can safely access credit.

Digital credit platforms, popular for delivering short-term loans via mobile apps, have seen rapid adoption. However, their unregulated status raised concerns over consumer protection and risky lending practices. By bringing them under the non-bank financial framework, the BoG aims to:

• Improve supervision and reporting

• Protect consumers from predatory practices

• Encourage responsible lending

• Enhance transparency and trust in digital lending

  
  

The Bank emphasized that existing operators will not receive automatic authorization, with a new licensing directive to be issued soon.

Dr. Asiama noted that financial inclusion is critical to reducing poverty, empowering households, and ensuring stability in the financial system. The BoG also plans to roll out a broader digital finance strategy, focusing on secured transactions, cross-border payments, and digital asset regulation.

This move is expected to build consumer confidence and expand Ghana’s fintech ecosystem, making digital credit more accessible, especially in underserved communities.

Ghana’s Insurance Industry Pays GH₵3.3bn in Claims

The perception that insurers in Ghana fail to honour claims is being challenged with new data. According to the Chartered Insurance Institute of Ghana (CIIG), insurance firms paid GH₵3.3 billion in claims in 2024, averaging GH₵9.2 million daily.

Of this, life insurers accounted for GH₵4 million per day, while non-life insurers paid GH₵5.2 million daily, highlighting the industry’s role in protecting livelihoods and businesses.

CIIG President, Solomon Lartey, stressed that the sector needs a reputation shift to encourage wider uptake. Despite the high payout levels, Ghana’s insurance penetration remains just 1%, among the lowest in Africa.

Key stakeholders, including the National Insurance Commission (NIC) and SanlamAllianz, are rolling out financial literacy campaigns to demystify insurance and improve adoption. The informal sector, which makes up 92% of businesses in Ghana, is seen as the industry’s biggest growth opportunity.

Acting Commissioner of Insurance, Dr. Abiba Zakariah, emphasized that without insurance cover, households and businesses struggle to recover from shocks, underscoring the need for greater awareness and accessibility.

Petroleum Prices to Rise from September 1

Ghanaians should brace for higher fuel costs this month. The Chamber of Oil Marketing Companies (COMAC) has projected that petrol, diesel, and LPG prices will increase from September 1, 2025.

• Petrol: Expected to rise between 3.86% – 5.40%, reaching about GH₵13.67 per litre

• Diesel: Projected to climb by 3.39% per litre, to around GH₵14.35

• LPG: Anticipated increase of 4.57% per kilogram

  
  

The hikes come despite falling international petroleum prices, with petrol down 0.45%, diesel down 3.73%, and LPG down 1.73%. The main drivers are:

• The cedi’s recent depreciation against the dollar (from GH₵10.71 to GH₵11.20 in August, a 3.98% fall – the steepest this year)

• Supply shortfalls in petrol deliveries earlier in August

• The impact of a ₵1 levy on petroleum products introduced recently

  
  

Industry players warn that the increase will affect transport fares, input costs for businesses, and household expenses, further intensifying inflationary pressures.

Investor’s Insight – Ghana Stock Exchange Movers

On the Ghana Stock Exchange (September 1, 2025), top gainers and losers reflected renewed investor interest in consumer goods and insurance stocks:

• CPC surged by +50.00%

• IIL rose by +25.00%

• GLD gained +4.67%

• GOIL climbed +2.21%

• ETI slipped -1.28%

  
  

The performance suggests investors are hedging against fuel price hikes by betting on insurance and consumer-driven firms.

From digital credit regulation to insurance payouts and rising fuel prices, Ghana’s financial and economic outlook continues to evolve. The Bank of Ghana’s oversight of digital credit marks a bold step toward inclusive and safer financial innovation. The insurance industry’s GH₵3.3bn claims demonstrate its critical role in resilience, even as penetration remains low. Meanwhile, fuel price hikes highlight ongoing pressures on households and businesses, reinforcing the importance of prudent fiscal and monetary management.

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.