BoG Prepares for Non-Interest Banking, STC to Expand Fleet, and WAEC Analyzes Performance Drops

Today’s market data presents a notable relief for the construction sector, with significant price drops in key building materials compared to earlier in the year. Beyond the commodities market, the financial landscape is poised for diversification as the Bank of Ghana moves toward licensing non-interest banks, while the education sector grapples with the specific causes behind the recent dip in WASSCE performance. Let's analyze the latest data and emerging trends shaping Ghana's economic landscape.

Market Movers

Today's Cedi Board highlights a downward trend in construction material prices, offering a potential window of opportunity for real estate developers and individual home builders.

• Mild Steel Iron Rods (11.5mm): Currently trading at ₵7,200 per ton, this represents a significant decrease of 23.40% since January 2025, when prices stood at ₵9,400.

• Binding Wire: This essential input is now priced at ₵50 per bundle, marking a 23.08% decline from its March 2025 peak of ₵65.

• High Tensile Iron Rods (Foreign): These are trading at ₵12,500 per ton, reflecting a modest but positive drop of 4.58% since January.

This consistent reduction across all three categories suggests a cooling in input costs, which could likely stimulate activity in stalled construction projects as the year concludes.

Key Headlines: Regulatory Clarity for Banking & Explaining WASSCE Declines

BoG prepares to license first non-interest bank

The Bank of Ghana (BoG) appears ready to operationalize a new tier of financial services by licensing institutions dedicated to non-interest banking and finance (NIBF). While the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) legally permits these activities, the sector has awaited specific regulatory guidelines to function. The central bank is now actively engaging stakeholders to build capacity before issuing licenses.

According to Professor John Gatsi, the Advisor on NIBF at the BoG, the regulator is drawing lessons from regional neighbors like Nigeria, Kenya, Togo, and Benin to ensure a smooth rollout. This model relies on risk-sharing and profit-sharing rather than interest, offering an alternative that complements the traditional banking system. The inclusion of the Securities and Exchange Commission (SEC) in these preparations indicates that the market may soon see the issuance of Sukuk (non-interest bonds). This development suggests a deepening of Ghana's financial markets, potentially attracting capital from investors who prefer ethical or non-interest-based instruments.

WAEC outlines 10 key reasons behind failures in 2025 WASSCE

Following a sharp decline in the 2025 WASSCE performance, particularly in Core Mathematics and Social Studies, the West African Examinations Council (WAEC) has released a detailed analysis of candidate weaknesses. The data reveals that passes in Core Mathematics dropped by over 96,000 compared to 2024, with less than 49% of candidates securing the grades required for tertiary admission.

WAEC officials have clarified that the examination standard remained comparable to previous years. Instead, the decline likely stems from fundamental gaps in student preparation. In Core Mathematics, candidates reportedly struggled with translating word problems into mathematical expressions, interpreting cumulative frequency tables, and applying logic to real-life scenarios. similarly, Social Studies scripts showed a lack of critical thinking regarding government policies and national development issues. These findings point toward a need for structural changes in teaching methodologies, moving away from rote learning toward practical application and critical analysis.

STC to acquire 500 new buses, expand operations to Lagos and Liberia

The State Transport Company (STC) has outlined an aggressive expansion strategy for 2026, intending to acquire 500 new buses. Notably, the fleet composition indicates a strategic shift toward energy efficiency, with 400 of these vehicles being electric and only 100 using internal combustion engines. This transition could significantly lower operational costs related to fuel consumption in the long term.

Furthermore, STC plans to extend its international routes beyond its current operations in Abidjan, Ouagadougou, Lomé, and Cotonou. The new roadmap includes services to Lagos, Nigeria, and Monrovia, Liberia. This expansion suggests a push for stronger regional integration and could position STC as a dominant player in West African cross-border logistics.

Investor’s Insight: Monetizing Idle Real Estate in December

If you have an idle apartment this December, it may be your most profitable asset.

As the festive season approaches, demand for short-term accommodation in Ghana typically outstrips the supply of hotel rooms. This creates a seasonal arbitrage opportunity for property owners. "Detty December" attracts the diaspora, tourists, and regional travelers, many of whom prefer the privacy and flexibility of self-contained apartments over traditional hotels.

For homeowners with spare units, boys' quarters, or guest suites, listing these spaces on platforms like Booking.com, or even local social media groups presents a low-risk revenue stream. The capital requirement is minimal, often involving only basic furnishing and cleaning. This strategy allows asset owners to capitalize on peak demand without a long-term commitment, as the unit can return to personal use or the long-term rental market once the January lull sets in.

Trending Topic: #WASSCE

The hashtag #WASSCE continues to dominate social media discourse following the release of provisional results that show a steep decline in pass rates. The conversation has evolved from initial shock to a debate on the root causes of the failure.

The data driving this trend is stark. Core Mathematics failures (Grade F9) jumped from roughly 6% in 2024 to nearly 27% in 2025. Consequently, public discourse is split. One faction argues that stricter supervision and a crackdown on malpractice have revealed the "true competence" level of students, exposing gaps that were previously masked by cheating. Another faction, including political voices and educational watchdogs, points to systemic issues such as the quality of instruction under the Free SHS policy and curriculum coverage. The Ghana Education Service maintains that the results reflect genuine performance under tighter controls. This topic remains active because it touches on the credibility of Ghana’s educational certification as the country prepares to rejoin the full West African WASSCE calendar in 2026.

Conclusion

Today’s Cedi Board presents a complex economic picture. The construction sector benefits from a tangible drop in material costs, which may help revitalize infrastructure projects. Simultaneously, the financial sector is preparing for a structural evolution with the introduction of non-interest banking. However, the data from the education sector serves as a sobering counterpoint, highlighting deep-seated challenges in human capital development that require urgent attention alongside these economic advancements.

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