Cedi Strength Backed by Gold Sales, BoG Tightens FX Billing Rules, and GH¢138.91bn Debt Overstatement Revealed

bernard boateng
Jul 23
2 min read

The July 23, 2025 edition of the Cedi Board® reveals key macroeconomic shifts shaping Ghana’s financial landscape, from a solid boost in foreign reserves to rising scrutiny in public debt reporting. Here’s a deep dive into this week’s top market drivers, price trends, and investor insights.

Ghana Chamber of Mines Sold Over 358,000 Ounces of Gold to BoG

The Ghana Chamber of Mines has confirmed that its member companies sold 358,218 ounces of gold to the Bank of Ghana (BoG) in 2024 under the Domestic Gold Purchase Programme. This move, according to the Chamber, played a critical role in strengthening the BoG’s reserves and, in turn, supporting the appreciation of the cedi against the U.S. dollar.

At a recent press briefing, CEO Ing. Dr. Kenneth Ashigbey emphasized that:

“The strength of the cedi today is predominantly based on gold... We also continue to support the Bank through the Voluntary Forex and Gold Purchase Initiative.”

With the cedi now trading at GH¢10.46 per USD on the interbank market, the BoG’s gold accumulation strategy appears to be stabilizing the currency amid ongoing external pressures.

BoG Mandates FX Rate Transparency at Ports

In a bold move to tackle inconsistencies in foreign exchange billing, the Bank of Ghana has directed all shipping lines, terminal operators, freight forwarders, and related port service providers to publish daily exchange rates used for invoicing starting July 22, 2025.

Under the new guidelines:

Rates must be displayed on websites or premises
Invoices must state the currency, exchange rate, application date, and total amount
FX rates must be market-reflective, not arbitrarily determined
Disputes may be escalated to the Ghana Shippers’ Authority if unresolved

This measure aims to protect importers and exporters from unfair billing practices and enhance FX transparency under the Foreign Exchange Act, 2006 (Act 723).

Auditor-General Uncovers GH¢138.91bn Public Debt Overstatement

A shocking revelation from the Auditor-General’s 2024 report has exposed a GH¢138.91 billion overstatement in Ghana’s public debt, citing discrepancies between figures reported by the Controller and Accountant-General (CAG) and the Ministry of Finance.

Key findings include:

CAG’s reported debt: GH¢876.08 billion
Ministry of Finance’s figure: GH¢737.17 billion
Overstated amounts:
- Domestic debt: GH¢132.9 billion
- External debt: GH¢1.7 billion
- COCOBOD debt misreporting: GH¢4.1 billion (domestic) and GH¢2.1 million (external)

These inconsistencies violate the Public Financial Management Act (Act 921) and International Public Sector Accounting Standards (IPSAS), raising concerns about fiscal transparency and accountability.

Investor’s Insight – Fintech Momentum in Ghana

Ghana’s fintech space continues to soar in 2025.

According to the Ghana Statistical Service, GH¢576 billion worth of transactions were recorded in Q1 2024, marking a 33.4 percent year-on-year growth. With over 23 million active mobile money wallets, this signals a booming appetite for:

Digital payments
Lending platforms
Agent banking services

This trend positions fintech as a strategic investment opportunity for those seeking high-growth digital sectors in Ghana.

Price Trends at a Glance

Belmalt 500ml – GH¢9.00 (unchanged since December 2024)
Ghana Gold Coin (1 oz) – GH¢37,220.48 (down GH¢7,183.65 weekly)
Ghana Interbank Forex Market – GH¢10.46 per USD (stable)

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.