Ghana Water Utility Seeks 281% Hike. Gold Exports Hit $6.3bn as Cedi crosses 12 against USD

Ghana’s economic narrative this week is one of stark contrasts: a significantly stronger Cedi boosting national pride, while essential utilities push for drastic tariff hikes to stay afloat. Meanwhile, record-breaking gold exports and a burgeoning digital infrastructure sector reveal underlying strengths and future opportunities. Here’s a breakdown.

Cedi Stages Strong Recovery, Gains Over 20% Against Major Currencies

The Ghana Cedi has demonstrated remarkable resilience over the past year, posting impressive gains against all major trading currencies.

• Against the US Dollar: The Cedi is now trading at GH¢12.10, a substantial 21.28% appreciation from GH¢15.37 a year ago.

• Against the Euro: The local currency has strengthened by 16.43%, moving from GH¢16.98 to GH¢14.19.

• Against the British Pound: The Cedi gained 18.68%, falling from GH¢20.13 to GH¢16.37.

  
  

This broad-based appreciation, based on the Bank of Ghana's interbank mid-rate, signals improved foreign exchange liquidity, likely supported by the central bank's strategic gold purchase program and positive investor sentiment.

Ghana Water Limited Proposes 281% Tariff Hike to Offset Costs

In a move that will concern households and businesses, Ghana Water Limited (GWL) has requested regulatory approval for a massive 281% increase in its water tariff.

The utility is proposing to raise the price from GH¢5.28 per cubic metre to GH¢20.09 per cubic metre for the 2025–2029 period. GWL cites a crippling debt burden, rising operational costs, pollution of raw water sources, and severe foreign exchange pressures on imported chemicals and equipment as the primary reasons for the hike.

Michael Klutse, GWL's Manager for Monitoring, stated that reliable service delivery is unsustainable under the current tariff structure. This proposal follows similar requests from power utilities; the ECG is seeking a 224% increase, and NEDCo a 171% hike, with the latter also advocating for the removal of the lifeline tariff for low-income consumers.

Small-Scale Gold Exports Smash Records, Hit 66.7 Tonnes Worth $6.3bn

In a stellar performance for the mining sector, small-scale gold exports for the first eight months of 2025 have already surpassed the entire output of 2024.

Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod), revealed that exports from January to August 2025 reached 66.7 tonnes, with an estimated value of $6.3 billion. This dwarfs the 2024 full-year total of 63 tonnes valued at $4.6 billion.

This record-breaking output, achieved in collaboration with the Bank of Ghana, is a cornerstone of the central bank's Domestic Gold Purchase Program. The initiative has been pivotal in boosting foreign reserves, supporting the Cedi's stability, and providing a robust buffer against external economic shocks.

DVLA to Launch "SELECT" Platform for Personalized Number Plates in 2026

On the digitalization front, the Driver and Vehicle Licensing Authority (DVLA) has announced plans to launch "DVLA SELECT" in 2026. This new digital platform will allow vehicle owners to reserve their preferred registration numbers online before finalizing the registration process at a DVLA office.

This initiative is part of a broader push to enhance customer convenience, reduce in-person transaction times, and further digitize government services.

Investor’s Insight – Data Centers: Ghana’s Next Digital Frontier

Beyond the headlines lies a high-growth sector primed for investment. Ghana's data center market is on a strong upward trajectory, with revenue projected to grow from $294.75 million in 2025 to $414.30 million by 2030, representing a Compound Annual Growth Rate (CAGR) of 7.05%.

The network infrastructure segment, which accounted for $137.45 million in 2025, is the dominant force. This growth is fueled by:

• Soaring digital adoption across sectors.

• Increasing data localization needs.

• The explosive expansion of mobile financial services.

  
  

For investors, this represents a compelling opportunity in a critical piece of digital infrastructure.

This week paints a picture of an economy in transition. The dramatic appreciation of the Cedi is a major win, providing relief from imported inflation and reducing pressure on businesses. However, the simultaneous push for extreme utility tariff hikes exposes the deep-seated financial vulnerabilities of state-owned enterprises and the high cost of maintaining national infrastructure.

The phenomenal success of the gold export program demonstrates the power of well-executed national policy, directly contributing to the currency's strength. For sustainable growth, this model of strategic resource management must be replicated while tackling the inefficiencies that force utilities to seek such drastic price adjustments.

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.