Falling T-Bill Rates, Stable Cedi, and Telecom Investment Trends

As of August 1, 2025, Ghana's macro-financial indicators show a significant shift, especially in Treasury Bill rates. With yields on 91-day and 182-day T-Bills plummeting by nearly 14 percentage points, investors and savers alike are recalibrating expectations. Meanwhile, the cedi holds at ¢10.51 to the dollar, a mark that hints at growing exchange rate stability.

Summary of Economic Indicators in Ghana

📉 Treasury Bill Rates Drop Sharply

91-day T-Bill: 10.84%182-day T-Bill: 13.23%Compared to August 2024, the rates have declined by 13.95 and 13.51 percentage points respectively. This may be driven by:

• Reduced government borrowing from the domestic market

• A shift in monetary policy stance

• Greater external support from IMF programs

The fall in T-bill yields also reflects the government's continued move to reduce interest payments and stabilize fiscal conditions.

💱 USD/GHS Rate Stable at ¢10.51As per the Bank of Ghana’s interbank rate on July 31, the Cedi holds steady at ¢10.51 per USD. This follows months of tightening by the central bank and forex control measures like:

• Gold-for-oil and gold-reserve-backed swaps

• Import funding via Nostro accounts to reduce dollar demand in cash

• BoG’s forward auction interventions

  
  

🛢️ Fuel Price Adjustments

From August 1, petrol prices will rise, while diesel and LPG will fall. The mixed price signals are based on current global oil price trends and localized pricing dynamics driven by forex movements and tax pass-throughs.

💡 BoG's Strategic Move: Gold Hedging

The Governor announced a hedging strategy targeting a portion of Ghana's gold reserves. This move is aimed at shielding the country from global price volatility, strengthening FX buffers, and reducing overreliance on external borrowing.

📶 Investor Insight: Ghana’s Telecom Sector Sees Modest Growth

A report by Mordor Intelligence projects Ghana’s telecom market will grow from USD 1.10 billion in 2025 to USD 1.17 billion by 2030, with a CAGR of 1.12%. While the growth is modest, opportunities abound in:

• Rural network expansion

• Data-driven services

• Fintech and mobile money integration

• Infrastructure sharing and fiber backbone deployment

Investors looking for low-risk, long-term plays in Africa may find Ghana’s telecom sector attractive due to its stable policy environment and high digital adoption.

📌 Trending Topic:

Accra-Kumasi Highway

Renewed focus on the Accra-Kumasi corridor may accelerate infrastructure investments. With growing trade volumes between Ghana’s two largest cities, public-private partnerships and tolling models are gaining traction.

The 1st August 2025 edition of the Cedi Board reflects cautious optimism. With inflation seemingly under control, lower borrowing costs, and strategic foreign exchange management, Ghana may be entering a more stable economic phase. But investors and policymakers will be watching closely to see if these trends hold and if growth opportunities in telecom and infrastructure can be realized.