Fuel alert at Kotoka as BoG slashes rates and budget day dawns

Ghana’s economic radar lights up with three key developments: looming fuel shortages at the country’s main airport, a dramatic interest rate slash by the Bank of Ghana (BoG), and the much-anticipated mid-year budget presentation by Finance Minister Dr. Cassiel Ato Forson.

Kotoka fuel alert: Airlines told to plan ahead

Ghana Airport Company Limited (GACL) has issued an urgent advisory to all airlines flying to Kotoka International Airport (KIA) to secure refuelling plans ahead of arrival. This follows growing fears of an aviation fuel shortage due to disruptions within the Joint User Hydrant Installation (JUHI) system.

The issue has worsened following the indefinite suspension of services by key suppliers, TotalEnergies and Shell, causing delays to spot flights and routine fuel orders. The National Petroleum Authority (NPA) is currently engaging stakeholders in a bid to avert major disruption.

BoG slashes 56-day bill rate from 26.5% to 13%

In a surprising move, the Bank of Ghana has cut the yield on its 56-day bill by more than half, from 26.5% to 13%. The auction results released on July 21 reveal a shift in market strategy, possibly aimed at guiding investors back into Government of Ghana T-bills.

Analysts believe this move could signal an upcoming reduction in the central bank's policy rate, currently at 28%. Databank Research suggests that the BoG may be testing investor appetite at lower yields to control liquidity and inflation more efficiently.

All eyes on Dr. Forson’s mid-year budget

Finance Minister Dr. Cassiel Ato Forson is set to present the 2025 mid-year fiscal policy review today in Parliament. In a post ahead of the announcement, he stated that the budget will assess the government’s performance so far and outline further steps to restore stability, create jobs, and tame inflation.

The mid-year budget comes amid signs of economic recovery. Ghana’s June 2025 inflation rate dropped to 13.7%, and Deloitte now projects a possible single-digit inflation rate by year-end. Government Statistician Dr. Alhassan Iddrisu confirmed that deflation of 1.2% was recorded from May to June, driven largely by lower food prices.

Price check – July 23, 2025

• USD/GHS Interbank Rate: ₵10.51

• Tasty Tom Jollof Mix (70g): ₵3.00 (same as 2024)

• Medisoft Mosquito Repellent: ₵14.00 (up 16.7% from ₵12.00 in 2024)

  
  

Investor’s Insight – Ghana’s real estate on the rise

Ghana’s Real Estate Potential

Ghana’s commercial real estate market is forecasted to reach US$77.2 billion by 2025, growing at a 5.26% CAGR. Meanwhile, the residential sector is expected to hit US$66.4 billion, with a 4.74% CAGR. These numbers position real estate as a stable, long-term investment strategy for local and foreign investors.

Source: Ghana Statistical Service, Q1 2025 GDP Report

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.