Cedi Trends and National Pressures: UTAG Ultimatum, Fuel Price Clarity, and Lending Rate Hopes
- asanteyawobed
- Jun 10
- 3 min read
Ghana’s economic pulse continues to beat steadily, albeit with some friction. As the Cedi Board for June 10, 2025, reveals fresh market insights, price fluctuations and policy decisions are shaping the livelihood of consumers, businesses, and investors alike. From striking transport unions to education-sector tensions and a central bank bent on taming inflation, here’s what’s moving the cedi and what it means for you.
Price Shock: Lele and Cindy Rice Up, Cedi Stays Flat
Two of Ghana’s most popular staples are up significantly:
Lele Rice (5kg): Now ₵175, up 40% since August 2024
Cindy Rice (5kg): Now ₵110, a 10% jump over the same period
USD/GHS: Holding at ₵10.26 as of June 9 (Bank of Ghana interbank rate)
Food prices continue to bite, even as the currency shows signs of stability. The cedi’s steadiness is thanks in part to tighter forex control efforts, including tracking remittance flows and plugging gold export loopholes.
Transport Strike Suspended over GHS1 Fuel Levy
Commercial transport unions have temporarily suspended their planned nationwide strike after discussions with the Ministry of Transport. The GHS1 levy per litre on petroleum products, introduced via the 2025 Energy Sector Levy (Amendment) Bill, sparked fears over rising pump prices.
“We will monitor the pump prices. If nothing changes, we have no case. But if prices increase, we’ll respond accordingly.”— Samuel Amoah, PRO for the Transport Operators Group.
While the Ministry assured that the levy won’t immediately raise fuel prices, scepticism remains. Should fuel prices inch upward, fare hikes and inflation could follow, pressuring households and supply chains.
UTAG, TUTAG & CETAG Threaten Nationwide Action
Three major education-sector unions, UTAG, TUTAG, and CETAG, are demanding the immediate release of the exchange rate and the commencement of payments for the book and research allowance.
In a joint resolution:
They insist the payment must not extend beyond September 2025.
A strike will be triggered by June 13 if no formal steps are taken.
This deadlock not only affects academic output but could also impact tertiary education timelines nationwide if unresolved.
BoG Governor Promises Sub-10% Lending Rates.
At a corporate forum hosted by AGI, BoG Governor Dr. Johnson Asiama pledged to reduce lending rates to below 10% before the end of his four-year tenure.
Despite maintaining the monetary policy rate at 28%, Dr. Asiama justified the cautious stance by highlighting:
A positive disinflation trend, with inflation falling from 23.8% in Dec 2024 to 18.4% in May 2025
Stabilisation of the cedi
Confidence-building from coordinated policy moves and debt restructuring backed by France and China
He also revealed measures to:
Plug FX leakages via Goldbod initiatives.
Track remittances to ensure accurate flows.
“The cedi’s strength is no accident, it’s the result of consistent and credible policy,”— Dr. Johnson Asiama, BoG Governor.
Investor Insight: NewGold ETF (GLD) Hits Downtrend
GLD, the NewGold ETF listed on the Ghana Stock Exchange, is in a slump, dropping by 2.38% on June 9 and recording a -9.42% YTD loss.
An initial investment of ₵39,050 in 100 shares at the start of 2025 is now worth approximately ₵35,500
The continued fall mirrors global gold price corrections and weakening demand amid expectations of higher-for-longer interest rates.
The downtrend suggests risk-averse positioning or cash flow pressures. Diversification and a medium-term view are key in this volatile macro environment.
The June 10, 2025, Cedi Board snapshot offers a microcosm of Ghana’s broader economic balancing act. As the BoG battles inflation and unions push back on unresolved entitlements, both households and businesses must stay vigilant. The data signals cautious optimism, but the fine print tells a story of tension still brewing beneath the surface.
Stay with Finex Insights for daily updates, analysis, and investor education tailored to Ghana’s evolving economic climate.
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