Fuel Prices Set to Rise and Presidential Jet Returns; Baffoe-Bonnie To Be Sworn In as Chief Justice

Connect Finex
Nov 17, 2025
5 min read

Today's daily Cedi Board shows new short-term pressure on the currency, with the Cedi weakening against the Dollar, Euro, and Pound over the past month. This depreciation appears to be a key factor in the day's top headline: a new cycle of fuel price increases. In other major news, Justice Paul Baffoe-Bonnie will be sworn in as the new Chief Justice, and the presidential jet has returned to Ghana after an eight-month overhaul in France. Let's analyze the latest data and emerging trends shaping Ghana's economic landscape.

Market Movers: Cedi Shows Short-Term Pressure Despite Long-Term Gains

The daily Cedi Board provides a nuanced view of the currency's performance. On one hand, the long-term, one-year comparison remains positive. The Bank of Ghana's Interbank Mid Rate shows the Cedi has made significant gains against its major trading partners compared to this time last year. For instance, the Dollar-to-Cedi rate is down by approximately 31.35% from ₵15.98 a year ago.

However, the short-term, one-month data tells a different story. Today's rate of ₵10.97 to the Dollar is higher than the ₵10.70 recorded one month ago, suggesting a recent depreciation. This trend holds for other currencies as well:

Euro to Cedi: Today at ₵12.75, up from ₵12.49 one month ago.
Pound to Cedi: Today at ₵14.42, up from ₵14.36 one month ago.

This recent weakening, though slight, indicates a renewed pressure on the Cedi. This short-term shift is a critical factor in the economy, as it directly impacts the cost of imports, most notably fuel.

Key Headlines: Analysis of Today's Major News

Today's news cycle is driven by three significant developments spanning the economy, the judiciary, and public resources.

Fuel Price Adjustments Begin

Oil Marketing Companies (OMCs) are set to adjust prices upward for the second pricing window of November, which runs from November 16th to the 30th. This move is driven by two primary factors: an uptick in global crude oil prices and the slight depreciation of the Cedi against the US Dollar, as noted in our market analysis.

Because fuel is imported using US dollars, a weaker Cedi makes petroleum products more expensive in local currency terms. Projections from groups like the Chamber of Petroleum Consumers (COPEC) suggest potential increases of around 3.38% for Petrol and a sharper 9.81% for Diesel. This rise follows a period of price reductions in early November, and this reversal could put renewed pressure on household budgets and potentially lead to new discussions around transport fares.

Justice Baffoe-Bonnie to Assume Chief Justice Role

Justice Paul Baffoe-Bonnie will be officially sworn in today as the 16th Chief Justice of Ghana. This follows his nomination by the President and subsequent approval by Parliament on November 13, 2025. Justice Baffoe-Bonnie had been serving as the Acting Chief Justice since April 2025.

His appointment follows a period of controversy surrounding the removal of his predecessor, Gertrude Torkornoo. The parliamentary approval was passed by a majority vote of 163 to 69. The minority has continually cited concerns over pending legal challenges from the former Chief Justice regarding the constitutionality of her dismissal, as well as procedural and potential conflict of interest allegations. This development suggests a move to stabilize the judiciary's leadership, though public and political debate surrounding the transition process may continue.

Presidential Jet Returns After Extended Overhaul

Ghana's presidential jet, has returned to the country after an eight-month mandatory maintenance overhaul in France. The stay was significantly prolonged after technicians discovered extensive issues, including severe corrosion in the fuel tanks and engine defects that required one engine to be completely replaced.

The aircraft's return brings a long-running political discussion back into focus. The debate centers on the total cost and transparency of the extensive repairs. It also highlights contrasting political views on VVIP travel, with the current administration attributing the aircraft's poor condition to neglect, while critics have pointed to the use of private flights during the jet's absence. Civil society organizations have also weighed in, with the Bureau of Public Safety calling for an independent safety verification of the aircraft before it is used for presidential duties. This event likely revives the broader discussion about a codified, long-term policy for VVIP travel.

Investor's Insight: While T-bill yields continue to disappoint, the Bank of Ghana's 56-day bill is offering the high returns investors are looking for.

The latest data from Ghana's fixed-income market reveals a clear trend: investors are actively rejecting the low yields on government Treasury bills. This is not a matter of opinion, but a fact reflected in recent auction results.

At the most recent auction (Tender 1981), the government's attempt to raise GH¢5.67 billion fell short, securing only GH¢3.83 billion. This 32% shortfall is the fifth consecutive week the government has failed to meet its target. The reason is simple: investors are unwilling to accept the low rates on offer, such as the ~11.02% yield for the 91-day bill.

This begs the critical question for any investor: If the T-bill market is unattractive, where is the "smart money" flowing?

The answer is found directly with the Bank of Ghana (BoG). While the government struggles to find lenders, the central bank is offering its own 56-day bill at a significantly higher yield of approximately 21%.

This instrument, which the BoG uses to manage liquidity, is effectively siphoning all the investment demand from the market.

A Direct Comparison for Investors

Let's look at the two options available:

Feature	Government T-Bill (Option 1)	Bank of Ghana Bill (Option 2)
Issuer	Government of Ghana	Bank of Ghana (Central Bank)
Yield	~11.02%	~21%
Duration	91 days (3 months)	56 days (less than 2 months)
Market Reaction	Low demand, auctions failing	High demand, attracting liquidity

The takeaway is clear. An investor can secure nearly double the return for a shorter time commitment by lending to the Bank of Ghana instead of the government.

This situation is a direct result of two competing objectives. The government is trying to fund its budget and wants to keep its borrowing costs low (offering 11%). The Bank of Ghana, however, is focused on its mandate to curb inflation and is willing to pay a premium (offering 21%) to "mop up" excess cash from the banking system.

For the individual investor, this analysis leads to a clear, actionable insight. The 11% yield on T-bills is uncompetitive. As long as the central bank offers a 21% alternative, the high-return play is unequivocally the 56-day BoG bill. The government will likely be forced to raise its T-bill rates significantly in the coming weeks to compete, but for now, the "smart money" is following the superior yield.

Your Key Takeaways

Today's Cedi Board presents a complex picture. While the Cedi maintains significant strength compared to one year ago, it is facing short-term depreciation, which appears to be a direct driver of the announced fuel price increases. On the investment front, the market is sending clear signals: government T-bill yields are proving disappointing, with the Bank of Ghana's high-yield 56-day bill emerging as the clear alternative for investors seeking stronger, short-term returns. Politically, the swearing-in of a new Chief Justice and the return of the presidential jet suggest a resolution to long-standing issues, though public and political debate on both topics is likely to continue.

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