Ghana's Economy in Focus: Falling T-Bills, BoG’s GH¢9.49bn Loss & Looming Transport Strike

Ghana’s economic environment is undergoing a pivotal moment as fiscal indicators shift rapidly and national policy decisions spark significant responses from industry and the public. From a sharp drop in Treasury bill rates to a growing transport sector revolt over fuel levies and another year of heavy central bank losses, June 2025 may mark a critical inflexion point for the nation’s financial and social stability.

June 6th 2025

Treasury Bill Rates Plummet: Risk Appetite or Monetary Strategy?

In the latest data released on June 3, 2025, Ghana’s short-term government securities experienced unprecedented drops in their yields:

• 364-day Treasury Bill yield has plunged to 15.92%, a 42.98% decrease from 27.91% a year ago.

• 182-day Treasury Bill yield now stands at 15.49%, reflecting a 42.47% drop from 26.92% on June 3, 2024.

  
  

These significant dips in T-bill rates may indicate increased investor confidence in Ghana’s macroeconomic stability, or they could signal the government’s intentional reduction in borrowing costs. Either way, such sharp movements are rare and have sparked discussions in financial circles about whether institutional investors are diversifying into equities or if the Ministry of Finance is recalibrating fiscal consolidation strategies.

USD/GHS Interbank Rate Holds at ₵10.26

The Bank of Ghana’s interbank FX rate as of June 5, 2025, is ₵10.26 to the US dollar. While this shows relative currency stability, the underlying support may be influenced by the BoG’s foreign exchange management measures, including open market operations and proceeds from the Gold-for-Oil Programme.

However, volatility risks persist, especially as fuel import bills are expected to rise following the recent introduction of the levy, which could increase FX demand in the coming months.

In the Spotlight: Policy Tensions, Public Pushback & Profit Surges

Plastic Industry Pushes Back on Styrofoam Ban

During the launch of Ghana’s 2025 national tree planting exercise, President John Dramani Mahama announced a bold policy to ban the import and production of Styrofoam, citing its significant contribution to environmental degradation, especially in food packaging.

Describing Styrofoam as one of the most persistent pollutants, the president emphasised its danger to ecosystems and the urgent need for biodegradable alternatives. However, Plastic Manufacturers Association of Ghana (PMAG) President Ebbo Botwe has urged caution.

“There are widespread misconceptions about Styrofoam. It contains just 4-5% plastic. The real issue is poor disposal, not the material itself,” Botwe explained in an interview on Citi FM’s Eyewitness News.

Botwe highlighted the potential economic fallout for manufacturers, workers, and small-scale distributors should the ban proceed without stakeholder engagement. He also confirmed a strategic meeting with the Environment Ministry between June 16–20 to discuss sustainable approaches, including recycling investments and public education.

This back-and-forth underscores the tension between environmental activism and industrial livelihoods, two areas needing a balanced policy response.

Bank of Ghana Posts Third Straight Year of Losses: GH¢9.49 Billion in 2024

The Bank of Ghana (BoG) has recorded an operating loss of GH¢9.49 billion for the 2024 financial year, its third consecutive year in the red. This follows previous losses of GH¢60.9 billion in 2022 and GH¢10.5 billion in 2023.

Key Contributors to the 2024 Loss:

• GH¢8.6 billion in monetary operations to control excess liquidity and inflation

• GH¢3.49 billion in foreign exchange revaluation losses, including GH¢1.82 billion under the Gold-for-Oil programme

• GH¢1.01 billion in currency issuance costs, up from GH¢690 million in 2023

  
  

Despite these setbacks, the central bank reported a marginal improvement in its equity position, ending the year at GH¢61.32 billion, compared to GH¢65.34 billion the year prior.

The consistent losses raise concerns over the sustainability of BoG’s fiscal interventions and its ability to maintain monetary stability without compromising balance sheet integrity.

GPRTU Threatens National Strike Over GH¢1 Fuel Levy

A nationwide transport strike looms large as the Ghana Private Road Transport Union (GPRTU) and other commercial transport operators plan to withdraw services from June 10, 2025, in protest of a new GH¢1 per litre fuel levy.

Speaking at a press briefing in Accra, GPRTU’s Abass Ibrahim Imoro described the levy as a “unilateral decision” that threatens the livelihoods of over 200,000 drivers and operators nationwide.

“This GH¢1 increment, on an average pump price of GH¢15/litre, means a 6.7% surge in operating costs. That’s unaffordable for our members and the public,” Imoro warned.

The levy is part of the Energy Sector Levy (Amendment) Bill, 2025, recently passed to raise GH¢5.7 billion, aimed at offsetting the country’s US$3.1 billion energy sector debt and funding US$1.2 billion worth of fuel procurement for thermal power generation in 2025.

Transport unions argue that the added fuel costs will translate into a 10–15% increase in fares, impacting over 60% of Ghanaians who depend on public transport daily. A strike could cripple the economy, affecting supply chains, school attendance, and workforce mobility.

Market Spotlight: ETI Shares Surge 174.19% YTD

On the flip side of Ghana’s economic narrative is an impressive bull run in the equities market, particularly Ecobank Transnational Incorporated (ETI). As of June 2025, ETI shares have returned 174.19% year-to-date, marking it one of the best-performing financial stocks in the region.

An investor who committed ₵100,000 in January 2025 would now hold approximately ₵274,190, according to analysis by Finex Insights.

The surge reflects renewed investor confidence in the banking sector, post-debt restructuring, and increasing exposure to cross-border banking operations in Francophone West Africa.

Trending on Social Media: #DumsorLevy

The term #DumsorLevy has begun trending online, as netizens express outrage over the energy levy and its potential ripple effects on inflation, commuting costs, and business operations. Citizens are questioning whether the government has exhausted alternative funding options or is passing the buck onto already strained households.

From the streets to the stock exchange, the update reveals a nation at a crossroads. The government faces pressing choices:

• Whether to proceed with environmental regulation or protect jobs in manufacturing,

• How to reduce central bank losses without overburdening the public,

• And how to fix the power sector without triggering social unrest.

  
  

What is clear, however, is that economic policy must be transparent, participatory, and driven by data, not pressure.

Stay tuned for real-time updates, expert commentary, and investment insights from the team at Finex Insights.