Ghana’s T-Bill Yields Tumble as BoG Blacklists 10 Money Transfer Operators in Crackdown

bernard boateng
Jun 27
3 min read

📉 T-Bill Yields in Sharp Decline

Ghana’s short-term interest rates have plunged sharply over the past year, signaling a significant change in domestic borrowing dynamics. As of June 27, 2025:

91-Day Treasury Bill yield now stands at 14.70%, down 10.71 percentage points from 24.87% a year ago.
182-Day Treasury Bill is at 15.25%, also falling 11.58 points from 26.83%.

This steep drop reflects stronger liquidity conditions and reduced government borrowing pressure, potentially due to recent International Monetary Fund (IMF) reforms and fiscal consolidation efforts.

Cedi Board: Summary of Economic and Financial News in Ghana

💵 USD/GHS Update: Cedi Holds at ¢10.32

The interbank market rate issued by the Bank of Ghana on June 26, 2025, pegged the USD/GHS rate at ¢10.32. This relative stability is notable amidst currency pressures in other African markets. However, foreign exchange transactions in Ghana continue to face scrutiny.

🚨 BoG Cracks Down on Unapproved MTOs

In a bold regulatory move, the Bank of Ghana has blacklisted 10 unapproved Money Transfer Organisations (MTOs) for operating within the remittance and forex markets without proper licensing. These MTOs are:

ACE Money Transfer
Remit Union
Remit Home
Roze Remit
Monty Global
Nairagram
I-Transfer
Hurupay
Eversend
IZI Send

According to BoG Notice No. BG/FMD/2025/41, these entities have been engaged in unauthorized foreign exchange operations in contravention of Section 3.1 and Section 15.3 of the Foreign Exchange Act, 2006 (Act 723), which prohibits the dealing or transfer of foreign exchange without a valid license.

The public, commercial banks, and payment service providers have been explicitly warned to desist from engaging with these firms. BoG has also reminded approved MTOs to channel their forex transactions exclusively through licensed partner institutions and comply with all operational guidelines.

🔴 Non-compliance will attract severe sanctions, including the withdrawal of licenses for institutions found in breach.

This move is part of the BoG’s broader efforts to regulate remittance inflows, stabilize forex markets, and reduce illicit capital flows.

🔐 Cybersecurity Warnings from the Central Bank

In related developments, the Bank of Ghana has also raised concerns about cybersecurity vulnerabilities, reporting that over 40% of financial institutions assessed show weaknesses in their digital systems. This presents major risks in an era of increasing digital financial activity and growing mobile money penetration.

🦠 Covid-19 Reemergence on Campus

The Ghana Health Service (GHS) has flagged new Covid-19 cases at one of Ghana’s top universities. As a precaution, authorities are calling for the reinstatement of safety protocols, particularly in densely populated academic institutions.

💼 Investor Insight: Ride-Hailing as a Viable Side Hustle

As traditional investments adjust to macro shifts, individuals can tap into the booming demand for urban mobility. Ride-hailing platforms like Bolt or Yango offer an accessible way to earn daily income using personal vehicles. It’s a low-barrier option for anyone looking to monetize underutilized assets from students and salaried workers to retirees.

🔎 Summary for Investors & Observers

Indicator	Status	Comment
91-Day T-Bill	🔻14.70%	Significant drop from 2024
182-Day T-Bill	🔻15.25%	Indicates easing liquidity
USD/GHS Interbank Rate	¢10.32	Holding steady
Cybersecurity Risk	🚨 40% of FIs	At risk, urgent compliance needed
Forex Remittance Sector	10 MTOs banned	Regulatory tightening

🧠 Key Takeaways

The Ghanaian financial landscape is undergoing a regulatory tightening, especially in forex and remittance channels.
Treasury bill yields are declining, presenting lower returns for fixed-income investors.
Digital risk remains a top priority for BoG, highlighting the need for secure systems.
Investors should diversify and explore alternative income sources, including tech-enabled side hustles.