Gold Reserves & Mango Exports Boom as Ghana Takes on Multichoice in Pricing Standoff

Ghana’s economic landscape this week reveals a nation confidently asserting itself on multiple fronts, from regulatory bravery and strategic reserve accumulation to agricultural export excellence. While the government flexes its regulatory muscle with Multichoice, the Bank of Ghana continues to fortify the nation’s financial buffers with gold, and farmers are quietly making strides in international markets with mango exports. Here’s a breakdown of these developments and what they mean for investors and citizens.

NCA vs. Multichoice: Stakeholder Committee Convenes as DStv Pricing Talks Begin

The National Communications Authority (NCA) has confirmed that Multichoice Ghana has formally responded to its notice of intention to suspend the company’s authorization. This comes after Communications Minister Samuel Nartey George issued a stern ultimatum: reduce DStv subscription prices or face a shutdown by September 6.

A significant development has emerged, Multichoice Ghana has now agreed to participate in a Stakeholder Committee, which will hold its first meeting on September 8, 2025. This committee will review the pay-TV operator’s pricing model in Ghana.

Although Multichoice had earlier denied agreeing to any price reductions, it has now committed to respecting due process and engaging fully with the committee. The NCA has assured the public of transparency and further updates as deliberations progress.

This move signals the government’s increasing willingness to intervene in markets where consumer affordability is a concern, setting a potential precedent for other sectors.

Bank of Ghana Gold Reserves Climb to 36 Tonnes, Supporting Cedi Stability

The Bank of Ghana (BoG) continues to successfully execute its Domestic Gold Purchase Program, with gold reserves rising by 4.70% in July 2025 to reach 36.02 tonnes in August. This represents an impressive 17.6% increase since the beginning of the year.

This strategic accumulation has been a cornerstone of the central bank’s strategy to diversify foreign exchange reserves, reduce exposure to global financial volatility, and enhance currency stability. The initiative is paying off, despite recent pressures, the cedi has appreciated by 20.35% against the US dollar year-to-date.

The BoG emphasized that this programme is designed to:

• Strengthen foreign exchange reserves

• Boost investor confidence

• Provide a buffer against external shocks

• Secure affordable financing options without over-reliance on external debt

  
  

This disciplined approach to reserve management is fostering a more resilient macroeconomic environment.

Sweet Success: Ghana’s Mango Exports Generate US$75M in 2024

Ghana’s agricultural export sector is bearing fruit, literally. The country earned US$75 million from mango exports in 2024, up significantly from US$62.05 million the previous year.

The United Kingdom emerged as the largest importer of Ghanaian mangoes, with exports growing by 21% between 2020 and 2024. Ghana now ranks as the 2nd largest exporter of mangoes to the UK (after Brazil) and the 2nd in Africa (after Egypt).

Globally, the country climbed to become the 13th largest mango exporter in the world. While exports to Belgium declined, shipments to Germany and the Netherlands saw positive growth.

With global mango imports growing at 3% annually, there is room for further expansion. The Ghana Export Promotion Centre identified promising new markets, including Canada, the UAE, Kazakhstan, and notably, Nigeria, which offers geographic proximity, favourable tariffs, and cultural affinity.

Today's cedi board reflects a Ghana that is unafraid to challenge multinational corporations, strategically build economic buffers, and leverage its agricultural strengths. The government’s intervention in the Multichoice pricing dispute demonstrates a commitment to consumer welfare, while the BoG’s gold programme and rising mango exports illustrate deliberate, forward-thinking economic management.

For investors, these trends underscore the importance of sectors aligned with national development goals, such as agribusiness, renewable energy, and digital infrastructure, and the value of engaging with regulators transparently and proactively.

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.