Gov’t Misses T-Bills Target, Ride-Hailing Union Threatens Strike, and ECG Warns Against Illegal Power Fixes

Ghana’s financial landscape continues to shift this week, with updates on government debt instruments, transport sector disruptions, and power distribution concerns. The Cedi Board® captures the key highlights shaping the economy and consumer market.

Government Misses Treasury Bills Target for Third Straight Week

The Government of Ghana once again fell short of its Treasury bills (T-bills) target as investors shifted preference to higher-yielding alternatives like fixed deposits.

According to the Bank of Ghana’s auction data, T-bills were undersubscribed by nearly 10%, with total bids amounting to GH¢5.817 billion, of which GH¢5.754 billion was accepted.

Breakdown of the auction:

• 91-Day Bill: GH¢4.049 billion tendered (69.61% of total bids), GH¢4.029 billion accepted. Yield rose to 10.41%.

• 182-Day Bill: GH¢1.337 billion tendered, GH¢1.327 billion accepted. Yield increased to 12.38% (from 12.23% last week).

• 364-Day Bill: GH¢430.38 million tendered, GH¢397.82 million accepted. Yield declined slightly to 13.00%.

  
  

The continued underperformance highlights investor caution and the government’s growing challenge in mobilizing short-term domestic financing.

Ghana Online Drivers & Courier Union Threatens Nationwide Strike

The Ghana Online Drivers and Courier Union (GODCU) has warned of a looming nationwide strike in response to increasing violent attacks on its members and what it calls illegal charges by ride-hailing platform Bolt.

In a press release dated August 24, 2025, union chairman Francis Tengey revealed that drivers frequently face robberies in areas such as Teshie, Nungua, Achimota Overhead, the Accra–Tema Motorway, Ashongman Estates, and East Airport. Victims report theft of money, phones, and personal belongings, with some suffering stabbings during incidents.

Beyond security issues, GODCU is demanding an immediate halt to “unauthorized” fees. Despite DVLA’s 2023 directive to stop booking charges, Bolt continues to levy a “platform fee,” which the union insists is illegal.

If their demands are ignored, the union says a strike is inevitable, raising concerns over disruptions in Ghana’s booming ride-hailing and courier sector.

ECG Warns Public Against Illegal Power Restorations

The Electricity Company of Ghana (ECG) has issued a stern warning to customers against engaging private electricians to restore power during outages.

ECG’s Ashanti West General Manager, Ing. George Amoah, cautioned that unauthorized electricians often tamper with poles, transformers, and phases using substandard materials, leading to outages, low voltage, and damaged transformers.

In one case, a private electrician in Dabaa charged residents ₵150 per pole climb, but overloaded the red phase of a transformer, risking widespread power failure. ECG recently replaced a vandalized transformer in Suame District at a cost of ₵110,000, funds that could have extended electricity to unserved areas.

The power distributor has vowed to prosecute offenders under Executive Instrument (EI) 38 of 2010 and urged the public to report suspicious activity. Customers are encouraged to use official ECG channels such as the ECG PowerApp or hotline 0302611611.

Investor’s Insight – Cold Chain Opportunity in Agribusiness

Ghana’s fruit and vegetable sector could unlock up to US$900 million annually if cold storage and refrigerated logistics are fully developed. Cold chain infrastructure remains a critical missing link in agribusiness, limiting export growth and post-harvest preservation.

Investing in cold storage facilities not only strengthens food security but also opens the door to Ghana’s untapped trade potential across the horticulture value chain.

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.