NIB Eyes Ghana Stock Exchange as BoG Slashes T-Bill Rates – July 25 Cedi Board Update

Ghana’s fiscal outlook is shifting as bold economic policy moves take center stage. The Finance Minister’s mid-year budget update outlined major reforms, while the Bank of Ghana (BoG) delivered sharp interest rate cuts on short-term securities. All eyes are also on the National Investment Bank (NIB), which is being primed for listing on the Ghana Stock Exchange.

Treasury Bill Yields Tumble Sharply

In a dramatic turn, yields on Ghana’s short-term treasury bills dropped significantly compared to the same period last year. The 91-day bill now stands at 13.73%, down by 11.06 percentage points from 24.79% in July 2024. Similarly, the 182-day bill has dropped to 14.62%, shedding 12.09 percentage points from 26.71% a year ago. This trend points to improved market confidence and lower borrowing costs for the government.

Meanwhile, the BoG’s interbank forex rate shows the Ghana cedi trading at ₵10.46 to the US dollar as of July 24, 2025, maintaining relative stability in the FX market.

NIB to List on the Ghana Stock Exchange

A key highlight of the 2025 Mid-Year Budget is the planned listing of the National Investment Bank (NIB) on the Ghana Stock Exchange. Finance Minister Dr. Cassiel Ato Forson disclosed that the government has taken several steps to recapitalise NIB and prepare it for a public offering.

These include:

• A ₵450 million cash injection

• Marketable bonds worth ₵1.5 billion

• A transfer of ₵500 million worth of shares in Nestlé Ghana to NIB

  
  

Thanks to these measures, NIB’s Capital Adequacy Ratio has moved from -53.13% in 2024 to +23% by May 2025. Over 900 jobs have been saved and ₵6.4 billion in depositor funds preserved.

The government’s restructuring plan aims to enhance board independence, strengthen corporate governance, and institute a modern, profitable business model.

Ghana Approves Visa-Free Travel with Four Countries

Ghana’s Parliament has ratified visa waiver agreements with Mozambique, São Tomé and Príncipe, Colombia, and the Commonwealth of Dominica. The agreements apply to diplomatic, service, and ordinary passport holders, making travel and cooperation more seamless.

According to the Foreign Affairs Committee, the waiver supports bilateral ties in education, trade, tourism, energy, and agriculture. Foreign Minister Samuel Okudzeto Ablakwa assured that while visa fees may be waived, the long-term gains in trade and tourism will far outweigh any lost revenue.

VAT Reforms to Ease Tax Burden

In a bold move to ease economic pressure on Ghanaians, the Finance Minister has announced sweeping reforms to the VAT system. The changes, set to be finalised by October 2025, will include:

• Abolishing the COVID-19 Levy

• Reducing the Effective VAT Rate

• Removing cascading effects of NHIS and GETFund levies

• Phasing out the VAT Flat Rate

• Introducing a unified VAT system

  
  

The reforms aim to promote fairness, boost revenue mobilisation, and create a more efficient tax structure. Dr. Forson emphasized that these steps are critical to Ghana’s macroeconomic recovery and long-term growth.

Investor's Insight – FML Shares Up 14.86% YTD

On the equity market, Fan Milk Limited (FML) is showing strong momentum. The stock has surged 14.86% year-to-date, rising from ₵3.70 in January to ₵4.25 in July 2025. This reflects growing investor confidence in consumer staples and offers a glimpse into resilient sectors amid Ghana’s economic recovery.

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.