Inflation slows, Nurses’ strike ruled illegal and the cedi holds steady.

Ghana’s June 5 2025 Cedi Board shows falling inflation, a stable cedi, dropping T-bill rates, and untapped guava and mango export potential. Read key insights and data from the latest Cedi Board report.

Cedi Board: Summary of Economic and Financial News in Ghana

Ghana’s latest macroeconomic indicators show promising signals for businesses, investors, and households alike. The June 5, 2025 Cedi Board presents a powerful visual update that captures falling inflation, easing interest rates, stable currency performance, and a surprising revelation about Ghana’s low share of global fruit exports.

Let’s dive into what the numbers really mean for Ghana’s economy.

💰 91-Day T-Bill Rates Fall to 14.26% – Down Nearly 40%

One of the standout changes is the drop in Ghana’s 91-day Treasury Bill rate to 14.26%, from 23.5% a year ago. That’s a dramatic decline of nearly 40%.

This signals:

• Reduced borrowing costs for the government

• Potential decline in yields for fixed-income investors

• Improved confidence in inflation control and monetary policy

Lower T-bill rates often point to monetary policy easing, especially if inflation is on the decline as is the case here.

💵 USD/GHS Holds Steady at ₵10.23 – Stability Returns

The Bank of Ghana’s interbank rate stands at ₵10.23 per USD, reflecting exchange rate stability compared to the volatility seen in recent years. This is crucial for:

• Importers managing price predictability

• Foreign investors analyzing currency risk

• Households facing rising imported inflation

If the cedi holds or appreciates further, it could enhance Ghana’s inflation-fighting progress.

📉 Inflation Drops to 18.4% in May 2025

Ghana’s headline inflation has eased to 18.4% in May, driven mainly by falling transportation and non-food prices.

This drop suggests:

• Reduced cost pressure on consumers

• Possible relief on wage demands in both private and public sectors

• A pathway toward single-digit inflation if the trend continues

While food inflation remains a concern, easing non-food prices especially in fuel and logistics could support broader macroeconomic gains.

⚠️ Labour Disputes and Energy Concerns in the Headlines

Two notable stories dominated news cycles this week:

• The National Labour Commission declared the nurses’ and midwives’ strike illegal, ordering a call-off. This points to deeper labour unrest in essential sectors.

• The “Dumsor levy”, a trending topic on social media suggests growing dissatisfaction with the cost of electricity and its reliability. Policymakers may face pressure to balance tariff hikes with service improvements.

  
  

🛢️ Oil Licenses Extended to 2040 – Long-Term Energy Boost

Ghana and its oil partners have signed a landmark deal to extend the Jubilee and TEN oil field licenses to 2040. This move:

• Secures long-term crude oil revenue for the country

• Signals upstream investor confidence

• Boosts medium-term forex inflows to stabilize the cedi

Energy security and infrastructure remain central to sustaining this momentum.

🌍 Fruit Exports: Ghana Captures Just 1.3% of a $4.25B Market

The real export shocker?While global demand for guava and mango (fresh or dried) exceeds $4.25 billion, Ghana’s export value stands at just $55.13 million a mere 1.3% market share.

Top export destinations for Ghana include:

• UK

• Netherlands

• Germany

• Switzerland

• Belgium

• Italy

This presents a major opportunity for agro-export investors and policymakers to:

• Boost agro-processing capacity

• Improve logistics and cold chain systems

• Promote value-added packaging and branding

  
  

📺 Consumer Electronics Prices Drop – Smart TV Down ₵110

Even electronics prices are responding to the macro trend. A 43” Hisense Smart TV now sells for ₵2,990, down from ₵3,100 in June 2024.

This could reflect:

• A stronger cedi against supplier currencies

• Lower import duties or transport costs

• Rising competition among retailers

  
  

🔍 Investor Insights: What to Watch Next

Based on current trends, here’s what savvy investors and analysts should track:

• Monetary policy direction: Will the Bank of Ghana maintain rate cuts?

• Electricity reforms: Will the “#Dumsor levy” lead to infrastructure upgrades or further public pushback?

• Export policy: Will Ghana target higher-value fruit exports with better incentives?

• Exchange rate management: Can the cedi hold its ground during global headwinds?

With the right policy responses, Ghana could transition from stabilization to sustainable growth.