T-Bill Rates Down, BoG Suspends UBA FX Licence in Regulatory Crackdown

Ghana's financial landscape today is a tale of contrasting headlines: strong macroeconomic stability signaled by falling T-bill rates is set against decisive regulatory action and major sectoral shake-ups. From the cocoa industry to telecoms and banking, significant moves are reshaping the market for investors and consumers alike.

T-Bill Rates Signal Robust Macroeconomic Stability

The latest data from the Cedi Board underscores a continued era of macroeconomic calm and growing investor confidence.

• The 91-day Treasury bill rate has seen a dramatic decline, falling by 14.56 percentage points from 24.89% a year ago.

• This follows the trend set by the 364-day bill, which also plummeted recently.

  
  

This sustained drop in short-term government borrowing costs is a powerful indicator of reduced inflation expectations and a more stable currency environment, making government debt increasingly attractive to local investors seeking safer returns.

COCOBOD Completes GH¢2 Billion Bond Payment, Eyes $4bn Inflow

In a major stride to restore market confidence, Ghana's COCOBOD has successfully disbursed GH¢2 billion in coupon payments to investors of its restructured cocoa bills, which have now been formally reclassified as bonds.

The payment, made on September 1, 2025, is a critical step following the Domestic Debt Exchange Programme (DDEP). COCOBOD has assured investors of the timely settlement of another GH¢1.9 billion in coupons due in 2026 and 2027.

“Analysts believe the restructuring could enhance COCOBOD’s ability to secure fresh capital at lower borrowing costs.”

The move is part of an aggressive balance sheet cleanup, which is already yielding results in settling arrears to suppliers. In a further boost, Bank of Ghana Governor Dr. Johnson Asiama disclosed an expected $4 billion inflow from international buyers under a new pre-financing arrangement. This is projected to fund upcoming cocoa purchases, strengthen foreign reserves, and support the stability of the Cedi.

BoG Flexes Regulatory Muscle: Suspends UBA Ghana's Forex Licence for One Month

In a decisive enforcement action, the Bank of Ghana (BoG) has suspended UBA Ghana's foreign exchange trading licence for one month, effective September 18, 2025.

The suspension, enacted under the Foreign Exchange Act, 2006 (Act 723), follows multiple breaches of forex regulations. The central bank found that UBA Ghana engaged in unauthorized remittance transactions with Payment Service Providers (PSPs) on behalf of several Money Transfer Operators (MTOs).

As part of the sanctions:

• All remittance partnerships between UBA Ghana and DEMIs, PSPs, and MTOs have been suspended.

• Any future partnerships must reapply for BoG approval after the suspension period.

  
  

The BoG issued a stern caution to all foreign exchange market participants to comply strictly with existing regulations, signaling a zero-tolerance approach to market infractions.

Gov't Merges AT Ghana and Telecel to Halt $10m Losses, Create Stronger Challenger

The government is engineering a major telecom sector consolidation to halt financial bleeding and create a viable competitor to MTN Ghana.

The Ministry of Communication has announced plans to merge loss-making AT Ghana with Telecel Ghana. The move was necessitated by AT Ghana's dire finances, having incurred losses exceeding $10 million in just the first eight months of 2025.

“These losses are covered by taxpayers’ money. That is revenue that should be going into roads, schools, and water systems. We cannot keep using public funds to support an operation that cannot sustain itself.”— Samuel Nartey George, Communications Minister

Minister Samuel Nartey George assured that the merger will not result in job losses, with all AT Ghana staff being absorbed. The merger will be executed in three phases:

1. Technical migration (Nearly complete with 98% success on national roaming).

2. Human resource alignment (To be completed by end-September).

3. Commercial restructuring.

   
   

The new entity will require an estimated $600 million over the next four years, with government support from spectrum sales and expected investment from Telecel and partners.

Investor’s Insight – Healthcare: Ghana's Multi-Billion Cedi Infrastructure Gap

Beyond the day's headlines lies a profound long-term opportunity. Ghana's healthcare sector is grappling with a critical infrastructure deficit, with only 1 hospital bed per 1,000 people (WHO, 2023).

This gap, coupled with a growing, increasingly urban population demanding quality care, creates a compelling investment frontier. Significant potential exists for private capital in:

• Specialized Care Facilities: Cardiology, oncology, and tertiary care centers.

• Diagnostic Centers: Advanced imaging and laboratory services.

• Telemedicine Platforms: Expanding access to care remotely.

  
  

This isn't just a social good; it's a response to a massive, unmet market demand.

Today's Cedi board perfectly encapsulates Ghana's current economic phase: a foundation of hardening macroeconomic stability is enabling regulators to enforce compliance and policymakers to engineer strategic sectoral reforms. The BoG's suspension is a clear warning to the banking industry, while the telecom merger represents a pragmatic, if bold, industrial policy to stop fiscal drains and create value. For investors, the message is clear: the environment is stabilizing, but the rules of the game are being strictly enforced. The simultaneous presentation of risk (regulatory action) and opportunity (sectoral consolidation, infrastructure gaps) requires a nimble and well-informed strategy.

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.