T-Bill Rates Tumble as SSNIT Targets 90% Compliance and Cal Asset Delivers 32% Return

Cedi Board: Summary of Economic and Financial News in Ghana

T-Bill Rates Plummet Year-on-Year

The Treasury bill market saw a significant downturn in interest rates as of July 18, 2025. The 91-day bill dropped to 14.66 percent, plunging 10.13 percentage points from 24.79 percent a year ago. The 182-day bill also saw a sharp decline, falling to 15.03 percent from 26.75 percent during the same period. The declines signal a notable shift in short-term government borrowing costs, suggesting either improved fiscal stability or reduced demand pressures.

Dollar Is Not Legal Tender in Ghana, BoG Warns

The Governor of the Bank of Ghana, Dr. Johnson Asiama, has reaffirmed that the US dollar is not legal tender for everyday transactions in Ghana. Speaking at the ABSA-UPSA Quarterly Banking Roundtable, he emphasized that only the Ghanaian cedi is valid for payment of goods and services. He urged both businesses and individuals to reject dollar payments, citing it as a civic responsibility to protect Ghana’s monetary sovereignty.

The BoG aims to stem informal dollarization and reinforce the role of the cedi in daily commerce and macroeconomic policy.

SSNIT Ramps Up Efforts to Hit 90% Compliance by 2026

The Social Security and National Insurance Trust (SSNIT) is intensifying efforts to boost compliance rates from the current 70 to 80 percent to a targeted 90 percent by 2026. Many informal sector employers are still not enrolling workers or remitting pension contributions, leaving thousands vulnerable to future financial insecurity.

SSNIT is rolling out digital platforms and public campaigns to ease the registration and payment process. Director General Kwesi Afreh Biney stressed the importance of employer participation to ensure long-term pension security for Ghanaian workers.

Cal Asset Management Shines with 32.43 Percent Return

Cal Asset Management, a subsidiary of CalBank Plc, reported a robust 32.43 percent return on its Cal Advantage Unit Trust in 2024. The performance has strengthened investor confidence and generated increased demand for its products.

The Cal Benefit Unit Trust also posted a 24.01 percent year-to-date return. CEO James Elijah Donkor highlighted the firm’s focus on strategic diversification, disciplined risk management, and alignment with key growth sectors. Analysts regard the strong performance as a reflection of sound fundamentals, making Cal Asset one of the top performers in the financial sector.

Investor's Insight: Poultry Demand Keeps Soaring

Ghana imports about 270,000 metric tonnes of frozen chicken every year, while local production meets only 70,000 metric tonnes of that demand. With over 75 percent of poultry demand covered by imports, the market gap offers a compelling opportunity for investors. Strategic investments in poultry farming, feed production, and cold chain logistics could help close the deficit and drive significant returns.

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.