Tourism Boosts Ghana's Economy by GH¢15.2bn as BoG Injects $243m to Stabilize Cedi

Ghana's economic landscape shows vibrant activity across multiple sectors this week, with tourism emerging as a major revenue driver, the central bank taking decisive action to support currency stability, and the government outlining an ambitious $500 billion green energy transition plan. These developments highlight both immediate economic strengths and long-term strategic priorities.

Inbound Travellers Pump GH¢15.2 Billion into Ghana's Economy

Ghana's tourism sector has demonstrated remarkable recovery, with new data from the Ghana Statistical Service revealing that inbound overnight visitors spent GH¢15.2 billion between October 2022 and September 2023.

The comprehensive report tracked 888,584 overnight visitors, representing nearly 99% of all international arrivals, with visitor numbers peaking in Q3 2023 with a 61.6% surge compared to Q4 2022.

Key spending patterns emerged:

• Accommodation and food services captured nearly 63% of total spending

• Business and professional travellers contributed GH¢2.7 billion in a single quarter

• American tourists recorded the highest per-capita expenditure at GH¢28,233

• Average stay duration reached 12 nights per visitor

Top attractions including Cape Coast Castle, Independence Square, and Kakum National Park drew the largest crowds, with cultural tourism and heritage experiences leading the way. However, officials noted that most visits remain concentrated around Accra and the central corridor, leaving significant opportunities untapped in other regions.

Government Statistician Dr. Alhassan Iddrisu emphasized that these findings provide a roadmap for boosting the sector's contribution to GDP through regional diversification, improved visitor services, and stronger links between tourism revenue and local communities.

BoG Sells $243 Million in FX Forward Auction, Highest Since Early 2025

The Bank of Ghana (BoG) has conducted its largest foreign exchange intervention in months, selling $243 million through a 7-day FX forward auction—the highest amount since the beginning of 2025.

Market data revealed:

• The Central Bank initially offered $300 million

• Commercial banks accepted $243 million at a price range of GH¢12.15-12.40

• The intervention follows a period of reduced BoG market participation

This decisive action comes as the BoG expresses optimism that current cedi pressures will normalize soon, backed by new monetary measures requiring mining firms to channel dollar inflows through local banks. Director of Research Dr. Philip Abradu-Otoo noted that "remittances have picked up after recent regulatory intervention," with expected cocoa inflows and donor disbursements further strengthening forex supply.

Despite a pickup in interbank activities since August 2025, only about $4 million was reported to have changed hands among participants this Wednesday, indicating continued market caution despite the central bank's substantial injection.

Ghana's Net-Zero Energy Transition by 2070 to Require Over $500 Billion Investment

The Ministry of Energy and Green Transition has announced that achieving a net-zero energy transition by 2070 will require investments exceeding $500 billion.

To mobilize these substantial funds, the Ministry plans to:

• Introduce tax incentives for renewable energy projects

• Streamline regulations to attract greater private sector investment

• Build a resilient energy transition framework with an accelerated timeline

Chief Director of the Ministry, Solomon Adjetey, explained that "net zero means that whatever emissions you generate must be reduced or eliminated through matching measures. Our programme targets 2070, but we are working to reach that goal even earlier."

The announcement came during the West Africa Green Economy Roundtable 2025, where stakeholders emphasized the need for cross-sector collaboration. Apostle Alexander Nana Yaw Kumi Larbi, Chairman of the Prisons Service Council, highlighted the role of faith-based organizations in advancing the transition agenda and combating illegal mining, while Ps. Dr. Felix Dela Klutse of Pent Media Centre called for stronger collaboration between academia, industry leaders, clergy, and policymakers.

Investor's Insight – GCB Bank Shares Hit All-Time High with 120.25% YTD Gain

GCB Bank shares continue their extraordinary performance, reaching a new all-time high with a 120.25% year-to-date gain. This remarkable growth reflects strong investor confidence in Ghana's financial sector and the broader economic recovery trajectory.

This week's developments present a multifaceted picture of Ghana's economic trajectory. The tourism sector's robust performance demonstrates Ghana's growing appeal as a destination for both business and leisure travel, offering significant potential for job creation and foreign exchange earnings.

The BoG's substantial FX intervention signals proactive management of currency stability, while the green energy transition plan outlines a visionary long-term strategy that could position Ghana as a leader in sustainable development in West Africa.

For investors, GCB's continued strong performance suggests confidence in the banking sector's ability to navigate current economic challenges. The tourism boom presents opportunities in hospitality, retail, and related services, while the green energy transition opens substantial prospects in renewable energy infrastructure.

However, successfully mobilizing the $500 billion required for the energy transition will require careful planning, international partnerships, and a conducive investment environment. The coming months will be crucial in demonstrating progress on these ambitious goals while maintaining macroeconomic stability.

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.