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*THE BIG RESET*

_Ghana’s Forex Intelligence Brief._

20th October 2025 •

*Bank of Ghana | Forex Bureaus | Commercial Banks*

```Market Overview (Diamond Institute)```

The Ghanaian cedi opened the week mixed, trading within a moderate volatility band as the Bank of Ghana maintained a firm policy stance amid growing FX demand from importers and corporate settlements. While interbank rates show marginal strength, retail bureau rates continue to reflect speculative premiums driven by cash scarcity and heightened dollarisation pressure.

●●●BoG●●●

🟢Buying (₵) Selling (₵)

🇺🇸 USD 10.68 10.72
🇬🇧 GBP 14.32 14.40
🇪🇺 EUR 12.45 12.53

These rates serve as the official market guide for institutional trading, interbank settlements, and regulatory benchmarking.

*COMMERCIAL BANKS*

🔴Buying (₵) Selling (₵)

🇺🇸 USD 11.18 11.30
🇬🇧 GBP 14.95 15.20
🇪🇺 EUR 13.05 13.25

*Visa / Mastercard FX Rate: USD 1 = ₵11.56*

●▪︎●The Street Index

⚫Buying (₵) Selling (₵)

🇺🇸 USD 12.00 12.40
🇬🇧 GBP 16.30 16.70
🇪🇺 EUR 14.35 14.65

Retail rates mirror short-term cash demand and supply imbalances, with bureau premiums averaging 8–12% above official benchmarks.

⚪▪︎●▪︎The Market

The widening spread between BoG and bureau rates signals renewed pressure from speculative traders and offshore remittance flows. Analysts project moderate stability toward the month’s end as cocoa syndication inflows and energy sector receipts cushion liquidity. However, sustained fiscal discipline remains crucial to prevent currency slippage.

*“Currency stability is not born from control, but from confidence. A nation’s true exchange rate is the reflection of its productive strength, not the shadow of its reserves.”*

▪︎|Bismarck Kwesi Davis
▪︎|TheBigReset

ꜱᴜꜱᴛᴀɪɴᴀʙʟᴇ ɢʀᴏᴡᴛʜ ɪɴ ᴀ ꜰʀᴀɢᴍᴇɴᴛᴇᴅ ᴡᴏʀʟᴅ: ɢʜᴀɴᴀ’ꜱ ʙᴏʟᴅ ʟᴇᴀᴘ ɪɴᴛᴏ ᴇꜱɢ ᴀɴᴅ ᴛʜᴇ ꜰᴜᴛᴜʀᴇ ᴏꜰ ᴅᴇᴠᴇʟᴏᴘɪɴɢ ᴇᴄᴏɴᴏᴍɪᴇꜱ

▪︎▪︎||ACCRA, Ghana — September 1, 2025.||▪︎▪︎

At the Mövenpick Ambassador Hotel in Accra, where policymakers, financiers, and corporate leaders gathered under the chandelier glow of West Africa’s premier business hub, one message resonated: sustainability is no longer a footnote — it is the headline of global development.

𝐓𝐡𝐞 𝐄𝐒𝐆 & 𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐒𝐮𝐦𝐦𝐢𝐭, 𝐭𝐡𝐞𝐦𝐞𝐝 “𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞 𝐆𝐫𝐨𝐰𝐭𝐡: 𝐄𝐒𝐆 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠, 𝐄𝐔 𝐓𝐚𝐱𝐨𝐧𝐨𝐦𝐲, 𝐚𝐧𝐝 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐏𝐚𝐭𝐡𝐰𝐚𝐲𝐬 𝐟𝐨𝐫 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐢𝐧𝐠 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐞𝐬,” 𝐜𝐫𝐲𝐬𝐭𝐚𝐥𝐥𝐢𝐬𝐞𝐝 𝐚 𝐠𝐥𝐨𝐛𝐚𝐥 𝐭𝐫𝐮𝐭𝐡: 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐢𝐧𝐠 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐞𝐬 𝐜𝐚𝐧 𝐧𝐨 𝐥𝐨𝐧𝐠𝐞𝐫 𝐢𝐠𝐧𝐨𝐫𝐞 𝐭𝐡𝐞 𝐬𝐞𝐢𝐬𝐦𝐢𝐜 𝐬𝐡𝐢𝐟𝐭 𝐭𝐨𝐰𝐚𝐫𝐝 𝐄𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭𝐚𝐥, 𝐒𝐨𝐜𝐢𝐚𝐥, 𝐚𝐧𝐝 𝐆𝐨𝐯𝐞𝐫𝐧𝐚𝐧𝐜𝐞 (𝐄𝐒𝐆) 𝐫𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠.

A Global Capital Shift

Today, more than $40 trillion in global assets are managed with ESG considerations. The European Union’s Taxonomy Regulation, once seen as distant Brussels bureaucracy, is now reshaping global investment flows. From Wall Street to Shanghai, funds are flowing toward projects that prove their green credentials.

Yet Africa’s share of this massive pool of sustainable capital remains under 1 per cent. For Ghana and her peers, this gap represents not just a challenge but a generational opportunity.

ESG Meets the Sustainable Development Goals

The convergence of ESG reporting with the United Nations Sustainable Development Goals (SDGs) is becoming the new currency of credibility. Environmental stewardship, social inclusion, and ethical governance are no longer academic concepts — they are the barometers by which international capital markets judge whether a nation is worth the bet.

Environmental: Climate resilience, renewable energy transitions, biodiversity protection.

Social: Human rights, labour dignity, diversity, and inclusion.

●Governance

Anti-corruption, transparency, and responsible leadership.

For Ghana, these are not abstractions. They are urgent imperatives.

Ghana at the Crossroads

Ghana is no stranger to sustainability frameworks. In 2021, the government issued its Sustainable Bond Framework. The mining, banking, and telecommunications sectors have begun piloting ESG disclosures. And yet, the country still grapples with fragmentation: inconsistent standards, low capacity in small and medium enterprises, and limited enforcement.

The paradox is stark. While Ghana champions sustainability on paper, much of its private sector remains disconnected from the reporting revolution shaping global finance.

▪︎▪︎The EU Taxonomy in the African Context

To many, the European Union’s taxonomy — a science-based classification system for sustainable activities — might seem like Europe’s affair. But in reality, it is Africa’s gateway. Without alignment to this taxonomy, African exports, from cocoa to critical minerals, risk exclusion from European value chains. Conversely, alignment opens doors to green bonds, climate funds, and blended finance at a scale never seen before.

As one summit participant remarked, “If we don’t measure it, we can’t attract it.”

Strategic Pathways for Developing Economies

●The Accra summit charted four bold pathways for developing economies:

1. Policy and Regulation: National standards must mirror EU taxonomy rules while remaining contextually African.

2. Finance and Innovation: Green bonds, carbon markets, and climate-linked insurance can redefine capital access.

3. Private Sector Leadership: Sector-specific ESG scorecards in banking, agriculture, and mining will raise the floor.

4. Capacity and Data: Establishing national sustainability reporting platforms and ESG literacy programs for SMEs will anchor credibility.

●Learning from Africa’s Own

Africa is not without models. Rwanda’s Green Fund is already attracting international climate finance. Nigeria’s sovereign green bonds are financing infrastructure. Ghana’s cocoa sustainability frameworks are gaining European recognition. These are fragments of a continental mosaic — what is needed now is a coherent African ESG identity.

●The Call of a Generation●

The summit ended not with fanfare but with urgency. Ghana’s journey mirrors that of much of the developing world: a race against time to embed sustainability into the DNA of growth.

The call was clear: Africa must establish a Pan-African ESG taxonomy, build continental data hubs for sustainability reporting, and invest in the next generation of ESG leaders. Without this, the continent risks being locked out of a green economy revolution already underway.

●|Reflection|●

For Ghana, for Africa, and for every economy straddling fragility and ambition, the choice is now. Sustainability is no longer a side road. It is the highway.

“𝙎𝙪𝙨𝙩𝙖𝙞𝙣𝙖𝙗𝙞𝙡𝙞𝙩𝙮 𝙞𝙨 𝙣𝙤𝙩 𝙖 𝙗𝙪𝙧𝙙𝙚𝙣; 𝙞𝙩 𝙞𝙨 𝙩𝙝𝙚 𝙣𝙚𝙬 𝙛𝙧𝙤𝙣𝙩𝙞𝙚𝙧 𝙤𝙛 𝙤𝙥𝙥𝙤𝙧𝙩𝙪𝙣𝙞𝙩𝙮. 𝘿𝙚𝙫𝙚𝙡𝙤𝙥𝙞𝙣𝙜 𝙚𝙘𝙤𝙣𝙤𝙢𝙞𝙚𝙨 𝙩𝙝𝙖𝙩 𝙚𝙢𝙗𝙧𝙖𝙘𝙚 𝙀𝙎𝙂 𝙧𝙚𝙥𝙤𝙧𝙩𝙞𝙣𝙜 𝙬𝙞𝙡𝙡 𝙣𝙤𝙩 𝙟𝙪𝙨𝙩 𝙨𝙪𝙧𝙫𝙞𝙫𝙚 — 𝙩𝙝𝙚𝙮 𝙬𝙞𝙡𝙡 𝙡𝙚𝙖𝙙 𝙩𝙝𝙚 𝙜𝙧𝙚𝙚𝙣 𝙚𝙘𝙤𝙣𝙤𝙢𝙮 𝙧𝙚𝙫𝙤𝙡𝙪𝙩𝙞𝙤𝙣.”

🟢●|●𝘽𝙄𝙎𝙈𝘼𝙍𝘾𝙆 𝙆𝙒𝙀𝙎𝙄 𝘿𝘼𝙑𝙄𝙎
🔴●|●𝙍𝙚𝙨𝙚𝙩𝙩𝙞𝙣𝙜 𝙂𝙝𝙖𝙣𝙖 𝙎𝙚𝙧𝙞𝙚𝙨
⚫𝙌3𝙈3𝘿1||▪︎▪︎
⚪2025||▪︎▪︎

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𝙍𝙚𝙨𝙚𝙩𝙩𝙞𝙣𝙜 𝙂𝙝𝙖𝙣𝙖 𝙎𝙚𝙧𝙞𝙚𝙨 – 𝙎𝙩𝙧𝙖𝙩𝙚𝙜𝙞𝙘 𝙉𝙖𝙩𝙞𝙤𝙣𝙖𝙡 𝙐𝙥𝙙𝙖𝙩𝙚

*Accra, August 2025 – Ghana is quietly scripting a story of resilience, reform, and renewal.*

●|●The Ministry of Finance has trimmed the 2025 fiscal deficit target to 3.8% of GDP, recording a mid-year shortfall of 1.1% against the 2.4% projection. This was buoyed by 5.3% economic growth, and June inflation pegged at 13.7%.

●|●On the trade front, non-traditional exports surged to GHS4.2 billion in H1 2025, a sharp 18% increase, driven by cocoa derivatives, cashew exports, and a 12% rise in horticultural produce. Ghana’s green exports are now a frontline driver of foreign exchange stability.

●|●In the energy transition, Accra unveiled West Africa’s first nearly-zero-energy building, designed to generate 88% of its electricity from solar power. Within months, the facility will feed surplus power into the national grid—a historic symbol of Ghana’s green leap.

▪︎▪︎||▪︎▪︎Education reform continues to deepen its roots. The 2025 WASSCE enrolled 461,640 candidates (254,000 females; 207,000 males), steadily rising over 2024. More telling is the implementation of the No-Fees Policy, which has already reimbursed 120,222 first-year students, out of 142,089 validated applicants. For tens of thousands of families, education just moved from a privilege to a right.

*“A reset is not a change of government—it is a change of conscience. Ghana’s economy, energy, and education reforms are proof that when systems are trusted and monitored, they inspire the grassroots to dream again.”*

|▪︎Bismarck Kwesi Davis▪︎|
|▪︎Resetting Ghana Series▪︎|

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🇬🇭 RESETTING GHANA SERIES | FOREX |➖️| INVESTMENT BRIEFING

Monday, 07 July 2025 • 8:30 AM GMT

_National Economic Outlook for Business and Investment]_

*💱 FOREX MARKET SNAPSHOT — GHANA*

*Open Market (Bureaux)*

_Buy Sell_

●USD (💵)
₵12.10 / ₵12.50 ⏹️

●GBP (💷)
₵16.60 / ₵17.00 ⏹️

●EUR (💶)
₵14.30 / ₵14.70 ⏹️

*Commercial Banks*

_Buy Sell_

●USD (💵)
₵10.45 / ₵10.78 ⏹️

●GBP (💷)
₵14.40 / ₵14.71 ⏹️

●EUR (💶)
₵12.42 / ₵12.71 ⏹️

*Bank of Ghana (BoG)*

■₵10.32 ⏹️ USD (💵)
■₵14.09 ⏹️ GBP (💷)
■₵12.13 ⏹️ EUR (💶)

*FX Position*
🔹 USD: Stable🟢
🔹 GBP: Stable🟢
🔹 EUR: Stable🟢

*📉 FX STABILITY MASKS STRUCTURAL PRESSURE*

Ghana's forex market opened this week with stable rates across all major currencies. Despite no upward movement, the persistent ₵2.20+ gap between BoG and open market USD rate signals deep structural demand, particularly from import-heavy sectors like fuel, pharmaceuticals, and manufacturing

The Bank of Ghana’s firm hold on the reference rate may indicate tactical reserve management to curb inflation, but the wide parallel market margin suggests strong underground demand and speculative holding—especially as we approach the third quarter of an election year.

```💼 STRATEGIC INVESTMENT FORECAST FOR THE BUSINESS COMMUNITY```

*1. Forex-Centric Business Advice*

Importers should lock in rates early for Q3 supply chains.

Exporters and service providers earning in forex stand to gain from open market disparities.

Hospitality and Tech & Education sectors must model forex-based pricing to remain competitive.

*📊 2. Asset Allocation Recommendations*

Hedge against local currency weakening by diversifying into dollar-earning investment vehicles, such as gold-backed bonds or diaspora-linked mutual funds.

Consider channelling capital into agriculture and processing for food exports (e.g., cocoa, cassava, shea butter), where forex earning potential is high.

*3. Policy Watch*

Monitor for upcoming BoG FX auctions or digital forex monitoring policies, which could tighten liquidity and impact access to hard currency.

*“The cedi’s journey is not just a matter of numbers but a reflection of national discipline. When our policies honour productivity and our investments protect value, the currency will rise to meet the confidence of the people.”*

Bismarck Kwesi Davis |
Resetting Ghana Series

https://whatsapp.com/channel/0029Va7x0rGEgGfGOselC30p

📢 Follow the Thinking that’s Resetting a Nation

Join the Official WhatsApp Channel of Bismarck Kwesi Davis – Architect of the Resetting Ghana Series

In an age where sound bites dominate and depth is rare, this channel offers curated, data-driven insights that decode Ghana’s political economy, public policy, governance systems, and continental aspirations.

Led by Bismarck Kwesi Davis, a renowned strategic analyst and convener of the Resetting Ghana Series, the channel delivers:

📌 Evidence-Based Commentary on national development, fiscal governance, energy resilience, and youth empowerment.
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Bismarck Kwesi Davis



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```🗞️ Resetting Ghana Bulletin | June 2025 Edition```

*🩺 Health Infrastructure Push*

```Government to Build 600 CHPS Compounds in 2025

In a strategic shift toward decentralised healthcare access, the government has announced plans to construct two Community-based Health Planning and Services (CHPS) compounds in every district — totalling 600 nationwide. This bold initiative signals a renewed investment in rural healthcare equity, bringing basic services closer to the Ghanaian doorstep.```

*📱 Mobile-Money Milestone*

Registered Accounts Reach 74.1 Million

Ghana’s digital finance frontier keeps expanding. From 66.9 million accounts in 2024, registered mobile-money accounts have surged to 74.1 million in 2025 — reflecting fintech’s widening embrace and a changing national payment culture.

*🚢 Tema Customs Rakes in GHS 7.9 Billion in Import Duty – Q1 Alone*

Customs Division at the Tema Port recorded a staggering GHS 7.9 billion in import duty within the first quarter of 2025, underscoring Ghana’s buoyant trade volume — and reigniting debates on port automation, leakage control, and tariff rationalisation.

*⚖️ Courtrooms Go Digital*

70 % of Proceedings Now Recorded Electronically

In a significant leap toward judicial transparency, nearly 70% of Ghana’s court proceedings are now being captured via digital recording tools — reducing procedural ambiguity and preserving the sanctity of legal archives.

*🍫 Cocoa Crisis*

COCOBOD Says Price Gaps Fuel 70 % of Smuggling Cases

Cross-border price disparities remain the biggest lure for Ghana’s cocoa smugglers, per new COCOBOD findings. The report estimates that 70% of all illicit cocoa flows are driven by financial incentives to reroute exports through neighbouring states.

*📈 Ghana’s GDP Growth Averages 6.3 % in 2024*

Ghana’s post-pandemic economic rebound has gained traction, with GDP growth averaging 6.3 % in 2024. The quarterly trajectory — 4.8 %, 7 %, and 7.2 % — reaffirms strong performance in energy, agribusiness, and digital services.

*🏦 Ecobank Ghana Tops Capital Rankings with $228 Million Tier-1*

Ecobank Ghana closed 2024 with a formidable US$228 million in Tier-1 capital — making it the most capitalised bank in Ghana and boosting its credentials as a pan-African financial stronghold amid tighter regulatory buffers.

*💸 Ghana Bleeds $3 Billion Annually to Illicit Financial Flows*

According to recent fiscal transparency reports, Ghana loses nearly $3 billion every year through tax evasion, corruption, and transfer mispricing. This haemorrhage undermines the nation’s development aspirations and calls for stricter audit, prosecution, and data integration measures.

*📊 BoG’s Digital Finance Reform Targets SME Expansion by Year-End*

The Bank of Ghana has announced a new wave of digital finance policies tailored to enhance credit access for SMEs. The regulatory blueprint — expected before year-end — seeks to balance innovation, inclusion, and macroprudential stability.

*🇪🇺 €12.7 Million Anti-Corruption Boost*

EU, Germany Invest in Institutional Integrity
A landmark €12.7 million funding package from the European Union and Germany is set to reinforce Ghana’s anti-corruption systems, institutional integrity, and public sector accountability mechanisms. The project spans training, digitisation, and whistleblower protections.

*📉 Inflation Outlook: BoG Projects 12 % Target by End of 2025*

With tight monetary policy, stable FX inflows, and easing food prices, the Bank of Ghana is optimistic that inflation could drop to 12 % by December 2025 — a dramatic improvement from the post-COVID peaks.

*"We cannot digitise a future we still govern analogically. Ghana’s breakthroughs — from courtrooms to cocoa farms, ports to payment systems — prove that transformation begins where vision meets institutional courage. To truly reset this republic, we must redesign our systems, reward transparency, and resource the next generation not just with policies but with platforms to lead."*

Bismarck Kwesi Davis | Resetting Ghana Series | 2025

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Bismarck Kwesi Davis
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*"Where National Conscience Meets Strategic Action"*

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||Bismarck Kwesi Davis||

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