GCB Bank has introduced a dedicated Hajj Savings Account to help Muslim customers prepare financially for the holy pilgrimage while safeguarding them from the risks associated with unregulated agents.

At the launch, the bank’s Executive Head of Retail Banking, Sina Kamagate, described the initiative as a reflection of GCB’s commitment to inclusive and responsible banking.

“This day is endearing to all of us because GCB has always remained an inclusive bank,” he said. “Today, what you have witnessed is a further demonstration of how inclusive and responsible our banking solutions are.”

The account allows customers to begin saving with as little as GHS 50 and ensures that funds are transferred directly to the accredited Hajj Board, with agents duly notified—removing the possibility of fraud.

“We have heard several reports of agents who absconded with pilgrims’ funds in the past,” Kamagate explained. “With the Hajj Savings Account, you no longer have to entrust your money to individuals.”

The product also comes with insurance cover from Hollard Life Insurance, at no extra premium. Benefits include death compensation for families of account holders, as well as protection against theft and property loss.

Kamagate emphasized the account’s flexibility, noting that customers can continue saving even after performing Hajj or convert it into a regular savings account for other goals, such as holidays or personal projects.

The initiative ties into GCB’s broader agenda to deepen Islamic banking in Ghana. Kamagate revealed that the bank is working toward establishing a fully-fledged Islamic banking unit, following recent discussions between the Bank of Ghana and the National Chief Imam.

With Hajj 2026 fast approaching, GCB is urging early sign-ups, highlighting that consistent contributions of GHS 100 a month could help customers achieve their pilgrimage dreams.

The government’s latest Treasury bill auction bounced back strongly last week, recording its first oversubscription in four weeks.

According to fresh data from the Bank of Ghana, investors submitted bids worth GH¢4.38 billion across the 91-day, 182-day, and 364-day bills. Out of this, the Treasury accepted GH¢4.36 billion—exceeding its GH¢3.78 billion target by 15.34 percent.

A closer look at the figures shows that nearly all bids were absorbed: GH¢3.62 billion of GH¢3.63 billion for the 91-day bill, GH¢566 million of GH¢576 million for the 182-day, and GH¢182 million out of GH¢187 million for the 364-day.

Market analysts say the oversubscription was driven by a lower issuance target and stronger investor appetite, giving the government room to take up almost all bids.

On yields, the short-term securities saw marginal movements. The 91-day rose by 10 basis points to 10.42 percent, while the 182-day gained 4 basis points to 12.41 percent. The 364-day bill, however, dipped slightly by 2 basis points to 12.97 percent.

Looking forward, the government aims to raise GH¢8.2 billion at the next auction.

The Ghana cedi witnessed a slight depreciation against major trading currencies on Tuesday, August 26, 2025, according to Bank of Ghana (BoG) reference rates.

The local currency was buying at GH¢10.9445 and selling at GH¢10.9555 to the US dollar, compared to Monday’s GH¢10.8946 buying rate and GH¢10.9055 selling rate.

Against the pound sterling, the cedi traded at GH¢14.7631 (buying) and GH¢14.7789 (selling), while it exchanged at GH¢12.7697 (buying) and GH¢12.7823 (selling) to the euro.

The marginal decline has triggered concern among sections of the trading community. However, the Ghana Union of Traders’ Associations (GUTA) has called for calm, assuring that the movement is not significant enough to destabilize the market.

Head of GUTA’s Business and Economic Bureau, Mr. Kubi, told 3Business that the overall performance of the cedi remains positive despite the slight dip.

“We have done analyses and concluded that the cedi has appreciated overall. The decline from the past week is less than 4%, so its effect is nothing to worry about,” he explained.

He further urged the Bank of Ghana to strengthen forex supply through commercial banks to help reduce speculation and stabilize trade activities.

“Ensuring enough forex in the system is critical to maintaining confidence in the market,” he added.

While some importers and traders continue to express unease over currency fluctuations, GUTA insists that with timely monetary interventions, the market will remain stable despite global economic uncertainties.