KEY HEADLINES & INSIGHTS –OCTOBER 2026
- Ghana's year-on-year inflation rose to 5.5% in October 2026, from 5.2% in September, marking the third consecutive monthly increase. Despite rising non-food prices, inflation remained below the Bank of Ghana's medium term target band of 6%–10%.
- Ghana's COCOBOD raised GH¢3.39 billion through a domestic debt issuance in October to finance cocoa purchases and improve liquidity in the cocoa sector. The move forms part of efforts to address financing challenges and ensure timely payments to cocoa farmers.
- The Ghana Gold Board continued supplying foreign exchange to commercial banks in October to support market liquidity and exchange rate stability. The initiative highlights the growing importance of gold exports in strengthening Ghana's foreign exchange reserves and supporting the cedi.
- The GRA clarified that its digital VAT system does not introduce new taxes but improves collection of the existing 20% tax on foreign digital services to boost government revenue and tax compliance.
- On 26 October 2026, Tema Oil Refinery (TOR) reported significant progress in its recovery, recording GH¢1.24 billion in profit before tax in 2025, its first in a decade. The refinery was processing approximately 28,000 barrels of crude daily, with plans to expand capacity to 55,000 barrels per day. The development is expected to strengthen domestic refining capacity and reduce reliance on imported petroleum products.
- Commodity markets remained sensitive to geopolitical developments and changing investor expectations in October. Oil prices experienced upward pressure amid concerns over Middle Eastern supply disruptions, while gold prices fluctuated as investors balanced safe haven demand against movements in the US dollar and interest rate expectations.
PRIMARY DEBT MARKET ISSUANCE
Yields declined across all tenors in October, comparing the final auction held in October 2026 with the last auction of September. The 364-day bill fell to 9.67% from 9.83%, a decline of 16 basis points, while the 91-day and 182 day bills eased by 7 and 8 basis points to 4.61% and 6.29%, respectively. Demand at the October auction remained strong, with investors tendering a total of GH¢4.27 billion across the three tenors, while the Government accepted GH¢3.39 billion. The 91-day bill attracted the highest demand, accounting for GH¢2.86 billion of total bids, reflecting continued investor interest in short term government securities.
| Security | Current (%) | Previous (%) | Bbps |
|---|---|---|---|
| 91-Day Bill | 4.6135 | 4.6785 | -6.5 |
| 182-Day Bill | 6.2929 | 6.3701 | -7.72 |
| 364-Day Bill | 9.6739 | 9.8339 | -16.00 |
Source (s): Bank of Ghana
GHANA FIXED INCOME SECONDARY MARKET
Ghana’s fixed income market remained active in October 2026, with total traded volume reaching GHS 44.34 billion across 35,657 transactions. DDEP bonds dominated market activity, accounting for GHS 22.53 billion in traded volume (50.80% of the total) across 954 transactions. Treasury bills followed with GHS 19.90 billion (44.88%) across 34,136 trades, representing 95.73% of total transactions. Sell/buy back trades in GoG notes and bonds recorded GHS 1.72 billion (3.89%), while new GoG notes and bonds accounted for GHS 111.14 million (0.25%). Corporate bonds contributed GHS 68.60 million (0.15%), while commercial paper recorded GHS 10.77 million (0.02%). Old GoG notes and bonds accounted for a marginal share of total traded volume, while green and sustainable bonds recorded no trading activity during the month.
Figure 2: Month-end Yield Curve
Source (s): Ghana Fixed Income Market
GHANA STOCK EXCHANGE MARKET
Trading activity on the Ghana Stock Exchange remained active in October 2026, with 68.62 million shares traded at a total value of GH₵345.23 million. The Telecommunications sector led trading by both volume and value, recording 44.91 million shares worth GH₵289.65 million. The Financial sector followed with 10.31 million shares traded at GH₵22.03 million, while the Healthcare sector recorded 2.19 million shares valued at GH₵1.50 million. Other sectors, including Advertising, Insurance, Food & Beverages, Oil & Gas, and Agriculture, recorded relatively lower trading volumes and values. Overall, market activity remained concentrated in the Telecommunications and Financial sectors, which together accounted for approximately 80.75% of total shares traded and 90.28% of total trading value (See Figure 3).
Figure 3:GSE Market Performance Indicators
Source (s): Ghana Stock Exchange
GHANA STOCK EXCHANGE
Equity performance was mixed in October 2026, with CPC (+35.7%), MMH (+16.7%), and EGL (+14.3%) emerging as the month's top gainers, followed by TOTAL (+13.2%) and AADS (+9.5%). On the downside, DASPHARMA ( -19.1%), DIGICUT (-17.0%), and ETI (-16.8%) recorded the largest declines, followed by SOGEGH (-10.6%) and BOPP (-6.7%). Overall, market performance reflected mixed movements across listed equities, with notable gains in selected counters offset by significant declines in others (see Figure 4).
