KEY HEADLINES & INSIGHTS

Treasury Bills Undersubscribed as Investor Demand Weakens

The Treasury recorded a 30.45% undersubscription in its latest auction, raising GH¢3.9 billion against a GH¢5.68 billion target. Yields edged up slightly across all maturities as institutional demand remained subdued, with the 91-day bill leading bids at GH¢3.07 billion.

Ghana’s Public Debt Falls by GH¢96.5 Billion Amid Fiscal Consolidation

Provisional data shows Ghana’s public debt dropped from GH¢726.7 billion (61.8% of GDP) in Dec 2024 to GH¢630.2 billion by Oct 2025, marking a historic turnaround driven by fiscal discipline, cedi appreciation, and debt restructuring progress. External debt fell sharply by GH¢97.6 billion, while domestic debt remained stable, signaling improved debt sustainability and renewed investor confidence.

Ghana Targets IMF Exit with Strong Fiscal Gains

Ghana plans to conclude its IMF bailout on a high note, backed by projections of a 1.5% primary surplus and a reduced budget deficit of 2.2% by 2026.

Ghana Gold Coin Pricing Update

1 oz Now Selling at GH₵47,675.25 with 0.50 oz at GH₵24,183.46

and 0.25 oz at GH₵12,460 as of 14th November 2025. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana (GoG) treasury bills posted marginal increase across the tenors last week. The 91-day bill increased marginally by 10 basis points to 11.03%, the 182-day bill by 5 basis points to 12.66%, while the 364-day marginally increased by 6 basis points, settling at 13.08%.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵2.03 billion at the week's close, reflecting an increase from the GH₵1.55 billion reported in the previous week. The total number of transactions recorded was 1,250, with Treasury bills dominating the market and accounting for 90.48% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 4.64% to the total trading activity.

Daily Volume (GHS) Traded - GFIM

Week's Yield Curve

EQUITY MARKET

Trading activity on the local stock exchange turned bearish this week, with total share volume decreased by 33% to 3,690,749 shares, from 5,471,355 shares posted the previous week. The total traded value decreased by 40%, settling at GH₵11.81 million compared to GH₵19.54 million last week, reflecting a significant decrease in higher-value transactions. Market capitalization posted a 1.40% weekly gain, closing at GH₵165.51 billion, down from GH₵163.23 billion.

Source(s): Ghana Stock Exchange

Week's Equities Top Gainers & Laggards

EQUITY MARKET MOST TRADED STOCKS

TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DATE

Source(s): African Markets

COMMODITY MARKET

This week, the commodities market posted a mixed performance, driven by notable price fluctuations. Gold prices increased from $3,999.40 to $4,087.60 per troy ounce week-on-week (w/w). The precious metal posted a 2.21% weekly gain.

Meanwhile, Brent crude oil futures posted a 1.19% weekly gain increasing from $63.63 to $64.39 per barrel. However, bearish pressure persisted as the IEA warned of a growing oil glut, with supply expected to exceed demand by 2.4 million barrels per day this year and 4 million next, while also projecting consumption growth through 2050.

Cocoa futures posted a decline settling at $5,287 per ton from last week’s $6,013, posting a 12.07% weekly loss. The lowest since January 2024, mainly driven by a brighter outlook for West African supplies.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

The Ghanaian cedi (GH₵) recorded a marginal weak performance against major international currencies last week, reflecting ongoing volatility in the foreign exchange market. The local currency weakened by GH₵0.05 against the US dollar (USD), GH₵0.05 against the euro (EUR) and GH₵0.11 against the British pound (GBP). These movements highlight marginal but notable shifts across key trading pairs.

Source(s): Bank of Ghana