KEY HEADLINES & INSIGHTS
Government spending falls 14% below target — BoG Report
Gov’t spent GH¢131.1bn in Jan–Jul 2025, 14% below target. Interest payments and capital projects dropped sharply, while employee compensation slightly exceeded projections. No new arrears recorded, signaling tighter fiscal control.
IMF: Ghana’s Belt-Tightening to Last Through 2026
Ghana will maintain strict spending limits through 2026, per IMF. Inflation is down to 9.4%, and the cedi is stable, but reduced government spending is slowing economic activity. Growth is projected at 4.8%, with lower interest rates expected to boost private sector investment.
Ghana Holds 3rd-Highest Policy Rate in Africa Despite Cuts
Ghana’s policy rate stands at 21.5%, behind Nigeria and Malawi, despite a 7.5-point cut in 2025. The BoG remains cautious to preserve stability and disinflation gains. While easing could lower lending costs and boost investment, Ghana’s monetary stance remains tighter than many regional peers.
Ghana Gold Coin Pricing Update
1 oz Now Selling at GH₵50,925.57 with 0.50 oz at GH₵25,827.86
and 0.25 oz at GH₵13,303.98 as of 3rd October 2025. (Bank of Ghana, 2025)
PRIMARY DEBT MARKET ISSUANCE WEEK
Yields on Government of Ghana (GoG) treasury bills showed mixed performance across the tenors last week. The 91-day bill rose marginally by 6 basis points to 10.53%, while the 182-day bill declined by 4 basis points to 12.31%. The 364-day bill marginally decreased by 0.4 basis points, settling at 12.87%.
| Security | Current Wk % | Previous Wk % |
|---|---|---|
| 91-Day GoG Bill | 10.5301 | 10.4739 |
| 182-Day GoG Bill | 12.3069 | 12.3516 |
| 364-Day GoG Bill | 12.8672 | 12.8707 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵6.49 billion at the week's close, reflecting a decrease from the GH₵6.99 billion reported in the previous week. The total number of transactions recorded was 2,290, with Treasury bills dominating the market and accounting for 86.20% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 7.51% to the total trading activity.
Daily Volume (GHS) Traded - GFIM
Week's Yield Curve
EQUITY MARKET
Trading activity on the local stock exchange turned bullish this week, with total share volume increased by 170% to 18,145,024 shares, from 6,722,522 shares posted the previous week. The total traded value, however, increased by 349%, settling at GH₵122.96 million compared to GH₵27.39 million last week, reflecting a significant increase in high-value transactions. Market capitalization posted a 0.67% weekly gain, closing at GH₵166.74 billion, down from GH₵165.63 billion.
| Index | Level | WoW% | MoM% | YoY% |
|---|---|---|---|---|
| GSE-CI | 8,488.81 | 0.93 | 3.92 | 73.65 |
| FSI | 3,949.15 | 1.77 | 3.94 | 65.88 |
Source(s): Ghana Stock Exchange
Week's Equities Top Gainers & Laggards
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) |
|---|---|---|
| CAL | 6,547,505 | 0.79 |
| GCB | 6,288,054 | 15.53 |
| MTNGH | 4,132,104 | 4.50 |
| ETI | 486,419 | 0.92 |
| SIC | 196,744 | 1.06 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DATE
| Country | Index | Level | YTD% |
|---|---|---|---|
| Malawi | MSE ASI | 607,253.70 | 252.97 |
| Ghana | GSE-CI | 8,488.81 | 73.65 |
| Tanzania | LuSE ASI | 25,407.42 | 64.55 |
| Kenya | NSE ASI | 146,988.04 | 42.81 |
| Nigeria | NGX ASI | 172.58 | 39.76 |
Source(s): African Markets
COMMODITY MARKET
This week, the commodities market posted a mixed performance, driven by notable price fluctuations. Gold prices increased from $3,880.80 to $3,975.90 per troy ounce week-on-week (w/w). The precious metal posted a 2.5% weekly gain.
Meanwhile, Brent crude oil futures posted an 2.8% weekly loss decreasing from $64.53 to $62.73 per barrel. The lowest since May 7, as renewed US-China trade tensions rattled markets. The decline was compounded by ongoing bearish sentiment from rising global supply, including higher output from OPEC+ and non-OPEC producers.
Cocoa futures posted a decrease settling at $5,848 per ton from last week’s $7,243, posting a 5.5% weekly loss. with NY cocoa sinking to a 20-month nearest-futures low. Cocoa prices remain under pressure after the governments of the Ivory Coast and Ghana increased the amount they pay farmers for their cocoa beans last week, which is expected to boost sales and cocoa supplies.
Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
The Ghanaian cedi (GH₵) posted marginal gains against major counterparts over the past week, reflecting reverted pressure in the FX market. The local unit appreciated by GH₵0.33 against the US dollar (USD), GH₵0.67 against the euro (EUR), and GH₵0.60 against the British pound (GBP), underscoring broad-based gains across key trading currencies.
Source(s): Bank of Ghana
