KEY HEADLINES & INSIGHTS
Ghana Completes 2025 Eurobond Payments
Ghana paid US$349.52 million toward its Eurobond debt, totaling US$1.17 billion in payments since October 2024. This fulfills all 2025 obligations and signals strong economic discipline ahead of a US$1.41 billion payment schedule for 2026.
Bank of Ghana Makes Biggest Monthly Gold Reserve Gain in June 2025
The Bank of Ghana added 0.83 tonnes of gold to its holdings in June 2025, marking the biggest single-month increase in the year. According to newly released central bank data, the country’s official gold reserves now stand at 32.99 tonnes, cementing Ghana’s place among the top gold-reserve-build.
AngloGold Ashanti Increases Share Capital
As of June 30, 2025, AngloGold Ashanti’s issued share capital rose to 504,744,430, up from 504,454,963 in May 2025, following the listing of additional ordinary shares during the period.
Ghana Gold Coin Pricing Update
1 oz Now Selling at GH₵36,035.75 with 0.50 oz at GH₵18,354.98 and 0.25 oz at GH₵9,535.88 as of 11th July 2025. (Bank of Ghana, 2025)
PRIMARY DEBT MARKET ISSUANCE WEEK
Yields on Government of Ghana (GoG) treasury bills saw a marginal increase across all tenors last week. The 91-day bill edged up by 9.27 basis points to 14.66%, indicating relative stability in short-term borrowing costs. Similarly, the 182-day and 364-day bills marginal increase by 0.97 and 25.13 basis points, respectively, closing at 15.03% and 15.42%.
| Security | Current Wk% | Previous Wk% |
|---|---|---|
| 91-Day GoG Bill | 14.6596 | 14.5669 |
| 182-Day GoG Bill | 15.0289 | 15.0192 |
| 364-Day GoG Bill | 15.4192 | 15.1679 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵3.32 billion at the week's close, reflecting an increase from the GH₵2.07 billion reported in the previous week. The total number of transactions recorded was 1,995, with Treasury bills dominating the market and accounting for 81.5% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 16.49% to the total trading activity.
The fixed income market opened the week on a strong note, recording a turnover of GH₵906.4 million, attributed largely to Treasury Bills and largely New Government of Ghana (GoG) Notes & Bonds.
Market liquidity dipped to GH₵470.1 million on July 8, reflecting lower participation. However, activity rebounded to GH₵639.6 million on July 9, with trading focused mainly on Treasury securities, Corporate Bonds and New GoG issuances. Turnover increased further to reach GH₵797.9 million on July 10. The week ended on a slightly weaker note, compared to the previous day to reach GH₵504.0 million attributed to mainly New GoG Notes & Bonds.
Week's Yield Curve
EQUITY MARKET
Trading activity on the local stock exchange turned bearish this week, with total share volume decreased by 99% to 3,597,193 shares, down from 255,388,189 shares posted the previous week. The total traded value also decreased by 99%, settling at GH₵15.76 million compared to GH₵1.29 billion last week, reflecting a decrease in high-value transactions. Market capitalization posted a marginal weekly gain, closing at GH₵139.56 billion, down from GH₵138.55 billion.
Regarding market indices, the GSE Composite Index (GSE-CI) closed at 6,424.90 showing a 1.22% week-on-week gain, a 2.82% monthly gain, and a substantial year-to-date gain of 31.43%.
Moreover, the GSE Financial Stocks Index (GSE-FSI) increased to 3,428.97 points, making it a weekly gain of 0.69%, a monthly gain of 1.57%, and a year-to-date gain of 44.03%.
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) |
|---|---|---|
| MTNGH | 2,200,646 | 3.01 |
| GCB | 396,751 | 9.47 |
| SIC | 392,937 | 1.14 |
| CAL | 261,186 | 0.55 |
| ETI | 177,360 | 0.85 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DAY
| Country | Index | Level | YTD% |
|---|---|---|---|
| Tanzania | LuSE ASI | 20,445.99 | ▲ 32.41 |
| Ghana | GSE-CI | 6,424.90 | ▲ 31.43 |
| Kenya | NSE ASI | 159.06 | ▲ 28.81 |
| Morocco | MASI | 18,998.71 | ▲ 28.60 |
| Nigeria | NGX ASI | 126,149.59 | ▲ 22.56 |
Source(s): African Markets
COMMODITY MARKET
This week, the commodities market posted marginal increase, driven by notable price fluctuations. Gold prices increase from $3,332.5 to $3.356 per troy ounce week-on-week (w/w). The precious metal posted a 0.71% weekly gain.
Meanwhile, Brent crude oil futures posted a 3.03% weekly gain increasing from $68.29 to $ 70.36 per barrel, after the International Energy Agency said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation.
Cocoa futures posted marginal increase to $8,840 per ton from last week’s $8,780, posting a marginal 0.68% gain. Dealers noted market unease ahead of second-quarter grind data, which may reveal further demand erosion after years of elevated prices. On the supply side, traders voiced fresh concerns about West Africa—home to key producers Ivory Coast, Ghana, Nigeria, and Cameroon—where cocoa output has declined for two straight seasons and is now forecast to fall another 10% in 2025/26.
Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
The Ghanaian Cedi (GHS) has shown mixed performance against major foreign currencies compared to the previous week. Specifically, it has lost GHS0.08 against the US Dollar (USD), gained GHS0.04 against the British Pound (GBP), and lost GHS0.03 against the Euro (EUR), compared to the previous week.
Source(s): Bank of Ghana
