KEY HEADLINES & INSIGHTS
Ghana’s T‑Bills Oversubscribed 253% as Yields Continue to Fall
Ghana’s latest T‑bill auction drew GH¢22.67 billion in bids—253% above target—while yields on all maturities fell sharply amid strong market liquidity and competitive bidding.
Cedi Weakens as Importers Drive Up Dollar Demand
Ghana’s cedi slipped as firms sought more dollars to settle import bills, despite strong reserves and last year’s major currency gains.
Ghana Targets 2030 to End Raw Mineral Exports and Shift Cocoa Financing Local
Ghana plans to fund cocoa purchases in cedis instead of foreign loans and will ban raw mineral ore exports by 2030 to boost local processing and retain more value domestically.
Ghana’s Exports Rise by $8.5 Million in Early 2026
GEPA’s Board Chair says Ghana’s exports have grown by $8.5 million mid‑year, crediting stronger production and rising export volumes—not central bank dollar support—for recent macroeconomic stability.
Ghana Gold Coin Pricing Update
1 oz Now Selling at GH₵57,042.43 with 0.50 oz at GH₵28,867.24 and 0.25 oz at GH₵14,802.10 as of 13th February 2026. (Bank of Ghana, 2026)
PRIMARY DEBT MARKET ISSUANCE WEEK
Yields on Government of Ghana (GoG) treasury bills posted a decline across the tenors last week. The 91-day bill decreased by 136 basis points to 8.61%, the 182-day bill by 114 basis points to 10.69%, and the 364-day by 100 basis points, settling at 11.062%.
| Security | Current Wk % | Previous Wk % |
|---|---|---|
| 91-Day GoG Bill | 8.6095 | 9.9696 |
| 182-Day GoG Bill | 10.6788 | 11.8165 |
| 364-Day GoG Bill | 11.0620 | 12.0623 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵8.40 billion at the week's close, reflecting a decrease
from the GH₵10.13 billion reported in the previous week. The total number of transactions recorded was 7,258, with Treasury bills dominating the market and accounting for 92.09% of the trades. Meanwhile, New GoG Notes & Bonds posting 2.70% to the total trading activity.
Daily Volume (GHS) Traded – GFIM
Week's Yield Curve
EQUITY MARKET
Trading activity on the local stock exchange declined this week, with total share volume decreasing by 50% to 34,069,32shares, from 68,410,491 shares posted the previous week. The total traded value decreased by 52%, settling at GH₵139.42 million compared to GH₵292.48 million last week, reflecting a significant decrease in higher-value transactions.
| Index | Level | WoW% | MTD% | YTD% |
|---|---|---|---|---|
| GSE-CI | 10,260.79 | 12.11 | 13.93 | 17 |
| FSI | 5,580.18 | 10.79 | 13.13 | 20.08 |
| Market Cap | 195.8875 | 8.38 | 9.54 | 13.86 |
Source(s): Ghana Stock Exchange
Week's Equities Top Gainers & Laggards
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) |
|---|---|---|
| MTNGH | 27,490,462 | 4.85 |
| CAL | 4,088,416 | 0.86 |
| ETI | 939,338 | 0.82 |
| GOIL | 921,436 | 3.60 |
| FML | 164,005 | 9.76 |
Source(s): Ghana Stock Exchange
UPCOMING DIVIDENDS
| Security | Dividend/Share | Ex-Dividend | Qualifying Date | Payment Date |
|---|---|---|---|---|
| SIC | GHS0.0511 | 8-Dec | 10-Dec | 19-Dec |
| TBL | D0.35 | 25-Nov | 27-Nov | 2-Dec |
| BOPP | GHS1.0627 | 1-Dec | 3-Dec | 9-Dec |
| GGBL | GHS0.098 | 23-Oct | 27-Oct | 30-Dec |
| SCBPREF | GHS0.0512 | 10-Sep | 12-Sep | 30-Sep |
| MTNGH | GHS0.08 | 20-Aug | 22-Aug | 11-Sep |
| EGL | GHS0.126 | 25-Jun | 27-Jun | 25-Aug |
COMMODITY MARKET
This week, the commodities market posted a mixed performance, driven by notable price fluctuations. Gold prices increased from $4,951.2 to $5,022 per troy ounce week-on-week (w/w). The precious metal posted 1.43% weekly gain.
Meanwhile, Brent crude oil futures posted a 0.44% weekly marginal loss decreasing from $68.05 to $67.75 per barrel, after data showed an overall slowdown in U.S. inflation, helping offset supply concerns as OPEC+ is leaning towards a resumption in production increases.
Cocoa futures posted a marginal increase settling at $3,581 per ton from last week’s $4,197, posting a 14.68% weekly loss. A sharp drop in cocoa prices is creating serious difficulties for state buyers in Ivory Coast and Ghana, according to Commerzbank. Both governments guarantee farmers a fixed farmgate price, but current world market prices are well below those levels.
Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
The Ghanaian cedi (GH₵) recorded mixed performance against major international currencies last week, reflecting ongoing volatility in the foreign exchange market. The local currency depreciated marginally by GH₵0.02 against the US dollar (USD), GH₵0.05 against the British pound (GBP), and GH₵0.07 against the euro (EUR).
Source(s): Bank of Ghana
DISCLAIMER: The information contained in this weekly update on the financial markets is intended for informational purposes only and should not be construed as financial, investment or other professional advice. The data are derived from internal and external sources that FFC Research finds reliable. FFC Research assumes no responsibility or liability for any actions taken based on the information contained in this report.
Research Analyst - Cedric Asante | Email: cedric.asante@firstfinancecompany.com
