KEY HEADLINES & INSIGHTS
Ghana’s economy grew 5.3% year-on-year in Q1 2025, up from 3.6% in the previous quarter. Industrial growth rose to 3.4%, driven by a 5.6% jump in gold production. Agriculture expanded 6.6%, boosted by a cocoa rebound, while services grew 5.9%, slightly down from 6.3% in Q4 2024. (Ghana Statistical Services, 2025)
The International Monetary Fund (IMF) has scheduled early July for the Executive Board’s review of Ghana’s fourth programme assessment under the Extended Credit Facility (ECF) (CitiNewsRoom, 2025)
The Bank of Ghana (BoG), has cautioned the public and all relevant stakeholders to desist from engaging the services of Yellow Card Financial Inc. and HanyPay Ghana, entities claiming to provide a platform for digital payments and enable users to make payments, send and receive electronic money.
Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵ 36,338.04 with 0.50 oz at GH₵18,503.86 and 0.25 oz at GH₵ 9,607.75 as of 13th June 2025. (Bank of Ghana, 2025)
PRIMARY DEBT MARKET ISSUANCE WEEK
Yields on Government of Ghana (GoG) treasury bills saw a slight decline across all tenors last week. The 91-day bill fell by 9 basis points to 14.70%, indicating relative stability in short-term borrowing costs. Similarly, the 182-day and 364-day bills dropped by 20.5 and 5.7 basis points, respectively, closing at 15.25% and 15.74%. This decline reflects a moderation in GoG’s borrowing costs amid ongoing macroeconomic reforms.
| Security | Current Wk% | Previous Wk% |
|---|---|---|
| 91-Day GoG Bill | 14.7023 | 14.7922 |
| 182-Day GoG Bill | 15.2543 | 15.4591 |
| 364-Day GoG Bill | 15.7418 | 15.7990 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵2.27 billion at the week's close, reflecting a decline from the GH₵3.12 billion reported in the previous week. The total number of transactions recorded was 883, with Treasury bills dominating the market and accounting for 89.24% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 9.85% to the total trading activity.
The fixed income market opened the week on a weak note, recording a turnover of GH₵145.8 million, attributed largely to Treasury Bills and New Government of Ghana (GoG) Notes & Bonds.
Market liquidity rebounded to GH₵773.2 million on June 10, reflecting high participation. However, activity tapered off to GH₵482.7 million on June 11, with trading focused mainly on Treasury securities and new GoG issuances. Turnover declined further to reach GH₵419.1 million on June 12. The week ended on a slightly stronger note, compared to the previous day to reach GH₵447.7.
Week's Yield Curve
EQUITY MARKET
Trading activity on the local stock exchange turned bearish this week, with total share volume declining by 70% to 3,341,984 shares, down from 11,195,035 shares the previous week. The total traded value also declined by 45%, settling at GH₵21.88 million compared to GH₵39.70 million last week, reflecting a drop in high-value transactions. Market capitalization posted a weekly gain, closing at GH₵136.30 billion, up from GH₵136.13 billion.
Regarding market indices, the GSE Composite Index (GSE-CI) closed at 6,174.03 showing a 2.82% week-on-week gain, a 0.4% monthly gain, and a substantial year-to-date gain of 26.3%.
Week's Equities Top Gainers & Laggards
Moreover, the GSE Financial Stocks Index (GSE-FSI) increased to 3,287.72 points, making it a weekly gain of 1.82%, a monthly gain of 2.19%, and a year-to-date gain of 38.09%.
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) |
|---|---|---|
| MTNGH | 1,757,941 | 2.85 |
| SOGEGH | 371,881 | 8.85 |
| SCB | 351,887 | 26.27 |
| SIC | 326,724 | 1.04 |
| GCB | 200,168 | 8.90 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DATE
| Country | Index | Level | YTD% |
|---|---|---|---|
| Malawi | MSE ASI | 290,490.35 | 2.85 |
| Tanzania | LuSE ASI | 20,486.76 | 8.85 |
| Ghana | GSE-CI | 6,174.03 | 26.27 |
| Morocco | MASI | 18,417.52 | 1.04 |
| Nigeria | MSE ASI | 147.60 | 8.90 |
Source(s): African Markets
COMMODITY MARKET
This week, the commodities market posted mixed performance, driven by notable price fluctuations. Gold prices edged up from $3,322.27 to $3,431.20 per troy ounce week-on-week (w/w). The precious metal posted a 3.27% weekly gain.
Meanwhile, Brent crude oil futures posted a 11.67% weekly gain increasing from $66.47 to $74.23 per barrel, amid Israel and Iran war.
Cocoa futures declined this week, marginal decrease to $9,768 per ton from last week’s $10,259. Meanwhile, farmers in to grower Ivory Coast said recently that sufficient soil moisture is helping the April-to-September mid-crop develop, with hopes for a balanced combination of rain and sunshine to enhance yields despite ongoing quality concerns.
Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
The Ghanaian Cedi (GHS) has shown slight depreciation against major foreign currencies compared to the previous week. Specifically, it has lost GHS0.10 against the US Dollar (USD), lost GHS0.16 against the British Pound (GBP), and lost GHS0.24 against the Euro (EUR), compared to the previous week.
