KEY HEADLINES & INSIGHTS

Sub-Saharan Africa has become the global leader in mobile money, with over 1.1 billion registered accounts and $1.1 trillion in transactions in 2024. Ghana stands out in this transformation, with mobile money contributing over 5% of its GDP, driven by progressive policies like increased transaction limits and strong competition among providers. (MSN, 2025)

Ecobank Ghana PLC (EGH) emerged as the top performer with a remarkable 11.8% increase in value, showcasing strong investor confidence, while NewGold Issuer Limited (GLD) further declined by 11.0%.

The Ghanaian cedi appreciated significantly over the past week, with the USD/GHS rate declining from 13.10 to 12.32. The EUR and GBP also weakened against the cedi, dropping to 13.72 and 16.33 respectively.

Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵41,348.49 with 0.50 oz at GH₵21,041.96 and 0.25 oz at GH₵10,914.02 as of 16th May 2025. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana (GoG) treasury bills declined marginally across all tenors in the past week. The 91-day bill edged down by 5.24 basis points to 15.11%, signaling minimal stability in short-term borrowing costs. Meanwhile, the 182-day and 364-day bills recorded smaller declines of 2.39 and 1.46 basis points, respectively, closing at 15.68% and 16.79%. This moderation of borrowing cost by GoG amid macroeconomic reforms.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵3.77 billion at the week's close, reflecting a decline from the GH₵4.08 billion reported in the previous week. The total number of transactions recorded was 7,896, with Treasury bills dominating the market and accounting for 97.13% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 2.03% to the total trading activity.

The fixed income market began the week on a strong footing, with turnover reaching GH₵787.3 million, supported by heightened investor demand for Treasury Bills and newly issued Government of Ghana (GoG) Notes and Bonds. This reflects growing interest in short- to medium-term maturities amid ongoing yield optimization strategies.

Liquidity surged to GH₵1,006.4 million on May 13, indicating strong market participation. However, activity eased to GH₵840.3 million on May 14, with trades largely concentrated in Treasury securities and new GoG issuances. The market regained momentum on May 15, recording GH₵857.5 million in turnover, before closing the week with a sharp decline to GH₵282.6 million on May 16.

Week's Yield Curve

EQUITY MARKET

This week, trading on the local stock exchange saw a bullish performance in trading activity, with total share volume surging by 347% to reach 23,758,579 shares, compared to last week's 5,314,629 shares. The total traded value inched up by 128%, reaching GH₵102.57 million, compared to the previous week’s GH₵44.95million, indicating higher-value transactions. Market capitalization experienced a gain, closing at GH₵143.71 billion, from last week's value of GH₵ GH₵140.25 billion.

Regarding market indices, the GSE Composite Index (GSE-CI) closed at 6,707.64, showing a 4.51% week-on-week gain, a 10.04% monthly gain, but a substantial year-to-date gain of 37.21%.

Moreover, the GSE Financial Stocks Index (GSE-FSI) also increased to 3,168.48 points, making it a weekly gain of 0.94%, a monthly gain of 1.81%, and a year-to-date gain of 33.09%.

Week's Equities Top Gainers & Laggards

EQUITY MARKET MOST TRADED STOCKS

Source(s): Ghana Stock Exchange

TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DATE

Source(s): African Markets

COMMODITY MARKET

This week, the commodities market posted mixed performance, driven by notable price fluctuations. Gold prices declined from $3,335.4 to $3,182 per troy ounce week-on-week (w/w). The precious metal posted a 4.6% weekly loss.

Meanwhile, Brent crude oil futures posted a 2.35% weekly gain, surging from $63.91 to $65.41 per barrel, as easing US-China trade tensions boosted sentiment. A 90-day tariff truce between the world’s two largest oil consumers helped soothe concerns about weakening demand.

Cocoa futures inched this week, climbing to $10,898 per ton from last week’s $9,387. This incline represents a weekly gain of 16.1%, close to their highest level since early February, on concerns about crops in West Africa, particularly in Ivory Coast. Dealers pointed to growing fears of a significant drop in the mid-season crop, partly tied to late-arriving rain in the region that limited crop growth.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

Exchange rates declined over the past week as the cedi strengthened. The USD/GHS rate fell from 13.10 to 12.32. Similarly, the EUR/GHS rate dropped from 14.75 to 13.72, and the GBP/GHS rate decreased from 17.43 to 16.33.

Source(s): Bank of Ghana