KEY HEADLINES & INSIGHTS

T-bills: Government’s target undersubscribed by 55%

The government missed its treasury bills target by a significant 55%, the biggest undersubscription recorded so far this year. This is coming after it posted a 23% oversubscription of the short-term instruments the previous week.

Cedi Strengthens to GH₵10.70 against US dollar

Ghana’s local currency has recorded an appreciation against major trading currencies, notably the US dollar reaching 12.09% gain.

Bank of Ghana Adds $8B Gold Revenue to Reserves

The Bank of Ghana has earned about $8 billion from gold since March 2025, boosting foreign exchange reserves. Governor Dr. Johnson Asiama credited Goldbod’s efforts in gold trade for the surge, which strengthens economic stability.

Ghana Gold Coin Pricing Update

1 oz Now Selling at GH₵46,880.70 with 0.50 oz at GH₵23,780.86

and 0.25 oz at GH₵12,252.67 as of 17th October 2025. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana (GoG) treasury bills showed marginal increase across the tenors last week. The 91-day bill rose marginally by 17 basis points to 10.70%, the 182-day bill by 13 basis points to 12.44% and the 364-day by 6 basis points, settling at 12.92%.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵7.97 billion at the week's close, reflecting an increase from the GH₵6.49 billion reported in the previous week. The total number of transactions recorded was 2,488, with Treasury bills dominating the market and accounting for 86.33% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 7.19% to the total trading activity.

Daily Volume (GHS) Traded - GFIM

Week's Yield Curve

EQUITY MARKET

Trading activity on the local stock exchange turned bearish this week, with total share volume decreased by 63% to 6,659,147 shares, from 18,145,024 shares posted the previous week. The total traded value, however, decreased by 79%, settling at GH₵25.77 million compared to GH₵122.96 million last week, reflecting a significant increase in high-value transactions. Market capitalization posted a 0.81% weekly gain, closing at GH₵168.08 billion, down from GH₵166.74 billion.

Source(s): Ghana Stock Exchange

Weekly Gainers and 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 a mixed performance, driven by notable price fluctuations. Gold prices increased from $3,975.90 to $4,189.90 per troy ounce week-on-week (w/w). The precious metal posted a 5.4% weekly gain.

Meanwhile, Brent crude oil futures posted an 2.3% weekly loss decreasing from $62.73 to $61.29 per barrel, marking a third consecutive weekly decline and a near 3% weekly loss amid rising oversupply concerns and ongoing geopolitical uncertainty. Meanwhile, the US EIA reported that energy firms added 3.5 million barrels of crude to storage last week, raising concerns about weak consumption and further weighing on the demand outlook amid ongoing US–China trade tensions.

Cocoa futures posted a marginal increase settling at $5,895 per ton from last week’s $5,848, posting a 0.8% weekly gain. Cocoa prices have also been under pressure over the past two months amid fears that high cocoa prices and tariffs could dampen chocolate demand. North American sales volume of chocolate candy was down.

CURRENCY MARKET

The Ghanaian cedi (GH₵) posted gains against major counterparts over the past week, reflecting reverted pressure in the FX market. The local unit appreciated by GH₵1.47 against the US dollar (USD), GH₵1.89 against the euro (EUR), and GH₵1.65 against the British pound (GBP), underscoring broad-based gains across key trading currencies.

Source(s): Bank of Ghana