KEY HEADLINES & INSIGHTS

The Ghana cedi experienced mild depreciation over the period, with the USD/GHS rising from 11.2136 to 11.4000, indicating stronger demand for the US dollar. The EUR/GHS also increased slightly from 13.2270 to 13.2440, while the GBP/GHS remained unchanged at 15.1738, reflecting relative stability in the pound-cedi exchange relationship.

In terms of short-term performance, the USD and GBP recorded flat weekly returns of 0%, while the EUR posted a slight weekly decline of -0.20%. This suggests that although there were minor fluctuations during the week, overall volatility in the foreign exchange market remained relatively contained.

On a broader performance basis, the EUR delivered the strongest yearly return at 7.41%, followed by the USD at 4.59%, while the GBP showed 0% returns across all periods. This indicates stronger long-term appreciation pressure in the euro compared to the other major currencies, while the pound remained largely stagnant.

Macroeconomic conditions remain relatively stable, with inflation currently around 3.4%, reflecting moderate price pressures in the economy. This level of inflation suggests that recent disinflationary trends may be holding, supporting improved economic stability.

The Bank of Ghana’s Monetary Policy Rate currently stands at 14%, reflecting a gradual easing stance. This indicates a shift toward supporting economic activity while still maintaining a relatively tight policy environment to anchor inflation expectations and ensure currency stability.

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana (GoG) Treasury bills recorded upward movements across all tenors in the current week, indicating a broad-based increase in rates, as the 91-day bill rose by 3.42 basis points to 4.9174% from 4.8832%, the 182-day bill edged up by 0.27 basis points to 7.0411% from 7.0384%, and the 364-day bill increased more sharply by 25.55 basis points to 10.3857% from 10.1302%, highlighting stronger upward pressure on the long end of the yield curve.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of approximately GH₵6.91 billion at the close of the week, across 7,528 transactions. Treasury Bills remained the dominant instrument, accounting for 52.5% of total traded volume and 95.8% of total transactions, underscoring continued strong activity in the short-term segment.

Sell/Buy Back trades in Government of Ghana (GoG) Notes and Bonds followed, contributing a significant 41.5% of total volume but only 3.02% of transactions, indicating the prevalence of large-sized institutional trades.

DDEP Bonds recorded a modest share of 5.76% of total traded volume and 0.62% of total deals, reflecting relatively limited but sizable transactions.

Corporate Bonds contributed just 0.23% of total volume and 0.52% of transactions, while New GoG Notes and Bonds accounted for a negligible 0.09% of volume and 0.03% of trades. Old GoG Notes and Bonds recorded no trading activity during the week.

Overall, market activity remained heavily skewed toward Treasury Bills and Sell/Buy Back transactions, with minimal participation across other fixed income instruments.

Daily Volume (GHS) Traded – GFIM

Week's Yield Curve

EQUITY MARKET

This week, trading on the local stock exchange recorded a significant decline in activity, as total share volume dropped by 55.10% to 5,282,168 shares, compared to last week’s 11,762,657 shares. Similarly, total traded value fell sharply by 57.70% to GH₵28.01 million from the previous week’s GH₵66.21 million, indicating substantially lower market turnover and reduced investor participation.

Source(s): Ghana Stock Exchange

Week's Equities Top Gainers & Laggards

EQUITY MARKET MOST TRADED STOCKS

Source(s): Ghana Stock Exchange

TOP PERFORMING AFRICAN MARKET INDICES

Source(s): African Market

COMMODITY MARKET

This week, the commodities market exhibited mixed performance across key assets.Brent crude oil showed a volatile but overall upward trend across the week. Prices opened at $104.21 per barrel on Monday, rose sharply to $107.77 on Tuesday, then eased to $105.63 on Wednesday and $105.72 on Thursday, before rallying again to close higher at $109.26 on Friday. Despite midweek fluctuations, the week ended with strong late gains, indicating renewed bullish momentum in crude oil.

Gold prices, however, recorded a steady downward trend over the same period. The metal opened the week at $4,718.70 per troy ounce on Monday and fluctuated slightly midweek, rising to $4,697.70 on Wednesday after dipping to $4,677.60 on Tuesday.

It then eased further to $4,678.10 on Thursday before declining more sharply to close the week at $4,555.80 on Friday, reflecting sustained selling pressure and a clear weekly pullback.

Meanwhile, cocoa prices posted a consistent and pronounced decline throughout the week. Starting at $4,632.00 per ton on Monday, prices fell steadily each day dropping to $4,503.00 on Tuesday, $4,309.00 on Wednesday, and $4,189.00 on Thursday before closing at $4,002.00 on Friday. This reflects strong bearish sentiment and continuous downward pressure in the cocoa market over the week.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

Exchange rates showed a slight depreciation of the cedi over the past week.The USD/GHS rose from 11.2136 to 11.4000, EUR/GHS edged up from 13.2270 to 13.2440, while GBP/GHS remained unchanged at 15.1738.

Returns showed USD at 4.59% (yearly), EUR at 7.41%, while GBP recorded 0% across all periods, with weekly performance at 0% for USD, -0.20% for EUR, and 0% for GBP.

Source(s): Bank of Ghana