KEY HEADLINES & INSIGHTS

T‑Bill Yields Drop Sharply to 6.4% as Government Records 170% Oversubscription

Ghana’s latest T‑bill auction saw yields fall sharply across all maturities while bids reached GH¢25.2 billion against a GH¢9.32 billion target, with GH¢11.4 billion accepted.

Ghana Pays 10bn Cedis in DDEP Interest to Reinforce Investor Confidence

Ghana has paid 10 billion cedis in interest under the Domestic Debt Exchange Programme, marking its sixth coupon settlement and second full‑cash payment as the government works to strengthen market confidence and support debt‑sustainability efforts.

GSE Tightens Rules to Curb Price‑Engineering and Strengthen Market Integrity

The Ghana Stock Exchange has introduced caps on share buybacks and stricter listing and disclosure standards to prevent price‑engineering, reinforce governance, and support sustainable liquidity as equities rally in a lower interest‑rate environment.

Ghana’s Producer Price Inflation Falls to 1.6% in January 2026Producer Price Inflation dipped to 1.6% in January from 1.9% in December, with mining recording the highest inflation at 43.7% while transport, accommodation, and food services continued to experience price declines.

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 216 basis points to 6.45%, the 182-day bill by 250 basis points to 8.18%, and the 364-day by 86 basis points, settling at 10.21%.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵7.96 billion at the week's close, reflecting a decrease from the GH₵8.40 billion reported in the previous week. The total number of transactions recorded was 3,438, with Treasury bills dominating the market and accounting for 89.41% of the trades. Meanwhile, New GoG Notes & Bonds posting 3.40% to the total trading activity.

Daily Volume (GHS) Traded – GFIM

Week's Yield Curve

EQUITY MARKET

Trading activity on the local stock exchange surged this week, with total share volume increasing by 74% to 59,439,666shares, from 34,069,327 shares posted the previous week. The total traded value increased by 143%, settling at GH₵338.26 million compared to GH₵139.42 million last week, reflecting a significant increase in higher-value transactions.

Source(s): Ghana Stock Exchange

Week's Equities Top Gainers & Laggards

EQUITY MARKET MOST TRADED STOCKS

Source(s): Ghana Stock Exchange

TOP PERFORMING AFRICAN STOCK INDICES

Source(s): African Market

COMMODITY MARKET

This week, the commodities market posted a mixed performance, driven by notable price fluctuations. Gold prices increased marginally from $5,022 to $5,059.3 per troy ounce week-on-week (w/w). The precious metal posted 0.74% weekly gain.

Meanwhile, Brent crude oil futures posted a 5.92% weekly gain increasing from $67.75 to $71.76 per barrel, near a six-month high, after US President Donald Trump said he is considering a limited military strike on Iran and warned Tehran it has 15 days at most to reach a nuclear deal.

Cocoa futures posted a decline settling at $3,080 per ton from last week’s $3,581, posting a 13.99% weekly loss. Last week, Ghana cut the official price it pays its cocoa farmers by nearly 30% for supplies for the 2025/26 growing season, and Reuters reported on Wednesday that the Ivory Coast is considering a similar cut. The Ivory Coast and Ghana produce more than half of the world's cocoa.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

The Ghanaian cedi (GH₵) recorded marginal appreciation against major international currencies last week, reflecting ongoing volatility in the foreign exchange market. The local currency appreciated marginally by GH₵0.03 against the US dollar (USD), GH₵0.16 against the British pound (GBP), and GH₵0.07 against the euro (EUR).

Source(s): Bank of Ghana