KEY HEADLINES & INSIGHTS

Ecobank Ghana recorded a remarkable pre-tax profit of GH¢2.4 billion, a 139.3% increase year-on-year. The bank’s total revenue hit GH¢5.4 billion, driven primarily by a surge in net interest income and fee-based earnings. Total assets grew to GH¢46.0 billion, up 36.7% from the prior year, while customer deposits increased by 23.2% to GH¢32.5 billion.

Despite recent geopolitical tensions between Israel and Iran—which typically lead to a stronger US Dollar and weaker emerging market currencies—the Ghanaian Cedi has remained stable, trading around GHC10.30 to 1 USD. This resilience has defied expectations of depreciation.

Standard Chartered Bank Ghana PLC has announced a final dividend payment of GH¢1.6704 per share for the 2024 financial year, pending shareholder approval at the upcoming Annual General Meeting.

Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵ 36,278.70 with 0.50 oz at GH₵18,474.95 and 0.25 oz at GH₵ 9,594.15 as of 20th June 2025. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana (GoG) treasury bills saw a marginal decline across all tenors last week. The 91-day bill fell by 0.47 basis points to 14.70%, indicating relative stability in short-term borrowing costs. Similarly, the 182-day and 364-day bills dropped by 0.03 and 4.82 basis points, respectively, closing at 15.25% and 15.69%. This decline reflects a moderation in GoG’s borrowing costs amid ongoing 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₵2.59 billion at the week's close, reflecting increase from the GH₵2.27 billion reported in the previous week. The total number of transactions recorded was 1,422, with Treasury bills dominating the market and accounting for 90.44% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 8.37% to the total trading activity.

The fixed income market opened the week on a strong note, recording a turnover of GH₵645.9 million, attributed largely to Treasury Bills and New Government of Ghana (GoG) Notes & Bonds.

Market liquidity dipped to GH₵598.8 million on June 17, reflecting lower participation. However, activity rebounded to GH₵663.1 million on June 18, with trading focused mainly on Treasury securities and new GoG issuances. Turnover declined further to reach GH₵336.2 million on June 19. The week ended on a slightly stronger note, compared to the previous day to reach GH₵341.8.

Week's Yield Curve

EQUITY MARKET

Trading activity on the local stock exchange turned bearish this week, with total share volume increased by 77% to 5,904,756 shares, down from 3,341,984 shares the previous week. The total traded value also increased by 27%, settling at GH₵27.82 million compared to GH₵21.88 million last week, reflecting a marginal increase in high-value transactions. Market capitalization posted a weekly gain, closing at GH₵136.84 billion, up from GH₵136.30 billion.

Regarding market indices, the GSE Composite Index (GSE-CI) closed at 6,210.28 showing a 0.59% week-on-week gain, a 0.98% monthly gain, and a substantial year-to-date gain of 27.04%.

Moreover, the GSE Financial Stocks Index (GSE-FSI) increased to 3,323.44 points, making it a weekly gain of 1.09%, a monthly gain of 3.30%, and a year-to-date gain of 39.59%.

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 $3,431.20 to $3,368.10 per troy ounce week-on-week (w/w). The precious metal posted a 1.84% weekly loss.

Meanwhile, Brent crude oil futures posted a 3.75% weekly gain increasing from $74.3 to $77.01 per barrel. Despite the heightened tensions, Iran has continued crude exports, reportedly loading 2.2 million barrels per day this week, the highest level in five weeks.

Cocoa futures declined this week, marginal decrease to $8,459 per ton from last week’s $9,768. Forecaster Vaisala stated that moderate to heavy rainfall has fallen in West Africa over the past few days and is expected to persist through the end of this week.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

The Ghanaian Cedi (GHS) has shown slight appreciation against major foreign currencies compared to the previous week. Specifically, it has gained GHS0.05 against the US Dollar (USD), gained GHS0.21 against the British Pound (GBP), and gained GHS0.10 against the Euro (EUR), compared to the previous week.

Source(s): Bank of Ghana

DISCLAIMER: The information contained in this weekly update on the financial markets is intended for informational purposes only and should not be construed as financial, investment or other professional advice. The data are derived from internal and external sources that FFC Research finds reliable. FFC Research assumes no responsibility or liability for any actions taken based on the information contained in this report.

Research Analyst - Cedric Asante | Email: cedric.asante@firstfinancecompany.com