KEY HEADLINES & INSIGHTS

Investor Demand for T-Bills Weakens as Auction Falls Short of Target

Government’s latest Treasury bill auction recorded a 22.8% undersubscription, with bids totaling GH¢4.9bn against a GH¢6.42bn target. Analysts cite tighter liquidity and more attractive Bank of Ghana bills as key factors dampening institutional participation.

U.S. Lifts 15% Tariff on Ghana’s Cocoa and Farm Exports

Ghana confirms full removal of U.S. tariffs on cocoa and key agricultural products, effective Nov. 13, 2025, under a new executive order. The move could boost annual cocoa revenue by $60m and strengthen trade ties.

Tullow Oil Strengthens Outlook with $427M Asset Sales

Tullow Oil’s November 2025 update shows $427 million raised from asset sales in Kenya and Gabon. The company extended Ghana licences to 2040, advanced seismic surveys, and brought new Jubilee wells online to support output.

Ghana Gold Coin Pricing Update

1 oz Now Selling at GH₵46,926.43 with 0.50 oz at GH₵23,810.53

and 0.25 oz at GH₵12,275.20 as of 21st November 2025. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana (GoG) treasury bills posted marginal mixed performance across the tenors last week. The 91-day bill increased marginally by 11 basis points to 11.14%, the 182-day bill by 2 basis points to 12.68%, while the 364-day marginally decreased by 2 basis points, settling at 13.06%.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵4.05 billion at the week's close, reflecting an increase from the GH₵2.03 billion reported in the previous week. The total number of transactions recorded was 30,316, with Treasury bills dominating the market and accounting for 99.08% of the trades. Meanwhile, Sell/Buy Back Trades – GoG Notes & Bonds posting 0.85% to the total trading activity.

Daily Volume (GHS) Traded - GFIM

Week's Yield Curve

EQUITY MARKET

Trading activity on the local stock exchange turned bullish this week, with total share volume increased by 147% to 9,085,211 shares, from 3,690,749 shares posted the previous week. The total traded value increased by 507%, settling at GH₵71.73 million compared to GH₵11.81 million last week, reflecting a significant increase in higher-value transactions. Market capitalization posted a 0.82% weekly gain, closing at GH₵166.87 billion, down from GH₵165.51 billion.

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 a bearish performance, driven by notable price fluctuations. Gold prices decreased from $4,087.60 to $4,076.70 per troy ounce week-on-week (w/w). The precious metal posted a 0.27% weekly loss.

Meanwhile, Brent crude oil futures posted a 2.84% weekly loss decreasing from $64.39 to $62.56 per barrel, as the U.S. pushed for a Russia-Ukraine peace deal that could bring more oil supplies onto the global market, while uncertainty over U.S. interest rate cuts curbed investor risk appetite.

Cocoa futures posted a decline settling at $5,084 per ton from last week’s $5,287, posting a 3.84% weekly loss, hovering near the lowest level since January 2024, supported by positive tariff developments and an improving outlook for global supply.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

The Ghanaian cedi (GH₵) recorded a marginal weak performance against major international currencies last week, reflecting ongoing volatility in the foreign exchange market. The local currency weakened by GH₵0.15 against the US dollar (USD), GH₵0.05 against the euro (EUR) and GH₵0.13 against the British pound (GBP). These movements highlight marginal but notable shifts across key trading pairs.

Source(s): Bank of Ghana