KEY HEADLINES & INSIGHTS
Ghana Cedi Ranked Africa’s Best‑Performing Currency in 2025
IMF data shows the Ghana cedi appreciated by over 40% against the US dollar in 2025, outpacing more than 20 African currencies. Analysts credit strong Bank of Ghana policy measures and improved reserves for the currency’s standout performance.
GRA Raises VAT Threshold to Reduce Burden on Small Businesses
Ghana’s Revenue Authority has increased the VAT registration threshold from GH¢200,000 to GH¢750,000, aiming to ease compliance for micro and small enterprises. Businesses below the new limit will be moved to the simpler Modified Tax Scheme, with officials noting that most VAT revenue already comes from larger taxpayers.
Access Bank, IFC Sign $134m Deal to Strengthen Ghana’s Cocoa Liquidity
Access Bank Ghana and the IFC have entered a $134 million risk‑sharing agreement to boost liquidity for Licensed Buying Companies, reinforcing Ghana’s cocoa purchasing system and supporting rural livelihoods, export earnings, and broader economic stability.
Ghana Gold Coin Pricing Update
1 oz Now Selling at GH₵54,160.22 with 0.50 oz at GH₵27,424.40 and 0.25 oz at GH₵14,078.72 as of 23rd January 2026. (Bank of Ghana, 2025)
PRIMARY DEBT MARKET ISSUANCE WEEK
Yields on Government of Ghana (GoG) treasury bills posted marginal increase across the tenors last week. The 91-day bill increase marginally by 0.2 basis points to 11.20%, the 182-day bill by 2 basis points to 12.67%, and the 364-day marginally by 8 basis points, settling at 13.07%.
| Security | Current Wk% | Previous Wk% |
|---|---|---|
| 91-Day GoG Bill | 11.1968 | 11.1946 |
| 182-Day GoG Bill | 12.6656 | 12.6485 |
| 364-Day GoG Bill | 13.0650 | 12.9807 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵9.82 billion at the week's close, reflecting an increase from the GH₵9.37 billion reported in the previous week. The total number of transactions recorded was 10,731, with Treasury bills dominating the market and accounting for 96.01% of the trades. Meanwhile, New GoG Notes & Bonds posting 2.71% 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 25% to 33,346,517 shares, from 44,196,397 shares posted the previous week. The total traded value decreased by 20%, settling at GH₵151.30 million compared to GH₵189.20 million last week, reflecting a significant decrease in higher-value transactions.
| Index | Level | WoW% | MTD% | YTD% |
|---|---|---|---|---|
| GSE-CI | 8,976.64 | 1.88 | 2.35 | 2.35 |
| FSI | 4,892.35 | 4.37 | 5.28 | 5.28 |
| Market Cap | 178.53 | 1.30 | 3.77 | 3.77 |
Source(s): Ghana Stock Exchange
Week's Equities Top Gainers & Laggards
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) |
|---|---|---|
| MTNGH | 29,556,759 | 4.20 |
| CAL | 1,755,879 | 0.70 |
| GCB | 1,014,314 | 22.00 |
| SIC | 481,409 | 1.20 |
| ETI | 300,772 | 0.77 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES
| Country | Indec | Level | YTD% |
|---|---|---|---|
| Zimbabwe | ZSE ASI | 363.94 | 30.98 |
| Tanzania | DSE ASI | 3,267.38 | 18.3 |
| Nigeria | NGX ASI | 165,512.18 | 6.36 |
| South Africa | JSE ASI | 122,281.30 | 5.57 |
| Tunisia | TUNINDEX | 14,136.07 | 5.1 |
Source(s): African Markets
COMMODITY MARKET
This week, the commodities market posted a mixed performance, driven by notable price fluctuations. Gold prices increased from $4,588.4 to $4,976.2 per troy ounce week-on-week (w/w). The precious metal posted 8.5% weekly gain.
Meanwhile, Brent crude oil futures posted a 2.73% weekly gain increasing from $64.13 to $65.88 per barrel, extending gains for a fifth straight week supported by geopolitical and supply risks. The move followed renewed warnings from US President Donald Trump toward Iran, raising concerns over potential military action that could disrupt oil flows.
Cocoa futures posted a plunged settling at $4,201 per ton from last week’s $5,076, posting 17.24% weekly loss. falling as indicators show weaker chocolate demand. Cocoa has been on an extended decline, which was initially tied to favorable weather seen in West Africa.
Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
The Ghanaian cedi (GH₵) recorded notable depreciation against major international currencies last week, reflecting ongoing volatility in the foreign exchange market. The local currency depreciated by GH₵0.06 against the US dollar (USD), declined by GH₵0.30 against the British pound (GBP), and depreciated GH₵0.26 against the euro (EUR).
Source(s): Bank of Ghana
