KEY HEADLINES & INSIGHTS

BoG Set to Cut Policy Rate by Up to 300bps as Inflation Drops Below 10%

The Bank of Ghana is expected to lower its policy rate by 250–300 basis points in November 2025 after inflation fell to 9.4% in September—the first single-digit rate since 2021. IC Research says the broad-based disinflation signals a decisive move toward price stability.

Ghana on Track to Exit IMF Programme in May 2026- BoG Governor

Ghana is well positioned to exit the International Monetary Fund’s three billion dollar Extended Credit Facility (ECF) programme when it ends in May 2026, with the country running ahead of programme targets on virtually all indicators.

MTN Leads Call for Africa’s Digital Sovereignty at MOBEX 2025

At MOBEX Africa 2025 in Accra, MTN Ghana’s CDO Ibrahim Misto urged a united effort to secure Africa’s digital identity and data sovereignty, revealing over $1 billion invested in Ghana’s digital infrastructure, including Abeena AI and the SME Business App.

Ghana Gold Coin Pricing Update

1 oz Now Selling at GH₵46,359.92 with 0.50 oz at GH₵23,523.12

and 0.25 oz at GH₵12,126.79 as of 24th October 2025. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana (GoG) treasury bills showed mixed performance across the tenors last week. The 91-day bill decline marginally by 2 basis points to 10.67%, the 364-day bill by 5 basis points to 12.88%, but the 364-day marginally increased by 3 basis points, settling at 12.47%.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵4.39 billion at the week's close, reflecting a decrease from the GH₵7.97 billion reported in the previous week. The total number of transactions recorded was 2,552, with Treasury bills dominating the market and accounting for 85.58% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 9.29% 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 23% to 5,153,373 shares, from 6,659,147 shares posted the previous week. The total traded value decreased by 50%, settling at GH₵12.79 million compared to GH₵25.77 million last week, reflecting a significant increase in lower-value transactions. Market capitalization posted a 0.93% weekly loss, closing at GH₵166.52 billion, up from GH₵168.08 billion.

Source(s): Ghana Stock Exchange

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 mixed performance, driven by notable price fluctuations. Gold prices decreased from $4,189.90 to $4,118.40 per troy ounce week-on-week (w/w). The precious metal posted a 1.71% weekly loss.

Meanwhile, Brent crude oil futures posted an 7.59% weekly gain increasing from $61.29 to $65.94 per barrel, hovering at a two-week high and on track for their strongest weekly gain since early June as fresh US sanctions on major Russian producers stoked supply concerns.

Cocoa futures posted an increase settling at $6,319 per ton from last week’s $5,895, posting a 7.19% weekly gain, reaching the highest level in over two weeks, amid supply concerns in top grower Ivory Coast. Dealers noted that the market was supported by a slow start to the main crop season in top producer Ivory Coast and worries about the poor quality of some beans arriving at ports.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

The Ghanaian cedi (GH₵) posted losses against major counterparts over the past week, reflecting pressure in the FX market. The local unit depreciated by GH₵0.15 against the US dollar (USD), GH₵0.12 against the euro (EUR), and GH₵0.06 against the British pound (GBP), underscoring marginal losses across key trading currencies.

Source(s): Bank of Ghana