KEY HEADLINES & INSIGHTS

The IMF praised Ghana's Finance Minister for his leadership and commitment to reforms, highlighting significant progress and reaffirming support. This follows Ghana's staff-level agreement with the IMF, paving the way for a $370 million disbursement. (Ministry of Finance, 2025)

Benso Palm Oil Plantation PLC (BOPP) emerged as the top performer with a remarkable 10% increase in value, showcasing strong investor confidence, while NewGold Issuer Limited (GLD) faced a decline of 6.2%, reflecting decline in gold prices.

Ghana's gold reserves have shown a consistent upward trend from May 2023 to March 2025. The total holdings increased from 8.78 tonnes to 31.01 tonnes, which represents a percentage change of 253.19%. This indicates a strong accumulation of gold reserves over the period. (Bank of Ghana, 2025)

Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵51,145.71 with 0.50 oz at GH₵25,977.60 and 0.25 oz at GH₵13,423.78 as of 25thApril2025. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana (GoG) treasury bills declined marginally across all tenors in the past week. The 91-day bill edged down by 13.13 basis points to 15.3209%, signaling stability in short-term borrowing costs. Meanwhile, the 182-day and 364-day bills recorded higher declines of 14.56 and 25.01 basis points, respectively, closing at 16.0380% and 18.3705%. This strong moderation of borrowing cost by GoG amid 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₵3.9 billion at the week's close, reflecting a sharp surge from the GH₵2.72 billion reported in the previous week. The total number of transactions recorded was 11,753, with Treasury bills dominating the market and accounting for 99.19% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 0.58% to the total trading activity.

Trading activity for the week starting April 22 opened strongly, with total market turnover reaching GH₵1,044.7 million. This performance was largely driven by sustained investor demand for Treasury Bills and newly issued Government of Ghana (GoG) Notes and Bonds, reflecting growing interest in the short- to medium-term segment of the yield curve. Liquidity rose to GH₵1,084.5 million on April 23 and further increased to GH₵1,259.7 million on April 24, supported by continued demand for Treasury securities and new GoG issuances. However, market momentum slowed sharply by the end of the week, with turnover dropping to GH₵508.7 million on April 25.

Week's Yield Curve

EQUITY MARKET

This week, trading on the local stock exchange saw a bullish performance in trading activity, with total share volume surging by 612% to 13,903,553 shares, compared to last week's 1,954,109 shares. The total traded value surged by 737%, reaching GH₵50.96 million, compared to the previous week’s GH₵6.09 million, indicating higher-value transactions. Market capitalization experienced a marginal gain, closing at GH₵135.42 billion, from last week's value of GH₵ GH₵135.26 billion.

Regarding market indices, the GSE Composite Index (GSE-CI) closed at 6,061.74, showing a 0.32% week-on-week gain, a 2.51% monthly loss, but a substantial year-to-date gain of 24%.

Moreover, the GSE Financial Stocks Index (GSE-FSI) also increased to 3,094.50 points, making it a weekly gain of 0.32%, a monthly gain of 1.15%, and a year-to-date gain of 29.98%.

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 Financials

COMMODITY MARKET

This week, the commodities market saw a mixed performance, driven by notable price fluctuations. Gold prices declined from $3,308.7 to $3,282.4 per troy ounce week-on-week (w/w). The precious metal posted a 0.79% weekly loss. Meanwhile, Brent crude oil futures posted a 1.60% weekly loss, dropping from $67.96 to $66.87 per barrel, amid persistent oversupply concerns and uncertainty around U.S.-China trade talks.

Cocoa futures surged this week, climbing to $9,652 per ton from last week’s $8,365. This sharp rise represents a strong weekly gain of 15.39%, reflecting continued supply concerns and strong market demand. Factors such as adverse weather conditions in major producing countries and ongoing logistical challenges have tightened global cocoa supply, fueling the rally in prices.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

Exchange rates declined over the past week as the cedi strengthened. The USD/GHS rate fell from 15.46 to 14.50. Similarly, the EUR/GHS rate dropped from 17.57 to 16.55, and the GBP/GHS rate decreased from 20.49 to 19.39.

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