KEY HEADLINES & INSIGHTS

T-Bill Yields Drop Sharply as Investor Demand Surges

Treasury bill interest rates declined sharply last week—91-day dropped by 289bps to 10.84%, 182-day by 139bps to 13.23%, and 364-day by 43bps to 14.31%. The auction was oversubscribed with GHS 28.10bn tendered against a GHS 7.70bn target; GHS 15.16bn was accepted.

Ghana Earns $370.6M from Crude Oil in H1 2025; Petroleum Fund Investments Hit $1.42B

Ghana earned $370.6M from crude oil in H1 2025, mainly from liftings and taxes. Petroleum Fund investments totaled $1.42B, with $1.3B in the Heritage Fund and $122.9M in the Stabilisation Fund.

Mid-Year Budget Signals Fiscal Gains, Lower Yields, and Return to Bond Market

Ghana’s mid-year budget shows improved fiscal space driven by a strong cedi and lower T-bill rates, reducing interest costs by GH¢5.1bn. Public debt has declined by GH¢113.7bn, bringing the debt-to-GDP ratio to 43.8%. Capital expenditure remains low, but the government plans to reopen the domestic bond market in August.

Ghana Gold Coin Pricing Update

1 oz Now Selling at GH₵36,760.68 with 0.50 oz at GH₵18,718.21

and 0.25 oz at GH₵9,718.34 as of 25th July 2025. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana (GoG) treasury bills saw significant decline across all tenors last week. The 91-day bill dipped by 289 basis points to 10.84%, indicating reduction in short-term borrowing costs. Similarly, the 182-day and 364-day bills declined by 139 and 43 basis points, respectively, closing at 13.23 % and 14.31%.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵4.32 billion at the week's close, reflecting a decline from the GH₵4.48 billion reported in the previous week. The total number of transactions recorded was 3,524, with Treasury bills dominating the market and accounting for 91.29% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 7.18% to the total trading activity.

The fixed income market opened the week on a strong note, recording a turnover of GH₵1,189 million, attributed largely to Treasury Bills and largely New Government of Ghana (GoG) Notes & Bonds.

Market liquidity dipped to GH₵754.3 million on July 22, reflecting declined participation. Activity rebounded to GH₵909.1 million on July 23, with trading focused mainly on Treasury securities and New GoG issuances. Turnover dipped to reach GH₵788.7 million on July 24. The week ended on a weaker note, compared to the previous day to reach GH₵675.9 million attributed to mainly New GoG Notes & Bonds and Treasury Bills.

Week's Yield Curve

EQUITY MARKET

Trading activity on the local stock exchange turned bullish this week, with total share volume increased by 264% to 35,541,826 shares, down from 9,754,240 shares posted the previous week. The total traded value also increased by 265%, settling at GH₵140.05 million compared to GH₵38.32 million last week, reflecting an increase in high-value transactions. Market capitalization posted a 2.59% weekly gain, closing at GH₵138.58 billion, up from GH₵142.18 billion.

Regarding market indices, the GSE Composite Index (GSE-CI) closed at 6,673.11 showing a 4.48% week-on-week loss, a 6.80% monthly gain, and a substantial year-to-date gain of 36.51%. Moreover, the GSE Financial Stocks Index (GSE-FSI) settled at 3,412.29 points, making it a weekly loss of 0.16%, a monthly gain of 1.07%, and a year-to-date gain of 43.33%.

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 mixed performance, driven by notable price fluctuations. Gold prices decrease marginally from $3,353.06 to $3,334 per troy ounce week-on-week (w/w). The precious metal posted a 0.57% weekly loss.

Meanwhile, Brent crude oil futures posted a 1.21% weekly loss decreasing from $69.28 to $68.44 per barrel, marking their lowest close since July 4 as concerns over weakening economic signals from the US and China pressured prices. Still, optimism around potential US trade agreements with the EU, Japan, and others helped limit losses, as such deals could eventually support global growth and oil demand.

Cocoa futures posted an increase settling at $8,329 per ton from last week’s $7,800, posting a 6.78% gain. Cocoa prices today are sharply higher due to concerns about dry weather in West Africa. According to the European Centre for Medium-Range Weather Forecasts, rainfall in the Ivory Coast and Ghana this season remains below the 30-year average, and combined with high temperatures, risks hurting cocoa pod development for the main crop harvest that starts in October.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

The Ghanaian Cedi (GHS) has shown mixed performance against major foreign currencies compared to the previous week. Specifically, it has lost GHS0.02 against the US Dollar (USD) and lost GHS0.10 against the Euro (EUR), compared to the previous week. However British Pound’s (GBP) value was maintained.

Source(s): Bank of Ghana