KEY HEADLINES & INSIGHTS
Ghana’s equity market turned strongly bullish in the week ending 25 May 2026, with total share volume surging 1,001% to 58.16 million shares and traded value rising 45% to GH₵40.73 million. The GSE Composite Index gained 1.39% week-on-week to close at 14,518.96, bringing its YTD return to 65.55%.
On the debt market front, yields on Government of Ghana treasury bills declined across all tenors, with the 91-day, 182-day, and 364-day bills settling at 4.91%, 7.04%, and 10.37% respectively, broadly consistent with the Bank of Ghana's current Monetary Policy Rate of 14.00%.
Ghana's current inflation rate of 3.4% remains well within the Bank of Ghana's target band of 8.0% ± 2%, signaling meaningful progress in price stability and improving monetary conditions.
In the commodities and currency markets, the week was mixed. Brent crude fell sharply by 7.1% to $104 per barrel, while gold edged down 0.66% to $4,520 per troy ounce, and cocoa ended broadly flat near $3,800 per ton. On the currency front, the cedi held steady against the US dollar at 11.60 but depreciated slightly against the euro, which rose 0.91% to 13.50, while the British pound remained completely unchanged against the cedi across all timeframes.
PRIMARY DEBT MARKET ISSUANCE WEEK
Yields on Government of Ghana (GoG) treasury bills posted a decline across all tenors last week. The 91-day bill decreased by 0.31 basis points to 4.9143%, the 182-day bill by 0.05 basis points to 7.0406%, and the 364-day bill by 1.41 basis points, settling at 10.3716%.
| Security | Current Wk % | Previous Wk % |
|---|---|---|
| 91-Day GoG Bill | 4.9143 | 4.9174 |
| 182-Day GoG Bill | 7.0406 | 7.0411 |
| 364-Day GoG Bill | 10.3716 | 10.3857 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵6.93 billion at the week's close, with a total of 1,901 transactions recorded.
Treasury Bills dominated the market, accounting for 49.60% of total volume and 73.44% of total transactions. Sell/Buy Back Trades on all GoG Notes & Bonds contributed 39.19% of volume and 19.41% of transactions. DDEP Bonds posted 9.94% of volume and 5.21% of transactions, while Corporate Bonds accounted for 1.26% of volume and 1.89% of transactions. New GoG Notes & Bonds contributed a marginal 0.01% of volume and 0.05% of transactions, with Old GoG Notes & Bonds recording no activity for the week.
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 surging by 1,001% to 58,162,928 shares from 5,282,168 shares posted the previous week. The total traded value also rose by 45%, settling at GH₵40.73 million compared to GH₵28.01 million last week, reflecting a broad increase in trading activity across the exchange.
| Index | Value | WoW% | MTD% | YTD% |
|---|---|---|---|---|
| GSE-CI | 14,518,9600 | 1.386 | -4.042 | 65.548 |
| FSI | 7,881.2200 | -2.327 | -10.840 | 69.592 |
| Market Cap | 264.2685 | -0.204 | -6.233 | 53.606 |
Source(s): Ghana Stock Exchange
Week's Equities Top Gainers & Laggards
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) |
|---|---|---|
| IIL | 51,499,858.00 | 0.08 |
| MTNGH | 3,338,656.00 | 6.73 |
| CAL | 1,721,147.00 | 0.76 |
| ETI | 938,066.00 | 1.33 |
| GCB | 155,255.00 | 36.99 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES
| Country | Index | Level | YTD % |
|---|---|---|---|
| Ghana | GSE-CI | 14,542.48 | ▲ 65.82 |
| Nigeria | NGX-ASI | 251,125.02 | ▲ 61.38 |
| Tanzania | DSE-ASI | 3,921.45 | ▲ 39.77 |
| Zimbabwe | ZSE -ASI | 449.41 | ▲ 28.63 |
| Egypt | EGX -30 | 28,450.10 | ▲ 20.50 |
COMMODITY MARKET
This week, the commodities market posted a mixed performance, driven by notable price fluctuations. Gold prices edged lower from $4,550 to $4,520 per troy ounce week-on-week (w/w), posting a modest weekly loss of approximately 0.66%. The precious metal showed some intra-week resilience, briefly recovering to $4,540 on May 21 before retreating into the close.
Meanwhile, Brent crude oil futures declined from $112 to approximately $104 per barrel over the week, posting a weekly loss of roughly 7.1%. Prices came under sustained pressure throughout the period, geopolitical falling sharply from May 19 onward before stabilizing around the $104 level by week's end.
Cocoa futures posted a volatile week, opening around $3,800 per ton, rising to approximately $3,900 on May 19, before pulling back sharply to $3,780 on May 21 and recovering modestly to close near $3,800 by May 22, reflecting a broadly flat week-on-week performance. Price action remained choppy amid ongoing concerns over global supply dynamics and subdued demand.
Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
The Exchange rates showed a continued depreciation of the cedi over the period. The USD/GHS rate stood at 11.6000, reflecting a yearly return of 6.42% and a monthly gain of 3.76%, though it remained flat week-on-week at 0%. The EUR/GHS rose to 13.5032, posting the strongest performance with a yearly return of 9.52%, a quarterly gain of 7.54%, and a weekly appreciation of 0.91%. The GBP/GHS remained unchanged at 15.6392, recording 0% returns across all periods yearly, quarterly, monthly, and weekly suggesting sterling has held steady against the cedi throughout the year.
Source(s): Bank of Ghana
