KEY HEADLINES & INSIGHTS

T‑Bills Auction Shows Surging Demand as Yields Drop to 5.3%
Investor demand for Ghana’s treasury bills hit another record high, with GH¢14.82 billion in bids against a GH¢5.8 billion target, even as yields fell sharply across all maturities. The 91‑day rate dropped to 5.32%, the 182‑day to 6.87%, and the 364‑day to 10.20%.

Ghana posts record US$13.66bn trade surplus in 2025
Ghana’s banks recorded GH¢15bn profit in 2025, up from GH¢10.4bn in 2024, mainly because operating expenses grew more slowly and impairment charges dropped 57%. Income growth eased, with net interest income rising 16.4% and fees 9.5%, but lower cost pressures still boosted overall profitability.

Banks’ profits surge to GH¢15.0bn in 2025
The Ghana Stock Ghana’s banking sector posted GH¢15bn profit in 2025, a sharp rise from GH¢10.4bn in 2024, driven mainly by slower growth in operating expenses and a 57% decline in impairment charges. Income growth moderated, with net interest income rising 16.4% and fees 9.5%, but reduced cost pressures strengthened overall profitability.

Ghana holds over five weeks of fuel supply despite Middle East tensions -NPA
Ghana has enough fuel to avoid short‑term disruptions, with diesel covering about 5.3 weeks and petrol nearly 6.8 weeks. Continuous imports, steady output from the Sentuo refinery, and LPG supply from Atuabo keep stocks stable despite Middle East tensions.

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana (GoG) treasury bills posted a decline across the tenors last week. The 91-day bill decreased by 113 basis points to 5.32%, the 182-day bill by 120 basis points to 6.98%, and the 364-day by 44 basis points, settling at 9.76%.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵9.31 billion at the week's close, reflecting an increase from the GH₵7.96 billion reported in the previous week. The total number of transactions recorded was 15,104, with Treasury bills dominating the market and accounting for 96.72% of the trades. Meanwhile, New GoG Notes & Bonds posting 1.75% to the total trading activity.

Daily Volume (GHS) Traded – GFIM

Week's Yield Curve

EQUITY MARKET

Trading activity on the local stock exchange declined this week, with total share volume decreasing by 33% to 39,536,588shares, from 59,439,666 shares posted the previous week. The total traded value decreased by 35%, settling at GH₵218.93 million compared to GH₵338.26 million last week, reflecting a significant increase in higher-value transactions.

Source(s): Ghana Stock Exchange

Week's Equities Top Gainers & Laggards

EQUITY MARKET MOST TRADED STOCKS

Source(s): Ghana Stock Exchange

TOP PERFORMING AFRICAN MARKET INDICES

Source(s): African Market

COMMODITY MARKET

This week, the commodities market posted a mixed performance, driven by notable price fluctuations. Gold prices increased marginally from $5,059.3 to $5,230.5 per troy ounce week-on-week (w/w). The precious metal posted 3.38% weekly gain.

Meanwhile, Brent crude oil futures posted a 1% weekly marginal gain increasing from $71.76 to $72.48 per barrel, as unprecedented U.S. and Israeli strikes on Iran have intensified Middle East tensions and heightened concerns over potential disruptions to global energy supplies.

Cocoa futures posted a decline settling at $2,798 per ton from last week’s $3,080, posting a 9.16% weekly loss. In the meantime, large volumes of cocoa remain unsold in top growers Ivory Coast and Ghana, as buyers resist farm-gate prices above world levels, limiting governments’ ability to keep prices high.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

The Ghanaian cedi (GH₵) recorded marginal appreciation against major international currencies last week, reflecting ongoing volatility in the foreign exchange market. The local currency appreciated marginally by GH₵0.32 against the US dollar (USD), GH₵0.52 against the British pound (GBP), and GH₵0.42 against the euro (EUR).

Source(s): Bank of Ghana