KEY HEADLINES & INSIGHTS

The government is increasing its sinking fund and liquidity reserves ahead of a GH¢111 billion domestic debt repayment peak in 2027 and 2028. The move aims to ensure smooth debt payments, strengthen fiscal stability, and boost investor confidence.

European stocks traded higher on Monday, with the EURO STOXX 50 rising 1.3% and the STOXX Europe 600 gaining 0.7%, as investor sentiment improved following a pause in U.S.-Iran strikes and renewed diplomatic efforts to secure shipping through the Strait of Hormuz, easing concerns over global oil supply disruptions and pushing crude prices lower.

The government invested GH¢6.76 billion in major education initiatives during the first half of 2026. The funding supports the Free SHS programme, GETFund, and other student assistance efforts, aiming to expand access to education, improve school infrastructure, and ease the financial burden on students and their families.

The Agricultural Development Bank PLC (ADB) has commenced a major renovation and enhancement project for its iconic ADB House Building, the bank’s former head office. The project marks a significant step in ADB’s efforts to preserve the historic landmark while transforming it into a modern, improved facility that reflects the bank’s growth and evolving needs.

PRIMARY DEBT MARKET ISSUANCE

WEEK

Yields on Yields on Government of Ghana Treasury bills moved in mixed directions this week, reflecting continued strong liquidity in the market. The 91-day bill edged up slightly to 5.79% (+0.36bps), and the 182-day bill rose to 7.69% (+1.27bps), while the 364-day bill declined to 12.97% (-2.84bps). The auction stayed oversubscribed, backed by strong liquidity and steady demand for government securities. Investors favored the 364-day bill, pulling its yield down slightly, while modest pressure at the short end nudged the 91-day and 182-day rates up a touch signs the Treasury is funding comfortably as investors lean toward longer tenors.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵8.45 billion across 5,765 transactions during the week. DDEP Bonds led market activity, accounting for 58.68% of total traded volume from just 1.94% of transactions, highlighting continued large-value institutional trades typical of restructured government paper. Treasury Bills dominated by transaction count, making up 97.09% of all trades but only 40.11% of turnover, reflecting broad-based participation from smaller, short-term investors even as their overall value trailed DDEP paper. New GoG Notes & Bonds, Sell/Buy Back Trades, Corporate Bonds, and Old GoG Notes & Bonds together made up the remaining share, with 0.58%, 0.37%, 0.25%, and 0.02% of volume respectively. This week's pattern DDEP bonds commanding the bulk of value while Treasury Bills drove the bulk of activity — reflects a recurring structural feature of the market: institutional investors concentrate large-ticket trades in restructured DDEP bonds, often at deeper discounts to face value given their lower post-restructuring coupons, while banks and other short-term players continue to favor Treasury Bills to match short-dated liabilities, sustaining high trade counts even when individual ticket sizes are smaller. Overall, activity remained shaped by ample market liquidity and a continued split between high-value DDEP institutional flows and high-frequency Treasury Bill trading.

Daily Volume (GHS) Traded – GFIM

Week's Yield Curve

EQUITY MARKET

Trading activity on the Ghana Stock Exchange moderated during the week, with a total of 11.51 million shares traded at a value of GH₵48.12 million. The Telecommunications sector led market activity, recording the highest traded volume of 4.40 million shares with a corresponding value of GH₵30.00 million. This was followed by the financial sector, which recorded 2.50 million shares traded, valued at GH₵7.28 million. The Healthcare sector also posted notable activity, with 781,024 shares traded worth GH₵473,325.63. Trading across the remaining sectors was relatively subdued, with the Advertising and Manufacturing sectors recording the lowest traded values despite some trading activity during the week.

Source(s): Ghana Stock Exchange

Week's Equities Top Gainers & Laggards

EQUITY MARKET MOST TRADED STOCKS

Source(s): Ghana Stock Exchange

TOP PERFORMING AFRICAN STOCK INDICES

Source(s): African Markets

COMMODITY MARKET

Commodity markets recorded mixed performance during the period, with energy prices posting strong gains while agricultural commodities faced some pressure. Brent crude oil rose 9.85% to US$96.78 per barrel, supported by ongoing supply concerns, geopolitical tensions, and disruptions affecting global oil flows. The continued uncertainty around energy supplies has kept prices elevated, with Brent recording a 32.72% gain over both the month and quarter and a 59.05% increase year-to-date.

Gold increased by 1.37% to US$4,067.60 per ounce, as investors continued to seek safe-haven assets amid global economic and geopolitical uncertainties. Despite the weekly recovery, gold remains down 5.96% year-to-date, reflecting earlier pressure from shifts in investor expectations and broader market conditions.

Meanwhile, cocoa declined by 2.84% to US$5,376 per tonne, as profit-taking and improving supply expectations weighed on prices. However, cocoa maintained positive momentum over the month and quarter, gaining 7.48%, while ongoing supply risks in major West African producing regions continue to support market attention.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

The Ghanaian cedi recorded a mixed performance against major trading currencies during the period, supported by relatively stable foreign exchange market conditions and improved market confidence. The cedi appreciated slightly against the US dollar, with the USD/GHS rate declining by 0.16% to GH¢11.60, bringing its year-to-date gain to 6.42%. The euro strengthened marginally against the cedi, with the EUR/GHS rate increasing by 0.09% to GH¢13.23, while the cedi maintained a year-to-date appreciation of 7.33% against the euro. The British pound remained unchanged at GH¢15.49, reflecting limited volatility in the GBP/GHS market. Overall, the cedi’s performance continues to reflect improved stability in the domestic foreign exchange market, supported by positive market sentiment and reduced pressure on major currency pairs.

Source(s): Bank of Ghana