KEY HEADLINES & INSIGHTS
BoG Cuts Policy Rate to 18% as Inflation Hits 4-Year Low
The Bank of Ghana lowered its policy rate by 350 bps to 18% on Nov 26, 2025—the third cut this year—citing improved macro outlook and falling inflation. Annual inflation dropped to 8% in October, its lowest in over four years, and is expected to reach 4–6% by year-end. Growth remains solid.
Ghana Moves to Acquire Major Offshore Oil Block
Ghana plans to take control of a prized deepwater block holding over 1.5 billion barrels of oil and 1.2 trillion cubic feet of gas, valued above $3 billion. The move, involving GNPC acquiring Springfield E&P’s stake, aims to fast-track development, boost national participation, and strengthen energy security amid stalled progress and declining output.
SIC Insurance Posts Robust Growth and Profitability in 2024
SIC Insurance PLC posted strong 2024 results with revenue up 50% to GH¢559.48m and net insurance result nearly doubling to GH¢277.02m. Profit before tax surged to GH¢83.21m from GH¢22.84m, while assets grew to GH¢1.12bn and shareholders’ funds to GH¢670.38m.
Ghana Gold Coin Pricing Update
1 oz Now Selling at GH₵48,385.96 with 0.50 oz at GH₵24,543.01
and 0.25 oz at GH₵12,644.53 as of 28th November 2025. (Bank of Ghana, 2025)
PRIMARY DEBT MARKET ISSUANCE WEEK
Yields on Government of Ghana (GoG) treasury bills posted marginal mixed performance across the tenors last week. The 91-day bill decreased marginally by 10 basis points to 11.05%, the 182-day bill by 25 basis points to 12.43%, while the 364-day marginally increased by 2 basis points, settling at 13.09%.
| Security | Current Wk% | Previous Wk% |
|---|---|---|
| 91-Day GoG Bill | 11.0501 | 11.1353 |
| 182-Day GoG Bill | 12.4302 | 12.6805 |
| 364-Day GoG Bill | 13.0862 | 13.0618 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵5.22 billion at the week's close, reflecting an increase from the GH₵4.05 billion reported in the previous week. The total number of transactions recorded was 14,904, with Treasury bills dominating the market and accounting for 97.79% of the trades. Meanwhile, Sell/Buy Back Trades – GoG Notes & Bonds posting 1.45% to the total trading activity.
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 increased by 124% to 20,364,474 shares, from 9,085,211 shares posted the previous week. The total traded value increased by 25%, settling at GH₵89.39million compared to GH₵71.73 million last week, reflecting a significant increase in higher-value transactions. Market capitalization posted a 0.23% weekly loss, closing at GH₵166.48 billion, down from GH₵166.87 billion.
| Index | Level | WoW% | MoM% | YoY% |
|---|---|---|---|---|
| GSE-CI | 8,610.15 | 1.05 | 2.68 | 76.13 |
| FSI | 4,456.43 | 2.45 | 6.26 | 87.18 |
Source(s): Ghana Stock Exchange
Week's Equities Top Gainers & Laggards
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) |
|---|---|---|
| MTNGH | 16,786,729 | 4.19 |
| CAL | 2,504,918 | 0.57 |
| GCB | 427,555 | 19.00 |
| SCB | 251,894 | 29.12 |
| ETI | 148,157 | 0.90 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DATE
| Country | Index | Level | YTD% |
|---|---|---|---|
| Malawi | MSE ASI | 619,312.19 | 259..98 |
| Ghana | GSE-CI | 8,610.15 | 76.13 |
| Tanzania | LuSE ASI | 25,168.25 | 63 |
| Nigeria | NGX ASI | 143,520.53 | 39.44 |
| Egypt | EGX 30 | 40,039.24 | 34.63 |
Source(s): African Markets
COMMODITY MARKET
This week, the commodities market posted a marginal bullish performance, driven by notable price fluctuations. Gold prices increased from $4,076.7 to $4,219.38 per troy ounce week-on-week (w/w). The precious metal posted a 3.50% weekly gain.
Meanwhile, Brent crude oil futures posted a 1.02% weekly gain increasing from $62.56 to $63.20 per barrel, a one-month high and is on track for a fourth straight monthly gain as markets price a higher probability of a December Fed rate cut.
Cocoa futures posted a decline settling at $5,631.7 per ton from last week’s $5,084, posting a 10.77% weekly gain. The EU regulation, known as EUDR, aims to tackle deforestation in countries whose imports into the EU include key commodities such as soybeans and cocoa. The delay of the EUDR will allow EU countries to continue importing agricultural products from regions in Africa, Indonesia, and South America where deforestation is occurring.
Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
The Ghanaian cedi (GH₵) recorded a marginal weak performance against major international currencies last week, reflecting ongoing volatility in the foreign exchange market. The local currency weakened by GH₵0.15 against the US dollar (USD), GH₵0.25 against the euro (EUR) and GH₵0.45 against the British pound (GBP). These movements highlight marginal but notable shifts across key trading pairs.
