KEY HEADLINES & INSIGHTS
Global Commodities Post Mixed Performance Gold was broadly bullish, opening at $4,500.40 before dipping to $4,447.50 on May 27, then recovering to close at $4,560.50 on May 29. Brent crude declined from $99.58 to a weekly low of $92.05 before recovering to $94.06 by June 1. Cocoa remained under sustained selling pressure, falling steadily from $4,169.00 to $3,919.00 by June 1.
Bank of Ghana Holds Policy Rate at 14.00% The Bank of Ghana maintained its Monetary Policy Rate at 14.00%, with an inflation target band of 8.0% ± 2. Ghana's current inflation rate stands at 3.4%, reflecting continued progress in macroeconomic stabilization.
Ghana-UK Investment Summit Spotlights Cocoa Value Chain Ghana and the UK met in London for the Ghana-UK Investment Summit under the theme "The Reset Agenda: Restoring Investor Confidence to Unlock Opportunities and Shared Prosperity." The Cocoa Marketing Company (CMC) is driving efforts toward a more transparent and investable cocoa value chain.
Ghana Targets 50% Domestic Cocoa Processing Ghana has committed to processing at least 50% of its cocoa output domestically, backed by installed capacity of approximately 500,000 metric tonnes annually. The country is presenting cocoa as a structured value chain opportunity spanning processing, export finance, logistics and long-term commercial partnerships, with the broader goal of retaining greater wealth from the sector domestically.
PRIMARY DEBT MARKET ISSUANCE WEEK
Yields on Government of Ghana (GoG) treasury bills posted marginal increase across the tenors last week. The 91-day bill increased marginally by 7.58 basis points to 4.99%, the 364-day bill by 8.77 basis points to 10.46%, while the 182-day marginally increased by 0.28 basis points, settling at 7.04%.
| Security | Current Wk % | Previous Wk % |
|---|---|---|
| 91-Day GoG Bill | 4.9901 | 4.9143 |
| 182-Day GoG Bill | 7.0434 | 7.0406 |
| 364-Day GoG Bill | 10.4593 | 10.3716 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵4.18 billion at the week's close, with a total of1,201 transactions recorded. Treasury Bills dominated the market, accounting for 55.97% of total volume and 85.51% of total transactions. Sell/Buy Back Trades on all GoG Notes & Bonds contributed 32.60% of volume and 10.57% of transactions. DDEP Bonds posted 11.35% of volume and 2.58% of transactions, while Corporate Bonds accounted for 0.08% of volume and 1.08% of transactions. New GoG Notes & Bonds contributed 0.00% of volume and 0.25% 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 bearish this week, with total share volume declining by 69.85% to 17,530,068 shares from 58,162,928 shares posted the previous week. The total traded value however rose by 176.60%, settling at GH₵112.66 million compared to GH₵40.73 million last week, reflecting a mixed performance in trading activity across the exchange.
| Index | Level | WoW% | MoM% | YoY% |
|---|---|---|---|---|
| GSE-CI | 14,354.1400 | -1.135 | -5.131 | 63.669 |
| FSI | 7,853.4800 | -0.352 | -11.154 | 68.995 |
| Market Cap | 262.9377 | -0.504 | -6.705 | 52.833 |
Source(s): Ghana Stock Exchange
Week's Equities Top Gainers & Laggards
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) |
|---|---|---|
| MTNGH | 16,229,247.00 | 6.50 |
| CAL | 434,337.00 | 0.73 |
| ETI | 345,937.00 | 1.39 |
| ZEN | 218,188.00 | 11.47 |
| SIC | 79,924.00 | 5.00 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES
| Country | Index | Level | YTD % |
|---|---|---|---|
| Ghana | GSE-CI | 14,354.14 | 63.67 |
| Nigeria | NGX ASI | 250,385.47 | 60.90 |
| Tanzania | DSE-ASI | 3,935.48 | 42.49 |
| Zimbabwe | ZSE -ASI | 389.26 | 40.09 |
| Rwanda | RSE -ASI | 255.05 | 39.94 |
Source(s): African Markets
COMMODITY MARKET
This week, the commodities market posted a mixed performance, driven by notable price fluctuations. Gold prices edged higher from $4,500.40 on May 26 to $4,560.50 on May 29, before easing to $4,528.30 by June 1, posting a modest weekly gain. The precious metal showed some intra-week volatility, dipping to $4,447.50 on May 27 before recovering strongly through May 28 and into the close on May 29.
Meanwhile, Brent crude oil futures declined from $99.58 on May 26 to $92.05 on May 29,before recovering marginally to $94.06 by June 1, posting an overall weekly loss. Prices came under sustained pressure throughout the period, falling steadily from May 26 through May 29 before a modest rebound into the start of the new week.
Cocoa futures posted a broadly bearish week, opening at $4,169.00 per ton on May 26 and declining steadily throughout the period, falling to $4,140.00 on May 27, $4,099.00 on May 28, and closing sharply lower at $3,923.00 on May 29 before edging down further to $3,919.00 by June 1, reflecting a notable week-on-week loss. Price action remained under pressure amid ongoing concerns over global supply dynamics and subdued demand.
Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
The Ghanaian cedi (GH₵) recorded a mixed performance against major international currencies last week, reflecting ongoing volatility in the foreign exchange market. The local currency weakened against the euro (EUR), with the EUR/GHS rate settling at GH₵13.63, while it strengthened against the US dollar (USD), with the USD/GHS rate closing at GH₵11.70. The British pound (GBP) recorded no change for the week, with the GBP/GHS rate remaining at GH₵15.75. These movements highlight marginal but notable shifts across key trading pairs.
Source(s): Bank of Ghana
