KEY HEADLINES & INSIGHTS
Ghana’s Gold Strategy Propels Cedi to Global Currency Heights
In 2025, Ghana’s cedi surged 41% against the US dollar, becoming the world’s second-best performing currency. The rally was fueled by soaring gold prices, disciplined fiscal policy, and the GoldBod initiative, which formalized small-scale mining exports. This boosted reserves to $11.4 billion, delivered 30% returns on restructured bonds, and made Ghana’s stock market the best performer globally
Bearish Turn Hits Ghana’s Equity Market Despite Marginal Cap Gain
Trading volume on the local exchange plunged 77% to 8.6 million shares, while traded value fell 65% to GH₵18.7 million, signaling weaker high-value transactions. Despite the slowdown, market capitalization edged up 0.11% to GH₵172.04 billion, reflecting only a marginal weekly gain.
Majority of Ghanaians Report Better Living Standards in 2025
A December 2025 Global InfoAnalytics poll found 56% of Ghanaians said their standard of living improved compared to 2024, while 27% saw no change and 12% reported worsening conditions. The optimism was linked to easing inflation, better access to goods and services, and stronger employment prospects.
Ghana Gold Coin Pricing Update
1 oz Now Selling at GH₵46,660.19 with 0.50 oz at GH₵23,668.15 and 0.25 oz at GH₵12,193.53 as of 2nd January 2026. (Bank of Ghana, 2025)
PRIMARY DEBT MARKET ISSUANCE WEEK
Yields on Government of Ghana (GoG) treasury bills posted mixed performance across the tenors last week. The 91-day bill increase marginally by 3 basis points to 11.12%, the 182-day bill by 3 basis points to 12.52%, while the 364-day decreased marginally by 1 basis points, settling at 12.93%.
| Security | Current Wk% | Previous Wk% |
|---|---|---|
| 91-Day GoG Bill | 11.1169 | 11.0912 |
| 182-Day GoG Bill | 12.5506 | 12.5249 |
| 364-Day GoG Bill | 12.9329 | 12.9407 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵4.49 billion at the week's close, reflecting a decrease from the GH₵4.53 billion reported in the previous week. The total number of transactions recorded was 23,811, with Treasury bills dominating the market and accounting for 99.03% of the trades. Meanwhile, New GoG Notes & Bonds posting 0.75% to the total trading activity.
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 decreased by 89.9% to 3,762,838 shares, from 37,160,341 shares posted the previous week. The total traded value decreased by 78%, settling at GH₵12.09 million compared to GH₵53.76million last week, reflecting a significant decrease in higher-value transactions. Market capitalization posted a 0.11% weekly marginal gain, closing at GH₵172.04 billion, down from GH₵171.86 billion.
| Index | Level | WoW% | MoM% | YoY% |
|---|---|---|---|---|
| GSE-CI | 8,770.25 | 0.16 | - | - |
| FSI | 4,647.17 | 0.40 | - | - |
Source(s): Ghana Stock Exchange
Week's Equities Top Gainers & Laggards
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) |
|---|---|---|
| MTNGH | 2,272,154 | 4.20 |
| CAL | 839,835 | 0.64 |
| ETI | 350,308 | 0.77 |
| SIC | 195,814 | 1.20 |
| SOGEGH | 33,057 | 4.49 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES
| Country | Index | Level | 1YR % |
|---|---|---|---|
| Malawi | MSE ASI | 598,046.99 | 247.63 |
| Ghana | GSE-CI | 8,770.25 | 79.40 |
| Tanzania | LuSE ASI | 25,912 | 67.74 |
| Nigeria | NGX ASI | 156,492.36 | 51.67 |
| Kenya | NSE ASI | 187.35 | 49.47 |
Source(s): African Markets
COMMODITY MARKET
This week, the commodities market posted a mixed performance, driven by notable price fluctuations. Gold prices decreased from $4,529.1 to $4,314.4 per troy ounce week-on-week (w/w). The precious metal posted a 4.74% weekly loss.
Meanwhile, Brent crude oil futures posted a 0.18% weekly gain marginally increasing from $60.64 to $60.75 per barrel, as concerns over a growing global supply surplus outweighed escalating geopolitical risk.
Cocoa futures posted a decrease settling at $5,871 per ton from last week’s $5,953, posting a 1.38% weekly loss. Improved weather in West Africa is weighing on cocoa prices. Tropical General Investments Group said Friday that favorable growing conditions in West Africa are expected to boost the February-March cocoa harvest in the Ivory Coast and Ghana.
Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
The Ghanaian cedi (GH₵) recorded notable gains against major international currencies last week, reflecting ongoing volatility in the foreign exchange market. The local currency appreciated by GH₵0.60 against the US dollar (USD), strengthened by GH₵0.36 against the British pound (GBP), and gained GH₵0.40 against the euro (EUR).
Source(s): Bank of Ghana
