KEY HEADLINES & INSIGHTS

The Bank of Ghana reported that the government missed its treasury auction target by GHS 1.59 billion, with total bids of GHS 4.73 billion against a target of GHS 6.43 billion. The 91-day bill yield dropped to 15.23%, the 182-day to 15.77%, and the 364-day to 16.95%, reflecting a strategic shift towards cost-effective borrowing amid subdued demand.

Societe Generale Ghana (SOGEGH) emerged as the top performer with a remarkable 10% increase in value, showcasing strong investor confidence, while Calbank Ghana PLC (CAL) faced a decline of 4.4%.

GCB Bank, the largest indigenous financial institution in terms of assets and branch network, recorded a 23.2 percent year-on-year increase in profit before tax, reaching GH¢1.91 billion for the year ended December 31, 2024. (Ghana Stock Exchange, 2025)

Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵47,286.35 with 0.50 oz at GH₵24,036.96 and 0.25 oz at GH₵12,441.05 as of 2nd May 2025. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana (GoG) treasury bills declined marginally across all tenors in the past week. The 91-day bill edged down by 8.76 basis points to 15.23%, signaling stability in short-term borrowing costs. Meanwhile, the 182-day and 364-day bills recorded higher declines of 25.97 and 141.14 basis points, respectively, closing at 15.7783% and 16.9591%. This strong moderation of borrowing cost by GoG amid macroeconomic reforms.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵5.25 billion at the week's close, reflecting a sharp surge from the GH₵3.9 billion reported in the previous week. The total number of transactions recorded was 7,878, with Treasury bills dominating the market and accounting for 98.22% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 0.93% to the total trading activity.

Trading activity for the week starting April 28 opened strongly, with total market turnover reaching GH₵640.8 million. This performance was largely driven by sustained investor demand for Treasury Bills and newly issued Government of Ghana (GoG) Notes and Bonds, reflecting growing interest in the short- to medium-term segment of the yield curve. Liquidity rose to GH₵2,106.9 million on April 29. The market plummeted to reach GH₵1,305.8 million on April 30, composing mostly of Treasury securities and new GoG issuances. However, market momentum slowed sharply by the end of the week, with turnover dropping to GH₵1,158.8 million on May 2.

Week's Yield Curve

EQUITY MARKET

This week, trading on the local stock exchange saw a bearish performance in trading activity, with total share volume declining by 80.29% to reach 2,740,190 shares, compared to last week's 13,903,553 shares. The total traded value softened by 38.85%, reaching GH₵31.16 million, compared to the previous week’s GH₵50.96 million, indicating lower-value transactions. Market capitalization experienced a marginal gain, closing at GH₵137.77 billion, from last week's value of GH₵ GH₵135.42 billion.

Regarding market indices, the GSE Composite Index (GSE-CI) closed at 6,214.34, showing a 2.52% week-on-week gain, a 1.95% monthly loss, but a substantial year-to-date gain of 27.12%.

Week's Equities Top Gainers & Laggards

Moreover, the GSE Financial Stocks Index (GSE-FSI) also increased to 3129.19 points, making it a weekly gain of 1.12%, a monthly gain of 0.55%, and a year-to-date gain of 31.44%.

EQUITY MARKET MOST TRADED STOCKS

Source(s): Ghana Stock Exchange

TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DATE

Source(s): African Markets

COMMODITY MARKET

This week, the commodities market performance plummeted, driven by notable price fluctuations. Gold prices declined from $3,282.4 to $3,231.9 per troy ounce week-on-week (w/w). The precious metal posted a 1.54% weekly loss. Meanwhile, Brent crude oil futures posted a 8.34% weekly loss, dropping from $66.87 to $61.29 per barrel, logging their steepest weekly decline since March as traders eyed the upcoming OPEC+ output policy meeting.

Cocoa futures declined this week, climbing to $9,127 per ton from last week’s $9,652. This sharp decline represents a weekly loss of 5.44%, pressured by a softening demand outlook and a potentially improved supply picture. Meanwhile, the latest data showed ICE-monitored cocoa inventories held in US ports continued to increase, climbing to a 6-1/2 month high of 2,036,303 bags as of April 30.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

Exchange rates declined over the past week as the cedi strengthened. The USD/GHS rate fell from 14.50 to 13.90. Similarly, the EUR/GHS rate dropped from 16.55 to 15.74, and the GBP/GHS rate decreased from 19.39 to 18.46.

Source(s): Bank of Ghana

DISCLAIMER: The information contained in this weekly update on the financial markets is intended for informational purposes only and should not be construed as financial, investment or other professional advice. The data are derived from internal and external sources that FFC Research finds reliable. FFC Research assumes no responsibility or liability for any actions taken based on the information contained in this report.

Research Analyst - Cedric Asante | Email: cedric.asante@firstfinancecompany.com