KEY HEADLINES & INSIGHTS

• The Ghana Gold Board (GoldBod) is targeting US$1.2 billion in foreign exchange earnings from artisanal and small-scale gold trading in November 2026, following the generation of US$1.011 billion in October. The initiative is expected to strengthen foreign exchange supply, with US$800 million projected to be channeled to commercial banks, potentially supporting liquidity in the domestic foreign exchange market.
• MTN Ghana paid GH¢9 billion in taxes to the government and recorded GH¢7.8 billion in profit in the first nine months of 2026. Its revenue growth was driven by data, digital and Mobile Money services.
• Ghana's proposed partnership with Russia's RUSAL faces questions over financing, electricity, railway infrastructure and water supply needed to develop the Nyinahin bauxite mine and alumina refinery.
• The World Bank says targeted investment in better connected cities, affordable housing and infrastructure is essential to creating productive jobs and benefiting from rapid urbanization in Sub-Saharan Africa.
• Global equity markets adopted a cautious stance on 2 November as investors assessed the upcoming US midterm elections, technology sector performance and central bank policy expectations. European shares remained broadly stable, while investors monitored upcoming US economic releases, including manufacturing data and employment figures, for indications of the direction of interest rates and global economic growth.

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana Treasury bills declined across all three tenors in the latest auction held on 30 October 2026 for securities to be issued on 2 November 2026. The 91-day bill yield fell to 4.6013% from 4.6135% previously, representing a decline of 1.22 basis points. Similarly, the 182-day bill yield declined to 6.2629% from 6.2929%, a reduction of 3.00 basis points, while the 364-day bill yield eased to 9.6039% from 9.6739%, representing a decline of 7.00 basis points. Total bids tendered amounted to GH¢3.548 billion, comprising GH¢1.510 billion for the 91-day bill, GH¢1.424 billion for the 182-day bill and GH¢613.83 million for the 364-day bill, against the government's target of GH¢2.447 billion. Of the total bids tendered, GH¢1.918 billion was accepted. Overall, yields declined across the Treasury bill curve, with the largest reduction recorded on the 364-day bill at 7.00 basis points, followed by the 182-day bill at 3.00 basis points and the 91-day bill at 1.22 basis points.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded approximately GH¢13.36 billion in traded volume across 2,331 transactions during the week. Treasury Bills dominated trading activity, accounting for 61.30% of total traded volume (GH¢8.19 billion) and 82.75% of transactions. DDEP Bonds followed with GH¢5.02 billion, representing 37.55% of traded volume and 10.94% of transactions. Sell/Buy Back Trades accounted for 0.92% of turnover, while New GoG Notes and Bonds, Corporate Bonds and Commercial Paper contributed 0.11%, 0.08% and 0.04%, respectively. Old GoG Notes and Bonds recorded minimal activity, while no trades were recorded in Green & Sustainable Bonds. Overall, Treasury Bills and DDEP Bonds jointly accounted for 98.85% of total traded volume, highlighting their dominance in the week's fixed income market activity.

Daily Volume (GHS) Traded – GFIM

Week's Yield Curve

EQUITY MARKET

Trading activity on the Ghana Stock Exchange recorded approximately 10.53 million shares traded at a total value of GH¢56.52 million during the week. The Telecommunications sector dominated market activity, recording 6.95 million shares valued at GH¢45.39 million, accounting for approximately 80.30% of total traded value and 65.94% of total shares traded. The Financial sector followed with 1.98 million shares worth GH¢4.89 million, representing the second highest contribution to both trading volume and value. Healthcare traded 299,719 shares worth GH¢170,028.32, while Insurance recorded 263,886 shares valued at GH¢1.95 million. Food & Beverage accounted for 154,590 shares traded at GH¢1.75 million, followed by Advertising with 151,616 shares valued at GH¢60,508.67. Oil & Gas recorded 123,377 shares worth GH¢967,807.51, while Agriculture traded 28,259 shares valued at GH¢42,450.88. Technology accounted for 16,355 shares valued at GH¢63,194.54, while Mining recorded 3,470 shares worth GH¢134,941.30. Education recorded minimal activity, with just 4 shares traded at GH¢0.56, while Manufacturing recorded no trading activity during the period. Overall, market activity remained heavily concentrated in the Telecommunications sector, which accounted for the largest share of both trading volume and value, followed by the Financial sector.

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 YEAR-TO-DATE

Source(s): African Markets *** Note: Ghana’s market data is current, but the figures for the other African markets are not current. The African Markets website is currently undergoing maintenance and security updates, which has affected access to updated market information.

COMMODITY MARKET

• Commodity markets recorded mixed performance during the week ending 30 October 2026. Brent crude rose to US$117.64 per barrel, gaining 0.79% for the week and 13.63% over both the month and quarter, while recording a 93.33% year-on-year increase. The rally was supported by escalating geopolitical tensions in the Middle East, particularly concerns over attacks on Saudi energy infrastructure and disruptions to shipping through the Strait of Hormuz. In contrast, gold declined by 2.72% to US$3,898.90 per ounce, extending its monthly and quarterly losses to 6.87% and its year-on year decline to 10.19%, as rising oil prices, inflation concerns and expectations of higher US interest rates weighed on demand.
• Cocoa also fell by 2.49% to US$5,453 per tonne, although it remained 1.60% higher over the month and quarter, while declining 10.09% year-on year. Pressure on cocoa prices reflected rising global inventories and concerns over demand. For Ghana, the mixed commodity performance has important implications for export earnings, foreign exchange inflows and domestic economic conditions.
• Higher crude oil prices could support petroleum export receipts but also increase fuel import costs, while declining gold and cocoa prices could moderate export earnings if the weakness persists. Overall, the sharp increase in oil prices alongside declining gold and cocoa prices presents mixed prospects for Ghana's external sector.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

The Ghanaian cedi recorded mixed movements against major trading currencies during the review period. The USD/GHS exchange rate stood at GH¢11.65, with the cedi depreciating by 0.09% week-on-week and 0.09% over the month, while appreciating by 0.34% over the quarter. On a year-on-year basis, the cedi weakened by 6.88% against the US dollar. The EUR/GHS rate stood at GH¢13.02, reflecting a weekly depreciation of 3.50%. The cedi also depreciated by 3.50% over the month and appreciated by 0.87% over the quarter. Year-on-year, the cedi weakened by 5.60% against the euro. Meanwhile, the GBP/GHS rate stood at GH¢15.60, with no recorded changes across the weekly, monthly, quarterly or yearly periods. Overall, the cedi recorded mixed performance, weakening against the US dollar and euro over the week, while remaining unchanged against the British pound.

Source(s): Bank of Ghana