KEY HEADLINES & INSIGHTS
Stock Market Boom: The Ghana Stock Exchange (GSE) has experienced massive growth, with the composite index reaching 15,130.52 points and showing a 72.52% year-to-date gain, driven by strong corporate earnings in the banking sector, including a 71% profit rise for GCB Bank.
Banking Sector Performance: ADB Bank PLC recorded 101.5 million cedis in Q1 2026 profits, while Fan Milk PLC reported 84% growth, reflecting a strong start to the year.
Bank of Ghana Loss Controversy: Reports suggest the Bank of Ghana recorded a 15.6 billion cedi loss in 2025, sparking debate regarding the cost of economic stabilization.
Cedi Recovery: The Ghana cedi has seen a 41% gain in 2025-2026, which the central bank attributes to mean reversion rather than overvaluation following a 77% depreciation between 2022 and 2024.
Inflation & Rates: The current inflation rate is roughly 3.2% against a target of (6.0 to 10.0).
Gold Purchase: The Bank of Ghana's Domestic Gold Purchase Programme is being utilized to strengthen reserves, with officials stating it is crucial for long-term stability.
Corporate Moves: Kasapreko reported a 73 million cedi profit for Q1 2026, while Enterprise Group PLC saw a 49% profit fall
PRIMARY DEBT MARKET ISSUANCE WEEK
Yields on Government of Ghana (GoG) treasury bills recorded mixed movements across the curve in the current week. The 91-day bill declined marginally by 0.11 basis points to 4.9233%, reflecting continued stability in short-term borrowing costs. The 182-day bill edged up by 0.85 basis points to 6.9715%, indicating a slight increase in medium-term rates. Meanwhile, the 364-day bill rose more sharply by 7.29 basis points to 10.1968%, suggesting increased upward pressure on longer-term yields.
| Security | Current Wk % | Previous Wk % |
|---|---|---|
| 91-Day GoG Bill | 4.9233 | 4.9244 |
| 182-Day GoG Bill | 6.9715 | 6.9630 |
| 364-Day GoG Bill | 10.1968 | 10.1239 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵6.76 billion at the close of the week, across 7,467 transactions. Treasury Bills dominated market activity, accounting for 43.19% of total traded volume and 95.94% of total transactions, highlighting strong participation in short-term instruments. DDEP Bonds followed, contributing 34.68% of total volume but only 1.19% of transactions, reflecting relatively large-sized trades. Sell/Buy Back trades in Government of Ghana (GoG) Notes and Bonds made up 21.67% of traded volume and 1.89% of total deals.
Corporate Bonds recorded a marginal share of 0.38% of total volume and 0.67% of transactions, while Old GoG Notes and Bonds and New GoG Notes and Bonds collectively contributed less than 0.10% of overall market activity, indicating limited trading in these segments.
Daily Volume (GHS) Traded – GFIM
Week's Yield Curve
EQUITY MARKET
This week, trading on the local stock exchange showed mixed performance in activity, as total share volume declined by 15.11% to reach 11,505,467 shares, compared to last week’s 13,553,818 shares. In tandem, the total traded value also eased by 0.90%, dipping to GH₵86.54 million from the previous week’s GH₵87.33 million, indicating slightly lower-value transactions.
| Index | Level | WoW% | MTD% | YTD% |
|---|---|---|---|---|
| GSE-CI | 15,130.5200 | 1.731 | 15.853 | 72.521 |
| FSI | 8,839.4100 | -0.018 | 10.675 | 90.211 |
| Market Cap | 281.8353 | 1.022 | 15.635 | 63.817 |
Source(s): Ghana Stock Exchange
Week's Equities Top Gainers & Laggards
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) |
|---|---|---|
| MTNGH | 7,544,163.00 | 6.80 |
| CAL | 1,193,225.00 | 0.90 |
| ZEN | 625,428.00 | 6.14 |
| GCB | 529,420.00 | 41.55 |
| ETI | 486,094.00 | 2.18 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES
| Country | Index | Level | YTD % |
|---|---|---|---|
| Ghana | GSE-CI | 15,130.52 | ▲ 72.52 |
| Nigeria | NGX ASI | 242,277.81 | ▲ 55.69 |
| Tanzania | DSE ASI | 3,919.27 | ▲ 41.90 |
| Zimbabwe | ZSE ASI | 365.17 | ▲ 31.42 |
| Egypt | EGX 30 | 51,760.97 | ▲ 23.74 |
Source(s): African Markets
COMMODITY MARKET
This week, the commodities market exhibited mixed performance across key assets. Brent crude oil prices trended upward overall, rising from around $110 per barrel at the start of the week to approximately $114 per barrel by the end, despite peaking midweek, indicating a moderate weekly gain supported by steady demand expectations.
In contrast, gold prices declined slightly, falling from about $4,660 per troy ounce to roughly $4,620, reflecting a mild pullback amid profit-taking pressures.
Meanwhile, cocoa prices recorded a strong upward movement, increasing from approximately $3,250 per ton to about $3,480, representing a notable weekly gain driven by improved market sentiment and supply-side factors.
Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
Exchange rates rose over the past week as the cedi weakened. The USD/GHS rate increased from 11.0625 to 11.0800. Similarly, the EUR/GHS rate climbed from 12.9680 to 12.9923, while the GBP/GHS rate remained unchanged at 14.9972.
Source(s): Bank of Ghana
