KEY HEADLINES & INSIGHTS

Ghana’s Petroleum Funds Strengthens

Petroleum revenues improved in late 2025, driven by higher crude liftings and strong corporate tax payments from upstream operators. Allocations to both the Stabilisation and Heritage Funds increased their balances, pushing total petroleum fund assets above US$1.5 billion by year‑end.

Ghana to Rely on Banks for Majority of CAPEX Financing from 2026

Ghana’s 2026 Industry Outlook shows commercial banks will fund about 60% of government capital spending, boosting bank interest income but tightening credit for businesses. Rising CAPEX and persistent interest costs deepen banks’ exposure to fiscal risks, though reliance on banks is expected to ease gradually after 2027.

Ghana Stock Exchange Introduces New Listing Rules for Equity Market

The Ghana Stock Exchange has replaced its 2006 listing rules with a new framework effective February 2, 2026, aiming to improve compliance and guide issuers. This comes after the GSE ended 2025 as Africa’s second‑best performing exchange with strong returns and rising market capitalization.

Ghana Gold Coin Pricing Update

1 oz Now Selling at GH₵60,746.07 with 0.50 oz at GH₵30,718.31 and 0.25 oz at GH₵15,726.78 as of 30th January 2026. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana (GoG) treasury bills posted a decline across the tenors last week. The 91-day bill decreased by 37 basis points to 10.83%, the 182-day bill by 29 basis points to 12.38%, and the 364-day marginally by 24 basis points, settling at 12.82%.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵8.91 billion at the week's close, reflecting a decrease from the GH₵9.82 billion reported in the previous week. The total number of transactions recorded was 5,310, with Treasury bills dominating the market and accounting for 88.70% of the trades. Meanwhile, New GoG Notes & Bonds posting 8.61% to the total trading activity.

Daily Volume (GHS) Traded – GFIM

Week's Yield Curve

EQUITY MARKET

Trading activity on the local stock exchange turned bullish this week, with total share volume increased by 101% to 67,239,861shares, from 33,346,517 shares posted the previous week. The total traded value increased by 85%, settling at GH₵271.92 million compared to GH₵151.30 million last week, reflecting a significant increase in higher-value transactions.

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

Source(s): African Markets

COMMODITY MARKET

This week, the commodities market posted a mixed performance, driven by notable price fluctuations. Gold prices dipped from $4,976.2 to $4,713.9 per troy ounce week-on-week (w/w). The precious metal posted 5.27% weekly loss.

Meanwhile, Brent crude oil futures posted a 7.3% weekly gain increasing from $65.88 to $70.69 per barrel, supported by a rising geopolitical risk premium. Concerns persist on renewed US–Iran tensions, after US President Donald Trump called on Iran to engage in nuclear talks, while Tehran warned of retaliation.

Cocoa futures posted a decline settling at $4,165 per ton from last week’s $4,201, posting a 0.86% weekly loss. Cocoa prices continued their month‑long decline, hitting 2.25–2.5‑year lows in New York and London before rebounding moderately due to technical short‑covering. The overall pressure on prices stems from ample global supply and weak demand.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

The Ghanaian cedi (GH₵) recorded notable depreciation against major international currencies last week, reflecting ongoing volatility in the foreign exchange market. The local currency depreciated by GH₵0.13 against the US dollar (USD), declined by GH₵0.24 against the British pound (GBP), and depreciated GH₵0.21 against the euro (EUR).

Source(s): Bank of Ghana