KEY HEADLINES & INSIGHTS

Ghana’s GDP Growth to Edge Up to 5.9% in 2026 – Fitch Solutions

Fitch Solutions projects Ghana’s economy will expand slightly from 5.8% in 2025 to 5.9% in 2026, driven by easing inflation boosting private consumption. Growth will be tempered by fiscal consolidation, slow credit transmission, and a stronger cedi. The services sector remains a key driver, surging 9.9% in Q2 2025 amid falling inflation.

BoG Hints - Cuts Gold Holdings in Strategic Reserve Rebalance

The Bank of Ghana is reducing gold exposure as part of a long-term reserve rebalancing strategy to curb price volatility and strengthen financial stability. The move prioritizes prudent risk management over short-term market trends.

Inflation Falls to 6.3% in November, 11-Month Decline Continues

Ghana’s inflation eased to 6.3% in November from 8% in October, driven by a stronger cedi and lower food prices. Food inflation dropped to 6.6%, non-food to 6.1%, while monthly CPI rose 0.9% after a prior decline.

Ghana Gold Coin Pricing Update

1 oz Now Selling at GH₵49,532.23 with 0.50 oz at GH₵25,117.96

and 0.25 oz at GH₵12,934.05 as of 4th December 2025. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana (GoG) treasury bills posted marginal mixed performance across the tenors last week. The 91-day bill increase marginally by 3 basis points to 11.08%, the 182-day bill by 12 basis points to 12.55%, while the 364-day marginally decreased by 39 basis points, settling at 12.70%.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵5.20 billion at the week's close, reflecting a decrease from the GH₵5.22 billion reported in the previous week. The total number of transactions recorded was 7,885, with Treasury bills dominating the market and accounting for 95.46% of the trades. Meanwhile, New GoG Notes & Bonds posting 2.59% 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 62% to 7,639,440 shares, from 20,364,474 shares posted the previous week. The total traded value decrease by 91%, settling at GH₵8.38million compared to GH₵89.39 million last week, reflecting a significant decrease in higher-value transactions. Market capitalization posted a 0.80% weekly marginal gain, closing at GH₵167.81 billion, down from GH₵166.48 billion.

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

COMMODITY MARKET

This week, the commodities market posted a mixed performance, driven by notable price fluctuations. Gold prices increased from $4,219.38 to $4,212.9 per troy ounce week-on-week (w/w). The precious metal posted a 0.13% weekly loss.

Meanwhile, Brent crude oil futures posted a 0.87% weekly gain increasing from $63.20 to $63.75 per barrel, on increasing expectations the U.S. Federal Reserve will cut interest rates next week, which could boost economic growth and energy demand, as well as geopolitical uncertainty that could limit supplies from Russia and Venezuela.

Cocoa futures posted a decline settling at $5,643 per ton from last week’s $5,631.7, posting a 4.42% weekly gain, with NY cocoa posting a 3-week high. The outlook for a smaller-than-expected global cocoa surplus has lifted prices over the past week.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

The Ghanaian cedi (GH₵) recorded a marginal weak performance against major international currencies last week, reflecting ongoing volatility in the foreign exchange market. The local currency weakened by GH₵0.14 against the US dollar (USD), GH₵0.27 against the euro (EUR) and GH₵0.36 against the British pound (GBP). These movements highlight marginal but notable shifts across key trading pairs.