KEY HEADLINES & INSIGHTS
The Government of Ghana, Tullow Oil, Kosmos Energy, PetroSA, GNPC and Explorco Sign Memorandum of Understanding to Extend Ghana Production Licenses to 2040 (Yahoo Finance, 2025)
Parliament passes new tax on fuel; Consumers to pay GH¢1 per every litre purchased. The bill, titled the Energy Sector Levies (Amendment) Bill, 2025, asked for an upward adjustment in the Energy Sector Shortfall and Debt Repayment Levy to raise additional revenue to support the payment of energy sector arrears, reduce legacy debt, and ensure stable power supply across the country. (Graphic Online, 2025)
Ghana’s central bank is planning to introduce a cap on non-performing loans for the banking industry to restore asset quality (Bank of Ghana, 2025)
Ghana's annual consumer inflation moderated for the fifth month to 18.4% in May 2025, reaching the lowest point since February 2022, mainly supported by a stronger currency.
Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵35,994.92 with 0.50 oz at GH₵18,332.00 and 0.25 oz at GH₵9,521.47 as of 5th June 2025. (Bank of Ghana, 2025)
PRIMARY DEBT MARKET ISSUANCE WEEK
Yields on Government of Ghana (GoG) treasury bills saw a slight decline across all tenors last week. The 91-day bill fell by 11 basis points to 14.79%, indicating relative stability in short-term borrowing costs. Similarly, the 182-day and 364-day bills dropped by 0.3 and 2.6 basis points, respectively, closing at 15.45% and 15.49%. This decline reflects a moderation in GoG’s borrowing costs amid ongoing macroeconomic reforms.
| Security | Current Wk% | Previous Wk% |
|---|---|---|
| 91-Day GoG Bill | 14.7922 | 14.7949 |
| 182-Day GoG Bill | 15.4591 | 15.4854 |
| 364-Day GoG Bill | 15.7990 | 15.9129 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵3.12 billion at the week's close, reflecting a decline from the GH₵4.82 billion reported in the previous week. The total number of transactions recorded was 5,738, with Treasury bills dominating the market and accounting for 97.35% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 1.92% to the total trading activity.
The fixed income market opened the week on a weak note, recording a turnover of GH₵460.1 million, attributed largely to Treasury Bills and New Government of Ghana (GoG) Notes & Bonds.
Market liquidity rebounded to GH₵895.2 million on June 3, reflecting high participation. However, activity tapered off to GH₵841.6 million on June 4, with trading focused mainly on Treasury securities and new GoG issuances. Turnover rebounded again to reach GH₵923.2 million on June 5.
Week's Yield Curve
EQUITY MARKET
Trading activity on the local stock exchange turned bullish this week, with total share volume surging by 520% to 11,195,035 shares, down from 1,804,728 shares the previous week. The total traded value also increased by 204%, settling at GH₵39.70 million compared to GH₵13.08 million last week, reflecting a drop in high-value transactions. Market capitalization posted a weekly loss, closing at GH₵134.13 billion, down from GH₵136.55 billion.
Regarding market indices, the GSE Composite Index (GSE-CI) closed at 6,004.72 showing a 2.4% week-on-week loss, a 2.4% monthly loss, but a substantial year-to-date gain of 22.83%.
Moreover, the GSE Financial Stocks Index (GSE-FSI) increased to 3,244.82 points, making it a weekly gain of 0.80%, a monthly gain of 0.80%, and a year-to-date gain of 36.29%.
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) |
|---|---|---|
| MTNGH | 9,977,611 | 2.81 |
| GCB | 414,655 | 8.85 |
| ETI | 293,218 | 0.85 |
| CAL | 266,225 | 0.55 |
| SCB | 76,879 | 26.27 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DATE
| Country | Index | Level | YTD% |
|---|---|---|---|
| Malawi | MSE ASI | 279,755.09 | ▲ 62.61 |
| Morocco | MASI | 18,562.47 | ▲ 25.65 |
| Tanzania | LuSE ASI | 19,143.26 | ▲ 23.98 |
| Ghana | GSE-CI | 6,004.72 | ▲ 22.83 |
| South Africa | JSE ASI | 95,650.19 | ▲ 13.74 |
Source(s): African Markets
COMMODITY MARKET
This week, the commodities market posted mixed performance, driven by notable price fluctuations. Gold prices edged up from $3,288.9 to $3,322.7 per troy ounce week-on-week (w/w). The precious metal posted a 1.03% weekly gain.
Meanwhile, Brent crude oil futures posted a 4.02% weekly gain increasing from $63.90 to $66.47 per barrel, amid strong economic data countered demand for safety due to fresh risks of trade wars.
Cocoa futures inched this week, marginal increase to $10,259 per ton from last week’s $9,791. This represents a weekly gain of 4.78%.
Recent reports of rainfall in West African countries, particularly Ivory Coast and Ghana, have raised hopes for improved crop prospects, though the outlook remains highly uncertain.
Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
The Ghanaian Cedi (GHS) has shown mixed performances against major foreign currencies compared to the previous week. Specifically, it has gained GHS0.03 against the US Dollar (USD), lost GHS0.07 against the British Pound (GBP), and lost GHS0.14 against the Euro (EUR).
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
