KEY HEADLINES & INSIGHTS

Ghana Inflation Falls to 3.8%, Extending Year‑Long Disinflation Streak

Ghana’s inflation fell to 3.8% in January 2026, its 13th straight monthly decline and the lowest since the 2021 CPI rebasing. Both food and non‑food prices eased to 3.9%.

Ghana Curbs Offshore Investments to Stabilise the Cedi

The SEC has capped foreign investments by local fund managers to keep capital at home, support the cedi, and reinforce macroeconomic stability under Ghana’s IMF-backed recovery plan.

Ghana Offers Levy Cut to Offset Higher Gold Royalties

Ghana plans to raise gold royalties but is offering lower levies on mining firms to soften the impact and keep the sector attractive to investors.

Ghana Targets Over $20bn in Foreign Reserves

President Mahama says Ghana plans to boost its foreign exchange reserves beyond $20 billion, signalling confidence in economic recovery and stronger external buffers.

Ghana Gold Coin Pricing Update

1 oz Now Selling at GH₵54,791.41 with 0.50 oz at GH₵27,741.43 and 0.25 oz at GH₵14,238.85 as of 6th February 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 86 basis points to 9.70%, the 182-day bill by 56 basis points to 11.82%, and the 364-day marginally by 76 basis points, settling at 12.06%.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵10.13 billion at the week's close, reflecting an increase from the GH₵8.91 billion reported in the previous week. The total number of transactions recorded was 12,036, with Treasury bills dominating the market and accounting for 96.36% of the trades. Meanwhile, New GoG Notes & Bonds posting 2.40% to the total trading activity.

Daily Volume (GHS) Traded – GFIM

Week's Yield Curve

EQUITY MARKET

Trading activity on the local stock exchange marginally increased this week, with total share volume increased by 1.74% to 68,410,491shares, from 67,239,861 shares posted the previous week. The total traded value increased by 7.56%, settling at GH₵292.48 million compared to GH₵271.92 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 increased from $4,713.9 to $4,951.2 per troy ounce week-on-week (w/w). The precious metal posted 5.02% weekly gain.

Meanwhile, Brent crude oil futures posted a 3.73% weekly loss decreasing from $70.69 to $68.05 per barrel, on easing Middle East risk. US Iran nuclear talks in Oman, which Iranian officials described as a good start with plans to continue negotiations, reduced fears of near-term supply disruptions from a region that accounts for roughly one third of global crude output.

Cocoa futures posted a marginal increase settling at $4,197 per ton from last week’s $4,165, posting a 0.77% weekly gain. Dealers cited weak global demand that is leading to a build-up in stocks of unsold beans in both the Ivory Coast and Ghana, the world's two largest producers.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

The Ghanaian cedi (GH₵) recorded mixed performance against major international currencies last week, reflecting ongoing volatility in the foreign exchange market. The local currency depreciated marginally by GH₵0.03 against the US dollar (USD), increased marginally by GH₵0.08 against the British pound (GBP), and increased marginally GH₵0.04 against the euro (EUR).

Source(s): Bank of Ghana