KEY HEADLINES & INSIGHTS
Ghana Fully Settles $700 Million Eurobond Debt Ahead of Schedule.The government has fully settled its $700 million Eurobond obligation ahead of schedule, comprising $525.2 million in principal and $174.8 million in interest. This forms part of Ghana’s ongoing Eurobond Debt Exchange Programme under its broader debt restructuring plan. Since January last year, total payments to Eurobond holders have reached about $2.1 billion, with authorities stating that the latest settlement was made without putting pressure on foreign exchange reserves. The Ministry of Finance says the repayment helps reduce outstanding external debt and strengthen investor confidence, while reaffirming commitment to prudent debt management and timely servicing of obligations. The payment also builds on earlier restructuring efforts under both the Eurobond and Domestic Debt Exchange Programmes, which were introduced to restore debt sustainability and support Ghana’s IMF-backed economic recovery.
Ghana Inflation Rises to 6-Month High of 5.3%. Ghana’s annual inflation rate increased to 5.3% in June 2026 from 3.7% in May, marking its highest level since December 2025 and extending a three-month upward trend. The rise was driven mainly by non-food inflation, which jumped to 6.3% due to higher transport, housing, and education costs, while food inflation also edged up to 3.9%. On a monthly basis, the Consumer Price Index (CPI) rose by 0.2% in June after a 1.1% increase in May, indicating continued but moderating price pressures across the economy.
PRIMARY DEBT MARKET ISSUANCE
WEEK
Yields on Government of Ghana Treasury bills edged higher across all tenors this week. The 91-day bill increased to 5.87% (+14.01bps), the 182-day bill rose to 7.79% (+9.50bps), while the 364-day bill advanced to 12.93% (+10.77bps). The slight increase in yields reflects marginally weaker demand at the auction relative to the previous week.
| Security | Current Wk % | Previous Wk % |
|---|---|---|
| 91-Day GoG Bill | 5.8730 | 5.7329 |
| 182-Day GoG Bill | 7.7883 | 7.6933 |
| 364-Day GoG Bill | 12.9295 | 12.8218 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵6.03 billion across 2,285 transactions during the week, down from GH₵8.85 billion across 4,219 transactions in the previous week, as reflecting a moderation in market activity. Treasury Bills dominated trading, accounting for 53.31% of total market turnover and 90.94% of all transactions, highlighting sustained demand for highly liquid short-term government securities. DDEP Bonds contributed 40.51% of traded volume despite representing only 5.69% of transactions, indicating relatively large institutional trades. Sell/Buy Back Trades accounted for 6.04% of total volume, while Corporate Bonds represented 0.14%. Trading in New Government of Ghana Notes & Bonds remained negligible at 0.01%, and no trades were recorded in Old Government of Ghana Notes & Bonds. The moderation in turnover coincided with a pickup in inflation to 5.3%, which may have reinforced investors' preference for liquid short-term Treasury Bills while institutional investors continued portfolio rebalancing.
Daily Volume (GHS) Traded – GFIM
Week's Yield Curve
EQUITY MARKET
Trading activity on the Ghana Stock Exchange moderated during the week, with total share volume declining to 13.85 million shares from 43.21 million shares in the previous week, while traded value fell to GH₵43.58 million from GH₵125.85 million. The Telecommunications sector dominated trading, recording the highest share volume (4.56 million shares) and traded value (GH₵29.05 million), while the Advertising and Manufacturing sectors recorded no trades.
| Index | Level | WoW% | MoM% | YoY% |
|---|---|---|---|---|
| GSE-CI | 14,689.0100 | -0.527 | -0.239 | 67.487 |
| FSI | 8207.7300 | -0.571 | -0.745 | 76.618 |
| Market Cap | 285.8492 | -0.764 | -0.568 | 66.150 |
Source(s): Ghana Stock Exchange
Week's Equities Top Gainers & Laggards
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) | Weekly Change |
|---|---|---|---|
| MTNGH | 4,555,378.00 | 6.42 | -0.02 |
| KASA | 3,755,089.00 | 1.88 | 0.00 |
| IIL | 3,255,343.00 | 0.18 | 0.00 |
| CAL | 1,590,251.00 | 0.78 | 0.00 |
| ETI | 371,393.00 | 2.20 | -0.07 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES
| Country | Index | Level | YTD % |
|---|---|---|---|
| Ghana | GSE-CI | 14,689.0100 | +67.49 |
| Zimbabwe | ZSE-ASI | 435.00 | +56.55 |
| Tanzania | DSE -ASI | 4,116.73 | +49.05 |
| Tunisia | TUNINDEX | 19,835.16 | +47.47 |
| Nigeria | NGX-ASI | 229,240.34 | +47.31 |
Source(s): African Markets
COMMODITY MARKET
Commodity markets recorded mixed performance during the week as investors responded to evolving supply conditions and macroeconomic developments. Brent crude oil declined by 0.26% to US$71.80, as expectations of higher OPEC+ production and the recovery in crude exports through the Strait of Hormuz eased concerns over global supply disruptions.
Gold gained 0.83% to US$4,112.70, supported by renewed safe-haven demand amid persistent geopolitical uncertainties and a weaker US dollar.
Meanwhile, cocoa fell 1.30% to US$4,949, as improving supply expectations and profit-taking weighed on prices, although the commodity remained 18.40% lower on a year-to-date basis.
Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
The Ghanaian cedi appreciated against the US dollar during the week but weakened marginally against the euro, while remaining unchanged against the British pound. The USD/GHS rate declined by 0.35% on the week to GH₵11.34, with monthly, quarterly and yearly returns of 0.53%, 0.53% and 4.04%, respectively. The EUR/GHS rate increased by 0.06% to GH₵12.96, posting monthly, quarterly and yearly returns of 0.63%, 0.63% and 5.14%, respectively. Meanwhile, the GBP/GHS rate remained unchanged at GH₵15.13, with weekly, monthly, quarterly and yearly returns of 0.00%.
Source(s): Bank of Ghana
