KEY HEADLINES & INSIGHTS

Ghana Reference Rate Falls to 11.71%

Ghana’s Reference Rate has dropped from 14.58% to 11.71%, mainly due to lower T‑bill and interbank rates. Banks are expected to cut lending rates soon, easing costs for borrowers—especially those on variable‑rate loans.

Ghana’s Inflation Drops to 3.3%, Lowest Since 2021 Rebase

Ghana’s inflation fell to 3.3% in February 2026—its 14th straight monthly decline and the lowest since the 2021 CPI rebase. Year‑on‑year prices rose modestly, while month‑on‑month inflation was just 0.8%, signalling continued macroeconomic stability.

China and U.S. Push Ghana to Pause Planned Gold Royalty Increase

Ghana’s proposal to raise gold royalties to a sliding 5–12% has triggered coordinated diplomatic pressure from both China and the U.S., along with several Western governments. Major mining companies and Chinese operators argue the hike would make Ghana one of the world’s costliest gold‑mining jurisdictions and threaten investment.

Cocoa Price Crash Leaves Ghana and Ivory Coast Farmers Unpaid and Struggling

A global cocoa price slump has left farmers in Ghana and Ivory Coast unable to sell their beans, with many going months without payment. State‑set prices are now far above what buyers will pay, creating massive stockpiles, deepening Cocobod’s debt, and pushing rural households into crisis.

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 50 basis points to 4.83%, the 182-day bill by 67 basis points to 6.30%, and the 364-day by 41 basis points, settling at 9.35%.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵7.77 billion at the week's close, reflecting a decrease from the GH₵9.31 billion reported in the previous week. The total number of transactions recorded was 3,223, with Treasury bills dominating the market and accounting for 86.57% of the trades. Meanwhile, New GoG Notes & Bonds posting 5.75% to the total trading activity.

Daily Volume (GHS) Traded – GFIM

Week's Yield Curve

EQUITY MARKET

Trading activity on the local stock exchange declined this week, with total share volume decreasing by 27% to 29,021,912shares, from 39,536,588 shares posted the previous week. The total traded value increased by 10%, settling at GH₵241.27 million compared to GH₵218.93 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 Market

COMMODITY MARKET

This week, the commodities market posted a mixed performance, driven by notable price fluctuations. Gold prices decreased marginally from $5,230.5 to $5,146.1 per troy ounce week-on-week (w/w). The precious metal posted 1.61% weekly loss.

Meanwhile, Brent crude oil futures posted a 28% weekly gain increasing from $72.48 to $92.69 per barrel, as the escalating Middle East conflict severely disrupted global oil supplies. This has effectively choked off exports from major Gulf producers and forced some countries to shut in output.

Cocoa futures posted a surge settling at $3,138 per ton from last week’s $2,798, posting a 12.15% weekly gain. Underlying market fundamentals remained pressured by expectations of abundant supply and weakened demand.

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 appreciated marginally by GH₵0.12 against the US dollar (USD), GH₵0.06 against the British pound (GBP), and decline of GH₵0.11 against the euro (EUR).

Source(s): Bank of Ghana