KEY HEADLINES & INSIGHTS
T-Bil auction sees 22% undersubscription amid falling yields
Ghana’s latest Treasury bill auction saw demand fall 22.12% short of the GHS8.58 billion target, ending a three-week streak of oversubscriptions. The shortfall follows a sharp rate cut on the 56-day BoG bill and increased investor participation in earlier BoG auctions. Accepted bids totalled GHS 6.69 billion, with yields on short-term securities edging lower—91-day at 10.20%, 182-day at 12.25%, and 364-day at 13.10%.
BoG Gold Reserves Rise 4.09% in July, Up 8.05% YTD
The Bank of Ghana’s gold reserves climbed 4.09% month-on-month to 34.40 tonnes in July 2025, marking an 8.05% increase since January. The steady buildup, driven by the Domestic Gold Purchase Programme, aims to strengthen FX reserves, support cedi stability, and reduce vulnerability to global financial volatility.
Banking Sector Credit Expands 24.06% in 2024 Amid Stronger Fundamentals
Ghana’s banking sector posted 24.06% year-on-year credit growth in 2024, alongside gains in solvency, liquidity, and efficiency, reflecting improved financial soundness.
Ghana Gold Coin Pricing Update
1 oz Now Selling at GH₵37,291.79 with 0.50 oz at GH₵18,985.27
and 0.25 oz at GH₵9,853.59 as of 8th August 2025. (Bank of Ghana, 2025)
PRIMARY DEBT MARKET ISSUANCE WEEK
Yields on Government of Ghana (GoG) treasury bills saw marginal decline across all tenors last week. The 91-day bill dipped by 9 basis points to 10.20%, indicating reduction in short-term borrowing costs. Similarly, the 182-day and 364-day bills declined by 11 and 14 basis points, respectively, closing at 12.25 % and 13.10%.
| Security | Current Wk% | Previous Wk |
|---|---|---|
| 91-Day GoG Bill | 10.2009 | 10.2949 |
| 182-Day GoG Bill | 12.2540 | 12.3594 |
| 364-Day GoG Bill | 13.1022 | 13.2465 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵4.07 billion at the week's close, reflecting a decrease from the GH₵4.65 billion reported in the previous week. The total number of transactions recorded was 1,845, with Treasury bills dominating the market and accounting for 80.16% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 14.91% 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 97% to 10,939,932 shares, down from 60,828,644 shares posted the previous week. The total traded value also decreased by 83%, settling at GH₵47.16 million compared to GH₵275.42 million last week, reflecting a decrease in high-value transactions. Market capitalization posted a 3.21% weekly gain, closing at GH₵150.83 billion, down from GH₵146.13 billion.
| Index | Level | WoW% | MoM% | YoY% |
|---|---|---|---|---|
| GSE-CI | 7,386.41 | 5.60 | 5.64 | 51.10 |
| FSI | 3,408.78 | -0.57 | -0.53 | 43.18 |
Source(s): Ghana Stock Exchange
Week's Equities Top Gainers & Laggards
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) |
|---|---|---|
| MTNGH | 6,851,582 | 3.95 |
| SOGEGH | 1,694,785 | 2.00 |
| CAL | 1,079,522 | 0.52 |
| ETI | 477,270 | 0.80 |
| FML | 311,484 | 4.40 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DATE
| Country | Index | Level | YTD% |
|---|---|---|---|
| Malawi | MSE ASI | 425,534.71 | ▲ 147.35 |
| Ghana | GSE-CI | 7,386.41 | ▲ 51.10 |
| Nigeria | NGX ASI | 145,754.91 | ▲ 41.61 |
| Tanzania | LuSE ASI | 21,524.31 | ▲ 39.40 |
| Morocco | MASI | 19,818.76 | ▲ 34.15 |
Source(s): African Markets
COMMODITY MARKET
This week, the commodities market posted mixed performance, driven by notable price fluctuations. Gold prices increased from $3,347.70 to $3,439.10 per troy ounce week-on-week (w/w). The precious metal posted a 2.73% weekly gain.
Meanwhile, Brent crude oil futures posted a 4.42% weekly loss decreasing from $69.67 to $66.59 per barrel, amid growing concerns over rising US tariffs and a potential meeting between Presidents Trump and Putin. US tariffs effective Thursday stoked fears of slower growth and weaker oil demand, while talk of a Trump-Putin summit raised hopes for easing Ukraine tensions and Russian sanctions.
Cocoa futures posted an increase settling at $8,526 per ton from last week’s $8,232, posting a 3.57% gain. Cocoa has support from the slowdown in the pace of Ivory Coast cocoa exports. Monday's government data showed that Ivory Coast farmers shipped 1.76 MMT of cocoa to ports this marketing year from October 1 to August 3, up +6% from last year but down from the much larger +35% increase seen in December.
Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
The Ghanaian cedi (GH₵) extended weakness against major counterparts over the past week, reflecting sustained pressure in the FX market. The local unit depreciated by GH₵0.10 against the US dollar (USD), GH₵0.34 against the euro (EUR), and GH₵0.14 against the British pound (GBP), underscoring broad-based losses across key trading currencies.
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
