KEY HEADLINES & INSIGHTS

The Ghana Stock Exchange (GSE) is set to list its first Commercial Paper on the Ghana Fixed Income Market (GFIM) on April 17, 2025. The issuance will be under the name of Federated Commodities PLC. (Daily Graphic, 2025)

SIC Insurance Company emerged as the top performer with a remarkable 20% increase in value, showcasing strong investor confidence, while CAL faced a decline of 2.78%, reflecting potential challenges in its market position.

Market momentum on the Ghana Fixed Income Market (GFIM) intensified on April 10, with volumes peaking at GH₵1,139.89 million, a 20% gain compared to previous day. This was supported by activity in both Treasury Bills and Sell/Buy Back transactions involving GoG instruments.

Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵ 50,593.11 with 0.50 oz at GH₵25,710.75 and 0.25 oz at GH₵ 13,301.05 as of 11thApril2025. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

Yields on Government of Ghana Treasury bills declined across all tenors this week. The 91-day bill dropped by 19.7 basis points to 15.45%, while the 182-day bill recorded a sharper decline of 28.7 basis points, settling at 16.21%. Similarly, the 364-day bill eased by 17.0 basis points to close at 18.65%. These movements suggest a continued downward trend in short-term interest rates, potentially reflecting improved liquidity conditions or moderated inflation expectations in the market.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵4.14 billion at the week's close, reflecting a sharp surge from the GH₵2.39 billion reported in the previous week. The total number of transactions recorded was 15,634, with Treasury bills dominating the market and accounting for 99.46% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 0.47% to the total trading activity.

Trading activity for the week beginning April 7 opened on a strong note, with total market turnover reaching GH₵959.34 million. The performance was largely underpinned by sustained investor appetite for Treasury Bills and recently issued Government of Ghana (GoG) Notes and Bonds, indicating heightened interest in the short- to medium-term segment of the yield curve. Liquidity levels dipped slightly on April 8 to GH₵842.41 million but rebounded on April 9 to GH₵949.56 million, buoyed by persistent demand for Treasury securities. Market momentum intensified on April 10, with volumes peaking at GH₵1,139.89 million, supported by activity in both Treasury Bills and Sell/Buy Back transactions involving GoG instruments. However, the trading week closed on a muted note, with turnover declining sharply to GH₵250.45 million on the final day.

Week's Yield Curve

EQUITY MARKET

This week, trading on the local stock exchange saw a bullish performance in trading activity, with total share volume surging by 26.71% to 3,138,322 shares, compared to last week's 2,476,847 shares. The total traded value decreased by 45.64%, reaching GH₵22.88 million, compared to the previous week’s GH₵42.09 million, indicating lower-value transactions. Market capitalization experienced a marginal incline, closing at GH₵135.63 billion, from last week's value of GH₵ GH₵135.50 billion.

Regarding market indices, the GSE Composite Index (GSE-CI) closed at 6,100.93, showing a 0.06% week-on-week gain, a 1.88% monthly loss, and a substantial year-to-date gain of 24.80%.

Week's Equities Top Gainers & Laggards

Moreover, the GSE Financial Stocks Index (GSE-FSI) also increased to 3,062.66 points, making it a weekly gain of 0.02%, a monthly gain of 0.11%, and a year-to-date gain of 28.64%.

EQUITY MARKET MOST TRADED STOCKS

Source(s): Ghana Stock Exchange

TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DATE

Source(s): African Markets

COMMODITY MARKET

This week, the commodities market saw a mixed performance, driven by notable price fluctuations. Gold prices surged from $3,012 to $3,222.20 per troy ounce week-on-week (w/w). The precious metal posted a 6.98% weekly gain.

Meanwhile, Brent crude oil futures posted a 1.25% weekly loss, dropping from $65.58 to $64.76 per barrel. Meanwhile, OPEC+ surprised markets by accelerating plans to boost output, raising fears of oversupply. With both demand and supply risks in play, oil prices remain on shaky ground.

Cocoa futures maintained their value at $8,511 per ton compared to last week’s $8,512, after volatility during the week. Top producer Ivory Coast has threatened to take steps to raise cocoa costs if the U.S. proceeds with a planned 21% tariff on Ivorian goods—the highest among West African nations. Although President Trump has announced a 90-day pause on the tariffs, the threat remains as negotiations continue.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

Exchange rates exhibited a mixed trend compared to the previous week. The USD/GHS marginally declined from 15.52 to 15.54. Similarly, the EUR/GHS inched its value to 17.58 from 17.08. However, the GBP/GHS marginally inched to 20.25 from 20.05.

Source(s): Bank of Ghana