KEY HEADLINES & INSIGHTS

Gold and cocoa prices hit yearly record highs on February 13, 2025, with gold reaching $2,925.9 per troy ounce and cocoa climbing to $10,381 per ton.

Interest rates on government securities show signs of easing, with Treasury Bill yields recording significant drops for the third consecutive week.

Scientists say more-frequent hotter temperatures in west African region are part of reason for reduced harvests and price rises (The Guardian, 2025)

Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵ 46,912.83 with 0.50 oz at GH₵ 23,869.86 and 0.25 oz at GH₵ 12,379.74 as of 14thFebruary 2025. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

The yields on Ghana's Government of Ghana (GoG) Treasury Bills declined across the 91-day and 182-day tenors over the past week. The 91-day bill dropped from 27.9849% to 26.8591%, reflecting a decrease of 112.58 basis points (bps). Similarly, the 182-day bill fell from 28.6856% to 27.8057%, marking a decline of 87.99 bps. The 364-day bill was reported at 29.0745%, but no previous data was provided for comparison. This downward trend is attributed to increased demand for short-term government securities, which typically puts downward pressure on yields, as investors are willing to accept lower returns to secure allocations.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵5.64 billion at the week's close, reflecting an increase from the GH₵4.42 billion reported in the previous week. This performance was achieved across 7,890 transactions, with Treasury bills dominating the market and accounting for 95.01% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 4.27% to the total trading activity.

Trading activity for the week began on February 10 on a weaker note with a volume of GH₵845 million, primarily driven by Treasury Bills and New GoG Notes & Bonds. On February 11, market activity surged, with volumes climbing to GH₵1,273 million, still supported largely by Treasury Bills and New GoG Notes & Bonds. The market activity dipped on February 12, with volumes declining to GH₵1,156 million. Volumes rebounded on February 13, volumes surging to GH₵1,213 million. Subsequently, the week ended on a slightly weaker note, with traded volumes dropping to GH₵1,156 million, largely by Treasury bills and New GoG Notes & Bonds.

EQUITY MARKET

This week, trading on the local stock exchange booked a bearish performance, with total share volume declining by 35.33% to 1,485,784 shares, from last week's 2,297,665 shares. The total traded value also declined by 43.38%, reaching GH₵10.65 million, indicating lower-value transactions than the previous week’s GH₵18.81 million. Market capitalization experienced a marginal upswing, closing at GH₵119.88 billion, up from the previous week's value of GH₵ GH₵118.50 billion.

Regarding market indices, the GSE Composite Index (GSE-CI) closed at 5,351.34, showing a gain of 2.02% week on week, a monthly gain of 2.33%, and a strong year-to-date gain of 9.47%.

Week's Equities Top Gainers & Laggards

Moreover, the GSE Financial Stocks Index (GSE-FSI) also increased to reach 2,567.22 points, making it a weekly gain of 2.8%, a monthly gain of 3.71%, and a year-to-date gain of 7.83%.

EQUITY MOST TRADED STOCKS

Source(s): Ghana Stock Exchange

TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DATE

Source(s): African Markets

COMMODITY MARKET

The commodities market saw a mixed performance this week, driven by notable price fluctuations. Gold prices edged up from $2,867.3 to $2,883.6 per troy ounce week-on-week (w/w), reaching a record high of $2,925.9 on February 13.

Meanwhile, Brent crude oil futures posted a 0.1% weekly gain, rising from $74.66 to $74.74. However, from Monday to Friday, prices declined by 0.4%, following fresh sanctions on Iran's crude oil.

Cocoa futures edged up from $10,018 to $10,159 per ton, recording a 1.4% weekly gain. The commodity also hit a yearly high of $10,381 per ton on February 13. Cocoa farmers cautioned that without substantial rains by the end of February, the mid-crop harvest could be delayed, potentially leading to a bean shortage in April.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

Exchange rates exhibited a slight upward trend compared to the previous week, reflecting a marginal depreciation of the Ghanaian cedi against major currencies. The USD/GHS increased from 15.49 to 15.50. Similarly, GBP/GHS increased to 19.59 from19.22, and EUR/GHS increased to 16.28 from16.03.

Source(s): Bank of Ghana