KEY HEADLINES & INSIGHTS
Treasury bill yields declined across all tenors last week due to improved market liquidity and strong demand for short-term government securities. The sharpest drop was in the 182-day bill, which fell by 203.9 basis points to 16.93%.
GSE Financial Stocks Index (GSE-FSI) also surges to, boasting an impressive year-to-date gain of 25.18%.
The 2025 Ghana Budget projects a 4.4% real GDP growth, 11.9% inflation, and a primary surplus of 1.5% of GDP, with gross international reserves covering at least three months of imports.
Despite total revenue of GH₵223.8 billion, a budget deficit of 4.1% of GDP will be financed through domestic and foreign sources, while the government plans to reopen the bond market and implement liability management strategies to manage debt.
Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵ 47,972.06 with 0.50 oz at GH₵ 24,400.23 and 0.25 oz at GH₵ 12,645.79 as of 14thMarch2025. (Bank of Ghana, 2025)
PRIMARY DEBT MARKET ISSUANCE WEEK
Treasury bill yields declined across all tenors during this week, reflecting improved market liquidity and increased demand for short-term government securities. The 91-Day GoG Bill dropped by 185.6 basis points to 15.86%, while the 182-Day GoG Bill fell by 203.9 basis points to 16.93%, marking the largest weekly decline. Similarly, the 364-Day GoG Bill recorded a decrease of 101.8 basis points, settling at 18.97%. The significant compression in yields suggests heightened investor appetite, potentially driven by expectations of lower short-term rates or improved liquidity conditions in the fixed-income market.
Security | Current Wk % | Previous Wk % |
---|---|---|
91-Day GoG Bill | 15.8624 | 17.7184 |
182-Day GoG Bill | 16.9287 | 18.9681 |
364-Day GoG Bill | 18.9653 | 19.9833 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵4.90 billion at the week's close, reflecting a decline from the GH₵5.04 billion reported in the previous week. This performance was achieved across 9,016 transactions, with Treasury bills dominating the market and accounting for 99.57% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 0.22% to the total trading activity.
Trading activity for the week commenced on March 10 with a total market turnover of GH₵836.31 million, predominantly driven by Treasury Bills and Sell/Buy Back transactions in Government of Ghana (GoG) Notes & Bonds. On March 11, liquidity levels surged to GH₵1,050.13 million, sustained primarily by Treasury Bill issuances. Market momentum rebounded on March 12, with traded volumes increasing to GH₵1,209.15 million. However, on March 13, market activity experienced a sharp contraction, with total turnover dropping to GH₵656.21 million, largely influenced by Treasury Bill transactions and New GoG Notes & Bonds. The trading week concluded on a positive trajectory, with volumes recovering to GH₵1,150.62 million on March 14, marking a strong rebound from the previous session.

Week's Yield Curve
EQUITY MARKET
This week, trading on the local stock exchange booked a marginal bearish performance in trading activity, with total share volume declining by -1.96% to 3,385,289shares, from last week's 3,452,943 shares. The total traded value, however, surged by 163.19%, reaching GH₵9.08 million, indicating higher-value transactions than the previous week’s GH₵3.45 million. Market capitalization experienced an upswing, closing at GH₵135.10 billion, from last week's value of GH₵ GH₵133.03 billion.
Regarding market indices, the GSE Composite Index (GSE-CI) closed at 6,109.28, showing a gain of 1.18% week-on-week, a monthly increase of 7.94%, and a strong year-to-date gain of 24.97%.
Moreover, the GSE Financial Stocks Index (GSE-FSI) also increased to reach 2980.16 points, making it a weekly gain of 3.15%, a monthly gain of 5.89%, and a year-to-date gain of 25.18%.

Top Gainers & Laggards
EQUITY MARKET MOST TRADED STOCKS
Ticker | Traded Volume | Price (GHS) |
---|---|---|
CAL | 1,650,863 | 0.80 |
MTNGH | 936,366 | 3.16 |
ACCESS | 436,446 | 8.00 |
ETI | 228,017 | 0.82 |
RBGH | 47,414 | 0.60 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DATE
Country | Index | Level | YTD% |
---|---|---|---|
Malawi | MSE ASI | 292,632.10 | 70.00 |
Ghana | GSE-CI | 6,109.28 | 24.97 |
Morocco | MASI | 16,613.70 | 12.46 |
Uganda | USE ASI | 1,328.11 | 11.16 |
Tunisia | TUNINDEX | 10,795.68 | 8.46 |
Source(s): African Markets
COMMODITY MARKET
This week, the commodities market saw a mixed performance, driven by notable price fluctuations. Gold prices surged from $2,904.7 to $2,994.5 per troy ounce week-on-week (w/w). The precious metal posted a 3.09% weekly gain.
Meanwhile, Brent crude oil futures posted a 0.31% weekly gain, declining from $70.36 to $70.58 per barrel. The IEA projects global supply to exceed demand by 600,000 barrels per day this year, with demand expected to rise by just 1.03 million barrels per day, 70,000 barrels per day lower than last month's forecast.
Cocoa futures soften by 5.07% to reach $7,728 per ton, holding close to their lowest in four months, pressured by improved weather prospects in the key producing region of West Africa and expectations of increased surplus forecast for this season.

Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
Exchange rates exhibited a mixed trend compared to the previous week. The USD/GHS posted a negligible marginal decline from 15.55 to 15.53. Similarly, GBP/GHS marginally declined to20.05 from20.08. However, EUR/GHS marginally inched to 16.88 from 16.87.
