KEY HEADLINES & INSIGHTS

Ghana's Fixed Income Market reached a year-high in traded volume, reaching GH₵1.63 billion on February 18, driven by Treasury Bills.

The National Tripartite Committee (NTC) has announced a 10 per cent increase in Ghana’s National Daily Minimum Wage (NDMW) for 2025, bringing the new rate to GH₵19.97. (Daily Graphic, 2025)

Gold reached a new record high of $2,940 per troy ounce, on February 20. The precious metal continued to find support amid growing concerns over U.S. President Donald Trump’s tariffs plans, which could escalate global trade tensions.

Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵47,321.06 with 0.50 oz at GH₵24,074.73 and 0.25 oz at GH₵12,483.04 as of 21stFebruary 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, 182-day, and 364-day tenors over the past week. The 91-day bill dropped from 26.8591% to 24.4786%, reflecting a decrease of 238.05 basis points (bps). Similarly, the 182-day bill fell from 27.8057% to 25.3874%, marking a decline of 241.83 bps. The 364-day bill declined from 29.0745% to 27.2997%, representing a drop of 177.48 bps. This downward trend is likely driven by increased demand for short-term government securities.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵6.10 billion at the week's close, reflecting an increase from the GH₵5.64 billion reported in the previous week. This performance was achieved across 9,850 transactions, with Treasury bills dominating the market and accounting for 99.31% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 0.4% to the total trading activity.

Trading activity for the week began on February 17 with a volume of GH₵1,365 million, primarily driven by Treasury Bills and New GoG Notes & Bonds. On February 18, market activity surged, with volumes climbing to GH₵1,630 million, still supported largely by Treasury Bills. The market activity dipped on February 19, with volumes declining to GH₵1,484 million. Volumes further declined on February 20, volumes dipping to GH₵777 million. Subsequently, the week ended with a slight rebound from the previous day, with traded volumes dropping to GH₵842 million, largely by Treasury bills and New GoG Notes & Bonds.

Week's Ghana Fixed Income Market Total Volume Traded

EQUITY MARKET

This week, trading on the local stock exchange booked a bullish performance, with total share volume surging by 107.88% to 3,088,699 shares, from last week's 1,485,784 shares. The total traded value also inched up by 126.85%, reaching GH₵24.16 million, indicating higher-value transactions than the previous week’s GH₵10.65 million. Market capitalization experienced an upswing, closing at GH₵125.02 billion, from last week's value of GH₵ GH₵119.88 billion.

Regarding market indices, the GSE Composite Index (GSE-CI) closed at 5,564.47, showing a gain of 3.98% week on week, a monthly gain of 6.41%, and a strong year-to-date gain of 13.83%.

Moreover, the GSE Financial Stocks Index (GSE-FSI) also increased to reach 2,712.93 points, making it a weekly gain of 5.68%, a monthly gain of 9.6%, and a year-to-date gain of 13.95%.

Top Gainers & Laggards

EQUITY MARKET 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 $2,883.6 to $2,937.6 per troy ounce week-on-week (w/w), reaching a record high of $2,940 on February 20.

Meanwhile, Brent crude oil futures posted a 0.4% weekly loss, declining from $74.74 to $74.43, as concerns over Russian supply disruptions provided support while uncertainty loomed over a potential Ukraine peace deal.

Cocoa futures declined from $10,159 to $8,934 per ton, recording a 12.06% weekly loss. Hershey Co. and Mondelez International Inc. forecasts further price hikes, as chocolate makers grapple with sustained high cocoa costs. On the supply side, cocoa farmers in the Ivory Coast reported recently that the mid-crop harvest prospects look poor due to the long dry season.

Source(s): Yahoo Finance

CURRENCY MARKET

Exchange rates exhibited a mixed trend compared to the previous week, reflecting a marginal depreciation of the Ghanaian cedi against major currencies. The USD/GHS posted a marginal increase from 15.50 to 15.54. Similarly, GBP/GHS increased to 19.64 from19.54. However, EUR/GHS decreased to 16.24 from 16.28.

Source(s): Bank of Ghana