KEY HEADLINES & INSIGHTS

Treasury Bills auction saw an 18% under-subscription, attracting bids worth GH¢4.99 billion. However, in a strategic move, only GH¢3.31 billion was accepted, likely reflecting pricing considerations and liquidity management objectives.

Equity trading skyrocketed, with total traded value surging by an astonishing 1,391.30% to GH₵51.45 million. This sharp rise signals a week of high-value transactions, dwarfing the previous GH₵3.45 million turnover.

Emiral Mining is making a bold move in Ghana’s gold sector with its majority stake in Asante Gold Corporation, the force behind major mines like Bibiani and Chirano. Backed by a $522 million expansion plan, these mines are set to elevate Ghana’s gold production to new heights.

Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵ 48,965.61 with 0.50 oz at GH₵24,897.00 and 0.25 oz at GH₵ 12,894.17 as of 21st March2025. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

This week yields on Government of Ghana (GoG) Treasury bills declined across all maturities. The 91-day bill recorded the most significant drop of 12.71 basis points, followed by the 364-day bill with an 11.57 basis point decline, while the 182-day bill saw a marginal decrease of 0.22 basis points. The government experienced an 18% under-subscription in its short-term instrument auction, raising GH¢4.99 billion but accepting GH¢3.31 billion.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵4.50 billion at the week's close, reflecting a decline from the GH₵4.90 billion reported in the previous week. This performance was achieved across 17,866 transactions, with Treasury bills dominating the market and accounting for 99.68% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 0.21% to the total trading activity.

Trading activity for the week commenced on March 17 with a total market turnover of GH₵1,229.42 million, predominantly driven by Treasury Bills and Sell/Buy Back transactions in Government of Ghana (GoG) Notes & Bonds. On March 18, liquidity levels declined to GH₵915.08 million, sustained primarily by Treasury Bill issuances. Market momentum marginally declined on March 19, with traded volumes marginally decreasing to GH₵911.45 million. However, on March 20, market activity experienced a sharp contraction, with total turnover dropping to GH₵490.91 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₵949.85 million on March 21, 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 18.41% to 2,762,058shares, from last week's 3,385,289 shares. The total traded value, however, surged by 1,391.30%, reaching GH₵51.45 million, indicating higher-value transactions than the previous week’s GH₵3.45 million. Market capitalization experienced an upswing, closing at GH₵136.53 billion, from last week's value of GH₵ GH₵135.10 billion.

Regarding market indices, the GSE Composite Index (GSE-CI) closed at 6,180.14, showing a gain of 1.16% week-on-week, a monthly increase of 9.19%, and a substantial year-to-date gain of 26.42%.

Week's Equities Top Gainers & Laggards

Moreover, the GSE Financial Stocks Index (GSE-FSI) also increased to 3,036.85 points, making it a weekly gain of 1.90%, a monthly gain of 7.91%, and a year-to-date gain of 27.56%.

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 $2,994.5 to $3,018.2 per troy ounce week-on-week (w/w). The precious metal posted a 0.79% weekly gain.

Meanwhile, Brent crude oil futures posted a 2.24% weekly gain, increasing from $70.58 to $72.16 per barrel. Oil prices were further supported by OPEC+'s plan to implement additional output cuts between 189,000 and 435,000 barrels per day until June 2026, effectively counterbalancing planned production increases.

Cocoa futures marginally surged by 0.48% to reach $7,765 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 maintained rate of 15.53. Similarly, GBP/GHS marginally inclined to20.08 from20.05. However, EUR/GHS marginally declined to 16.81 from 16.88.

Source(s): Bank of Ghana