KEY HEADLINES & INSIGHTS

Gold surged to $2,770.14 per troy ounce this week, approaching its all-time high of $2,790. The rally was fueled by a weaker U.S. dollar, sparked by President Trump’s call for interest rate cuts.

International accounting and audit firm, Deloitte, has identified five critical sectors of the Ghanaian economy that require greater attention this year because of their enormous growth potential. (Daily Graphic, 2025)

Ghana’s annual trade surplus reached a record $5 billion in 2024 driven by a significant 13.6% increase in gold exports. (GhanaWeb, 2025)

Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵43,324.76, with 0.50 oz at GH₵22,070.72 and 0.25 oz at GH₵11,474.40 as of 24th January2024. (Bank of Ghana, 2024)

Cocoa futures climbed significantly from $10,563 to $11,593 per ton, recording a weekly gain of 9.75% and reaching their highest level in nearly a month. The surge was primarily driven by tightening supply conditions.

PRIMARY DEBT MARKET ISSUANCE WEEK

Over the past week, the yields on Government of Ghana Treasury Bills recorded marginal increases across all tenors. The 91-Day Bill rose by approximately 9.79 basis points to 28.5153%, the 182-Day Bill increased by 9.50 basis points to 29.0663%, and the 364-Day Bill saw the highest uptick of 12.12 basis points, closing at 30.4079%. These movements reflect a slight upward adjustment in short-term borrowing costs.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵ 4.37 billion at the close of the week, reflecting an increase from the GH₵ 3.76 billion reported in the previous week. This performance was achieved across 16,069 transactions, with Treasury bills dominating the market and accounting for 99% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 0.57% to the total trading activity.

Week's Ghana Fixed Income Market Total Volume Traded

Trading activity for the week began on January 20 with a robust volume of GH₵806 million, primarily driven by Treasury Bills and Sell/Buy Back Trades. On January 21, market activity surged, with volumes climbing to GH₵1,051 million, still supported largely by Treasury Bills. The market activity dipped on January 22, with volumes declining to GH₵654 million, fueled by Treasury Bills and New GoG Notes & Bonds. On January 23, volumes rebounded to reach GH₵1,052 million. However, the week ended on a weaker note, with traded volumes dropping to GH₵807 million, largely by Treasury bills and New GoG Notes & Bonds.

EQUITY MARKET

This week, trading on the local stock exchange booked a bullish performance, with total share volume climbing by 75.08% to 7,542,480 shares, up from last week's 4,308,065 shares. The total traded value also increased by 453%, reaching GH₵ 76.32 million, indicating higher-value transactions than last week’s GH₵13.81 million. Market capitalization experienced a marginal downturn, closing at GH₵114.43 billion, up from the previous week's value of GH₵ GH₵111.38 billion.

Regarding market indices, the GSE Composite Index (GSE-CI) closed at 5,076.55, showing a gain of 0.38% week on week, and a strong year-to-date gain of 3.85%.

Week's Equities Top Gainers & Laggards

Moreover, the GSE Financial Stocks Index (GSE-FSI) also increased to reach 2,413.90 points, making it a weekly gain of 1.07%, a monthly gain of 1.39%, and a year-to-date gain of 1.39%.

EQUITY MARKET MOST TRADED STOCKS

On the equity market, Calbank (CAL) emerged as the most actively traded stock, recording an impressive, traded volume of 5,808,388 shares for GHS 0.38. Scancom PLC (MTNGH) followed with a significant volume of 1,498,602 shares, closing at GHS 2.65. The New Gold Issuer (GLD ETF) saw 160,546 units traded at a notable price of GHS 421.10. Ghana Commercial Bank (GCB) and GOIL also recorded modest trading activity, with 22,838 shares traded at GHS 6.41 and 13,244 shares exchanged at GHS 1.59, respectively. These figures highlight CAL's dominance in market activity for the period.

Source(s): Ghana Stock Exchange

COMMODITY MARKET

The commodities market experienced mixed performance this week, influenced by notable price fluctuations. Gold prices rose sharply from $2,701.0 per troy ounce to $2,770.14 per troy ounce, marking their highest level since October and nearing the all-time record of $2,790. This surge was driven by a weaker U.S. dollar following President Trump's call for interest rate cuts.

In contrast, Brent crude oil futures declined from $80.79 to $78.50 per barrel by Friday, representing a weekly loss of 2.8%—the steepest drop since November. The decline was largely attributed to President Trump's push for reduced crude prices.

Cocoa futures surged from $10,563to $11,593 per ton, booking a weekly gain of 9.75%, reaching their highest level in about a month, driven by tightening supplies. ICE-monitored cocoa inventories in U.S. ports have been declining steadily for the past 18 months, reaching a 21-year low of 1,292,153 bags as of January 16th.

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 14.95 to 15.10. Similarly, GBP/GHS increased to 18.85 from 18.24, and EUR/GHS increased to 15.87 from 15.40.

Source(s): Bank of Ghana