KEY HEADLINES & INSIGHTS

The 91-day, 182-day, and 364-day T-bills fell to 20.79%, 22.99%, and 22.70%, respectively, signaling reduced government borrowing costs.

The Ghana Fixed Income Market (GFIM) recorded its highest trading volume of the year, reaching GHS 1.98 billion. Treasury bills accounted for GHS 450.11 million, representing 63.21% of the total volume, while New Government of Ghana (GoG) Notes and Bonds contributed GHS 261.39 million, making up 36.71% of the market activity.

The Ghana Cocoa Board (COCOBOD) faces staggering losses of $1.3 billion after being forced to roll over forward contracts from the previous season. (Daily Graphic, 2025)

Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵ 46,526.69 with 0.50 oz at GH₵ 23,677.54 and 0.25 oz at GH₵ 12,284.44 as of 28th February 2025.

PRIMARY DEBT MARKET ISSUANCE WEEK

Government of Ghana (GoG) Treasury bill interest rates experienced a significant decline across all tenors this week. The 91-day T-bill dropped by 368.81 basis points (bps) to 20.79%, while the 182-day T-bill declined by 240.23 bps to 22.99%. The most substantial drop was observed in the 364-day T-bill, which fell by 460.03 bps to 22.70%. This downward trend suggests reduced government borrowing costs, or increased liquidity in the market.

(Bank of Ghana, 2025)

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵5.92 billion at the week's close, reflecting a decline from the GH₵6.10 billion reported in the previous week. This performance was achieved across 16,554 transactions, with Treasury bills dominating the market and accounting for 99.26% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 0.37% to the total trading activity.

Trading activity for the week began on February 24 with a volume of GH₵1,369.78 million, primarily driven by Treasury Bills and New GoG Notes & Bonds. On February 25, market activity dipped, with volumes declining to GH₵756.48 million, still supported largely by Treasury Bills. The market activity dipped on February 26, with volumes inched up to GH₵909.99 million. Volumes further surged on February 27, volumes increasing to GH₵1,980.87 million. The week ended with a declined from the previous day, with traded volumes dropping to GH₵899.01 million, largely by Treasury bills and New GoG Notes & Bonds.

Source(s): Ghana Fixed Income Market

EQUITY MARKET

This week, trading on the local stock exchange booked a bullish performance, with total share volume surging by 431.16% to 16,405,940 shares, from last week's 3,088,699shares. The total traded value also inched up by 351.99%, reaching GH₵109.02 million, indicating higher-value transactions than the previous week’s GH₵24.16 million. Market capitalization experienced an upswing, closing at GH₵127.82 billion, from last week's value of GH₵ GH₵125.02 billion.

Regarding market indices, the GSE Composite Index (GSE-CI) closed at 5,659.76, showing a gain of 1.71% week on week, a monthly increase of 8.23%, and a strong year-to-date gain of 15.78%.

Moreover, the GSE Financial Stocks Index (GSE-FSI) also increased to reach 2,814.3 points, making it a weekly gain of 3.74%, a monthly gain of 13.69%, and a year-to-date gain of 18.21%.

Source(s): Ghana Stock Exchange

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 dipped from $2,937.6 to $2,836.8 per troy ounce week-on-week (w/w), heading for its biggest weekly drop since November, amid a stronger dollar and as markets have continued to price in only two U.S Fed rate cuts this year as inflation remains above the 2% target.

Meanwhile, Brent crude oil futures posted a 1.68% weekly loss, declining from $74.43 to $73.18, marking their first monthly decline since November due to geopolitical tensions and economic uncertainty.

Cocoa futures surged from $8,934 to $9,014 per ton, recording a 0.90% weekly gain. After a prolonged decline that saw ICE-monitored cocoa stocks at U.S. ports fall to a record low of approximately 90,000 tons, recent increases have pushed stocks to a 2-and-a-half-month high of 1,452,105 bags as of February 27.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

Exchange rates exhibited a bearish trend compared to the previous week, reflecting a marginal appreciation of the Ghanaian cedi against major currencies. The USD/GHS posted a negligible marginal decline from 15.54 to 15.53. Similarly, GBP/GHS declined to 19.55 from19.64. However, EUR/GHS decreased to 16.15 from16.24.

Source(s): Bank of Ghana