KEY HEADLINES & INSIGHTS
The Monetary Policy Committee raised the Monetary Policy Rate by 100 basis points to 28.0% to reinforce the ongoing disinflation process. This move aims to stabilize inflation expectations and maintain economic stability.
The total traded value on the Ghana Stock Exchange surged by 59%, reaching GH₵82.18 million, reflecting a significant increase in transaction value compared to the previous week's GH₵51.45 million.
Oil prices soared to a weekly high of $74.03 on March 27, as crude stockpiles swelled by 6 million barrels while gasoline supplies thinned by 1.6 million barrels.
Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵ 49,250.81 with 0.50 oz at GH₵25,039.60 and 0.25 oz at GH₵ 12,965.47 as of 28thMarch2025. (Bank of Ghana, 2025)
PRIMARY DEBT MARKET ISSUANCE WEEK
The yields on all Government of Ghana (GoG) treasury bills declined over the week. The 91-day bill decreased by 2.46 basis points, while the 182-day bill saw the most significant drop of 19.35 basis points. The 364-day bill remained relatively stable, experiencing only a 0.47 basis point decline. These reductions suggest a marginal downward shift in short-term government borrowing costs. The government was unable to meet its borrowing target, falling short by 16.6%. Despite the initial target of GH₵5,644.00, it ultimately accepted GH₵4,708.80 million in bids. This shortfall suggests a strategic decision to reject higher-yield bids, potentially reflecting market conditions.
Security | Current Wk% | Previous Wk% |
---|---|---|
91-Day GoG Bill | 15.7107 | 15.7353 |
182-Day GoG Bill | 16.7330 | 16.9265 |
364-Day GoG Bill | 18.8449 | 18.8496 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵4.76 billion at the week's close, reflecting a marginal incline from the GH₵4.50 billion reported in the previous week. This performance was achieved across 8,148 transactions, with Treasury bills dominating the market and accounting for 98.51% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 1.20% to the total trading activity.
Trading activity for the week commenced on March 24 with a total market turnover of GH₵1,050.93 million, predominantly driven by Treasury Bills. On March 25, liquidity levels declined to GH₵1,014.45 million, sustained primarily by Treasury Bills and New Government of Ghana (GoG) Notes & Bonds. Market momentum sharply declined on March 26, with traded volumes decreasing to GH₵735.94 million. However, on March 27, market activity slight rebound, with total turnover surging to GH₵912.39 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₵1,042.51 million on March 28, marking a strong rebound from the previous session.

Week's Yield Curve
EQUITY MARKET
This week, trading on the local stock exchange saw a bullish performance in trading activity, with total share volume surging by 347.19% to 12,351,678 shares, compared to last week's 2,762,058 shares. The total traded value, however, surged by 59%, reaching GH₵82.18 million, indicating higher-value transactions than the previous week’s GH₵51.45million. Market capitalization experienced a marginal upswing, closing at GH₵137.00 billion, from last week's value of GH₵ GH₵136.53 billion.
Regarding market indices, the GSE Composite Index (GSE-CI) closed at 6,217.9, showing a gain of 0.67% week-on-week, a monthly increase of 9.86%, and a substantial year-to-date gain of 27.19%.
Moreover, the GSE Financial Stocks Index (GSE-FSI) also increased to 3,059.3 points, making it a weekly gain of 0.74%, a monthly gain of 8.71%, and a year-to-date gain of 28.50%.

Week's Equities Top Gainers & Laggards
EQUITY MARKET MOST TRADED STOCKS
Ticker | Traded Volume | Price (GHS) |
---|---|---|
MTNGH | 11,004,045 | 3.19 |
GCB | 462,374 | 7.05 |
ETI | 335,289 | 0.85 |
CAL | 260,818 | 0.75 |
ACCESS | 108,129 | 9.07 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DATE
Country | Index | Level | YTD % |
---|---|---|---|
Malawi | MSE ASI | 291,644.54 | 69.52 |
Ghana | GSE-CI | 6,217.90 | 27.19 |
Morocco | MASI | 17,756.02 | 20.19 |
Uganda | USE ASI | 1,299.56 | 8.77 |
Egypt | EGX 30 | 32,026.14 | 7.68 |
Source(s): African Markets
COMMODITY MARKET
This week, the commodities market saw a mixed performance, driven by notable price fluctuations. Gold prices surged from $3,018.2 to $3,085.2 per troy ounce week-on-week (w/w). The precious metal posted a 1.05% weekly gain. Meanwhile, Brent crude oil futures posted a 1.17% weekly gain, increasing from $72.16 to $73.63 per barrel. Oil prices reported a week-high of $74.03 on March 27. Crude oil rose by 6 million barrels, while gasoline fell by 1.6 million barrels. Investors are also awaiting the OPEC+ meeting next week.
Cocoa futures marginally surged by 1.68% to reach $8,042 per ton. Coast shipped 1.44 million metric tonnes (MMT) of cocoa to ports during this marketing year, from October 1 to March 30, up +11% from last year but down from the 35% rise seen in December. Crops in the top cocoa producer are at risk for a second year due to heavy rainfall and the Cocoa Swollen Shoot Virus (CSSV).

Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
Exchange rates exhibited a mixed trend compared to the previous week. The USD/GHS maintained its value at 15.53. Similarly, the EUR/GHS also maintained its value at 16.81. However, the GBP/GHS marginally inched to 20.10 from 20.08.

Source(s): Bank of Ghana