KEY HEADLINES & INSIGHTS

Gold prices surged to record highs, climbing from $2,770.14 to $2,812.50 per troy ounce amid a wave of looser monetary policy from major central banks.

Tullow Ghana, in collaboration with its partners, has initiated a 4D seismic survey across the Jubilee and TEN fields. This move marks a crucial step in advancing its drilling operations for 2025 and beyond. (Daily Graphic, 2025)

Ghana has reached a significant breakthrough in its debt restructuring efforts, with all 25 participating creditor countries signing a Memorandum of Understanding (MoU), marking a crucial step toward the nation's economic recovery. (Ministry of Finance, 2025)

Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵ 44,507.86, with 0.50 oz at GH₵ 22,665.10 and 0.25 oz at GH₵ 11,774.80 as of 31st January2024. (Bank of Ghana, 2024)

PRIMARY DEBT MARKET ISSUANCE WEEK

In the past week, yields on the Government of Ghana bills showed modest declines across all maturities. The 91-day bill fell by about 10.24 basis points, the 182-day bill by approximately 16.79 basis points, and the 364-day bill by around 3.76 basis points compared to the previous week. These decreases suggest a slight easing in the short-term yield environment, with the most significant drop observed in the mid-term 182-day bill and a relatively minor decline in the long-term 364-day bill, potentially reflecting shifts in market conditions or funding strategies.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵4.21 billion at the close of the week, reflecting a decline from the GH₵4.37 billion reported in the previous week. This performance was achieved across 9,209 transactions, with Treasury bills dominating the market and accounting for 98.58% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 1.37% to the total trading activity.

Week's Ghana Fixed Income Market Total Volume Traded

Trading activity for the week began on January 27 with a volume of GH₵712 million, primarily driven by Treasury Bills and New GoG Notes & Bonds. On January 28, market activity surged, with volumes climbing to GH₵1,245 million, still supported largely by Treasury Bills. The market activity dipped on January 29, with volumes declining to GH₵852 million, fueled by Treasury Bills. On January 30, volumes rebounded to reach GH₵930 million. However, the week ended on a weaker note, with traded volumes dropping to GH₵473 million, largely by Treasury bills and New GoG Notes & Bonds.

EQUITY MARKET

This week, trading on the local stock exchange booked a bearish performance, with total share volume declining by 60.1% to 3,009,693 shares, from last week's 7,542,480 shares. The total traded value also decreased by 94.88%, reaching GH₵ 3.93 million, indicating lower-value transactions than last week’s GH₵76.72 million. Market capitalization experienced a marginal downturn, closing at GH₵117.17 billion, up from the previous week's value of GH₵ GH₵114.43 billion.

Regarding market indices, the GSE Composite Index (GSE-CI) closed at 5,229.44, showing a gain of 3.01% week on week, a monthly gain of 6.97% and a strong year-to-date gain of 6.97%. Moreover, the GSE Financial Stocks Index (GSE-FSI) also increased to reach 2,475.34 points, making it a weekly gain of 2.55%, a monthly gain of 3.97%, and a year-to-date gain of 3.97%.

Week's Equities Top Gainers & Laggards

EQUITY MARKET MOST TRADED STOCKS

TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DATE

COMMODITY MARKET

The commodities market experienced mixed performance this week, influenced by notable price fluctuations. Gold prices rose sharply from $2,770.14 per troy $2,812.5 ounce to per troy ounce, marking their highest level, supported by a wave of looser monetary policy from major central banks.

In contrast, Brent crude oil futures declined from $78.50 to $76.67 per barrel by Friday, as Trump reaffirmed plans to impose 25% tariffs on Canada and Mexico starting Saturday but indicated he was still considering whether to exempt oil from the levies.

Cocoa futures declined from $11,593to $10,987per ton, booking a weekly loss of 5.23%. Meanwhile, the International Cocoa Organization (ICCO) said a survey of global cocoa stockpiles at the end of the 2023/24 season was at 1.041 MMT, down 36% y/y and lower than a previous estimate of 1.3 MMT.

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 15.10 to 15.30. Similarly, GBP/GHS increased to 19.00 from 18.85, and EUR/GHS increased to 15.90 from 15.87.

Source(s): Bank of Ghana