KEY HEADLINES & INSIGHTS

Ghana's annual consumer inflation fell for the third month to 22.4% in March 2025, reaching the lowest in five months, helped by the stability of the cedi. Still, the inflation rate remains well above the Bank of Ghana’s 8% target range, with a 6%-10% tolerance band. (Ghana Statistical Service, 2025)

Price growth moderated for both food (26.5% vs 28.1% in February) and non-food products (18.7% vs 18.8%). On a monthly basis, consumer prices rose by 0.2%, marking the softest increase in seven months, after a 1.3% rise in the previous month. (Ghana Statistical Service, 2025)

Brent crude just suffered its worst weekly plunge in 18 months—triggered by a tariff shockwave from President Trump that sparked immediate retaliation from major trading partners.

Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵ 50,204.84 with 0.50 oz at GH₵25,516.62 and 0.25 oz at GH₵ 13,203.98 as of 4thApril2025. (Bank of Ghana, 2025)

PRIMARY DEBT MARKET ISSUANCE WEEK

During the week under review, yields on short-term Government of Ghana (GoG) Treasury bills declined marginally across all maturities. The 91-Day bill fell by approximately 6 basis points to 15.6498%, while the 182-Day bill recorded the steepest drop of 23 basis points to settle at 16.5015%. The 364-Day bill experienced a modest decline of 1.5 basis points, closing at 18.8303%. This general downward trend in yields may reflect improved market demand for government securities or expectations of easing inflationary pressures.

Source(s): Bank of Ghana

GHANA FIXED INCOME MARKET VOLUME TRADED

The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵2.39 billion at the week's close, reflecting a sharp drop from the GH₵4.76 billion reported in the previous week. The total number of transactions recorded was 8,148, with Treasury bills dominating the market and accounting for 99.51% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 0.52% to the total trading activity.

Trading activity for the week commenced on April 2, recording a total market turnover of GH₵810.95 million. This performance was predominantly driven by robust demand for Treasury Bills and newly issued Government of Ghana (GoG) Notes and Bonds, signaling active participation by investors in the short- to medium-term segments of the market. The momentum intensified on April 3, with liquidity levels surging to GH₵1,121.47 million — the highest for the week. This spike was sustained primarily by continued interest in Treasury Bills and an uptick in Sell/Buy Back transactions involving GoG Notes and Bonds, reflecting both liquidity management operations and investor repositioning strategies. However, market activity weakened significantly on April 4, as traded volumes dropped sharply to GH₵457.76 million.

Week's Yield Curve

EQUITY MARKET

This week, trading on the local stock exchange saw a bearish performance in trading activity, with total share volume dropping by 79.95% to 2,476,847 shares, compared to last week's 12,351,678 shares. The total traded value dropped by 48.78%, reaching GH₵42.09 million, indicating lower-value transactions than the previous week’s GH₵82.18million. Market capitalization experienced a marginal decline, closing at GH₵135.50 billion, from last week's value of GH₵ GH₵137.00 billion.

Regarding market indices, the GSE Composite Index (GSE-CI) closed at 6,097.08, showing a 1.94% week-on-week loss, a 1.94% monthly loss, and a substantial year-to-date gain of 24.72%.

Moreover, the GSE Financial Stocks Index (GSE-FSI) also increased to 3,062.13 points, making it a weekly gain of 0.09%, a monthly gain of 0.09%, and a year-to-date gain of 28.62%.

Weekly Top Gainers & Laggards

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 declined from $3,085.2 to $3,012.0 per troy ounce week-on-week (w/w). The precious metal posted a 2.41% weekly loss.

Meanwhile, Brent crude oil futures posted a 10.93% weekly loss, dropping from $73.63 to $65.58 per barrel. Oil prices reported a week-high of $74.03 on March 27. Brent posted its steepest weekly drop in 18 months after U.S. President Donald Trump announced sweeping new tariffs, prompting swift retaliation from key trading partners.

Cocoa futures inched by 5.84% to reach $8,512 per ton compared to last week’s $8,042. Rabobank warned that U.S. consumers should brace for higher coffee and chocolate prices as the world's top cocoa suppliers, Ivory Coast and Ghana, face retaliatory tariffs of 21% and 10%, respectively, on all imports into the United States.

Source(s): Yahoo Finance, Trading Economics

CURRENCY MARKET

Exchange rates exhibited a mixed trend compared to the previous week. The USD/GHS marginal maintained its value at 15.54. Similarly, the EUR/GHS inched its value to 17.08 from 16.81. However, the GBP/GHS marginally dropped to 20.05 from 20.10.

Source(s): Bank of Ghana