KEY HEADLINES & INSIGHTS
Treasury bill yields in Ghana have plunged to a 20-month low, with the 91-day, 182-day, and 364-day tenors dropping by 307, 402, and 272 basis points, respectively compared to previous week.
The Africa Finance Corporation announced plans to fast-track efforts to mobilize capital within the continent while also attracting investors from the Middle East and Asia, as developing nations navigate significant geopolitical shifts and changes in funding dynamics. (Reuters, 2025)
Tullow Oil has fully repaid its $493 million Senior Notes due March 1, 2025, including accrued interest. The repayment was funded using $270 million from the Glencore Facility and cash on hand. (Ghana Stock Exchange, 2025)
Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵ 47,168.39 with 0.50 oz at GH₵ 23,998.39 and 0.25 oz at GH₵ 12,444.87 as of 7thMarch2025. (Bank of Ghana, 2025)
PRIMARY DEBT MARKET ISSUANCE WEEK
Yields on Government of Ghana Treasury Bills declined significantly across all maturities over the past week. The 91-day, 182-day, and 364-day bills saw reductions of approximately 307, 402, and 272 basis points, respectively. This downward movement signal a shift in the government’s borrowing strategy, as it prioritizes fiscal consolidation and explores alternative funding sources.
| Security | Current Wk% | Previous Wk % |
|---|---|---|
| 91-Day GoG Bill | 17.7184 | 20.7905 |
| 182-Day GoG Bill | 18.9681 | 22.9851 |
| 364-Day GoG Bill | 19.9833 | 22.6994 |
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵5.04 billion at the week's close, reflecting a decline from the GH₵5.92 billion reported in the previous week. This performance was achieved across 5,624 transactions, with Treasury bills dominating the market and accounting for 98.72% of the trades. Meanwhile, New Government of Ghana (GoG) Notes and Bonds contributed 1.1% to the total trading activity.
Trading activity for the week began on March 3 with a volume of GH₵1,165.22 million, primarily driven by Treasury Bills and New GoG Notes & Bonds. On March 4, market activity dipped slightly, with volumes declining to GH₵1,122.69 million, still supported largely by Treasury Bills. The market activity surged on March 5, with volumes inched up to GH₵1,221.42 million. The week ended with volumes increasing to GH₵1,526.82 million.
EQUITY MARKET
This week, trading on the local stock exchange booked a bearish performance, with total share volume declining by -78.95% to 3,452,943 shares, from last week's 16,405,940 shares. The total traded value also decreased by 96.83%, reaching GH₵3.45 million, indicating lower-value transactions than the previous week’s GH₵109.02 million. Market capitalization experienced an upswing, closing at GH₵133.03 billion, from last week's value of GH₵ GH₵127.82 billion.
Regarding market indices, the GSE Composite Index (GSE-CI) closed at 6037.85, showing a gain of 6.68% week-on-week, a monthly increase of 6.68%, and a strong year-to-date gain of 23.51%.
Week's Equities Top Gainers & Laggards
Moreover, the GSE Financial Stocks Index (GSE-FSI) also increased to reach 2,889.14 points, making it a weekly gain of 2.66%, a monthly gain of 2.66%, and a year-to-date gain of 21.35%.
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) |
|---|---|---|
| MTNGH | 1,588,474 | 3.20 |
| ETI | 1,228,117 | 0.75 |
| CAL | 398,114 | 0.77 |
| SCB | 56,139 | 25.5 |
| RBGH | 38,398 | 0.60 |
Source(s): Ghana Stock Exchange
TOP PERFORMING AFRICAN STOCK INDICES YEAR-TO-DATE
| Country | Index | Level | YTD % |
|---|---|---|---|
| Malawi | MSE ASI | 289,111.37 | ▲ 68.05 |
| Ghana | GSE-CI | 6,037.85 | ▲ 23.51 |
| Morocco | MASI | 16,609.78 | ▲ 12.43 |
| Uganda | USE ASI | 1,333.00 | ▲ 11.57 |
| Tanzania | DSE ASI | 2,319.08 | ▲ 8.38 |
Source(s): African Markets
COMMODITY MARKET
The commodities market saw a mixed performance this week, driven by notable price fluctuations. Gold prices surged from $2,836.8 to $2,904.7 per troy ounce week-on-week (w/w), The precious metal posted a 2.39% weekly gain, bolstered by its safe-haven appeal amid shifting global trade policies.
Meanwhile, Brent crude oil futures posted a 3.85% weekly loss, declining from $73.18 to $70.36, after US President Donald Trump threatened sanctions on Russia if it fails to reach a cease-fire with Ukraine. OPEC+ plans an output increase in April, alongside the potential restart of the Kirkuk-Ceyhan pipeline and rising production at Kazakhstan’s Tengiz field, raising oversupply concerns.
Cocoa futures increased, approaching $8,200 per ton as they attempted to bounce back from the recent four-month lows that were reached on March 4th. However, it ended the week at $8,141 in cocoa futures was mainly caused by the dollar weakening. The International Cocoa Organization’s (ICCO) February 28th prediction of a worldwide cocoa surplus of 142,000 MT for 2024–2025—the first surplus in four years—has put pressure on prices.
Source(s): Yahoo Finance, Trading Economics
CURRENCY MARKET
Exchange rates exhibited an upward trend compared to the previous week, reflecting a marginal depreciation of the Ghanaian cedi against major currencies. The USD/GHS posted a negligible marginal increase from 15.53 to 15.55. Similarly, GBP/GHS increased to20.08 from19.55. Moreover, EUR/GHS increased to 16.87 from16.15.
