MACROECONOMIC INDICATORS
|
Q4, 2025 Real GDP Growth |
5.8% |
|
Average Real GDP Growth for 2025 |
6.0% |
|
2026 Projected Real GDP Growth |
4.8% |
|
BoG Policy Rate |
14.0% |
|
Weekly Interbank Interest Rate |
10.25% |
|
Inflation for Apr 2026 |
3.4% |
|
End Period Inflation Target – 2026 |
8.0% |
|
Budget Surplus (% GDP) – Mar, 2026 |
1.1% |
|
2026 Budget Surplus Target (%GDP) |
1.5% |
|
Public Debt (billion GH¢) – Feb, 2026 |
674.1 |
|
Debt to GDP Ratio – Feb, 2026 |
42.2% |
STOCK MARKET REVIEW
The Ghana Stock Exchange's recent recovery stalled during the week, as price declines across seven (7) counters weighed on overall market performance. The GSE Composite Index (GSE-CI) fell by 164.82 points (-1.14%) for the week to close at 14,354.14 points, reflecting a year-to-date (YTD) gain of 63.67%.
The GSE Financial Index (GSE-FI) also fell by 27.74 points (-0.35%) for the week to close at 7,853.48 points, reflecting a year-to-date (YTD) gain of 68.99%.
Market capitalization dipped by 0.50% to close the week at GH¢262,937.71 million, from GH¢264,268.45 million at the close of the previous week. This reflects a YTD gain of 52.83%.
The week recorded a total of 17,530,068 shares, valued at GH¢112,662,808.11, compared with 58,162,928 shares, valued at GH¢40,730,588.90, traded in the preceding week.
MTNGH dominated both the volume and value of trades for the week, accounting for 92.58% and 93.85% of the volume and value of shares traded, respectively.
The market closed the week with 4 gainers and 7 laggards as indicated below:
|
Price Movers for the Week |
|||
|
Equity |
Opening Price |
Closing Price |
Gain/Loss (%) |
|
ZEN |
9.68 |
11.47 |
?18.49% |
|
ETI |
1.33 |
1.39 |
?4.51% |
|
GLD |
497.00 |
501.92 |
?0.99% |
|
TOTAL |
32.91 |
33.00 |
?0.27% |
|
SIC |
5.29 |
5.00 |
?5.48% |
|
GCB |
36.99 |
35.25 |
?4.70% |
|
CAL |
0.76 |
0.73 |
?3.95% |
|
MTNGH |
6.73 |
6.50 |
?3.42% |
|
ALLGH |
8.46 |
8.20 |
?3.07% |
|
RBGH |
5.29 |
5.20 |
?1.70% |
|
FML |
13.33 |
13.32 |
?0.08% |
Source: Ghana Stock Exchange




CURRENCY MARKET
The Cedi extended its losing streak against the USD for the week. It traded at GH¢11.7300/$, compared with GH¢11.6250/$ at week open, reflecting w/w and YTD depreciations of 0.90% and 10.91% respectively. This compares with an appreciation of 43.00% a year ago.
The Cedi also declined against the GBP for the week. It traded at GH¢15.7997/£, compared with GH¢15.6223/£ at week open, reflecting w/w and YTD losses of 1.12% and 11.02% respectively. This compares with an appreciation of 32.83% a year ago.
The Cedi slid against the Euro for the week. It traded at GH¢13.6949/€, compared with GH¢13.4872/€ at week open, reflecting w/w and YTD depreciations of 1.52% and 10.38% respectively. This compares with an appreciation of 30.40% a year ago.
The Cedi depreciated against the Canadian Dollar for the week. It opened at GH¢8.4127/C$ and closed at GH¢8.5075/C$, reflecting w/w and YTD losses of 1.11% and 10.42%, respectively. This compares with an appreciation of 36.59% a year ago.
|
Weekly Interbank Foreign Exchange Rates |
|||||
|
Currency Pair |
Year Open |
Week Open |
Week Close |
Change% |
YTD % |
|
|
01/01/26 |
25/05/26 |
29/05/26 |
|
|
|
USD/GHS |
10.4500 |
11.6250 |
11.7300 |
?0.90 |
?10.91 |
|
GBP/GHS |
14.0579 |
15.6223 |
15.7997 |
?1.12 |
?11.02 |
|
EUR/GHS |
12.2728 |
13.4872 |
13.6949 |
?1.52 |
?10.38 |
|
CAD/GHS |
7.6211 |
8.4127 |
8.5075 |
?1.11 |
?10.42 |
Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢4,866.46 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢3,934.42 million raised in the previous week.
The 91-Day Bill settled at 4.99% p.a. from 4.91% p.a. last week, whilst the 182-Day Bill settled at 7.04 p.a. from 7.04% p.a. last week. The 364-Day Bill settled at 10.46% p.a. from 10.37% p.a. last week.
The tables below highlight primary market activity at the close of the week.
|
Security |
Year Open |
Previous Yield % |
Current Yield % |
WoW Chg (%) |
YTD Chg (%) |
|
|
01/01/26 |
25/05/26 |
29/05/26 |
|
|
|
91 Day TB |
11.09 |
4.91 |
4.99 |
?1.54 |
?55.01 |
|
182 Day TB |
12.52 |
7.04 |
7.04 |
?0.04 |
?43.76 |
|
364 Day TB |
12.94 |
10.37 |
10.46 |
?0.85 |
?19.18 |
Source: Bank of Ghana
|
Weekly BOG Gold Coin Prices |
|||||
|
BOG Gold Coins |
Year Open |
Week Open |
Week Close |
Change% |
YTD % |
|
|
01/01/26 |
25/05/26 |
29/05/26 |
|
|
|
1.00 oz |
47,231.06 |
53,839.74 |
53,424.53 |
?0.77 |
?13.11 |
|
0.50 oz |
23,953.39 |
27,276.03 |
27,070.42 |
?0.75 |
?13.01 |
|
0.25 oz |
12,335.94 |
14,017.62 |
13,917.07 |
?0.72 |
?12.82 |
|
The Ghana Market Summary |
|||
|
|
Current |
Previous |
Change |
|
Bid (GH¢' M) |
3,934.42 |
5,475.14 |
?28.14% |
|
Issuance (GH¢' M) |
4,221.14 |
5,798.25 |
?27.20% |
|
Target (GH¢' M) |
4,486 |
4,300 |
?4.33% |
|
Maturity (GH¢' M) |
4,431.50 |
4,178.15 |
?6.06% |
|
Target coverage ratio |
0.94 |
1.35 |
na |
|
Maturity coverage ratio |
0.95 |
1.39 |
na |
|
Bid / Cover ratio |
0.93 |
0.94 |
na |
Source: Bank of Ghana
COMMODITY MARKET
Oil prices trended lower as the market remained cautious about progress in U.S.-Iran peace talks. Brent futures traded at US$92.05 a barrel, compared to US$100.21 at the week's open, reflecting w/w loss and YTD gain of 8.14% and 51.27% respectively.
Gold prices rebounded from recent losses, rising nearly 1% as markets hedge bets over the status of U.S.-Iran negotiations. Gold settled at US$4,593.00, from US$4,556.40 last week, reflecting w/w and YTD appreciations of 0.80% and 4.71% respectively.
The price of Cocoa rebounded for the week. Cocoa traded at US$3,923.00 per tonne on Friday, from US$3,796.00 last week, reflecting w/w gain and YTD loss of 3.35% and 35.32% respectively.
International Commodity Prices
|
Commodities |
Year Open |
Week Open |
Week Close |
Chg% |
YTD % |
|
|
01/01/26 |
25/05/26 |
29/05/26 |
|
|
|
Brent crude oil (USD/bbl) |
60.85 |
100.21 |
92.05 |
?8.14 |
?51.27 |
|
Gold (USD/t oz.) |
4,386.30 |
4,556.40 |
4,593.00 |
?0.80 |
?4.71 |
|
Cocoa (USD/MT) |
6,065.00 |
3,796.00 |
3,923.00 |
?3.35 |
?35.32 |
Source: www.investing.com

INVESTMENT TERM OF THE WEEK
Pac-Man Defense: It involves a targeted firm in a hostile takeover situation trying to acquire the company that has made a takeover attempt. In an attempt to scare off the would-be acquirers, the takeover target may dip into its war chest for cash to buy a majority stake in the other company.
Website: www.cidaninvestments.com
Disclaimer: The contents of this report have been prepared to provide you with general information only. Information provided in and available from this report does not constitute any investment recommendation.
The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed.