Ghana’s financial markets ended the week to September 25, 2026, on a mixed note, with the cedi losing ground against the US dollar even as trading activity on the Ghana Stock Exchange (GSE) surged by nearly 60%.

The equities market maintained its strong performance, with trading volumes jumping 59.52% from 16 million shares to 25.53 million shares, while the GSE Composite Index closed at 13,886.74 points.

The index has returned 58.34% since the beginning of the year, supported by gains in several listed stocks.

On the currency market, however, the Ghana cedi depreciated by 0.62% against the US dollar to close at GH¢11.62, bringing its year-to-date depreciation against the greenback to 10.09%.

The developments formed part of a mixed week across the financial markets, as investor demand for Treasury bills declined while trading activity on the Ghana Fixed Income Market (GFIM) increased.

According to Tesah Capital Research, secondary fixed-income trading volumes rose by 20.5% to GH¢6.94 billion during the week.

Treasury Bill Demand Eases

Investor demand at the primary Treasury bill auction declined from GH¢3.96 billion in the previous week to GH¢3.66 billion during the period under review.

The Government targeted GH¢2.75 billion but received total bids of GH¢3.66 billion, resulting in an oversubscription of 32.88%.

Of the bids submitted for the 91-day Treasury bill, 90.54% were accepted, while acceptance rates for the 182-day and 364-day bills stood at 74.06% and 56.77%, respectively.

Despite the moderation in demand, yields declined across all three Treasury bill tenors. The interest rate on the 91-day Treasury bill edged down by one basis point to 4.68%, while the 182-day bill declined by 12 basis points to 6.37%.

The 364-day Treasury bill recorded the biggest decline, dropping 15 basis points to 9.83%. For the next auction, the Government is seeking to raise GH¢2.24 billion.

Fixed-Income Trading Hits GH¢6.94bn

Activity on the secondary fixed-income market strengthened despite the decline in demand at the primary Treasury bill auction.

Trading volumes on the Ghana Fixed Income Market increased by 20.5% to GH¢6.94 billion during the week, according to Tesah Capital Research.

Treasury bills continued to dominate activity, accounting for 69.54% of total trading volumes. Domestic Debt Exchange Programme (DDEP) bonds accounted for 22.38%, while sell-buy-back transactions represented 7.64%.

Corporate bonds contributed 0.36%, New Government of Ghana notes accounted for 0.08%, while Old Government of Ghana notes represented 0.01% of total market activity.

Cedi Weakens Against Dollar

The cedi came under renewed pressure against the US dollar during the week, depreciating by 0.62% to close at GH¢11.62 per dollar, based on Bank of Ghana interbank midrates.

The latest movement left the local currency with a year-to-date depreciation of 10.09% against the dollar.

The cedi, however, strengthened by 0.33% against the British pound to close at GH¢15.40, although it remained down 8.69% against the pound since the beginning of the year.

Against the euro, the local currency remained unchanged at GH¢13.24, representing a year-to-date depreciation of 7.34%.

Tesah Capital Research also reported indicative open-market midrates of GH¢11.70 to the dollar, GH¢15.63 to the pound and GH¢13.44 to the euro at the end of the week.

GSE Maintains Strong Run

On the equities market, the GSE Composite Index ended the week at 13,886.74 points, maintaining its strong performance with a year-to-date return of 58.34%. The performance was supported by gains in SCB PREF, CPC, ETI, EGH, DIGICUT, CAL and GCB.

SCB PREF gained 10% to close at GH¢0.99, while CPC advanced 8.33% to GH¢0.26. CPC’s year-to-date return consequently stood at 420%.

ETI gained 5.62% to close at GH¢1.69, taking its year-to-date return to 119.48%. EGH advanced 5.41% to GH¢39.00, representing a 56% gain since the beginning of the year. DIGICUT also rose 4.76% to GH¢0.44, bringing its year-to-date appreciation to 388.89%.

Some Stocks Retreat

Despite the broader market strength, some listed stocks ended the week lower. FML slipped 0.14% to GH¢14.00 but remained up 75% year-to-date, while ALLGH declined 0.93% to GH¢5.30, leaving it down 13.40% since the beginning of the year. SOGEGH fell 1.79% to GH¢5.50 but maintained a year-to-date gain of 22.49%.

DASPHARMA recorded the biggest decline among the highlighted stocks, falling 2.46% to GH¢1.19. Despite the weekly decline, the stock remained up 213.16% year-to-date. GLD closed unchanged at GH¢462.38, with a year-to-date return of -3.67%.

GSE Trading Jumps 59.52%

Investor activity on the stock market strengthened significantly during the week, with trading volumes increasing by 59.52%.

A total of 25.53 million shares changed hands, compared with 16 million shares in the previous week. The value of shares traded during the period stood at approximately GH¢145.82 million.

The sharp increase in turnover reflected heightened trading activity on the equities market as the GSE Composite Index maintained its strong year-to-date performance.

Looking ahead, Tesah Capital Research expects financial stocks and the information and communications technology sector to remain important drivers of the GSE Composite Index.

Overall, Ghana’s financial markets closed the week with contrasting movements: the cedi weakened against the dollar, Treasury bill demand moderated and yields declined, while fixed-income and equities trading recorded stronger activity.