Ghana’s financial markets recorded mixed performances in the week ending October 16, 2026, as the cedi appreciated against the US dollar, British pound and euro, the Ghana Stock Exchange (GSE) sustained its strong year-to-date rally, and activity on the secondary fixed-income market increased significantly.
On the primary market, investor demand for Treasury bills exceeded the government’s target, although acceptance rates varied across the three maturities.
Yields also moved in different directions, with rates on the 91-day and 182-day bills rising marginally while that on the 364-day instrument declined.
Trading volumes on the Ghana Fixed Income Market (GFIM) increased by nearly half, driven largely by activity in Domestic Debt Exchange Programme (DDEP) bonds and Treasury bills.
On the equities market, however, trading volumes declined despite the strong performance of the benchmark index.
These developments were contained in the latest weekly market review by Tesah Capital Research, covering the week ending October 16, 2026.
Treasury bills attract GH¢5.17bn
On the primary fixed-income market, investor demand for Treasury bills increased to GH¢5,173.10 million from GH¢5,061.90 million in the preceding week, representing an increase of GH¢111.20 million.
The government had targeted GH¢5,019 million but received bids amounting to GH¢5,173.10 million, resulting in an oversubscription of GH¢154.10 million, or 3.07%.
Acceptance rates varied across the three Treasury bill maturities at Friday’s auction.
The government accepted 74.80% of bids for the 91-day bill, 62.38% for the 182-day instrument and 52.53% for the 364-day bill.
Interest rates on the shorter-dated instruments increased marginally.
The yield on the 91-day Treasury bill rose by two basis points to 4.62%, while that on the 182-day bill increased by four basis points to 6.32%.
In contrast, the yield on the 364-day Treasury bill declined by four basis points to 9.71%.
The movements reflected differing yield outcomes across the maturity spectrum during the review period, even as total bids exceeded the government’s borrowing target.
For the next auction, the government is seeking to raise GH¢3,798 million, according to Tesah Capital Research.
Secondary fixed-income trading rises 48.7%
Activity on the secondary fixed-income market strengthened considerably during the week, with total trading volumes increasing by 48.7% to GH¢7.15 billion.
DDEP bonds accounted for the largest share of transactions, representing 55.48% of total trading volumes.
Treasury bills followed with 41.07%, underscoring their continued importance in secondary-market activity.
Sell-buy-back transactions accounted for 3.16% of trading volumes, while corporate bonds contributed 0.14%.
New Government of Ghana (GoG) notes and commercial paper each accounted for 0.07%.
The composition of trading showed that activity remained concentrated in DDEP bonds and Treasury bills, which together accounted for more than 96% of the market’s reported volumes.
The 48.7% increase in secondary-market trading volumes marked a significant rise in activity compared with the previous week.
Cedi appreciates against major currencies
The Ghana cedi strengthened against the three major international currencies during the review period, according to interbank midrates published by the Bank of Ghana.
The cedi appreciated by 1.07% against the US dollar, closing the week at GH¢11.67 to the dollar.
Despite the weekly gain, the currency recorded a year-to-date depreciation of 10.42% against the US currency.
Against the British pound, the cedi appreciated by 0.33% to close at GH¢15.55.
Its year-to-date depreciation against the pound stood at 9.57%.
The cedi also gained 0.77% against the euro, ending the week at GH¢13.10, although it remained down by 6.29% against the European currency since the beginning of the year.
Indicative open-market rates showed the cedi closing at midrates of GH¢11.68 to the US dollar, GH¢15.63 to the pound and GH¢13.27 to the euro.
The weekly gains against the three currencies contrasted with the cedi’s cumulative depreciation since the beginning of 2026, highlighting the difference between short-term exchange-rate movements and the currency’s year-to-date performance.
GSE maintains strong year-to-date gains
On the equities market, the Ghana Stock Exchange Composite Index closed the week at 14,394.77 points, representing a year-to-date return of 64.13%.
Tesah Capital Research attributed the index’s performance largely to share-price gains recorded by CPC, EGL, IIL, SCB PREF, TOTAL, FAB, MTNGH, EGH, RBGH, ETI, ACCESS and GCB.
CPC emerged as the strongest performer among the five leading gainers, with its share price rising by 16.67% to GH¢0.35.
The stock’s year-to-date gain stood at 600%.
EGL followed, appreciating by 12.99% to close at GH¢8.70, taking its year-to-date return to 150%.
IIL gained 10.91% to close at GH¢0.61, with its year-to-date return reaching 1,120%.
SCB PREF rose by 10% to GH¢0.99, representing a year-to-date gain of 10%, while TOTAL appreciated by 6.49% to close at GH¢41.00.
TOTAL’s year-to-date return stood at 1.74%.
The performance of CPC, EGL and IIL illustrated the substantial gains recorded by selected equities since the beginning of the year, with IIL posting the largest year-to-date increase among the five leading gainers.
Digicut leads market decliners
Despite the broad index’s positive year-to-date performance, five stocks recorded price declines during the week.
DIGICUT was the worst performer, falling by 19.64% to close at GH¢0.45.
However, the stock retained a year-to-date gain of 400%.
BOPP declined by 6.67% to GH¢70, although its year-to-date return remained positive at 25.40%.
DASPHARMA lost 4.90% to close at GH¢0.97, with its year-to-date gain standing at 155.26%.
SIC fell by 2.34% to GH¢5.01, but remained up by 317.50% since the beginning of the year.
KASA declined by 1.56% to close at GH¢1.89, with a year-to-date return of 57.50%.
The declines showed that the market’s strong cumulative performance did not prevent periodic losses in individual stocks during the review week.
Equity trading volumes decline
Trading activity on the GSE weakened during the week, even as the benchmark index maintained its strong year-to-date return.
Total trading volumes fell by 32.09%, from 24.81 million shares in the preceding week to 16.85 million shares during the review period.
The total value of shares traded was approximately GH¢67.21 million.
The decline in volumes indicated a slowdown in the number of shares exchanged during the week, notwithstanding the gains recorded by several listed companies.
Looking ahead, Tesah Capital Research expects financial stocks and the information and communications technology (ICT) sector to continue playing pivotal roles in determining the performance of the equities market in the coming week.
Overall, the week’s performance reflected contrasting developments across Ghana’s financial markets: stronger secondary fixed-income trading, modest oversubscription at the Treasury bill auction, weekly appreciation of the cedi against major currencies and continued strength in the stock market’s year-to-date returns, alongside lower equity trading volumes and price declines in selected stocks.
