The Ghana Stock Exchange extended its strong rally in the week ending October 30, 2026, with the Composite Index closing at 14,302.27 points and pushing its year-to-date return to 63.08%, as gains in key stocks offset a decline in trading activity.
The cedi also strengthened against the US dollar, pound sterling and euro, while investor demand for Treasury bills eased and secondary fixed-income trading volumes dipped, according to Tesah Capital Research.
The Ghana Stock Exchange (GSE) Composite Index closed at 14,302.27 points, lifting its year-to-date return to 63.08%, while the cedi appreciated against the US dollar, pound sterling and euro, according to market analysis by Tesah Capital Research.
In the fixed-income market, investor demand for Treasury bills declined, although the government’s latest auction was marginally oversubscribed.
Secondary-market trading volumes also eased, while Treasury bills remained the dominant instrument traded.
Equities maintain strong year-to-date gains
The GSE Composite Index ended the review week at 14,302.27 points, representing a year-to-date return of 63.08%.
The performance was supported mainly by gains in SCB PREF, GCB, MTNGH and KASA.
SCB PREF led the gainers, rising 10% to close at GH¢0.99, while GCB Bank advanced 4.60% to GH¢42.08.
MTN Ghana gained 3.53% to close at GH¢6.75, and KASA increased 2.21% to GH¢1.85.
GCB’s year-to-date return stood at 109.25%, while MTNGH and KASA recorded gains of 60.71% and 54.17%, respectively. SCB PREF’s year-to-date return was 10%.
On the downside, RBGH declined 2.20% to GH¢4.00, followed by EGL, which fell 1.18% to GH¢8.40.
GGBL shed 0.37% to close at GH¢10.66, while FML edged down 0.07% to GH¢13.99. GLD was unchanged at GH¢462.36.
Despite the index’s gains, trading activity weakened.
Shares traded fell 14.76% from 12.36 million to 10.53 million, while total value traded amounted to approximately GH¢56.52 million.
Tesah Capital Research expects financial stocks and the information and communications technology sector to remain important drivers of the index’s performance in the coming week.
Treasury bill demand eases
Investor demand for Treasury bills at the primary market auction declined to GH¢2.55 billion from GH¢4.23 billion in the previous week.
The government targeted GH¢2.447 billion and received bids totalling GH¢2.548 billion, representing an oversubscription of 4.13%.
Acceptance rates varied across the tenors, with the government accepting 81.43% of bids for the 91-day bill, 93.39% for the 182-day bill and 47.59% for the 364-day bill.
Interest rates eased across all three instruments.
The 91-day Treasury bill rate declined by one basis point to 4.60%, the 182-day rate fell by three basis points to 6.26%, while the 364-day rate dropped seven basis points to 9.60%.
The government is targeting GH¢3.543 billion in its next auction.
Secondary fixed-income trading slips
Trading volumes on the Ghana Fixed Income Market (GFIM) declined by 2.8% during the week to GH¢13.36 billion.
Treasury bills accounted for the largest share of activity, representing 61.30% of total traded volumes. Domestic Debt Exchange Programme (DDEP) bonds followed with 37.55%.
Sell-buy-back transactions accounted for 0.92%, while new Government of Ghana notes represented 0.11%.
Corporate bonds and commercial paper contributed 0.08% and 0.04%, respectively.
The figures indicate that Treasury bills and DDEP bonds continued to dominate secondary-market activity, despite the overall decline in trading volumes.
Cedi strengthens against major currencies
The Ghana cedi recorded modest gains against the US dollar, British pound and euro during the review week, based on Bank of Ghana interbank midrates.
The cedi appreciated by 0.26% against the US dollar to close at GH¢11.62, although it remained down 10.07% year-to-date.
Against the pound sterling, the local currency gained 0.06% to close at GH¢15.56, with its year-to-date depreciation standing at 9.67%.
The cedi recorded its strongest weekly appreciation against the euro, gaining 0.61% to close at GH¢12.96. Its year-to-date depreciation against the euro was 5.32%.
Indicative open-market midrates were higher, with the cedi closing at GH¢11.73 to the US dollar, GH¢15.70 to the pound and GH¢13.31 to the euro.
Overall, the week’s performance reflected continued strength in equities, modest currency gains and softer activity across fixed-income markets, with Tesah Capital Research anticipating financial and ICT stocks to remain key influences on the GSE in the coming week.
