Ghana’s financial markets delivered a mixed performance in the week ended August 21, 2026, with strong investor demand for government securities and continued momentum on the Ghana Stock Exchange contrasting with renewed pressure on the cedi.
Treasury bill demand rose sharply during the week, while yields across the 91-day, 182-day and 364-day instruments declined. Secondary-market activity, however, weakened, with fixed-income trading volumes falling by 22.4%.
On the equities market, the Ghana Stock Exchange maintained its strong year-to-date performance, supported by significant gains in selected counters.
Trading volumes also increased substantially during the period.
The cedi, meanwhile, depreciated against all three major international currencies, recording its weakest performance against the euro during the week.
Fixed-Income Market
Investor appetite for Treasury bills strengthened significantly during the latest primary auction.
Demand increased from GH¢11.28 billion in the previous week to GH¢14.27 billion, against the government’s target of GH¢5.43 billion.
The auction was therefore oversubscribed by 162.89%, underscoring strong investor demand for short-term government securities.
The government accepted 76.93% of bids for the 91-day Treasury bill, 63.59% of those submitted for the 182-day bill and 27.01% of bids for the 364-day instrument.
Despite the strong demand, yields declined across all three maturities.
The rate on the 91-day Treasury bill fell by 39 basis points to 5.08%, while the 182-day bill declined by 19 basis points to 7.08%.
The most significant decline was recorded on the 364-day instrument, whose rate fell by 91 basis points to 11.59%.
The yield movements, alongside the strong subscription levels, suggest sustained investor appetite for government paper even as the cost of borrowing across the Treasury bill curve continues to ease.
For the next auction, the government is seeking to raise GH¢5.147 billion.
Secondary Fixed-Income Market
Activity in the secondary fixed-income market moved in the opposite direction, with trading volumes declining by 22.4% over the week to GH¢9.94 billion.
Treasury bills and bonds dominated activity, accounting for 58.22 per cent of total trading.
Domestic Debt Exchange Programme (DDEP) bonds followed with a 36.21% share.
Sell-buy-back transactions accounted for 5.43%, while corporate bonds represented 0.12%.
Old Government of Ghana notes contributed just 0.01% of total activity.
The composition of trading indicates that Treasury instruments and restructured government securities continued to dominate fixed-income market activity, despite the overall decline in volumes.
Currency market
The cedi came under renewed pressure during the week, depreciating against the US dollar, British pound and euro based on Bank of Ghana interbank mid-rates.
The local currency weakened by 1.53% against the US dollar to close at GH¢11.12 to the dollar.
This brought its year-to-date depreciation against the dollar to 6.03%.
Against the British pound, the cedi declined by 2.17% to GH¢15.17, taking its year-to-date depreciation to 7.34%.
The cedi recorded its largest weekly decline against the euro, depreciating by 2.41% to close at GH¢12.99.
Its year-to-date depreciation against the euro stood at 5.55%.
Open-market indicative rates were weaker, with the cedi closing at mid-rates of GH¢11.35 to the US dollar, GH¢15.45 to the pound and GH¢13.22 to the euro.
The currency performance represents a reversal of some of the stability seen earlier in the year and will remain an important factor for investors, particularly given its implications for inflation, imported costs and foreign-currency exposures.
Equity market
The Ghana Stock Exchange continued its strong run during the week, with the GSE Composite Index closing at 15,136.72 points.
The index’s year-to-date return stood at an impressive 72.59%, supported by broad gains in selected stocks including DASPHARMA, IIL, DIGICUT, HORDS, CPC, UNIL, SCB PREF, TOTAL and EGH.
DASPHARMA emerged as the strongest gainer during the week, rising 56.79% to GH¢1.27. Its year-to-date gain stood at 234.21%.
IIL followed with a 41.30% weekly increase to GH¢0.65, taking its year-to-date gain to 1,200%.
DIGICUT gained 38.46 per cent to close at GH¢0.18, representing a 100% year-to-date increase, while HORDS rose 26.15% to GH¢0.82, taking its year-to-date return to 720%.
CPC completed the top five gainers, advancing 11.11% to GH¢0.20 and recording a year-to-date gain of 300%.
The market also recorded declines among several counters. MTNGH fell 0.57% to GH¢7.00, while ZEN declined 0.91% to GH¢10.90.
KASA shed 1.50% to close at GH¢1.97, SIC declined 1.61% to GH¢5.50, and ACCESS fell 1.71% to GH¢30.95.
Despite these declines, the broader market remained firmly positive, reflecting the strength of the gainers and continued investor interest in selected counters.
Trading activity
Market activity strengthened considerably during the week.
Trading volumes increased by 77.61%, rising from 10.06 million shares to 17.87 million shares.
Total value traded stood at approximately GH¢76.91 million.
The increase in volumes points to heightened investor participation and liquidity in the equities market, even as performance remained concentrated in selected stocks.
Outlook
Tesah Capital expects financial stocks and the ICT sector to remain pivotal to the performance of the GSE Composite Index in the coming week.
The combination of strong equity-market momentum, robust Treasury bill demand and declining fixed-income yields presents a changing investment landscape.
However, renewed cedi weakness remains a key risk for investors, particularly those with foreign-currency exposures.
Overall, the week ended August 21 highlighted a market characterised by strong appetite for equities and government securities, alongside renewed pressure on the domestic currency.
Ghana’s financial markets delivered a mixed performance in the week ended August 21, 2026, with strong investor demand for government securities and continued momentum on the Ghana Stock Exchange contrasting with renewed pressure on the cedi.
Treasury bill demand rose sharply during the week, while yields across the 91-day, 182-day and 364-day instruments declined. Secondary-market activity, however, weakened, with fixed-income trading volumes falling by 22.4%.
On the equities market, the Ghana Stock Exchange maintained its strong year-to-date performance, supported by significant gains in selected counters.
Trading volumes also increased substantially during the period.
The cedi, meanwhile, depreciated against all three major international currencies, recording its weakest performance against the euro during the week.
Fixed-income market
Investor appetite for Treasury bills strengthened significantly during the latest primary auction.
Demand increased from GH¢11.28 billion in the previous week to GH¢14.27 billion, against the government’s target of GH¢5.43 billion.
The auction was therefore oversubscribed by 162.89%, underscoring strong investor demand for short-term government securities.
The government accepted 76.93% of bids for the 91-day Treasury bill, 63.59% of those submitted for the 182-day bill and 27.01% of bids for the 364-day instrument.
Despite the strong demand, yields declined across all three maturities.
The rate on the 91-day Treasury bill fell by 39 basis points to 5.08%, while the 182-day bill declined by 19 basis points to 7.08%.
The most significant decline was recorded on the 364-day instrument, whose rate fell by 91 basis points to 11.59%.
The yield movements, alongside the strong subscription levels, suggest sustained investor appetite for government paper even as the cost of borrowing across the Treasury bill curve continues to ease.
For the next auction, the government is seeking to raise GH¢5.147 billion.
Secondary fixed-income market
Activity in the secondary fixed-income market moved in the opposite direction, with trading volumes declining by 22.4% over the week to GH¢9.94 billion.
Treasury bills and bonds dominated activity, accounting for 58.22% of total trading. Domestic Debt Exchange Programme (DDEP) bonds followed with a 36.21% share.
Sell-buy-back transactions accounted for 5.43%, while corporate bonds represented 0.12%.
Old Government of Ghana notes contributed just 0.01% of total activity.
The composition of trading indicates that Treasury instruments and restructured government securities continued to dominate fixed-income market activity, despite the overall decline in volumes.
Currency market
The cedi came under renewed pressure during the week, depreciating against the US dollar, British pound and euro based on Bank of Ghana interbank mid-rates.
The local currency weakened by 1.53% against the US dollar to close at GH¢11.12 to the dollar.
This brought its year-to-date depreciation against the dollar to 6.03%.
Against the British pound, the cedi declined by 2.17% to GH¢15.17, taking its year-to-date depreciation to 7.34%.
The cedi recorded its largest weekly decline against the euro, depreciating by 2.41% to close at GH¢12.99.
Its year-to-date depreciation against the euro stood at 5.55%.
Open-market indicative rates were weaker, with the cedi closing at mid-rates of GH¢11.35 to the US dollar, GH¢15.45 to the pound and GH¢13.22 to the euro.
The currency performance represents a reversal of some of the stability seen earlier in the year and will remain an important factor for investors, particularly given its implications for inflation, imported costs and foreign-currency exposures.
Equity market
The Ghana Stock Exchange continued its strong run during the week, with the GSE Composite Index closing at 15,136.72 points.
The index’s year-to-date return stood at an impressive 72.59%, supported by broad gains in selected stocks including DASPHARMA, IIL, DIGICUT, HORDS, CPC, UNIL, SCB PREF, TOTAL and EGH.
DASPHARMA emerged as the strongest gainer during the week, rising 56.79% to GH¢1.27. Its year-to-date gain stood at 234.21%.
IIL followed with a 41.30% weekly increase to GH¢0.65, taking its year-to-date gain to 1,200%.
DIGICUT gained 38.46 per cent to close at GH¢0.18, representing a 100% year-to-date increase, while HORDS rose 26.15% to GH¢0.82, taking its year-to-date return to 720%.
CPC completed the top five gainers, advancing 11.11% to GH¢0.20 and recording a year-to-date gain of 300%.
The market also recorded declines among several counters. MTNGH fell 0.57% to GH¢7.00, while ZEN declined 0.91% to GH¢10.90.
KASA shed 1.50% to close at GH¢1.97, SIC declined 1.61% to GH¢5.50, and ACCESS fell 1.71% to GH¢30.95.
Despite these declines, the broader market remained firmly positive, reflecting the strength of the gainers and continued investor interest in selected counters.
Trading activity
Market activity strengthened considerably during the week.
Trading volumes increased by 77.61%, rising from 10.06 million shares to 17.87 million shares.
Total value traded stood at approximately GH¢76.91 million.
The increase in volumes points to heightened investor participation and liquidity in the equities market, even as performance remained concentrated in selected stocks.
Outlook
Tesah Capital expects financial stocks and the ICT sector to remain pivotal to the performance of the GSE Composite Index in the coming week.
The combination of strong equity-market momentum, robust Treasury bill demand and declining fixed-income yields presents a changing investment landscape.
However, renewed cedi weakness remains a key risk for investors, particularly those with foreign-currency exposures.
Overall, the week ended August 21 highlighted a market characterised by strong appetite for equities and government securities, alongside renewed pressure on the domestic currency.
