Ghana’s financial markets recorded mixed performances in the week ending September 11, 2026, with the equities market strengthening significantly amid increased trading activity, while the fixed-income and currency markets recorded declines in investor demand and trading volumes and further depreciation of the Ghana cedi.

An analysis by Tesah Capital’s Financial Market Update showed that the Ghana Stock Exchange (GSE) emerged as the stronger-performing segment during the review period, with the Composite Index closing at 14,611.15 points and posting a year-to-date return of 66.60%.

The fixed-income market, however, recorded softer activity, with investor demand for Treasury bills falling from the previous week’s GH¢9.94 billion to GH¢8.20 billion, while secondary-market trading volumes declined by 13.9% to GH¢6.69 billion.

The cedi also came under pressure against the major international currencies, depreciating by 0.54% against the US dollar, 0.58% against the British pound and 0.46% against the euro during the week.

Fixed-income market

According to Tesah Capital’s analysis, investor demand at the primary Treasury bill auction declined during the week, with total bids falling to GH¢8,195.73 million from GH¢9,937.54 million in the previous week.

The government had targeted GH¢7,970.00 million but received bids amounting to GH¢8,195.73 million, representing an oversubscription of 2.83%.

The analysis indicated that demand was strongest for the shorter-dated instruments.

Of the Treasury bills offered, 99.12% of the 91-day bills were accepted, compared with 87.69% for the 182-day bills and 55.53% for the 364-day bills.

Tesah Capital said yields also declined across all three maturities.

The interest rate on the 91-day Treasury bill fell by 11 basis points to 4.69%, while the 182-day bill rate declined by 17 basis points to 6.51%.

The 364-day Treasury bill rate recorded a smaller two-basis-point decline to 10.10%.

For the next auction, the government is seeking to raise GH¢4,121.00 million, according to the analysis.

Secondary market activity falls

Trading activity in the secondary fixed-income market also weakened during the review week.

Tesah Capital’s Financial Market Update indicated that secondary-market trading volumes on the Ghana Fixed Income Market (GFIM) declined by 13.9% to GH¢6.69 billion.

Domestic Debt Exchange Programme (DDEP) bonds remained the dominant instruments traded, accounting for 56.90% of total market activity.

Treasury bills followed with 33.99%, while new Government of Ghana notes accounted for 4.85%. Corporate bonds represented 2.26% of trading activity, sell-buy-back transactions accounted for 1.97%, while old Government of Ghana notes contributed just 0.02%.

The composition of trading activity, according to Tesah Capital, underscored the continued dominance of DDEP bonds and Treasury bills in the secondary fixed-income market during the period.

Cedi loses ground

The currency market recorded further weakness in the Ghana cedi against all three major currencies tracked by the analysis.

Tesah Capital said the cedi depreciated by 0.54% against the US dollar during the week, closing at GH¢11.46 per dollar.

This brought its year-to-date depreciation against the dollar to 8.83%.

Against the British pound, the cedi fell by 0.58% to close at GH¢15.50, representing a year-to-date depreciation of 9.32%.

The cedi also depreciated by 0.46% against the euro, ending the week at GH¢13.31.

Its year-to-date depreciation against the euro stood at 7.77%.

The figures were based on Bank of Ghana interbank midrates, Tesah Capital said.

Indicative open-market rates showed the cedi closing at midrates of GH¢11.60 to the US dollar, GH¢15.73 to the pound and GH¢13.47 to the euro.

Stocks extend strong gains

The Ghana Stock Exchange recorded the strongest performance among the markets reviewed by Tesah Capital.

The GSE Composite Index closed the week at 14,611.15 points, representing a year-to-date return of 66.60%.

Tesah Capital attributed the index’s performance largely to gains in the share prices of SCB PREF, CPC, EGL, GCB and FML.

SCB PREF and CPC were the biggest gainers, each rising by 10.00%.

SCB PREF closed at GHS0.99, maintaining a 10.00% year-to-date gain, while CPC ended at GH¢0.22 after recording a remarkable 340% year-to-date increase.

EGL gained 7.20% to close at GH¢7.00, taking its year-to-date gain to 101.15%.

GCB rose 6.19% to GH¢42.00, bringing its year-to-date return to 108.85%.

FML completed the top five gainers, increasing by 5.82% to close at GH¢14 and recording a 75% year-to-date gain.

Some stocks retreat

Despite the broader strength of the equities market, Tesah Capital’s analysis showed that five stocks recorded losses during the week.

MTNGH declined marginally by 0.15% to close at GH¢6.85, although it retained a 63.10% year-to-date gain.

CAL fell by 1.39% to GH¢0.71, with a year-to-date gain of 10.94%, while KASA declined by 2.11% to GH¢1.86, leaving its year-to-date return at 55%.

BOPP recorded a 2.18% decline to close at GH¢75, with a 34.36% year-to-date gain.

EGH was the biggest decliner among the stocks listed, falling by 2.61% to GH¢38, although it remained 52% higher year-to-date.

Trading activity surges

The rise in the Composite Index was accompanied by a sharp increase in activity on the equities market.

Tesah Capital said trading volumes increased by 130.22%, rising from 15.03 million shares in the previous week to 34.59 million shares during the review period.

The total value of shares traded was approximately GH¢165.94 million.

Looking ahead, Tesah Capital expects financial stocks and the information and communications technology (ICT) sector to continue playing pivotal roles in determining the performance of the GSE Composite Index in the coming week.