The Ghanaian cedi recorded a mixed performance against major international currencies during the trading week ending July 19, 2025, according to interbank midrates published by the Bank of Ghana. The cedi depreciated marginally by 0.29% against the US dollar, ending the week at GH₵10.4300 per dollar.
Despite this week’s loss, the currency maintained a robust year-to-date appreciation of 40.94% against the greenback, underlining its continued resilience in 2025.
However, the local currency gained ground on both the British pound and the euro.
It appreciated by 0.23% against the pound to close at GH₵14.0164, with a year-to-date gain of 31.28%.
Against the euro, the cedi appreciated by 0.12%, settling at GH₵12.1475 and recording a cumulative appreciation of 25.24% since the beginning of the year.
Open market indicative rates showed slightly weaker figures compared to the interbank midrates, with the cedi closing at GH₵10.55 to the Dollar, GH₵14.31 to the British Pound, and GH₵12.34 to the Euro.
Bond market sees 33.8% spike in activity
Meanwhile, the Ghana Fixed Income Market (GFIM) saw a significant uptick in trading activity. Weekly volumes surged by 33.8% to reach GH₵4.3 billion, marking renewed investor interest in the country’s debt market.
New Government of Ghana (GoG) notes and bonds led market activity, accounting for 46.48% of total trading volume.
Treasury bills followed with a share of 37.11%, while corporate bonds represented 6.41%. Sell/Buy-Back transactions made up 9.96% of the market activity for the week.
The uptick in trading reflects improving confidence among investors, particularly in new sovereign instruments issued under Ghana’s ongoing debt restructuring and post-IMF economic recovery framework.
Stock market declines as key equities tumble
On the equities front, the Ghana Stock Exchange (GSE) Composite Index saw a marginal decline, falling by 0.59% to close the week at 6,386.76 points.
This brought the year-to-date gain to 30.65%, still reflecting strong investor sentiment compared to previous years.
The weekly dip was largely driven by losses in blue-chip and high-activity stocks including Unilever Ghana PLC (UNIL), SIC Insurance Company Ltd (SIC), MTN Ghana (MTNGH), and Ecobank Transnational Inc. (ETI).
UNIL fell by 0.05% to GH₵20.49, with its year-to-date gain moderating to 5.08%.
SIC, one of the exchange’s top performers this year, declined by 0.88% to GH₵1.13, though it retained a stellar year-to-date return of 318.52%.
MTNGH slid 1.00% to GH₵2.98, while ETI took a sharper 3.53% hit to close at GH₵0.82.
Banking and tech stocks lead gainers
Despite the market-wide decline, a number of stocks posted strong gains. Republic Bank Ghana Ltd (RBGH) and Clydestone Ghana Ltd (CLYD) both rose by 13.92% to close at GH₵0.90, with year-to-date returns of 36.36% and 200% respectively.
Trust Bank Gambia Ltd (TBL) climbed 9.89% to GH₵1.00, while Ghana Oil Company Limited (GOIL) added 2.93% to close at GH₵2.11.
Other notable gainers included Standard Chartered Bank Ghana Ltd (SCB), which rose by 0.43% to GH₵28.00, and NewGold ETF (GLD), which gained 1% to close at GHS 364.60 despite a year-to-date decline of 6.63%.
Trading volume and value surge
Trading activity on the GSE was vibrant during the week, with volume surging by 171.16%.
A total of 9.75 million shares changed hands, up from 3.6 million the previous week.
The total value of shares traded amounted to approximately GHS 38 million.
Analysts expect financial and ICT sector stocks to drive market performance in the coming week, especially as investors assess the impact of currency trends, central bank policy signals, and corporate earnings on equity valuations.
Overall, Ghana’s financial markets continue to exhibit strong momentum in 2025, buoyed by macroeconomic stability, cedi strength, and renewed confidence in government debt instruments.
