Ghana’s financial markets recorded mixed performances in the week ending October 9, 2026, as equities maintained strong year-to-date gains, Treasury bill rates declined amid increased investor demand, and the cedi weakened against the US dollar, British pound and euro.

According to Tesah Capital Research, demand for government Treasury bills rose to GH¢5.06 billion at the latest auction, while secondary-market trading on the Ghana Fixed Income Market (GFIM) increased by 31.6% to GH¢8.98 billion.

On the equities market, the Ghana Stock Exchange (GSE) Composite Index closed at 14,053.48 points, representing a year-to-date return of 60.24%.

Trading volumes also increased, while the cedi recorded weekly depreciations against all three major currencies.

Tesah Capital Research said financial stocks and the information and communications technology (ICT) sector were expected to remain important drivers of the stock market’s performance in the coming week.

Treasury bill demand jumps 73%

Tesah Capital Research reported that investor demand for Treasury bills increased to GH¢5,061.90 million from GH¢2,925.04 million in the previous week, reflecting a substantial rise in interest in government short-term securities.

The government had targeted GH¢2,869 million but received bids worth GH¢5,061.90 million, resulting in an oversubscription of 76.43%.

At Friday’s auction, the government accepted 91.45% of bids for the 91-day Treasury bill, 96.34% for the 182-day bill and 29.06% for the 364-day instrument.

Yields declined across all three tenors. The rate on the 91-day Treasury bill fell by four basis points to 4.60%, while the 182-day rate declined by four basis points to 6.28%. The 364-day rate dropped by five basis points to 9.75%.

The latest movements indicate that the government attracted bids exceeding its target while rates on the three instruments eased.

Tesah Capital Research said the government was targeting GH¢5,019 million at its next Treasury bill auction.

Secondary fixed-income trading rises 31.6%

Trading activity on the secondary segment of the Ghana Fixed Income Market also strengthened during the review period, with total trading volumes rising by 31.6% to GH¢8.98 billion.

Treasury bills accounted for the largest share of activity, representing 46.67% of total traded volumes.

Domestic Debt Exchange Programme (DDEP) bonds followed with 44.49%, highlighting the substantial contribution of short-term government securities and restructured domestic debt instruments to market transactions.

Sell-buy-back transactions accounted for 7.62% of trading, while new Government of Ghana (GoG) notes represented 0.87%.

Corporate bonds contributed 0.34% of total activity, while old GoG notes accounted for 0.01%.

The figures show that Treasury bills and DDEP bonds together represented more than 91% of secondary-market trading during the week.

Cedi weakens against major currencies

The Ghana cedi depreciated against the US dollar, British pound and euro during the week, according to interbank midrates published by the Bank of Ghana and reported by Tesah Capital Research.

The cedi weakened by 0.68% against the US dollar to close at GH¢11.79, bringing its year-to-date depreciation to 11.37%.

Against the British pound, the local currency fell by 0.70% to GH¢15.60, with its year-to-date depreciation reaching 9.87%.

The cedi also lost 0.16% against the euro, closing at GH¢13.20. Its year-to-date depreciation against the European currency stood at 7.01%.

Indicative open-market rates were higher than the interbank midrates, with the cedi closing at GH¢11.85 to the US dollar, GH¢15.70 to the pound and GH¢13.43 to the euro.

The currency movements indicate continued depreciation against the three major currencies over the review period, with the pound recording the largest weekly decline among them.

Stock market retains strong year-to-date gains

The Ghana Stock Exchange maintained a strong cumulative performance, with the GSE Composite Index closing the week at 14,053.48 points and posting a year-to-date return of 60.24%.

Tesah Capital Research attributed the market’s performance largely to share-price gains recorded by HORDS, IIL, SIC, SCB PREF, DIGICUT, TOTAL, MMH, GOIL, EGL, KASA, CAL and GCB.

HORDS led the five top-performing stocks for the week, gaining 13.89% to close at GH¢0.82. Its year-to-date return stood at 720%.

IIL rose by 12.24% to GH¢0.55, bringing its year-to-date gain to 1,000%. SIC advanced by 10.56% to GH¢5.13, with a year-to-date return of 327.50%.

SCB PREF gained 10% to close at GH¢0.99, while DIGICUT rose by 9.80% to GH¢0.56.

Their year-to-date returns stood at 10% and 522.22%, respectively.

The gains demonstrated the strong cumulative performance of several listed companies, particularly HORDS, IIL and DIGICUT.

MTNGH, ETI among weekly decliners

Despite the broader market’s strong year-to-date performance, some stocks recorded losses during the week.

ETI declined by 3.75% to close at GH¢1.54, although it maintained a year-to-date gain of 100%.

UNIL fell by 1.25% to GH¢39.50, with a year-to-date return of 99.60%.

MTNGH lost 0.77% to close at GH¢6.45, bringing its year-to-date gain to 53.57%.

SCB declined marginally by 0.03% to GH¢69.87, despite a year-to-date return of 139.12%.

GLD was reported to have recorded a 0.00% weekly change, closing at GH¢462.37, while its year-to-date performance remained negative at 3.67%.

The weekly declines in selected equities occurred against the backdrop of the Composite Index’s 60.24% year-to-date return.

Equities trading volumes increase

Market activity on the GSE strengthened during the review period, with trading volumes rising by 31.81% from 18.83 million shares to 24.81 million shares.

The total value of shares traded was approximately GH¢141.88 million, according to Tesah Capital Research.

Looking ahead, the research firm expects financial stocks and the ICT sector to continue playing pivotal roles in the Composite Index’s performance in the coming week.

The outlook places attention on the contribution of these sectors to the broader market as investors assess share-price movements and trading activity.

Overall, the week ending October 9, 2026, saw stronger demand for Treasury bills, increased secondary fixed-income and equities trading, declining Treasury bill rates and further weakness in the cedi against major international currencies, while the stock market retained substantial year-to-date gains.