Investor demand for government Treasury bills nearly doubled to GH¢5.01 billion in the week ended November 6, 2026, exceeding the government’s target by 41.46 per cent, even as yields declined across all three maturities.

The strong primary-market performance contrasted with a 43.7 per cent contraction in secondary fixed-income trading, while activity on the Ghana Stock Exchange (GSE) strengthened, with share volumes rising by 82.12 per cent and the Composite Index maintaining a year-to-date return of 59.63 per cent.

The Ghana cedi, meanwhile, recorded mixed movements against the major international currencies, losing ground against the US dollar and euro but making a marginal gain against the British pound.

These developments were captured in the latest financial market update by Tesah Capital Research for the week ended November 6.

Fixed-income market

Primary-market demand for Treasury bills increased by 96.7 per cent from GH¢2.55 billion in the previous week’s auction to GH¢5.01 billion, against a government target of GH¢3.54 billion.

The government accepted 97.50 per cent of bids for the 91-day bills, 57.71 per cent for the 182-day bills and 62.59 per cent for the 364-day instruments.

Yields declined across all three maturities. The 91-day Treasury bill rate fell by four basis points to 4.56 per cent, while the 182-day rate dropped by six basis points to 6.20 per cent.

The 364-day rate recorded the biggest decline of 12 basis points to close at 9.48 per cent.

The government is targeting GH¢5.57 billion in its next auction.

However, secondary-market activity weakened, with fixed-income trading volumes declining by 43.7 per cent to GH¢7.53 billion during the week.

Treasury bills dominated transactions, accounting for 60.49 per cent of total traded volumes, while Domestic Debt Exchange Programme (DDEP) bonds contributed 36.89 per cent.

Sell-buy-back transactions represented 2.00 per cent, followed by corporate bonds at 0.45 per cent, commercial paper at 0.15 per cent and new Government of Ghana notes at 0.01 per cent.

Foreign exchange market

The cedi depreciated by 0.17 per cent against the US dollar and 0.11 per cent against the euro, while appreciating by 0.08 per cent against the pound.

It closed the week at GH¢11.64 to the dollar, GH¢12.98 to the euro and GH¢15.55 to the pound, based on Bank of Ghana interbank mid-rates.

Despite its marginal weekly appreciation against sterling, the cedi remained weaker on a year-to-date basis, recording depreciation of 10.22 per cent against the dollar, 9.60 per cent against the pound and 5.42 per cent against the euro.

Indicative open-market mid-rates showed the cedi closing at GH¢11.78 to the dollar, GH¢15.83 to the pound and GH¢13.39 to the euro.

Stock market

The GSE sustained its strong performance, with the Composite Index closing at 14,000.37 points and delivering a year-to-date return of 59.63 per cent.

The gains were driven largely by share-price increases in CPC, MMH, DASPHARMA, SCB PREF, UNIL, IIL, CAL, EGL and SOGEGH.

CPC led the market’s top five gainers, rising by 28.95 per cent to close at GH¢0.49, taking its year-to-date gain to 880 per cent.

Mechanical Lloyd (MMH) followed with a 14.29 per cent increase to GH¢0.16, while DASPHARMA gained 11.83 per cent to GH¢1.04. Standard Chartered Bank preference shares (SCB PREF) advanced by 10 per cent to GH¢0.99, while Unilever Ghana (UNIL) rose by 8.86 per cent to GH¢43.00.

On the losing side, GOIL recorded the biggest decline, shedding 5.45 per cent to close at GH¢5.20. KASA fell by 3.78 per cent to GH¢1.78, while Ecobank Transnational Incorporated (ETI) declined by 3.47 per cent to GH¢1.39.

MTN Ghana lost 2.52 per cent to close at GH¢6.58, while GCB Bank slipped by 0.19 per cent to GH¢42.00.

Despite the weekly losses, all five stocks recorded positive year-to-date returns: GCB Bank, 108.85 per cent; MTN Ghana, 56.67 per cent; ETI, 80.52 per cent; KASA, 48.33 per cent; and GOIL, 75.68 per cent.

Trading activity improved significantly, with volumes increasing by 82.12 per cent from 10.53 million to 19.18 million shares. The total value of shares traded during the week was approximately GH¢69.61 million.

Tesah Capital Research expects financial stocks and the information and communications technology (ICT) sector to continue playing pivotal roles in driving the GSE’s performance in the coming week.