Ghana’s financial markets closed the week ending April 17, 2026 on a divided note, with the Ghana Stock Exchange (GSE) staging a strong recovery as fixed income demand slipped and the cedi edged lower against major trading currencies.
The benchmark GSE Composite Index (GSE-CI) closed the week at 14,024.22 points, recovering ground after a correction that had pulled the index well below the March highs of nearly 15,900. The week’s rally pushed the index’s year-to-date return to 59.91%, sustaining what remains one of the strongest equity market runs in the exchange’s recent history.
Market capitalisation surpassed GH¢266 billion by the close of Friday’s session, up from GH¢247.7 billion the prior week, a gain of more than 7.5 percent in a single week. Trading activity strengthened considerably, with total volume rising 46.74 percent from 8,657,932 shares to 12,704,860 shares, while total value traded reached approximately GH¢62.32 million.
The week’s standout performer was Clydestone Ghana (CLYD), which climbed 29.73 percent to close at GH¢1.44, extending its year-to-date gain to 213.04 percent. Ecobank Transnational Incorporated (ETI) advanced 25.75 percent to GH¢2.10, with a year-to-date return of 172.73 percent, while SIC Insurance Company (SIC) rose 25.28 percent to GH¢4.46, carrying a year-to-date return of 271.67 percent. GCB Bank (GCB) gained 22.38 percent to GH¢31.77 and CalBank (CAL) climbed 14.67 percent to GH¢0.86.
Among the laggards, Enterprise Group Limited (EGL) posted the sharpest weekly decline, falling 3.09 percent to GH¢11.30, followed by Guinness Ghana Breweries (GGBL) down 1.29 percent to GH¢15.30, and Ecobank Ghana (EGH) which eased to GH¢48.90. Standard Chartered Bank Ghana (SCB) slipped marginally by 0.03 percent to GH¢71.38, though it retains a year-to-date return of 144.28 percent. Analysts expect financial and information and communications technology (ICT) stocks to remain the primary engines of market momentum in the near term.
In the fixed income market, the primary segment of the Ghana Fixed Income Market (GFIM) recorded a notable softening in demand. Investor appetite in the latest Treasury bill auction fell to GH¢4,488.55 million from GH¢5,310.29 million the prior week, against a government target of GH¢4,890 million, resulting in an undersubscription of 8.21 percent.
Acceptance rates held up for shorter-duration instruments, with the government accepting 99.46 percent of bids for the 91-day bill and 98.30 percent for the 182-day bill. The 364-day bill, however, recorded an acceptance rate of just 68.06 percent, reflecting continued caution around longer-tenor instruments. Interest rates moved higher across all maturities. The 91-day bill rate edged up four basis points to 4.95 percent, the 182-day rose 13 basis points to 6.91 percent, and the 364-day bill climbed 15 basis points to 10.13 percent. The government has set a lower target of GH¢4,475 million for its next auction, signalling a more measured borrowing posture in response to current demand conditions.
Secondary market activity also eased, with total GFIM trading volumes declining 18.3 percent week-on-week to GH¢8.70 billion. Treasury bills accounted for 66.44 percent of secondary transactions, reinforcing their dominance as the most liquid instruments available. Domestic Debt Exchange Programme (DDEP) bonds contributed 18.84 percent of trades, while sell-buy-back transactions made up 13.85 percent.
On the currency front, the cedi recorded modest depreciation across all major pairs. Against the US dollar, the cedi weakened by 0.18 percent to GH¢11.05, bringing its year-to-date depreciation to 5.43 percent. The cedi lost 0.91 percent against the British pound to close at GH¢14.98 and shed 0.86 percent against the euro, settling at GH¢13.04. Open market indicative rates closed at GH¢11.27 to the dollar, GH¢15.23 to the pound, and GH¢13.25 to the euro, according to Bank of Ghana (BoG) interbank midrates.
The overall picture reflects a market in which equities continue to attract investor appetite, even as fixed income instruments face softer demand and modest upward yield pressure.
