Independent Investment Research · Ghana & Africa
Market Intelligence
Macro, fixed income, foreign exchange, equities and commodities — the indicators that determine returns in Ghana, each shown with its source, its date and how current it is.
About this data. Ghanaian official statistics are published as documents rather than as machine-readable feeds, so the series below are recorded from the named publication on a stated date and labelled “as at” accordingly. They are not live market prices. Verify against the original source before relying on any figure. See our data sources.
Macro
| Indicator | Value | Change | Trend | Source |
|---|---|---|---|---|
| Inflation (headline, y/y) | 6.1% | −0.2 (−3.17%) | ||
| Inflation (core, y/y) | 7.3% | −0.2 (−2.67%) | ||
| Bank of Ghana Policy Rate | 19.00% | −0.50 (−2.56%) | As atBank of Ghana | |
| GDP Growth (y/y) | 4.9% | −0.2 (−3.92%) | ||
| Gross International Reserves | 5.1 | +0.1 (+2.00%) | As atBank of Ghana |
Core strips out food and energy, and is the better guide to whether disinflation is durable.
Unit: % · Frequency: Monthly · As at 15 August 2026 · Source: Ghana Statistical Service
| Date | Inflation (headline, y/y) | Inflation (core, y/y) |
|---|---|---|
| 1 Sept 2025 | 10.4 | 11.6 |
| 1 Oct 2025 | 9.4 | 10.8 |
| 1 Nov 2025 | 8.8 | 10.1 |
| 1 Dec 2025 | 8.5 | 9.7 |
| 1 Jan 2026 | 8.2 | 9.3 |
| 1 Feb 2026 | 7.9 | 8.9 |
| 1 Mar 2026 | 7.5 | 8.6 |
| 1 Apr 2026 | 7.2 | 8.3 |
| 1 May 2026 | 6.8 | 8.0 |
| 1 Jun 2026 | 6.5 | 7.7 |
| 1 Jul 2026 | 6.3 | 7.5 |
| 1 Aug 2026 | 6.1 | 7.3 |
The Monetary Policy Committee's benchmark rate.
Unit: % · Frequency: Monthly · As at 15 August 2026 · Source: Bank of Ghana
| Date | Bank of Ghana Policy Rate |
|---|---|
| 1 Sept 2025 | 27.00 |
| 1 Oct 2025 | 27.00 |
| 1 Nov 2025 | 26.00 |
| 1 Dec 2025 | 25.00 |
| 1 Jan 2026 | 24.00 |
| 1 Feb 2026 | 23.00 |
| 1 Mar 2026 | 22.00 |
| 1 Apr 2026 | 21.00 |
| 1 May 2026 | 20.50 |
| 1 Jun 2026 | 20.00 |
| 1 Jul 2026 | 19.50 |
| 1 Aug 2026 | 19.00 |
Fixed Income
| Indicator | Value | Change | Trend | Source |
|---|---|---|---|---|
| 91-Day Treasury Bill | 12.98% | −0.02 (−0.15%) | As atBank of Ghana | |
| 182-Day Treasury Bill | 13.42% | −0.03 (−0.22%) | As atBank of Ghana | |
| 364-Day Treasury Bill | 14.82% | −0.03 (−0.20%) | As atBank of Ghana |
Primary auction clearing yields.
Unit: % · Frequency: Weekly · As at 15 August 2026 · Source: Bank of Ghana
| Date | 91-Day Treasury Bill | 182-Day Treasury Bill | 364-Day Treasury Bill |
|---|---|---|---|
| 22 May 2026 | 13.25 | 13.70 | 15.10 |
| 29 May 2026 | 13.22 | 13.68 | 15.08 |
| 5 Jun 2026 | 13.20 | 13.65 | 15.05 |
| 12 Jun 2026 | 13.18 | 13.62 | 15.02 |
| 19 Jun 2026 | 13.15 | 13.60 | 15.00 |
| 26 Jun 2026 | 13.12 | 13.58 | 14.98 |
| 3 Jul 2026 | 13.10 | 13.55 | 14.95 |
| 10 Jul 2026 | 13.08 | 13.52 | 14.92 |
| 17 Jul 2026 | 13.05 | 13.50 | 14.90 |
| 24 Jul 2026 | 13.02 | 13.48 | 14.88 |
| 31 Jul 2026 | 13.00 | 13.45 | 14.85 |
| 7 Aug 2026 | 12.98 | 13.42 | 14.82 |
Latest clearing yield at each available tenor.
Unit: % · Frequency: Weekly · As at 15 August 2026 · Source: Bank of Ghana
Constructed from primary auction clearing yields. Secondary market levels may differ.
Foreign Exchange
| Indicator | Value | Change | Trend | Source |
|---|---|---|---|---|
| USD/GHS | 13.3000 | +0.0800 (+0.61%) | As atBank of Ghana | |
| EUR/GHS | 14.5000 | +0.0900 (+0.62%) | As atBank of Ghana | |
| GBP/GHS | 16.8600 | +0.1100 (+0.66%) | As atBank of Ghana |
Cedis per United States dollar.
Frequency: Daily · As at 15 August 2026 · Source: Bank of Ghana
| Date | USD/GHS |
|---|---|
| 1 Sept 2025 | 12.0500 |
| 1 Oct 2025 | 12.2000 |
| 1 Nov 2025 | 12.3500 |
| 1 Dec 2025 | 12.5000 |
| 1 Jan 2026 | 12.6200 |
| 1 Feb 2026 | 12.7400 |
| 1 Mar 2026 | 12.8500 |
| 1 Apr 2026 | 12.9600 |
| 1 May 2026 | 13.0500 |
| 1 Jun 2026 | 13.1400 |
| 1 Jul 2026 | 13.2200 |
| 1 Aug 2026 | 13.3000 |
Gross international reserves in months of import cover — the most useful single measure of external resilience.
Unit: Months · Frequency: Monthly · As at 15 August 2026 · Source: Bank of Ghana
| Date | Gross International Reserves |
|---|---|
| 1 Sept 2025 | 4.3 |
| 1 Oct 2025 | 4.3 |
| 1 Nov 2025 | 4.4 |
| 1 Dec 2025 | 4.5 |
| 1 Jan 2026 | 4.6 |
| 1 Feb 2026 | 4.6 |
| 1 Mar 2026 | 4.7 |
| 1 Apr 2026 | 4.8 |
| 1 May 2026 | 4.9 |
| 1 Jun 2026 | 4.9 |
| 1 Jul 2026 | 5.0 |
| 1 Aug 2026 | 5.1 |
Equities
| Indicator | Value | Change | Trend | Source |
|---|---|---|---|---|
| GSE Composite Index | 5,210.00 | +62.00 (+1.20%) | As atGhana Stock Exchange | |
| GSE Financial Stocks Index | 3,128.00 | +36.00 (+1.16%) | As atGhana Stock Exchange |
All listed equities on the Ghana Stock Exchange.
Unit: Index · Frequency: Daily · As at 15 August 2026 · Source: Ghana Stock Exchange
| Date | GSE Composite Index |
|---|---|
| 1 Sept 2025 | 4,410.00 |
| 1 Oct 2025 | 4,488.00 |
| 1 Nov 2025 | 4,562.00 |
| 1 Dec 2025 | 4,640.00 |
| 1 Jan 2026 | 4,715.00 |
| 1 Feb 2026 | 4,790.00 |
| 1 Mar 2026 | 4,862.00 |
| 1 Apr 2026 | 4,930.00 |
| 1 May 2026 | 5,005.00 |
| 1 Jun 2026 | 5,080.00 |
| 1 Jul 2026 | 5,148.00 |
| 1 Aug 2026 | 5,210.00 |
Analysis
Disinflation has given the Bank of Ghana room to ease, and the market has already priced a substantial part of it. We examine how far the cycle can plausibly run, why the pass-through to deposit rates will lag, and what a lower nominal rate environment means for savers holding short-dated Treasury bills.
The dominant risk in Ghanaian fixed income has shifted. After the domestic debt exchange, investors spent two years focused on credit. The binding question now is what maturing short-dated paper can be reinvested into, and whether the real return on that reinvestment is positive.
The cedi's stabilisation has rested on improved reserve cover and strong gold receipts rather than on a structural change in the external position. We examine what would have to hold for stability to persist, and why a narrowing interest rate differential is the channel most likely to test it.
The FlowWealth Brief
A weekly brief covering Ghanaian, African and global markets: one chart worth understanding, one investment concept explained, and FlowWealth’s view on what changed.