Ghana’s equities market posted strong gains in the week ending September 11, 2026, defying weakness in the fixed-income and currency markets as investor activity shifted across key segments of the financial market.

An analysis by Tesah Capital’s Financial Market Update showed that the Ghana Stock Exchange (GSE) emerged as the strongest-performing segment during the week, with the Composite Index closing at 14,611.15 points and delivering a year-to-date return of 66.60%.

The performance contrasted sharply with developments in the fixed-income market, where investor demand for Treasury bills declined from GH¢9.94 billion to GH¢8.20 billion.

Secondary-market trading activity also weakened, with volumes on the Ghana Fixed Income Market (GFIM) falling 13.9% to GH¢6.69 billion.

The Ghana cedi similarly came under renewed pressure against the major international currencies during the week.

The local currency depreciated by 0.54% against the US dollar, 0.58% against the British pound and 0.46% against the euro, according to Tesah Capital.

Treasury Bill Demand Drops

At the primary Treasury bill auction, total investor bids declined to GH¢8.20 billion, compared with GH¢9.94 billion recorded in the previous week.

Despite the decline, demand remained above the government’s target of GH¢7.97 billion, resulting in an oversubscription of 2.83%.

Investor appetite was strongest for shorter-dated securities.

Tesah Capital’s analysis showed that 99.12% of bids for the 91-day Treasury bill were accepted, compared with 87.69% for the 182-day bill and 55.53% for the 364-day instrument.

Yields also declined across all three maturities.

The yield on the 91-day Treasury bill fell by 11 basis points to 4.69%, while the 182-day bill declined by 17 basis points to 6.51%.

The 364-day Treasury bill recorded a marginal two-basis-point decline to 10.10%.

For the next auction, the government is targeting GH¢4.12 billion from investors.

Secondary Market Trading Falls 13.9%

Activity on the secondary fixed-income market also slowed during the week, with total trading volumes on the GFIM declining 13.9% to GH¢6.69 billion.

Domestic Debt Exchange Programme (DDEP) bonds continued to dominate trading, accounting for 56.90% of total market activity.

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Treasury bills followed with 33.99%, while new Government of Ghana notes accounted for 4.85%.

Corporate bonds represented 2.26% of trading activity, sell-buy-back transactions accounted for 1.97%, while old Government of Ghana notes contributed just 0.02%.

The figures underscore the continued dominance of DDEP bonds and Treasury bills in Ghana’s secondary fixed-income market despite the overall decline in trading activity.