Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.
Ghana’s financial markets recorded mixed performances in October 2026, with inflation accelerating, the Ghana cedi strengthening against the US dollar, treasury bill yields declining and the Ghana Stock Exchange (GSE) Composite Index posting monthly gains.
The latest October 2026 Monthly Market Review by Bora Capital Advisors highlights developments across Ghana’s macroeconomic environment, fixed-income market, equities market and commodity prices, offering insights into investment opportunities and financial market trends.
Ghana Inflation Rises to 5.2% in September 2026
Ghana’s annual inflation rate increased to 5.2% in September 2026, compared with 5.0% in August, representing the second consecutive monthly increase.
Despite the upward movement in inflation, the Bank of Ghana maintained its Monetary Policy Rate (MPR) at 14% for the third consecutive meeting.
The Monetary Policy Committee explained that the decision reflected a balanced assessment of inflationary risks and economic growth prospects.
The September macroeconomic indicators also showed the following:
- Inflation rate: 5.2%, up 0.2 percentage points.
- Monetary Policy Rate: 14%.
- Ghana cedi exchange rate: GH¢11.6450 to US$1.
- Cedi performance: Strengthened by approximately 0.51% against the US dollar in October.
Ghana Cedi Strengthens Against US Dollar
The Ghana cedi recorded a modest recovery in October 2026, appreciating by 0.5% against the US dollar during the month.
The improvement reduced its year-to-date depreciation to 11.44%, compared with 12.01% at the end of September.
The recovery represents a partial reversal of the cedi’s earlier losses, although the local currency remains weaker than its position at the beginning of 2026.
Currency market developments remain important for businesses, importers, exporters and investors monitoring Ghana’s foreign exchange market.
Ghana Treasury Bill Rates Decline in October
Treasury bill yields declined across the different investment maturities in October 2026, with an average reduction of approximately 0.14 percentage points.
According to Bora Capital Advisors, the 91-day, 182-day and 364-day treasury bill rates recorded the following movements:
| Treasury bill | October 30, 2026 | September 30, 2026 |
|---|---|---|
| 91-day | 4.60% | 4.68% |
| 182-day | 6.26% | 6.37% |
| 364-day | 9.60% | 9.83% |
The decline in government securities yields indicates changing conditions in Ghana’s fixed-income investment market.
Bora Capital Advisors also published the following indicative purchase rates for clients:
- 0–91 days: 8.75%–9.50%.
- 92–182 days: 9.00%–9.50%.
- Up to one year: 11.00%–12.50%.
These rates provide investors with an indication of available fixed-income investment opportunities.
Ghana Treasury Yield Curve Records Increases
Unlike treasury bill rates, yields across the broader government securities curve increased during October.
The average increase was approximately 0.20 percentage points, with medium-term securities recording the strongest movement.
Medium-term yields averaged 14.4%, compared with 14.1% in September, while short-term yields increased to 11.9% from 11.5%.
Long-term yields remained relatively stable at approximately 15.1%.
Ghana Stock Exchange Records 1.14% Monthly Gain
The Ghana Stock Exchange recorded mixed performances in October 2026, as the GSE Composite Index increased while the Financial Stocks Index declined.
The GSE Composite Index gained 1.14% month-on-month to close at 14,302.27 points. Meanwhile, the GSE Financial Stocks Index declined by 4.65% to 7,388.15 points.
The market capitalisation of listed companies also decreased by 34.1% month-on-month to GH¢268.62 billion.
However, the market maintained substantial year-to-date gains:
| Market indicator | October 2026 | Year-to-date performance |
|---|---|---|
| GSE Composite Index | 14,302.27 | +63.1% |
| GSE Financial Stocks Index | 7,388.15 | +59.0% |
| Market Capitalisation | GH¢268.62bn | +55.9% |
Trading values and volumes were also lower compared with September 2026.
Top Performing Stocks on the Ghana Stock Exchange
The report identified CPC, EGL and TOTAL among the leading stocks in October.
- CPC: Closed at GH¢0.38, gaining 35.7% during the month.
- EGL: Closed at GH¢8.40, recording a 14.3% increase.
- TOTAL: Closed at GH¢39.99, appreciating by 13.2%.
Worst Performing Stocks
Some listed companies experienced declines during the reporting period.
- SOGEGH: Closed at GH¢4.63, declining by 10.6%.
- ETI: Closed at GH¢1.44, losing 16.8%.
- DASPHARMA: Closed at GH¢0.93, recording a 19.1% decline.
These movements highlight the importance of monitoring individual stock performance when making investment decisions on the Ghana Stock Exchange.
Global Commodity Prices: Oil, Gold and Cocoa
International commodity markets recorded notable movements in October 2026, with crude oil prices heading towards a fourth consecutive monthly increase.
Oil prices were projected to gain approximately 10% month-on-month amid concerns about escalating tensions between the United States and Iran.
An attack on a tanker in the Strait of Hormuz further heightened concerns about potential supply disruptions in the international petroleum market.
The commodity price indicators presented in the report were:
| Commodity | Current price | 52-week high |
|---|---|---|
| Crude oil | $113.48 | $126.41 |
| Gold | $3,895.81 | $5,594.34 |
| Cocoa | $5,546.26 | $7,898.47 |
The movements in global oil, gold and cocoa prices remain significant for Ghana because of their implications for export earnings, foreign exchange inflows, government revenue and overall economic performance.
Bora Capital Advisors Appointed Manager of CDH Balanced Fund
Bora Capital Advisors has been appointed as the Fund Manager of CDH Balanced Fund PLC, effective October 1, 2026.
Launched on October 6, 2014, the CDH Balanced Fund is a mutual fund designed to build shareholders’ wealth through investments in local fixed-income securities and equities.
The fund aims to achieve medium- to long-term financial objectives by combining investments in different asset classes.
According to the October 29, 2026 market review, the fund’s key details include:
| Fund information | Details |
|---|---|
| Share price | GH¢0.9721 |
| Fund size | GH¢14.68 million |
| Initial share price | GH¢0.1000 |
| Minimum investment | GH¢100 |
| Subscription fee | Nil |
| Redemption fee | 3% within first year |
| Redemption fee | 2% within second year |
| Redemption fee | 0% after second year |
How the CDH Balanced Fund Is Managed
Bora Capital Advisors explained that the fund adopts an active investment management strategy, adjusting its portfolio to reflect changing market conditions and emerging investment opportunities.
Its management approach focuses on three major areas:
- Active portfolio management: Investment holdings are adjusted according to prevailing market conditions.
- Market research: In-house research identifies emerging trends and potential growth opportunities.
- Dividend-paying stocks: The fund invests in quality companies with dividend potential and long-term growth prospects.
Why Balanced Investment Funds Matter
Balanced funds combine equities and fixed-income investments to provide exposure to both capital appreciation and income generation.
Equities offer opportunities for long-term growth and dividend earnings, although their performance can fluctuate with market conditions.
Fixed-income securities, on the other hand, can provide more predictable income, but their attractiveness may change when interest rates decline.
The CDH Balanced Fund seeks to manage these differences by adjusting its investment mix according to prevailing economic and financial market conditions.
Upcoming Financial and Economic Events in Ghana
Bora Capital Advisors also highlighted three important events scheduled for November 2026:
- November 3, 2026: Launch of Heritage Series Banknotes.
- November 12, 2026: Presentation of Ghana’s 2027 National Budget to Parliament.
- November 18, 2026: Monetary Policy Committee Press Release.
These events are expected to attract attention from investors, financial institutions, businesses and other stakeholders monitoring Ghana’s economic outlook.
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