Independent Investment Research · Ghana & Africa
FlowWealth Research & Strategy
Independent research, macroeconomic intelligence and strategic insight helping investors, institutions and businesses understand markets, manage risk and identify opportunity.
Markets at a Glance
Ghana Stock Exchange
Ghana Stock Exchange
Bank of Ghana
Ghana Statistical Service
Bank of Ghana
Bank of Ghana
Bank of Ghana
Bank of Ghana
Markets at a Glance
Federal Reserve Economic Data (FRED)
Federal Reserve Economic Data (FRED)
World Bank Commodity Markets (Pink Sheet)
Federal Reserve Economic Data (FRED)
European Central Bank reference rates via Frankfurter
Federal Reserve Economic Data (FRED)
Every figure above shows its source and how current it is. Ghanaian official statistics are recorded from published releases on a stated date rather than streamed live — see our data sources.
The FlowWealth View
The Bank of Ghana has cut again. Most commentary will focus on borrowing costs. For the far larger group of Ghanaians holding Treasury bills and savings accounts, the consequential change is what their money earns when it next comes due — and that change is already underway.
Our View
We think the easing cycle continues but ends at a policy rate well above pre-2022 levels, because the government's domestic financing requirement has not been resolved and continues to underpin yields. We also expect the transmission to bank deposit rates to be slow and incomplete, as it has been in every previous Ghanaian easing cycle. The practical consequence is that the gap between what the government pays a saver and what a bank pays a saver should widen in the government's favour — even as both fall.
Ama Serwaa Boateng ·
Read the full viewFeatured Research
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.
Listed Ghanaian banks have reported a strong earnings recovery. We examine how much of it reflects durable improvement in the lending business and how much reflects the exceptional contribution of government securities holdings, and what an easing cycle does to both.
Ghana Market Intelligence
Ghanaian official statistics are published as documents, at irregular intervals, and revised without notice. We turn them into consistent, versioned series where every observation carries its source and its vintage — so a chart can be traced back to the release it came from.
Ghana market dashboardMacro
Inflation, growth, policy rate, reserves
Fixed income
T-bill yields, the cedi yield curve
FX
USD/GHS, EUR/GHS, GBP/GHS
Equities
GSE Composite and Financial Stocks
Commodities
Gold, cocoa, Brent crude
Global
US rates, S&P 500, EUR/USD
Insights
The accessible layer — economic analysis and investment concepts written to be understood by anyone trying to make better financial decisions.
It is the most common comparison in Ghanaian personal finance, and it is almost always made incorrectly. The answer depends on two things the headline numbers do not show — inflation and the exchange rate — and on one question only you can answer.
Ama Serwaa Boateng · 3 min read
Eight times a year a committee in Accra sets a number that eventually affects what you pay on a loan, what you earn on savings, and what things cost. Here is the mechanism, in plain terms, and why it works slowly and imperfectly.
Ama Serwaa Boateng · 3 min read
Two ways to hold money you are not spending yet. They differ on return, on access, on who owes you the money, and on tax. Here is how to compare them properly, and the situations where each is the sensible choice.
Nii Kwartey Aryeetey · 3 min read
Depreciation is usually reported as bad news, full stop. In practice it moves money between groups — importers and exporters, savers and borrowers, wage earners and asset holders. Understanding who is affected and how is more useful than knowing the rate.
Nii Kwartey Aryeetey · 2 min read
What We Do
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The FlowWealth Podcast
A conversation about the mechanics of an easing cycle from the perspective of the people it affects most — the millions of Ghanaians holding short-dated Treasury bills who will discover the change only when their money matures.
Episode 12 · 54 min ·
Financial Education
Exchange rates are prices, set by the balance of people wanting to buy a currency against those wanting to sell it. Four forces explain most of the movement, and all four are observable if you know where to look.
2 min readFixed IncomeA Treasury bill is a short-term loan you make to the Government of Ghana. It is the most widely held investment instrument in the country, and the mechanics are simpler than the terminology suggests.
2 min readMacroeconomicsInflation is the rate at which prices rise, and it is the single force that has done most to shape Ghanaian financial outcomes over the past decade. Here is how it is measured, what drives it, and what it does to money you are holding.
2 min readInvesting 101The number printed on your investment statement is not your return. Your return is what is left after inflation has taken its share — and in Ghana that difference has often been the whole story.
2 min readFor Institutions
Research and strategic intelligence for institutions, professional investors and businesses operating across Ghana, Africa and global markets.
Institutional servicesWhy FlowWealth
Research Methodology
Every FlowWealth publication follows the same eight stages, from data collection through to publication review. We publish the process so readers can assess not only our conclusions but how we reached them.
Read our methodologyThe 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.