Ghana’s external reserves have increased to about $14.5 billion, according to the Bank of Ghana, offering approximately 5.8 months of import cover and reinforcing the country’s external stability.

The latest figure represents an improvement from just over $13 billion recorded during the previous Monetary Policy Committee meeting in January 2026, indicating a continued build-up of buffers to cushion the economy against external shocks.

Speaking at the opening of the 129th Monetary Policy Committee meeting on Monday, March 16, Governor Johnson Pandit Asiama said the increase reflects broader gains in macroeconomic performance, with the economy showing stronger-than-expected resilience.

Inflation, he noted, has continued on a downward trend, falling to 3.3 percent in February and marking 14 consecutive months of decline. The rate now sits below the central bank’s medium-term target band, presenting new considerations for policymakers.

On the fiscal front, Ghana recorded a primary surplus of 2.6 percent of GDP at the end of 2025. The Governor also indicated that economic activity in the real sector is gradually strengthening, supported by improving business and consumer confidence, alongside a modest recovery in credit growth.

He said the combined indicators point to a faster pace of economic stabilisation than previously anticipated, reflecting the impact of sustained policy measures.

The stronger reserve position, he added, is critical for maintaining investor confidence and improving Ghana’s capacity to absorb global economic shocks.

Reserve accumulation is expected to remain a key focus under the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to significantly expand the country’s external buffers over the medium term. The programme targets reserves equivalent to 50 months of import cover by 2028, up from the current level of about 5.8 months.

However, the Governor cautioned that such targets require careful policy coordination, noting potential implications for liquidity conditions, the central bank’s balance sheet and overall monetary policy management.

Despite the positive outlook, he stressed that policymakers must focus not only on recent gains but also on sustaining them in a challenging global environment. Rising tensions in the Middle East, he warned, are already affecting global energy markets and shipping routes, increasing the risk of imported inflation and presenting new uncertainties for the economy.

First Atlantic Bank PLC has announced that it will hold its 2026 Annual General Meeting (AGM) on Tuesday, April 7, 2026, marking the bank’s first shareholder meeting since listing on the Ghana Stock Exchange.

In a formal notice to shareholders, the bank said the meeting will take place in person at the Omanye Hall of Labadi Beach Hotel in Accra at 10:00 a.m.

The AGM will give shareholders the opportunity to review the bank’s performance for the 2025 financial year and take decisions on several key corporate and governance matters.

Key agenda items

At the meeting, shareholders will consider the Directors’ Report together with the bank’s audited financial statements for the year ended December 31, 2025, as well as the report of the external auditors.

The board will also present a proposal for the declaration of a final dividend for the 2025 financial year, subject to regulatory approval from the Bank of Ghana.

Another major item on the agenda is the appointment of four Independent Non Executive Directors to the board. Three of the appointments will replace retiring independent directors, while the fourth will expand the board to strengthen minority shareholder representation and ensure compliance with regulatory requirements. These appointments will also require approval from the Bank of Ghana.

Shareholders will further be asked to authorise the board to determine the remuneration of the bank’s external auditors for the 2026 financial year and to approve directors’ remuneration for the same period.

The notice announcing the meeting was issued by the Company Secretary, Mark Ofori Kwafo, on behalf of the board.

Voting and participation

Shareholders who are unable to attend the meeting in person may appoint a proxy to attend and vote on their behalf. The proxy does not need to be a shareholder of the bank.

Voting at the AGM will generally be conducted by a show of hands unless a poll is demanded in line with the company’s constitution and the Companies Act, 2019 (Act 992). Under a poll, each shareholder present in person or by proxy will be entitled to one vote for every share held.

All shareholders and proxies attending the meeting will be required to present valid identification for entry.

Proxy forms can be downloaded from the bank’s website and submitted to the registrar, Central Securities Depository (GH) Limited, by email, post, or by depositing them at the registrar’s office in Accra.

Completed proxy forms must be submitted no later than 10:00 a.m. GMT on March 31, 2026.

First AGM since stock market listing

The upcoming AGM comes months after First Atlantic Bank transitioned into a public company and successfully listed on the Ghana Stock Exchange.

Trading in the bank’s shares began on December 19, 2025, following an oversubscribed Initial Public Offering that offered about 101.7 million shares at GH¢7.30 each.

The public offer attracted strong participation from institutional and retail investors and raised approximately GH¢786 million, surpassing the bank’s initial fundraising target.

The listing was considered a significant milestone for Ghana’s capital market as it ended more than seven years without a new primary listing on the main board of the exchange.

According to the bank, funds raised from the public offering will be used to strengthen its capital base, support expansion across West Africa, and improve working capital while providing liquidity for existing shareholders.

With the listing completed, the April AGM will give shareholders their first formal opportunity to engage with the bank’s leadership as a publicly traded financial institution.

The Ghana Stock Exchange (GSE) reached a historic milestone on Tuesday, with its benchmark GSE Composite Index (GSE-CI) surpassing the 15,000-point mark for the first time, highlighting strong investor confidence and sustained momentum in the equities market.

At the close of trading on March 10, 2026, during the exchange’s 7,169th session, the GSE-CI climbed 598.32 points to finish at 15,185.49. The rally also lifted the GSE Financial Stocks Index (GSE-FSI) by 252.74 points, ending the session at 9,538.68.

The market’s strong performance pushed total market capitalisation to a record GH¢277.97 billion, up significantly from GH¢267.45 billion recorded on Monday, as investors continued to channel funds into equities.

Trading activity also improved markedly. A total of 2,503,371 shares were traded during the session, with a combined value of GH¢24,014,498.26, reflecting increased market participation compared with the previous trading day.

Banking Stocks Lead Market Momentum

Banking stocks were among the strongest performers, led by Standard Chartered Bank Ghana PLC (SCB), which recorded the largest price gain of the day. The stock surged GH¢6.28 to close at GH¢69.14, extending its strong run and reinforcing its status as one of the market’s best-performing equities this year.

Meanwhile, GCB Bank PLC (GCB) closed unchanged at GH¢52.00 despite heavy trading. A total of 154,831 shares exchanged hands, contributing GH¢8.05 million to the overall market value.

Similarly, Access Bank Ghana PLC (ACCESS) ended the session flat at GH¢46.64.

GOIL and MTN Ghana Support Market Rally

Energy and telecommunications stocks also played a key role in the market’s rally.

Ghana Oil Company Limited (GOIL) rose GH¢0.21 to close at GH¢6.60, with 756,136 shares traded—the second-highest volume of the session—valued at approximately GH¢4.99 million.

The most actively traded stock was Scancom PLC (MTN Ghana). The telecom giant gained GH¢0.39 to close at GH¢6.33, with 1,187,562 shares changing hands and contributing GH¢7.51 million to the market’s total value.

Insurance and Financial Stocks Record Gains

Insurance and financial services stocks also posted gains during the session.

SIC Insurance Company PLC (SIC) rose GH¢0.54 to close at GH¢5.98, while Republic Bank (Ghana) PLC (RBGH) advanced GH¢0.29 to end the day at GH¢3.26.

Regional banking group Ecobank Transnational Incorporated (ETI) gained GH¢0.17, closing at GH¢1.91.

In the pharmaceutical sector, Dannex Ayrton Starwin PLC (DASPHARMA) added GH¢0.03 to finish at GH¢0.41, while Atlantic Lithium Ltd (ALLGH) ended the session unchanged at GH¢6.52 despite active trading.

Societe Generale Records Only Decline

The only stock to record a price decline during the session was Societe Generale Ghana PLC (SOGEGH), which slipped GH¢0.02 to close at GH¢11.37.

Several Stocks End Session Unchanged

A number of listed equities recorded no price movement, including Agricultural Development Bank PLC, AngloGold Ashanti PLC, Enterprise Group PLC, Fan Milk PLC, Guinness Ghana Breweries PLC, TotalEnergies Marketing Ghana PLC, Unilever Ghana PLC, and several others.

Market Performance Since Start of Year

The latest rally has significantly boosted the exchange’s year-to-date performance. The GSE Composite Index has now gained 73.15 percent since the start of 2026, while the financial stocks index has surged 105.26 percent, effectively more than doubling investor capital within just over two months.

Market analysts note that the benchmark index has been on a steady upward trajectory since late February, with investors closely watching the 16,000-point level as the next major psychological milestone.