In this week’s edition:
· U.S. Stocks Fell Last Week Amid Geopolitical Concerns, Fed Policy Uncertainty, And the Start of Q4 Earnings Season
· Gold Prices Rose 1.92% W/W After Midweek Record Highs, Supported by Strong US Economic Data and Expectations of Prolonged Tight Monetary Policy
· Ghana’s Treasury Records Eighth Straight Oversubscription at 40.68% as Demand Shifts to the Long End and Yields Firm
· Ghanaian Equities Posted a Marginal Gain Despite MTNGH Pullback, With GSE-CI Up 0.04% W/W And 0.47% YTD
Kindly click to view the full report: Global Markets Update - January 19, 2026
AROUND THE GLOBE
· World Bank Lifts 2026 Global Growth Forecast to 2.6%
o The World Bank expects global GDP growth to reach 2.6% in 2026, slightly higher than its June projection, though easing from 2.7% in 2025 before rebounding in 2027. Upward revisions largely reflect stronger-than-expected US growth, forecast at 2.2% in 2026 despite trade disruptions. While resilience in advanced economies has improved the outlook, the World Bank cautioned that growth remains uneven and too weak overall to meaningfully reduce extreme poverty.
· US Inflation Steady at 2.7%, Core Pressures Ease
o US headline inflation held at 2.7% in December 2025, in line with expectations, as easing energy prices offset firmer food and shelter costs. Energy inflation slowed sharply, helped by falling gasoline prices, while used car prices also rose more slowly. Core inflation remained unchanged at 2.6%, the lowest since 2021 and below forecasts. On a monthly basis, CPI rose by 0.3%, driven mainly by shelter, while core inflation increased a softer-than-expected 0.2%.
· UK Economic Growth Rebounds in November
o The UK economy grew by 0.3% month-on-month in November 2025, rebounding from October’s contraction and beating expectations. Services led the recovery, rising by 0.3%, driven by strong gains in professional services, information and communication, and trade. Production output increased by 1.1%, supported by a rebound in manufacturing, particularly transport equipment, as car production normalized. In contrast, construction activity fell by 1.3%, extending its recent decline.
· China Q4 GDP Growth Slows, Full-Year Expansion Holds at 5%
o China’s economy grew by 4.5% year-on-year in Q4 2025, easing from 4.8% in Q3 and marking the slowest quarterly growth in three years, as weak domestic demand weighed on activity despite continued consumer subsidies. Nonetheless, full-year GDP growth held steady at 5%, in line with Beijing’s official target and matching the 2024 pace. The outcome was supported by a record trade surplus, with strong exports to non-US markets helping to offset pressure from US tariffs.
GHANA
· Ghana’s Reserves Rise to $13.8 Billion by End-2025
o Ghana’s foreign-exchange reserves reached $13.8 billion, providing 5.7 months of import cover, supported by strategic gold purchases, Central Bank Governor Johnson Asiama said. The gold acquisitions helped strengthen the country’s external buffers. With stability restored, the central bank emphasized that 2026 will focus on consolidation and fiscal discipline to maintain economic resilience.
· IMF Confirms Afreximbank-Ghana Deal Meets Debt Criteria
o Ghana’s agreement in principle with the African Export‑Import Bank (Afreximbank) to restructure its debt, covering a US$750 million financing facility, meets the comparability of treatment requirement under the G20 Common Framework, the IMF confirmed. The deal is consistent with the objectives of Ghana’s IMF‑supported programme and clears a major hurdle in the country’s broader debt‑restructuring efforts after resolving disputes over the Afreximbank loan signed in 2022.
AFRICA
· Nigeria’s December Inflation Eases Amid Methodology Revision
o Nigeria’s annual inflation fell to 15.2% in December from 17.3% in November after the National Bureau of Statistics revised its methodology to avoid an artificial spike caused by last year’s CPI rebasing. The new approach uses a 12-month reference period with 2024 as the base year, replacing the single-month method. Officials emphasized the change was mathematical, not structural. The Central Bank targets 13% inflation in 2026, with interest rate cuts possible if disinflation persists.
Sources: Bloomberg, Reuters, Trading Economics
