The Weekly Pulse: July 14–18, 2026
Cocoa steadies near $4,180/t, gold holds above $3,290, and the Ghana Stock Exchange extends its lead as the continent's strongest market of 2026.
A quiet week in the commodity complex and a busier one in equities. Cocoa held within a $240 range and closed near $4,180 per tonne. Gold added $48 to approximately $3,290 per troy ounce. Brent gave up $1.20 to close around $60.40 a barrel, keeping it in line with the World Bank's $60 average projection for the year.
Commodities
| Commodity | Price | Week |
|---|---|---|
| Cocoa | $4,180/t | −2.79% |
| Brent crude | $60.40/bbl | −1.95% |
| Gold | $3,290/oz | +1.48% |
| Copper | $9,420/t | −1.87% |
| Robusta coffee | $5,180/t | +1.77% |
| Palm oil | $940/t | +2.40% |
Currencies
| Pair | Rate | Change |
|---|---|---|
| XAF/USD | 612.40 | +2.10 |
| NGN/USD | 1,590.00 | −12.00 |
| ZAR/USD | 18.42 | −0.08 |
| GHS/USD | 15.80 | +0.12 |
| KES/USD | 129.40 | −0.60 |
The week's most significant development
The Ghana Stock Exchange composite reached approximately 3,840, taking its year-to-date return to 22.4% and confirming it as the continent's strongest equity market of 2026. The move is led by banking counters still recovering from the 2023 domestic debt exchange, and it has been supported by a cedi that has held near 15.80 to the dollar rather than continuing the slide of the crisis years. Gold at $3,290 is doing much of that work.
What to watch next week
Whether cocoa holds the $4,100 floor it has tested twice, and whether the naira's 12-point weekly slide continues into a second week.