CURRENCY MARKET
The Cedi continued its depreciation run against the USD for the week. It traded at GH¢14.1301/$, compared with GH¢13.9550/$ at week open, reflecting w/w and YTD depreciations of 1.24% and 15.92% respectively. This compares with a loss of 21.87% a year ago.    
The Cedi also extended its losing streak against the GBP for the week. It traded at GH¢18.0071/£, compared with GH¢17.9996/£ at week open, reflecting w/w and YTD losses of 0.04% and 15.96% respectively. This compares with a depreciation of 25.30% a year ago.
The Cedi inched up against the Euro for the week. It traded at GH¢15.2940/€, compared with GH¢15.3345/€ at week open, reflecting w/w gain and YTD depreciation of 0.27% and 14.17% respectively. This compares with a depreciation of 22.49% a year ago.    
The Cedi also gained grounds against the Canadian Dollar for the week. It opened at GH¢10.3559/C$ but closed at GH¢10.2892/C$, reflecting w/w gain and YTD loss of 0.65% and 12.42% respectively. This compares with a depreciation of 23.14% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/24    03/06/24    07/06/24         
USD/GHS    11.8800    14.1301    14.1515    ?0.15    ?16.05
GBP/GHS    15.1334    17.9996    18.0071    ?0.04    ?15.96
EUR/GHS    13.1264    15.3345    15.2940    ?0.27    ?14.17
CAD/GHS    9.0112    10.3559    10.2892    ?0.65    ?12.42
 Source: Bank of Ghana
 
GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢5,256.69 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢3,520.24 million raised in the previous week.       
The 91-Day Bill settled at 25.04% p.a. from 25.04% p.a. last week whilst the 182-Day Bill settled at 26.94% p.a. from 26.92% p.a. last week. The 364-Day Bill settled at 27.93% p.a. from 27.91% p.a. last week.

The tables below highlight primary market activity at the close of the week.
Security    Year Open     Previous Yield %    Current Yield %    WoW Chg (%)    YTD  Chg (%)
     01/01/24    03/06/24    07/06/24         
91 Day TB                   29.24                    25.04                    25.04     ?0.0004    ?14.37
182 Day TB                   31.88                    26.92                   26.94     ?0.08    ?15.50
364 Day TB                   32.49                    27.91                    27.93     ?0.07    ?14.02
Source: Bank of Ghana

The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)          5,256.69           3,520.24     ?49.33%
Issuance (GH¢' M)          5,256.69            3,525.56     ?49.10%
Target (GH¢' M)                4,400                  2,718     ?61.88%
Maturity (GH¢' M)          4,140.78           4,962.65     ?16.56%
Target coverage ratio                    1.19                     1.30     na
Maturity coverage ratio                    1.27                     0.71     na
Bid / Cover ratio                   1.00                    1.00     na
Source: Bank of Ghana

COMMODITY MARKET
Oil prices fell, as OPEC+ signalled it will begin tapering off its production cuts this year just as demand worries intensified following weak data from major oil consumer China. Brent futures traded at US$79.62 a barrel, compared to US$81.62 at week open, reflecting w/w loss and YTD gain of 2.45% and 3.35% respectively.
Gold prices fell slightly, but were sitting on some gains from the prior session as signs of a cooling U.S. economy ramped up expectations of rate cuts. Gold settled at US$2,325.00, from US$2,345.80 last week, reflecting w/w loss and YTD appreciation of 0.89% and 12.22% respectively.

The price of Cocoa closed higher again for the week. Cocoa traded at US$9,933.00 per tonne on Friday, from US$9,331.00 last week, reflecting w/w and YTD appreciations of 6.45% and 136.73% respectively.

 International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01/01/24    03/06/24    07/06/24         
Brent crude oil (USD/bbl)               77.04                   81.62                  79.62     ?2.45    ?3.35
Gold (USD/t oz.)           2,071.80             2,345.80             2,325.00     ?0.89    ?12.22
Cocoa (USD/MT)          4,196.00             9,331.00             9,933.00     ?6.45    ?136.73
Source: www.investing.com.
 

BUSINESS TERM OF THE WEEK
Front-End Load: It is a commission or sales charge applied at the time of the initial purchase of an investment. The term most often applies to mutual fund investments, but may also apply to insurance policies or annuities. The front-end load is deducted from the initial deposit, or purchase funds and, as a result, lowers the amount of money actually going into the investment product
Source: https://www.investopedia.com/terms/f/front-endload.asp

ABOUT CIDAN
CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).

RESEARCH TEAM
Name: Ernest Tannor
Email: etannor@cidaninvestments.com
Tel: +233 (0) 20 881 8957
Name: Moses Nana Osei-Yeboah
Email: moyeboah@cidaninvestments.com
Tel: +233 (0) 24 499 0069

Name: Julian Sapara-Grant
Email: jsgrant@cidaninvestments.com
Tel:  +233 (0) 20 821 2079

CORPORATE INFORMATION
CIDAN Investments Limited
CIDAN House
House No. 261
Haatso, North Legon – Accra
Tel: +233 (0) 27 690 0011/ 55 989 9935
Fax: +233 (0)30 254 4351
Email: info@cidaninvestments.com
Website: www.cidaninvestments.com

Disclaimer: The contents of this report have been prepared to provide you with general information only. Information provided in and available from this report does not constitute any investment recommendation.
The information contained herein has been obtained from sources that we believe to be reliable, but its