CURRENCY MARKET
The Cedi edged closer to a 4-month depreciation run against the USD for the week. It traded at GH¢15.0919/$, compared with GH¢14.9696/$ at week open, reflecting w/w and YTD depreciations of 0.81% and 21.28% respectively. This compares with a loss of 22.06% a year ago.    
The Cedi slipped further against the GBP for the week. It traded at GH¢19.2565/£, compared with GH¢19.1409/£ at week open, reflecting w/w and YTD losses of 0.60% and 21.41% respectively. This compares with a depreciation of 26.14% a year ago.
The Cedi weakened further against the Euro for the week. It traded at GH¢16.4797/€, compared with GH¢16.3255/€ at week open, reflecting w/w and YTD depreciations of 0.94% and 20.35% respectively. This compares with a depreciation of 24.11% a year ago.     
The Cedi also lost some grounds against the Canadian Dollar for the week. It opened at GH¢10.8077/C$ but closed at GH¢10.9956/C$, reflecting w/w and YTD losses of 1.71% and 18.05% respectively. This compares with a depreciation of 22.76% a year ago.

Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-24    06-08-24    09-08-24          
USD/GHS    11.8800    14.9696    15.0919    ?0.81    ?21.28
GBP/GHS    15.1334    19.1409    19.2565    ?0.60    ?21.41
EUR/GHS    13.1264    16.3255    16.4797    ?0.94    ?20.35
CAD/GHS    9.0112    10.8077    10.9956    ?1.71    ?18.05
 Source: Bank of Ghana
 
 

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢5,300.10 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢3,803.81 million raised in the previous week.       
The 91-Day Bill settled at 24.83% p.a. from 24.82% p.a. last week whilst the 182-Day Bill settled at 26.76% p.a. from 26.76% p.a. last week. The 364-Day Bill settled at 27.86% p.a. from 27.86% 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    06-08-24    09-08-24          
91 Day TB                    29.24                     24.82                     24.83     ?0.002    ?15.10
182 Day TB                    31.88                     26.76                     26.76     ?0.001    ?16.05
364 Day TB                    32.49                     27.86                     27.86     ?0.001    ?14.25
Source: Bank of Ghana

The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)        5,300.10         3,803.81     ?39.34%
Issuance (GH¢' M)        5,300.10         3,803.81     ?39.34%
Target (GH¢' M)             6,558              4,363     ?50.31%
Maturity (GH¢' M)         5,453.21          3,221.54     ?69.27%
Target coverage ratio               0.81                0.87     na
Maturity coverage ratio               0.97                 1.18     na
Bid / Cover ratio               1.00                1.00     na
Source: Bank of Ghana

COMMODITY MARKET
Oil prices jumped up by more than 3%, on expectations of a widening Middle Eastern conflict that could tighten global crude oil supplies. Brent futures traded at US$79.66 a barrel, compared to US$76.81 at week open, reflecting w/w and YTD appreciations of 3.71% and 3.40% respectively.
Gold prices steadied, recouping some recent losses as increased volatility in risk-driven markets, particularly stocks, kept safe havens relatively well-bid. Gold settled at US$2,473.40, from US$2,469.80 last week, reflecting w/w and YTD gains of 0.15% and 19.38% respectively.

The price of Cocoa bounced back for the week. Cocoa traded at US$9,098.00 per tonne on Friday, from US$7,520.00 last week, reflecting w/w and YTD appreciations of 20.98% and 116.83% respectively.

 International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01-01-24    05-08-24    09-08-24          
Brent crude oil (USD/bbl)                77.04                    76.81                   79.66     ?3.71    ?3.40
Gold (USD/t oz.)          2,071.80           2,469.80            2,473.40     ?0.15    ?19.38
Cocoa (USD/MT)        4,196.00            7,520.00           9,098.00     ?20.98    ?116.83
Source: www.investing.com
 

INVESTMENT TERM OF THE WEEK
Leveraged Buyout: It is the acquisition of one company by another using a significant amount of borrowed money to meet the cost of acquisition. The borrowed money can be in the form of bonds or loans. The assets of the company being acquired are often used as collateral for the loans along with the assets of the acquiring company.
Source:
https://www.investopedia.com/terms/l/leveragedbuyout.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 accuracy and completeness are not guaranteed.