MACROECONOMIC INDICATORS
Q2, 2025 Real GDP Growth 6.3%
Average Real GDP Growth for 2025 6.3%
2025 Projected Real GDP Growth 4.4%
BoG Policy Rate 21.50%
Weekly Interbank Interest Rate 21.00%
Inflation for September 2025 9.4%
End Period Inflation Target – 2025 8.0%
Budget Surplus (% GDP) – Jul, 2025 1.0%
2025 Budget Surplus Target (%GDP) 0.4%
Public Debt (billion GH¢) – Jul, 2025 628.8
Debt to GDP Ratio – Jul, 2025 44.9%
STOCK MARKET REVIEW
The Ghana Stock Exchange (GSE) continued its dominant run for the fifth consecutive week on the back of price gains by eleven (11) counters.
The GSE Composite Index (GSE-CI) rose by 78.25 points (+0.93%) for the week to close at 8,488.81 points, reflecting a year-to-date (YTD) gain of 73.65%.
The GSE Financial Index (GSE-FI) grew by 68.69 points (+1.77%) for the week to close at 3,949.15 points, reflecting a year-to-date (YTD) gain of 65.88%.
Market capitalization inched up by 0.67% to close the week at GH¢166,737.67 million, from GH¢165,631.44 million at the close of the previous week. This reflects a YTD gain of 49.73%.
The week recorded a total of 18,145,024 shares, valued at GH¢122,957,108.72, compared with 6,722,522 shares valued at GH¢27,393,196.77 that were traded in the preceding week.
CAL dominated the volume of trades for the week whiles GCB dominated the value of trades for the week, accounting for 36.08% and 77.58% of the volume and value of shares traded, respectively.
The market closed the week with 11 gainers and 3 decliners as indicated below:
Price Movers for the Week
Equity Opening Price Closing Price Gain/Loss (%)
CAL 0.69 0.79 ?14.49%
FML 5.45 5.99 ?9.91%
GGBL 5.47 6.01 ?9.87%
TOTAL 37.00 40.60 ?9.73%
EGH 13.20 14.00 ?6.06%
GCB 15.00 15.53 ?3.53%
ETI 0.91 0.92 ?1.10%
BOPP 37.81 38.06 ?0.66%
SIC 1.05 1.06 ?0.95%
SOGEGH 2.08 2.09 ?0.48%
SCB 28.02 28.11 ?0.32%
GLD 476.72 467.67 ?1.90%
UNIL 19.99 19.80 ?0.95%
MTNGH 4.52 4.50 ?0.44%
Source: Ghana Stock Exchange
CURRENCY MARKET
The Cedi appreciated against the USD for the week. It traded at GH¢12.1650/$, compared with GH¢12.5500/$ at week open, reflecting w/w and YTD appreciations of 3.16% and 20.84% respectively. This compares with a depreciation of 25.28% a year ago.
The Cedi gained some grounds against the GBP. It traded at GH¢16.2494/£, compared with GH¢16.9180/£ at week open, reflecting w/w and YTD gains of 4.11% and 13.24% respectively. This compares with a depreciation of 27.20% a year ago.
The Cedi strengthened against the Euro for the week. It traded at GH¢14.1391/€, compared with GH¢14.7396/€ at week open, reflecting w/w and YTD appreciations of 4.25% and 7.60% respectively. This compares with a depreciation of 24.58% a year ago.
The Cedi also strength against the Canadian Dollar for the week. It opened at GH¢8.9971/C$ and closed at GH¢8.6881/C$, reflecting w/w and YTD gains of 3.56% and 17.53% respectively. This compares with a depreciation of 22.00% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair Year Open Week Open Week Close Change% YTD %
01-01-25 07-10-25 10-10-25
USD/GHS 14.7001 12.5500 12.1650 ?3.16 ?20.84
GBP/GHS 18.4008 16.9180 16.2494 ?4.11 ?13.24
EUR/GHS 15.2141 14.7396 14.1391 ?4.25 ?7.60
CAD/GHS 10.2107 8.9971 8.6881 ?3.56 ?17.53
Source: Bank of Ghana
GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢6,336.66 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢2,578.83 million raised in the previous week.
The 91-Day Bill settled at 10.53% p.a. from 10.47% p.a. last week, whilst the 182-Day Bill settled at 12.31% p.a. from 12.35% p.a. last week. The 364-Day Bill settled at 12.87% p.a. from 12.87% 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 (%)
01-01-25 07-10-25 10-10-25
91 Day TB 28.04 10.47 10.53 ?0.54 ?62.44
182 Day TB 28.68 12.35 12.31 ?0.36 ?57.09
364 Day TB 30.07 12.87 12.87 ?0.03 ?57.21
Source: Bank of Ghana
The Ghana Market Summary
Current Previous Change
Bid (GH¢' M) 6,336.66 2,578.83 ?145.72%
Issuance (GH¢' M) 6,507.52 2,593.83 ?150.88%
Target (GH¢' M) 5,269 3,710 ?42.02%
Maturity (GH¢' M) 4,767.68 2,299.85 ?107.30%
Target coverage ratio 1.24 0.70 na
Maturity coverage ratio 1.36 1.13 na
Bid / Cover ratio 0.97 0.99 na
Source: Bank of Ghana
Weekly BOG Gold Coin Prices
BOG Gold Coins Year Open Week Open Week Close Change% YTD %
01-01-25 07-10-25 10-10-25
1.00 oz 40,169.31 50,376.94 49,974.25
?0.80
?24.41
0.50 oz 20,486.68 25,558.08 25,350.69
?0.81
?23.74
0.25 oz 10,675.23 13,174.22 13,063.68
?0.84
?22.37
COMMODITY MARKET
Oil prices fell amid uncertainty about trade tensions between the U.S. and China, and as the International Energy Agency (IEA) flagged weaker price fundamentals. Brent futures traded at US$62.73 a barrel, compared to US$64.53 at week's open, reflecting w/w and YTD depreciations of 2.79% and 15.96% respectively.
Gold prices rose as renewed tensions between the U.S. and China spurred a rush into safe-haven assets. Gold settled at US$4,000.40, from US$3,908.90 last week, reflecting w/w and YTD appreciations of 2.34% and 51.47% respectively.
The price of Cocoa further dipped for the week. Cocoa traded at US$5,848.00 per tonne on Friday, from US$6,190.00 last week, reflecting w/w and YTD losses of 5.53% and 49.35% respectively.
International Commodity Prices
Commodities Year Open Week Open Week Close Chg% YTD %
01-01-25 06-10-25 10-10-25
Brent crude oil (USD/bbl) 74.64 64.53 62.73 ?2.79 ?15.96
Gold (USD/t oz.) 2,641.00 3,908.90 4,000.40 ?2.34 ?51.47
Cocoa (USD/MT) 11,545.00 6,190.00 5,848.00 ?5.53 ?49.35
Source: www.investing.com
INVESTMENT TERM OF THE WEEK
Quant Fund: It is an investment fund that uses quantitative analysis for its investment selection process. It relies more on algorithmic, data-driven strategies than human judgment. Such non-traditional and passive funds use customized software models for investment decisions.
Source:
https://www.investopedia.com/terms/q/quantfund.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) 54 836 7639
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.