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 20.93%
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) fell over the week, as losses in CAL and MTN shares outweighed gains recorded by seven other listed stocks.
The GSE Composite Index (GSE-CI) declined by 156.19 points -1.86%) for the week to close at 8,229.16 points, reflecting a year-to-date (YTD) gain of 68.34%.
The GSE Financial Index (GSE-FI) also fell by 5.22 points (-0.12%) for the week to close at 4,188.68 points, reflecting a year-to-date (YTD) gain of 75.94%.
Market capitalization edged lower 1.98% to close the week at GH¢163,232.44 million, from GH¢166,537.93 million at the close of the previous week. This reflects a YTD gain of 46.59%.
The week recorded a total of 5,471,355 shares, valued at GH¢19,540,095.55, compared with 10,527,983 shares valued at GH¢40,649,989.82 that were traded in the preceding week.
MTNGH dominated both the volume and value of trades for the week, accounting for 74.91% and 85.03% of the volume and value of shares traded, respectively.
The market closed the week with 7 growers and 4 laggards as indicated below:
Price Movers for the Week
Equity Opening Price Closing Price Gain/Loss (%)
CLYD 0.28 0.39 ?39.29%
CALRT 0.04 0.05 ?25.00%
SOGEGH 3.41 4.10 ?20.23%
BOPP 39.00 41.55 ?6.54%
GCB 16.97 17.82 ?5.01%
EGH 15.44 15.50 ?0.39%
GLD 446.00 447.13 ?0.25%
CAL 0.49 0.40 ?18.37%
ETI 0.99 0.90 ?9.09%
MTNGH 4.20 4.05 ?3.57%
ABG 16.20 16.19 ?0.06%
Source: Ghana Stock Exchange





CURRENCY MARKET
The Cedi declined marginally against the USD for the week. It traded at GH¢10.9200/$, compared with GH¢10.9001/$ at week open, reflecting w/w loss and YTD appreciation of 0.18% and 34.62% respectively. This compares with a depreciation of 27.34% a year ago.
The Cedi also lost some ground against the GBP for the week. It traded at GH¢14.3702/£, compared with GH¢14.3003/£ at week open, reflecting w/w loss and YTD gain of 0.49% and 28.05% respectively. This compares with a depreciation of 28.24% a year ago.
The Cedi weakened against the Euro for the week. It traded at GH¢12.6415/€, compared with GH¢12.5667/€ at week open, reflecting w/w loss and YTD appreciation of 0.59% and 20.35% respectively. This compares with a depreciation of 25.00% a year ago.
The Cedi, however, strengthened against the Canadian Dollar for the week. It opened at GH¢7.7816/C$ and closed at GH¢7.7581/C$, reflecting w/w and YTD gains of 0.30% and 31.61% respectively. This compares with a depreciation of 23.25% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair Year Open Week Open Week Close Change% YTD %
01/01/25 03/11/25 07/11/25
USD/GHS 14.7001 10.9001 10.9200 ?0.18 ?34.62
GBP/GHS 18.4008 14.3003 14.3702 ?0.49 ?28.05
EUR/GHS 15.2141 12.5667 12.6415 ?0.59 ?20.35
CAD/GHS 10.2107 7.7816 7.7581 ?0.30 ?31.61
Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢4,498.22 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢4,619.71 million raised in the previous week.
The 91-Day Bill settled at 10.82% p.a. from 10.82% p.a. last week, whilst the 182-Day Bill settled at 12.61% p.a. from 12.50% p.a. last week. The 364-Day Bill settled at 13.02% p.a. from 12.95% 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 04/11/25 07/11/25
91 Day TB 28.04 10.82 10.93 ?1.03 ?61.02
182 Day TB 28.68 12.50 12.61 ?0.92 ?56.03
364 Day TB 30.07 12.95 13.02 ?0.51 ?56.71
Source: Bank of Ghana
The Ghana Market Summary
Current Previous Change
Bid (GH¢' M) 4,498.22 4,619.71 ?2.63%
Issuance (GH¢' M) 4,511.37 4,619.71 ?2.35%
Target (GH¢' M) 6,835 5,329 ?28.26%
Maturity (GH¢' M) 5,902.33 5,189.52 ?13.74%
Target coverage ratio 0.66 0.87 na
Maturity coverage ratio 0.76 0.89 na
Bid / Cover ratio 1.00 1.00 na
Source: Bank of Ghana
Weekly BOG Gold Coin Prices
BOG Gold Coins Year Open Week Open Week Close Change% YTD %
01/01/25 03/11/25 07/11/25
1.00 oz 40,169.31 45,017.68 45,096.28
?0.17
?12.27
0.50 oz 20,486.68 22,853.02 22,892.92
?0.17
?11.75
0.25 oz 10,675.23 11,792.89 11,813.53
?0.18
?10.66
COMMODITY MARKET
Oil prices declined as investors considered a potential supply glut, as well as weakened demand in the United States, the world’s largest oil consumer. Brent futures traded at US$63.63 a barrel, compared to US$65.07 at week's open, reflecting w/w and YTD depreciations of 2.21% and 14.75% respectively.
Gold prices rose marginally, rising back above the much-touted $4,000 an ounce level on some weakness in the dollar amid rising expectations of another interest rate cut by the Federal Reserve. Gold settled at US$4,009.80, from US$3,996.50 last week, reflecting w/w and YTD appreciations of 0.33% and 51.83% respectively.
The price of Cocoa declined for the week. Cocoa traded at US$6,013.00 per tonne on Friday, from US$6,151.00 last week, reflecting w/w and YTD losses of 2.24% and 47.92% respectively.
International Commodity Prices
Commodities Year Open Week Open Week Close Chg% YTD %
01/01/25 03/11/25 07/11/25
Brent crude oil (USD/bbl) 74.64 65.07 63.63 ?2.21 ?14.75
Gold (USD/t oz.) 2,641.00 3,996.50 4,009.80 ?0.33 ?51.83
Cocoa (USD/MT) 11,545.00 6,151.00 6,013.00 ?2.24 ?47.92
Source: www.investing.com

INVESTMENT TERM OF THE WEEK
Uninsured Certificate of Deposit: It is a CD that is not insured against losses. Due to the lack of insurance, these CDs yield a higher interest rate, as the purchaser assumes all of the risks. If the financial institution or entity that issued the CD goes bankrupt, then the purchaser loses the investment.
Source:
https://www.investopedia.com/terms/u/uninsured-certificate-of-deposit.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