MACROECONOMIC INDICATORS
Q3, 2020 GDP Growth -1.1%
Average GDP Growth for 2020 0.2%
2020 Projected GDP Growth 0.9%
BoG Policy Rate 14.50%
Weekly Interbank Interest Rate 13.56%
Inflation for Dec, 2020 10.4%
End Period Inflation Target - 2020 11.1%
Budget Deficit (% GDP) – Sep, 2020 9.0%
2020 Budget Deficit Target (%GDP) 11.4%
Public Debt (billion GH¢) – Sep, 2020 273.8
Debt to GDP Ratio – Sep, 2020 71.0%

STOCK MARKET REVIEW
The Ghana Stock Exchange closed stronger for the week supported by gains in 3 counters. The GSE Composite Index (GSE CI) gained 13.24 points (0.68%) to close at 1,969.02 points reflecting a year-to-date (YTD) gain of 1.41%. The GSE Financial Stocks Index (GSE FI) also gained 2.46 points (0.14%) to close at 1,789.66 points, reflecting YTD gain of 0.39%.

Market capitalization for the week was GH¢54,688.55, representing 0.25% gain from GH¢ 54,549.91 million at the close of the previous week. This reflects YTD gain of 0.58%.
A total of 20,387,216 shares, valued at GH¢13,430,254.44 changed hands for the week, compared with 70,205,313 shares, valued at GH¢46,030,381.89 in the preceding week.
MTN Ghana Limited dominated both volume and value of trades for the week, accounting for 98.49% and 98.67% of total volume and value of shares traded respectively.
The market closed the week with three (3) price gainers and 1 decliner.
Price Movers for the Week
Equity Opening Price (GH¢) Closing Price (GH¢) Percentage Gain/Loss
SOGEGH 0.64 0.66 3.13%
MTNGH 0.65 0.66 1.54%
GOIL 1.50 1.51 0.67%
ALW 0.11 0.10 -9.09%

Best & Worst Performing Stocks
Best Performing Stocks:  YTD Return
MTN Ghana Ltd. 3.13%
Societe Generale Ghana Limited 3.13%
Standard Chartered Bank Gh. Ltd. 1.16%
Ghana Oil Company Limited 0.67%
   
   
Worst Performing Stocks:  
Aluworks Limited -9.09%
   

CURRENCY MARKET
The Cedi closed the week flat against the USD. It traded at GH¢5.7605/$ on Friday, against GH¢5.7605/$ at week open, reflecting w/w and YTD depreciations of 0.00% and 0.01% respectively against the USD. This compares with YTD depreciation of 0.05% a year ago.
The Cedi weakened against the GBP on the week. It traded at GH¢7.8323/£, compared with GH¢7.8150£ at week open, reflecting w/w depreciation and YTD appreciation of 0.22% and 0.53% respectively against the GBP. This compares with YTD appreciation of 1.10% a year ago.
The Cedi meanwhile strengthened against the Euro on the week. It traded at GH¢6.9645/€, compared with GH¢7.0485/€ at week open, reflecting w/w and YTD appreciations of 1.21% and 1.43% respectively against the Euro. This compares with YTD appreciation of 1.01 % a year ago.
The Cedi also strengthened against the CAD on the week. It opened trading at GH¢4.5344/C$ but closed at GH¢4.5185/C$, reflecting w/w and YTD appreciations of 0.35% and 0.24% respectively against the CAD. This compares with YTD appreciation of 0.57% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair Year Open Week Open Week Close Change
% YTD %
  01-01-21 11-01-21 15-01-21    
USD/GHS 5.7602 5.7605 5.7605 0.00 -0.01
GBP/GHS 7.8742 7.8150 7.8323 -0.22 0.53
EUR/GHS 7.0643 7.0485 6.9645 1.21 1.43
CAD/GHS 4.5292 4.5344 4.5185 0.35 0.24
Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET
Government raised a sum of GH¢988.88 million for the week across the 91-Day and 182-Day Treasury Bills. This compared with GH¢1,073.47 million raised in the previous week.
The 91-Day and 182-Day Treasury Bills both remained flat at 14.09% p.a. and 14.14% p.a. respectively.

Security Year Open Previous Yield % Current Yield % WoW Chg ( %) YTD Chg (%)
  01-01-21 08-01-21 15-01-21    
91 Day TB 14.10 14.09 14.09 -0.03 -0.05
182 Day TB 14.15 14.14 14.14 0.00 -0.05
364 Day TB 16.96 16.96 16.96 0.00 0.00
2-Yr FXR TN 18.50 18.50 18.50 0.00 0.00
3-Yr Bond 19.25 19.25 19.25 0.00 0.00
5-Yr Bond 19.85 19.85 19.85 0.00 0.00
6-Yr Bond 19.50 19.50 19.50 0.00 -7.14
7-Yr Bond 20.50 20.50 20.50 0.00 0.00
10-Yr Bond 19.80 19.80 19.80 0.00 0.00
15-Yr Bond 19.75 19.75 19.75 0.00 0.00
20-Yr Bond 20.20 20.20 20.20 0.00 0.00
Source: Bank of Ghana

COMMODITY MARKET
Oil prices closed lower for the week on concerns over COVID-19 lockdowns. Brent futures traded at US$55.10 a barrel on Friday, reflecting w/w loss and YTD gain of 1.59% and 6.37% respectively.
Gold prices ended the week lower weighed by a rally in the USD. Gold futures settled at US$1,829.90 per ounce on Friday, reflecting w/w and YTD losses of 0.30% and 3.44%% respectively.
Prices of Cocoa on the contrary edged higher for the week. Cocoa futures settled at US$2,527.00 per tonne, reflecting w/w gain and YTD loss of 0.44% and 2.92% respectively.
International Commodity Prices
Commodities Year Open Week Open Week Close Chg
% YTD
%
  01-01-21 11-01-21 15-01-21    
Brent crude oil (USD/bbl)
51.80
55.99
55.1
-1.59
6.37
Gold (USD/t oz.)
1,895.10
1,835.40
1,829.90
-0.30
-3.44
Cocoa (USD/MT)
2,603.00 2,516.00 2,527.00
0.44
-2.92
Source: www.investing.com

BUSINESS TERM OF THE WEEK
Receiver: A receiver is a person appointed as custodian of a person or entity's property, finances, general assets, or business operations. Receivers can be appointed by courts, government regulators, or private entities. Receivers seek to realize and secure assets and manage affairs to pay debts. For businesses, receivers seek to maximize profits and asset value, and either terminate operations or sell all or part of the company. When a receiver is appointed, a company is said to be "in receivership."
Source: https://www.investopedia.com/terms/r/receiver.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).

Disclaimer
The contents of this report have been prepared to provide you with general information only. Information provided on 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.