MACROECONOMIC INDICATORS

Q2, 2024 Real GDP Growth	6.9%
Average Real GDP Growth for 2024	5.9%
2024 Projected Real GDP Growth	3.1%
BoG Policy Rate	27.0%
Weekly Interbank Interest Rate	27.02%
Inflation for October, 2024	22.1%
End Period Inflation Target – 2024	15.0%
Budget Deficit (% GDP) – Jun, 2024	3.4%
2024 Budget Deficit Target (%GDP)	3.0%
Public Debt (billion GH¢) – Jun, 2024	761.2
Debt to GDP Ratio – Jul, 2024	75.7%

STOCK MARKET REVIEW

The Ghana Stock Exchange closed higher this week on the back of price increases by 6 counters.

The GSE Composite Index (GSE-CI) grew by 99.80 points (+2.20%) for the week to close at 4,629.10 points, reflecting a year-to-date (YTD) gain of 47.88%. The GSE Financial Index (GSE-FI) also gained 49.83 points (+2.22%) for the week to close at 2,289.72 points, reflecting a year-to-date (YTD) gain of 20.41%.

Market capitalization edged higher by 1.79% to close the week at GH¢103,763.00 million, from GH¢101,938.10 million at the close of the previous week. This reflects a YTD gain of 40.42%.

The week recorded a total of 2,478,901 shares valued at GH¢6,278,190.16, compared with 5,920,591 shares, valued at GH¢73,473,078.87 traded in the preceding week.

MTNGH dominated both the volume and value of trades for the week accounting for 59.56% and 54.13% of the volume and value of shares traded respectively.

The market ended the week with 6 advancers and 1 decliner, as indicated in the table below.

Price Movers for the Week
Equity	Opening Price	Closing Price	Gain/Loss (%)
CAL	0.28	0.34	?21.43%
ETI	0.20	0.24	?20.00%
ABG	4.32	4.75	?9.95%
CMLT	0.12	0.13	?8.33%
MTNGH	2.29	2.35	?2.62%
GOIL	1.51	1.52	?0.66%
GLD	453.10	427.01	?5.76%

Source: Ghana Stock Exchange

 

CURRENCY MARKET

The Cedi furthered its depreciation run for the fourth straight week. It traded at GH¢16.3501/$, compared with GH¢16.3001/$ at week open, reflecting w/w and YTD depreciations of 0.31% and 27.34% respectively. This compares with a loss of 25.58% a year ago.

The Cedi however inched up against the GBP for the week. It traded at GH¢21.0900/£, compared with GH¢21.1126/£ at week open, reflecting w/w gain and YTD loss of 0.11% and 28.24% respectively. This compares with a depreciation of 27.16% a year ago.

The Cedi appreciated marginally against the Euro for the week. It traded at GH¢17.5021/€, compared with GH¢17.6852/€ at week open, reflecting w/w gain and YTD depreciation of 1.05% and 25.00% respectively. This compares with a depreciation of 25.93% a year ago.

The Cedi further depreciated against the Canadian Dollar for the week. It opened at GH¢11.6916/C$ but closed at GH¢11.7408/C$, reflecting w/w and YTD losses of 0.42% and 23.25% respectively. This compares with a depreciation of 24.52% a year ago.

Weekly Interbank Foreign Exchange Rates
Currency Pair	Year Open	Week Open	Week Close	Change%	YTD %
	01-01-24	04-11-24	08-11-24
USD/GHS	11.8800	16.3001	16.3501	?0.31	?27.34
GBP/GHS	15.1334	21.1126	21.0900	?0.11	?28.24
EUR/GHS	13.1264	17.6852	17.5021	?1.05	?25.00
CAD/GHS	9.0112	11.6916	11.7408	?0.42	?23.25

Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET

The government raised a sum of GH¢5,825.90 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢4,078.20 million raised in the previous week.

The 91-Day Bill settled at 26.83% p.a. from 26.56% p.a. last week whilst the 182-Day Bill settled at 27.68% p.a. from 27.58% p.a. last week. The 364-Day Bill settled at 29.13% p.a. from 29.04% 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	04-11-24	08-11-24
91 Day TB	29.24	26.56	26.83	?1.00	?8.25
182 Day TB	31.88	27.58	27.68	?0.33	?13.19
364 Day TB	32.49	29.04	29.13	?0.31	?10.33

Source: Bank of Ghana

The Ghana Market Summary
	Current	Previous	Change
Bid (GH¢' M)	5,825.90	4,078.20	?42.85%
Issuance (GH¢' M)	5,825.90	4,078.20	?42.85%
Target (GH¢' M)	5,623	4,010	?40.22%
Maturity (GH¢' M)	4,924.16	3,529.87	?39.50%
Target coverage ratio	1.04	1.02	na
Maturity coverage ratio	1.18	1.16	na
Bid / Cover ratio	1.00	1.00	na

Source: Bank of Ghana

COMMODITY MARKET

Oil prices rose more than 1% as the market weighed how President-elect Donald Trump's policies would affect oil supplies and as drillers cut output while bracing for Hurricane Rafael. Brent futures traded at US$73.87 a barrel, compared to US$73.10 at week open, reflecting w/w gain and YTD depreciation of 1.05% and 4.11% respectively.

 

Gold prices fell, pressured by a spike in the dollar and Treasury yields after victory for Donald Trump in the 2024 presidential election. Gold settled at US$2,694.80, from US$2,749.20 last week, reflecting w/w depreciation and YTD gain of 1.98 and 30.07% respectively.

 

The price of Cocoa decreased for the week. Cocoa traded at US$6,987.00 per tonne on Friday, from US$7,321.50 last week, reflecting w/w loss and YTD appreciation of 4.57% and 66.52% respectively.

International Commodity Prices

Commodities	Year Open	Week Open	Week Close	Chg%	YTD %
	01-01-24	04-11-24	08-11-24
Brent crude oil (USD/bbl)	77.04	73.10	73.87	?1.05	?4.11
Gold (USD/t oz.)	2,071.80	2,749.20	2,694.80	?1.98	?30.07
Cocoa (USD/MT)	4,196.00	7,321.50	6,987.00	?4.57	?66.52

Source: www.investing.com

 

 

INVESTMENT TERM OF THE WEEK

Annual Percentage Rate (APR): It refers to the yearly interest generated by a sum that's charged to borrowers or paid to investors. APR is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan or income earned on an investment. This includes any fees or additional costs associated with the transaction but does not take compounding into account.

Source:

https://www.investopedia.com/terms/a/apr.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.