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) extended its winning run on the back of price gains by thirteen (13) counters.
The GSE Composite Index (GSE-CI) rose by 7.12 points (+0.08%) for the week to close at 8,495.93 points, reflecting a year-to-date (YTD) gain of 73.79%.
The GSE Financial Index (GSE-FI) grew by 114.47 points (+2.90%) for the week to close at 4,063.62 points, reflecting a year-to-date (YTD) gain of 70.68%.
Market capitalization inched up by 0.81% to close the week at GH¢168,084.92 million, from GH¢166,737.67 million at the close of the previous week. This reflects a YTD gain of 50.94%.
The week recorded a total of 6,659,147 shares, valued at GH¢25,786,444.85, compared with 18,145,024 shares valued at GH¢122,957,108.72 that were traded in the preceding week.
CAL dominated the volume of trades for the week whiles FML dominated the value of trades for the week, accounting for 27.34% and 34.48% of the volume and value of shares traded, respectively.
The market closed the week with 13 advancers and 4 decliners as indicated below:
Price Movers for the Week
Equity Opening Price Closing Price Gain/Loss (%)
CPC 0.03 0.04 ?33.33%
FML 5.99 7.50 ?25.21%
SIC 1.06 1.20 ?13.21%
SOGEGH 2.09 2.32 ?11.00%
GGBL 6.01 6.60 ?9.82%
ETI 0.92 1.00 ?8.70%
CAL 0.79 0.85 ?7.59%
CLYD 0.17 0.18 ?5.88%
RBGH 1.20 1.25 ?4.17%
SCB 28.11 29.00 ?3.17%
BOPP 38.06 39.00 ?2.47%
EGL 3.36 3.40 ?1.19%
GCB 15.53 15.56 ?0.19%
GLD 467.67 448.56 ?4.09%
MTNGH 4.50 4.40 ?2.22%
ABG 16.34 16.20 ?0.86%
TOTAL 40.60 40.50 ?0.25%
Source: Ghana Stock Exchange






CURRENCY MARKET
The Cedi appreciated sharply against the USD for the week. It traded at GH¢10.7001/$, compared with GH¢12.1650/$ at week open, reflecting w/w and YTD appreciations of 3.16% and 20.84% respectively. This compares with a depreciation of 25.70% a year ago.
The Cedi also gained against the GBP. It traded at GH¢14.3567/£, compared with GH¢16.2494/£ at week open, reflecting w/w and YTD gains of 4.11% and 13.24% respectively. This compares with a depreciation of 27.39% a year ago.
The Cedi saw an uptick in its growth against the Euro for the week. It traded at GH¢12.4885/€, compared with GH¢14.1391/€ at week open, reflecting w/w and YTD appreciations of 4.25% and 7.60% respectively. This compares with a depreciation of 24.43% a year ago.
The Cedi again strengthened against the Canadian Dollar for the week. It opened at GH¢8.6881/C$ and closed at GH¢7.6179/C$, reflecting w/w and YTD gains of 3.56% and 17.53% respectively. This compares with a depreciation of 22.23% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair Year Open Week Open Week Close Change% YTD %
01-01-25 14-10-25 17-10-25
USD/GHS 14.7001 12.1650 10.7001 ?13.69 ?37.38
GBP/GHS 18.4008 16.2494 14.3567 ?13.18 ?28.17
EUR/GHS 15.2141 14.1391 12.4885 ?13.22 ?21.83
CAD/GHS 10.2107 8.6881 7.6179 ?14.05 ?34.04
Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢2,921.49 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢6,336.66 million raised in the previous week.
The 91-Day Bill settled at 10.70% p.a. from 10.53% p.a. last week, whilst the 182-Day Bill settled at 12.44% p.a. from 12.31% p.a. last week. The 364-Day Bill settled at 12.92% 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 14-10-25 17-10-25
91 Day TB 28.04 10.53 10.70 ?1.59 ?61.84
182 Day TB 28.68 12.31 12.44 ?1.07 ?56.63
364 Day TB 30.07 12.87 12.92 ?0.43 ?57.03
Source: Bank of Ghana
The Ghana Market Summary
Current Previous Change
Bid (GH¢' M) 2,921.49 6,336.66 ?53.90%
Issuance (GH¢' M) 2,926.49 6,507.52 ?55.03%
Target (GH¢' M) 6,578 5,269 ?24.84%
Maturity (GH¢' M) 6,408.81 4,767.68 ?34.42%
Target coverage ratio 0.44 1.24 na
Maturity coverage ratio 0.46 1.36 na
Bid / Cover ratio 1.00 0.97 na
Source: Bank of Ghana
Weekly BOG Gold Coin Prices
BOG Gold Coins Year Open Week Open Week Close Change% YTD %
01-01-25 13-10-25 17-10-25
1.00 oz 40,169.31 49,974.25 46,880.70
?6.19
?16.71
0.50 oz 20,486.68 25,350.69 23,780.86
?6.19
?16.08
0.25 oz 10,675.23 13,063.68 12,252.67
?6.21
?14.78
COMMODITY MARKET
Oil prices slid briefly on easing concerns about an oversupplied market and a minimal improvement in trade dispute between the U.S. and China, the world’s top two oil consumers. Brent futures traded at US$61.29 a barrel, compared to US$62.73 at week's open, reflecting w/w and YTD depreciations of 2.30% and 17.89% respectively.
Gold prices rose, keeping recent record highs close as markets digested some conciliatory comments from U.S. officials regarding the trade conflict with China. Gold settled at US$4,213.30, from US$4,000.40 last week, reflecting w/w and YTD appreciations of 5.32% and 59.53% respectively.
The price of Cocoa rose for the week. Cocoa traded at US$5,895.00 per tonne on Friday, from US$5,848.00 last week, reflecting w/w gain and YTD loss of 0.80% and 48.94% respectively.
International Commodity Prices
Commodities Year Open Week Open Week Close Chg% YTD %
01-01-25 13-10-25 17-10-25
Brent crude oil (USD/bbl) 74.64 62.73 61.29 ?2.30 ?17.89
Gold (USD/t oz.) 2,641.00 4,000.40 4,213.30 ?5.32 ?59.53
Cocoa (USD/MT) 11,545.00 5,848.00 5,895.00 ?0.80 ?48.94
Source: www.investing.com


INVESTMENT TERM OF THE WEEK
Subordinated Debt: It represents an unsecured loan or bond that ranks below senior loans or securities when it comes to claims on assets or earnings. Known as junior securities, subordinated debt poses a higher risk because, in borrower default situations, it is only paid after senior debts are fully settled.
Source: https://www.investopedia.com/terms/s/subordinateddebt.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