MACROECONOMIC INDICATORS
Q2, 2025 Real GDP Growth 6.3%
Average Real GDP Growth for 2025 6.3%
2026 Projected Real GDP Growth 4.8%
BoG Policy Rate 18.0%
Weekly Interbank Interest Rate 16.29%
Inflation for November 2025 6.3%
End Period Inflation Target – 2025 8.0%
Budget Surplus (% GDP) – Oct, 2025 2.2%
2026 Budget Surplus Target (%GDP) 1.5%
Public Debt (billion GH¢) – Oct, 2025 630.2
Debt to GDP Ratio – Oct, 2025 45.0%
STOCK MARKET REVIEW
The Ghana Stock Exchange (GSE) continued its strong run as CAL led the market in gainers at week’s end.
The GSE Composite Index (GSE-CI) rose by 12.49 points (+0.15%) for the week to close at 8,622.64 points, reflecting a year-to-date (YTD) gain of 76.39%.
The GSE Financial Index (GSE-FI) also grew by 31.42 points (+0.71%) for the week to close at 4,487.85 points, reflecting a year-to-date (YTD) gain of 88.50%.
Market capitalization inched lower by 0.01% to close the week at GH¢166,476.01 million, from GH¢166,484.54 million at the close of the previous week. This reflects a YTD gain of 49.50%.
The week recorded a total of 7,639,440 shares, valued at GH¢8,377,808.23, compared with 20,364,474 shares valued at GH¢89,393,586.89 that were traded in the preceding week.
CAL dominated both the volume and value of trades for the week, accounting for 85.10% and 32.51% of the volume and value of shares traded, respectively.
The market closed the week with 3 growers and 4 decliners as indicated below:
Price Movers for the Week
Equity Opening Price Closing Price Gain/Loss (%)
CAL 0.40 0.43 ?7.50%
EGH 23.00 24.02 ?4.43%
GOIL 2.83 2.85 ?0.71%
ETI 0.81 0.80 ?1.23%
MTNGH 4.21 4.20 ?0.24%
GLD 449.86 449.35 ?0.11%
TOTAL 40.41 40.37 ?0.10%
Source: Ghana Stock Exchange




CURRENCY MARKET
The Cedi depreciated against the USD for the week. It traded at GH¢11.4100/$, compared with GH¢11.2700/$ at week open, reflecting w/w loss and YTD appreciation of 1.23% and 28.83% respectively. This compares with a depreciation of 20.11% a year ago.
The Cedi also depreciated marginally against the GBP for the week. It traded at GH¢15.2580/£, compared with GH¢14.8995/£ at week open, reflecting w/w loss and YTD gain of 2.35% and 20.60% respectively. This compares with a depreciation of 20.20% a year ago.
The Cedi retreated against the Euro for the week. It traded at GH¢13.3188/€, compared with GH¢13.0531/€ at week open, reflecting w/w loss and YTD appreciation of 1.99% and 14.23% respectively. This compares with a depreciation of 16.49% a year ago.
The Cedi also weakened against the Canadian Dollar for the week. It opened at GH¢8.0693/C$ and closed at GH¢8.1909/C$, reflecting w/w decline and YTD gain of 1.48% and 24.66% respectively. This compares with a depreciation of 14.97% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair Year Open Week Open Week Close Change% YTD %
01-01-25 01-12-25 04-12-25
USD/GHS 14.7001 11.2700 11.4100 ?1.23 ?28.83
GBP/GHS 18.4008 14.8995 15.2580 ?2.35 ?20.60
EUR/GHS 15.2141 13.0531 13.3188 ?1.99 ?14.23
CAD/GHS 10.2107 8.0693 8.1909 ?1.48 ?24.66
Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢6,955.73 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢5,782.48 million raised in the previous week.
The 91-Day Bill settled at 11.08% p.a. from 11.05% p.a. last week, whilst the 182-Day Bill settled at 12.55% p.a. from 12.43% p.a. last week. The 364-Day Bill settled at 12.70% p.a. from 13.09% 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 01-12-25 04-12-25
91 Day TB 28.04 11.05 11.08 ?0.29 ?60.47
182 Day TB 28.68 12.43 12.55 ?0.99 ?56.24
364 Day TB 30.07 13.09 12.70 ?2.94 ?57.76
Source: Bank of Ghana
The Ghana Market Summary
Current Previous Change
Bid (GH¢' M) 6,955.73 5,782.48 ?20.29%
Issuance (GH¢' M) 8,019.32 6,034.23 ?32.90%
Target (GH¢' M) 5,805 2,862 ?102.83%
Maturity (GH¢' M) 5,648.95 2,784.26 ?102.89%
Target coverage ratio 1.38 2.11 na
Maturity coverage ratio 1.42 2.17 na
Bid / Cover ratio 0.87 0.96 na
Source: Bank of Ghana
Weekly BOG Gold Coin Prices
BOG Gold Coins Year Open Week Open Week Close Change% YTD %
01-01-25 01-12-25 04-12-25
1.00 oz 40,169.31 48,385.96 49,532.23
?2.37
?23.31
0.50 oz 20,486.68 24,543.01 25,117.96
?2.34
?22.61
0.25 oz 10,675.23 12,644.53 12,934.05
?2.29
?21.16
COMMODITY MARKET
Oil prices edged up nearly 1% on increasing expectations that the U.S. Federal Reserve will cut interest rates next week. Brent futures traded at US$63.75 a barrel, compared to US$63.20 at week's open, reflecting w/w gain and YTD depreciation of 0.87% and 14.59% respectively.
Gold prices edged lower, weighed by profit-taking even as investors grew more confident that the Federal Reserve will cut interest rates next week. Gold settled at US$4,243.00, from US$4,254.90 last week, reflecting w/w loss and YTD appreciation of 0.28% and 60.66% respectively.
The price of Cocoa grew for the week. Cocoa traded at US$5,696.00 per tonne on Friday, from US$5,504.00 last week, reflecting w/w gain and YTD loss of 3.49% and 50.66% respectively.
International Commodity Prices
Commodities Year Open Week Open Week Close Chg% YTD %
01-01-25 01-12-25 05-12-25
Brent crude oil (USD/bbl) 74.64 63.20 63.75 ?0.87 ?14.59
Gold (USD/t oz.) 2,641.00 4,254.90 4,243.00 ?0.28 ?60.66
Cocoa (USD/MT) 11,545.00 5,504.00 5,696.00 ?3.49 ?50.66
Source: www.investing.com

INVESTMENT TERM OF THE WEEK
Reserve Price: It is the minimum amount that a seller will accept as the winning bid. Alternatively, it is less commonly known as the highest price a buyer is willing to pay for a good or service. The reserve price prevents a bidder who offers a price lower than what the owner will accept from winning the auction.
Source:https://www.investopedia.com/terms/r/reserve-price.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.