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 4 counters. The GSE Composite Index (GSE CI) gained 33.27 points (1.69%) to close at 2,002.29 points reflecting a year-to-date (YTD) gain of 3.13%. The GSE Financial Stocks Index (GSE FI) also gained 26.68 points (1.49%) to close at 1,816.34 points, reflecting YTD gain of 1.88%.
Market capitalization for the week was GH¢55,073.04, representing 0.70% gain from GH¢54,688.55 million at the close of the previous week. This reflects YTD gain of 1.28%.
A total of 6,392,186 shares, valued at GH¢9,050,158.82 changed hands for the week, compared with 20,387,216 shares, valued at GH¢13,430,254.44 in the preceding week.
MTN Ghana Limited dominated trades by volume for the week, accounting for 78.17% of total trade volumes, whilst GCB Bank dominated trades by value, accounting for 60.71% of total value of shares traded.
The market closed the week with 4 price advancers and 2 decliners.
Price Movers for the Week
Equity Opening Price (GH¢) Closing Price (GH¢) Gain/
Republic Bank (Ghana) PLC 0.41 0.45 9.76%
Societe Generale Ghana PLC 0.66 0.72 9.09%
GCB Bank Limited 4.05 4.4 8.64%
Scancom PLC 0.66 0.68 3.03%
Access Bank Ghana PLC 4.39 4.30 -2.05%
Unilever Ghana PLC 8.29 7.47 -9.89%
Best & Worst Performing Stocks
Best 5 Performing Stocks: YTD Return
Societe Generale Ghana PLC 12.50%
Republic Bank (Ghana) PLC 9.76%
GCB Bank Limited 8.64%
Scancom PLC 6.25%
Standard Chartered Bank Gh. PLC 1.16%
Worst 3 Performing Stocks:
Access Bank Ghana PLC -2.05
Aluworks Limited -9.09%
Unilever Ghana PLC -9.89%
The Cedi closed weaker against the USD on the week. It traded at GH¢5.7618/$ on Friday, against GH¢5.7605/$ at week open, reflecting w/w and YTD depreciations of 0.02% and 0.03% respectively against the USD. This compares with YTD depreciation of 0.01% a year ago.
The Cedi also weakened against the GBP for the week. It traded at GH¢7.8735/£, compared with GH¢7.8323/£ at week open, reflecting w/w depreciation and YTD appreciation of 0.52% and 0.01% respectively against the GBP. This compares with YTD appreciation of 1.50% a year ago.
The Cedi further weakened against the Euro on the week. It traded at GH¢7.0134/€, compared with GH¢6.9645/€ at week open, reflecting w/w depreciation and YTD appreciation of 0.70% and 0.73% respectively against the Euro. This compares with YTD appreciation of 1.16 % a year ago.
The Cedi likewise weakened against the CAD on the week. It opened trading at GH¢4.5185/C$ but closed at GH¢4.5399/C$, reflecting w/w and YTD depreciations of 0.47% and 0.24% respectively against the CAD. This compares with YTD appreciation of 0.76% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair Year Open Week Open Week Close Change
01-01-21 18-01-21 22-01-21
USD/GHS 5.7602 5.7605 5.7618 -0.02 -0.03
GBP/GHS 7.8742 7.8323 7.8735 -0.52 0.01
EUR/GHS 7.0643 6.9645 7.0134 -0.70 0.73
CAD/GHS 4.5292 4.5185 4.5399 -0.47 -0.24
Source: Bank of Ghana
GOVERNMENT SECURITIES MARKET
Government raised a sum of GH¢4,134.93 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢988.88 million raised in the previous week.
The 91-Day and 182-Day Bills trimmed 1bp each to settle at 14.08% p.a and 14.13% p.a respectively. The 6-Year Bond also trimmed 25bps to settle at 19.25% p.a. The 364-Day Bill however remained flat at 16.96% p.a.
Security Year Open Previous Yield % Current Yield % WoW Chg ( %) YTD Chg (%)
01-01-21 15-01-21 22-01-21
91 Day TB 14.10 14.09 14.08 -0.04 -0.09
182 Day TB 14.15 14.14 14.13 -0.07 -0.12
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 19.25 -1.28 -8.33
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
Oil prices closed lower for the week following an increase in U.S. stockpiles. Brent however closed higher on the week. Brent futures traded at US$55.41 a barrel on Friday, reflecting w/w and YTD gains of 0.56% and 6.97% respectively.
Gold prices edged higher for the week supported by declines in bond yields. Gold futures for February delivery settled at US$1,8560.20 per ounce on Friday, reflecting w/w gain and YTD loss of 1.44% and 2.05% respectively.
Prices of Cocoa also edged higher for the week. Cocoa futures settled at US$2,529.00 per tonne, reflecting w/w gain and YTD loss of 0.08% and 2.84% respectively.
International Commodity Prices
Commodities Year Open Week Open Week Close Chg
01-01-21 18-01-21 22-01-21
Brent crude oil (USD/bbl)
Gold (USD/t oz.)
1,895.10 1,829.90 1,856.20
2,603.00 2,527.00 2,529.00
BUSINESS TERM OF THE WEEK
Debasement: Debasement refers to lowering the value of a currency. It is primarily associated with coins made from precious metals, such as gold and silver. A currency is debased when the coins are made with a mix of precious metals and base metals as opposed to purely precious metals. The more base metals are added to a coin compared to precious metals, the further a currency is debased.
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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.
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