MACROECONOMIC INDICATORS
Q3, 2020 GDP Growth -1.1%
Average GDP Growth for 2020 0.2%
2021 Projected GDP Growth 5.0%
BoG Policy Rate 14.50%
Weekly Interbank Interest Rate 13.56%
Inflation for Mar, 2021 10.3%
End Period Inflation Target - 2021 8.0%
Budget Deficit (% GDP) – Dec, 2020 11.7%
2020 Budget Deficit Target (%GDP) 11.4%
Public Debt (billion GH¢) – Dec, 2020 291.6
Debt to GDP Ratio – Dec, 2020 76.1%

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 3.75 points (0.02%) to close at 2,301.79 points reflecting a year-to-date (YTD) gain of 18.55%. The GSE Financial Stocks Index (GSE FI) on the other hand gained 5.44 points (0.31%) to close at 1,840.99 points reflecting YTD gain of 3.27%.

Market capitalization for the week was GH¢58,088.58 representing 0.01% gain from GH¢58,083.97 million at the close of the previous week. This reflects YTD increase of 6.83%.
Trading activity improved for the week relative to activity in the prior week. A total of 18,202,892 shares, valued at GH¢14,087,555.33 changed hands for the week, compared with 3,723,218 shares, valued at GH¢3,620,695.04 in the preceding week.
CAL Bank PLC dominated volume of trades for the week, accounting for 58.14% of total shares traded. MTNGH also dominated total trades by value, accounting for 49.19% of total value of shares traded.
The market closed the week with 4 price advancers and a lone decliner as indicated on the table below.
Price Movers for the Week
Equity Opening Price Closing Price Gain/ Loss
Cal Bank PLC 0.64 0.69 7.81%
Fan Milk Ltd. 1.09 1.12 2.75%
Total Petroleum Ghana Ltd. 3.15 3.2 1.59%
Enterprise Group Ltd. 1.45 1.46 0.69%
Unilever Ghana Ltd. 6.06 5.46 -9.90%

5 Best & Worst Performing Stocks
Best 5 Performing Stocks: YTD Return
MTN Ghana Ltd. 45.31%
Societe Generale Ghana PLC 17.19%
Total Petroleum Ghana Ltd. 13.07%
Standard Chartered Bank Gh. PLC 11.34%
GCB Bank Ltd. 11.11%

Worst 5 Performing Stocks:
Access Bank Ghana PLC -2.05%
Ecobank Ghana Ltd. -2.78%
Aluworks Limited -9.09%
Ecobank Transnational Inc. -12.50%
Unilever Ghana PLC -34.14%

CURRENCY MARKET
The Cedi weakened against the USD for the week. It traded at GH¢5.7319/$ on Friday, against GH¢5.7294/$ at week open, reflecting w/w depreciation and YTD appreciation of 0.04% and 0.49% respectively against the USD. This compares with YTD appreciation of 0.51% a year ago.
The Cedi also weakened against the GBP at week close. It traded at GH¢7.9221/£, compared with GH¢7.8662/£ at week open, reflecting w/w and YTD depreciations of 0.70% and 0.60% respectively against the GBP. This compares with YTD appreciation of 6.59% a year ago.
The Cedi again weakened against the Euro. It traded at GH¢6.8664/€, compared with GH¢6.8097/€ at week open, reflecting w/w depreciation and YTD appreciation of 0.83% and 2.88% respectively against the Euro. This compares with YTD appreciation of 3.10% in 2020.
The Cedi similarly weakened against the CAD on the week. It opened at GH¢4.5636/C$ but closed at GH¢4.5856/C$, reflecting w/w and YTD depreciations of 0.48% and 1.23% respectively against the CAD. This compares with YTD appreciation of 8.28% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair Year Open Week Open Week Close Change
% YTD
%
01-01-21 12-04-21 16-04-21
USD/GHS 5.7602 5.7294 5.7319 -0.04 0.49
GBP/GHS 7.8742 7.8662 7.9221 -0.70 -0.60
EUR/GHS 7.0643 6.8097 6.8664 -0.83 2.88
CAD/GHS 4.5292 4.5636 4.5856 -0.48 -1.23
Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET
Government raised a sum of GH¢886.47 million for the week across the 91-Day and 182-Day Treasury Bills. This compared with GH¢1,170.67 million raised in the previous week.
The 91-Day and 182-Day Bills shed 2bps and 8bps each to settle at 12.79% p.a and 13.53% p.a respectively.
The table and graph below indicate yields on Treasury securities as was last auctioned on the Primary Market.
Security Year Open Previous Yield % Current Yield % WoW Chg (%) YTD Chg (%)
01-01-21 09-04-21 16-04-21
91 Day TB 14.10 12.81 12.79 -0.12 -9.23
182 Day TB 14.15 13.61 13.53 -0.53 -4.35
364 Day TB 16.96 16.45 16.45 0.00 -3.06
2-Yr FXR TN 18.50 17.60 17.60 0.00 -4.86
3-Yr Bond 19.25 17.70 17.70 0.00 -8.05
5-Yr Bond 19.85 18.30 18.30 0.00 -7.81
6-Yr Bond 19.50 19.25 19.25 0.00 -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

COMMODITY MARKET
Oil prices strengthened for the week supported by a large U.S. crude drawdown and a bullish U.S. economic data. Brent futures traded at US$66.77 a barrel on Friday, reflecting w/w and YTD gains of 5.97% and 28.90% respectively.
Gold prices closed stronger for the week following a decline in U.S. bond yields. Gold futures settled at US$1,779.00 per ounce on Friday, reflecting w/w gain and YTD loss of 1.97% and 6.13% respectively.
Prices of Cocoa also strengthened for the week. Cocoa futures settled at US$2,408.00 per tonne, reflecting w/w gain and YTD loss of 2.23% and 7.49% respectively.
International Commodity Prices
Commodities Year Open Week Open Week Close Chg
% YTD %
01-01-21 12-04-21 16-04-21
Brent crude oil (USD/bbl)
51.80 63.01 66.77
5.97
28.90

Gold (USD/t oz.)
1,895.10 1,744.60 1,779.00
1.97
-6.13

Cocoa (USD/MT)
2,603.00 2,355.50 2,408.00
2.23
-7.49
Source: www.investing.com

BUSINESS TERM OF THE WEEK
Catch Up Effect: Catch up effect, alternatively called the theory of convergence, states that poor or developing economies grow faster compared to economies with a higher per capita income and gradually reach similar high levels of per capita income. Thus, all economies, over time, may converge in terms of income per head.
Source: https://economictimes.indiatimes.com/definition/catch-up-effect

ABOUT CIDAN
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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.