MACROECONOMIC INDICATORS

Q3, 2024 Real GDP Growth	7.2%
Average Real GDP Growth for 2024	6.3%
2024 Projected Real GDP Growth	3.1%
BoG Policy Rate	27.0%
Weekly Interbank Interest Rate	27.09%
Inflation for January, 2025	23.5%
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¢) – Nov, 2024	736.9
Debt to GDP Ratio – Nov, 2024	72.2%

 

STOCK MARKET REVIEW

The Ghana Stock Exchange continued its bullish trend on the back of price increases by 10 counters.

The GSE Composite Index (GSE-CI) grew by 213.13 points (+3.98%) for the week to close at 5,564.47 points, reflecting a year-to-date (YTD) gain of 13.83%. The GSE Financial Index (GSE-FI) also gained 145.71 points (+5.68%) for the week to close at 2,712.93 points, reflecting a year-to-date (YTD) appreciation of 13.95%. 

Market capitalization inched up by 4.29% to close the week at GH¢125,023.12 million, from GH¢119,884.61 million at the close of the previous week. This reflects a YTD gain of 12.27%.

The week recorded a total of 3,088,699 shares valued at GH¢24,158,412.38, compared with 1,485,784 shares, valued at GH¢10,654,247.81 traded in the preceding week.

MTNGH dominated the volume of trades for the week while New Gold Exchange Traded Fund dominated the value of trades for the week accounting for 72.49% and 66.80% of the volume and value of shares traded respectively.

The market ended the week with 10 growers, as indicated in the table below

Price Movers for the Week
Equity	Opening Price	Closing Price	Gain/Loss (%)
ETI	0.47	0.62	?31.91%
ABG	6.20	6.82	?10.00%
SIC	0.29	0.31	?6.90%
CAL	0.44	0.47	?6.82%
MTNGH	2.80	2.90	?3.57%
TOTAL	13.41	13.62	?1.57%
GCB	6.44	6.50	?0.93%
GLD	435.72	439.53	?0.87%
GOIL	1.59	1.60	?0.63%
GGBL	5.60	5.62	?0.36%

Source: Ghana Stock Exchange

 

 

 

 

CURRENCY MARKET

The Cedi slumped against the USD for the week. It traded at GH¢15.5400/$, compared with GH¢15.5001/$ at week open, reflecting w/w and YTD depreciations of 0.26% and 5.41% respectively. This compares with a loss of 4.10% a year ago.  

The Cedi also retreated marginally against the GBP for the week. It traded at GH¢19.6418/£, compared with GH¢19.5479/£ at week open, reflecting w/w and YTD depreciations of 0.48% and 6.32% respectively. This compares with depreciation of 3.64% a year ago.

The Cedi however bolstered against the Euro for the week. It traded at GH¢16.2463/€, compared with GH¢16.2817/€ at week open, reflecting w/w gain and YTD loss of 0.22% and 6.35% respectively. This compares with a loss of 2.06% a year ago.      

The Cedi fell against the Canadian Dollar for the week. It opened at GH¢10.9405/C$ and closed at GH¢10.9413/C$, reflecting w/w and YTD depreciations of 0.01% and 6.68% respectively. This compares with an depreciation of 1.78% a year ago.

Weekly Interbank Foreign Exchange Rates
Currency Pair	Year Open	Week Open	Week Close	Change%	YTD %
	01-01-24	17-02-25	21-02-25
USD/GHS	14.7001	15.5001	15.5400	?0.26	?5.41
GBP/GHS	18.4008	19.5479	19.6418	?0.48	?6.32
EUR/GHS	15.2141	16.2817	16.2463	?0.22	?6.35
CAD/GHS	10.2107	10.9405	10.9413	?0.01	?6.68

 Source: Bank of Ghana

 

GOVERNMENT SECURITIES MARKET

The government raised a sum of GH¢9,634.33 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢9,434.23 million raised in the previous week.       

The 91-Day Bill settled at 24.48% p.a. from 26.86% p.a. last week whilst the 182-Day Bill settled at 25.39% p.a. from 27.81% p.a. last week. The 364-Day Bill settled at 27.03 % p.a. from 29.07% 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	17-02-25	21-02-25
91 Day TB	28.04	26.86	24.48	?8.86	?12.69
182 Day TB	28.68	27.81	25.39	?8.70	?11.49
364 Day TB	30.07	29.07	27.30	?6.10	?9.21

 Source: Bank of Ghana

The Ghana Market Summary
	Current	Previous	Change
Bid (GH¢' M)	9,634.33	9,434.23	?2.12%
Issuance (GH¢' M)	20,499.73	17,699.41	?15.82%
Target (GH¢' M)	7,729	8,068	?4.20%
Maturity (GH¢' M)	7,242.09	6,636.82	?9.12%
Target coverage ratio	2.65	2.19	na
Maturity coverage ratio	2.83	2.67	na
Bid / Cover ratio	0.47	0.53	na

Source: Bank of Ghana

Weekly BOG Gold Coin Prices
BOG Gold Coins	Year Open	Week Open	Week Close	Change%	YTD %
	01-01-25	17-02-25	21-02-25
1.00 oz	40,169.31	46,912.83	47,321.06	?0.87	?17.80
0.50 oz	20,486.68	23,869.86	24,074.73	?0.86	?17.51
0.25 oz	10,675.23	12,379.74	12,483.04	?0.83	?16.93

Source: Bank of Ghana

COMMODITY MARKET

Oil prices settled, posting a weekly decline as investors grappled with a fading Middle East risk premium alongside uncertainty about a potential peace deal in Ukraine. Brent futures traded at US$74.05 a barrel, compared to US$74.74 at week open, reflecting w/w and YTD depreciations of 0.92% and 0.79% respectively.

 

Gold prices firmed slightly as safe-haven demand for the yellow metal remained underpinned by uncertainty over U.S. trade tariffs and interest rates. Gold settled at US$2,953.20, from US$2,900.70 last week, reflecting w/w and YTD gains of 1.81% and 11.82% respectively.

 

The price of Cocoa fell for the week. Cocoa traded at US$9,140.00 per tonne on Friday, from US$10,325.00 last week, reflecting w/w and YTD depreciations of 11.48% and 20.83% respectively.

International Commodity Prices

Commodities	Year Open	Week Open	Week Close	Chg%	YTD %
	01-01-25	17-02-25	21-02-25
Brent crude oil (USD/bbl)	74.64	74.74	74.05	?0.92	?0.79
Gold (USD/t oz.)	2,641.00	2,900.70	2,953.20	?1.81	?11.82
Cocoa (USD/MT)	11,545.00	10,325.00	9,140.00	?11.48	?20.83

Source: www.investing.com

 

 

INVESTMENT TERM OF THE WEEK

Spread: It typically refers to some form of difference or gap between two related values. In stock trading, the spread generally refers to the gap between buying and selling prices. In bonds, it indicates the yield differential between two securities. Options traders use spreads to create sophisticated risk management strategies, while forex traders focus on currency pair differences.

Source:

https://www.investopedia.com/terms/s/spread.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.