MACROECONOMIC INDICATORS
|
Q3, 2025 Real GDP Growth |
5.5% |
|
Average Real GDP Growth for 2025 |
6.0% |
|
2026 Projected Real GDP Growth |
4.8% |
|
BoG Policy Rate |
15.5% |
|
Weekly Interbank Interest Rate |
12.00% |
|
Inflation for January 2026 |
3.8% |
|
End Period Inflation Target – 2026 |
8.0% |
|
Budget Surplus (% GDP) – Nov, 2025 |
1.9% |
|
2026 Budget Surplus Target (%GDP) |
1.5% |
|
Public Debt (billion GH¢) – Nov, 2025 |
644.6 |
|
Debt to GDP Ratio – Nov, 2025 |
45.5% |
STOCK MARKET REVIEW
The Ghana Stock Exchange (GSE) surged at week’s end, buoyed by significant price increases in eighteen (18) counters.
The GSE Composite Index (GSE-CI) surged by 1,108.14 points (+12.11%) for the week to close at 10,260.79 points, reflecting a year-to-date (YTD) gain of 17.00%.
The GSE Financial Index (GSE-FI) also rose by 543.22 points (+10.78%) for the week to close at 5,580.18 points, reflecting a year-to-date (YTD) gain of 20.08%.
Market capitalization grew by 8.38% to close the week at GH¢195,887.53 million, from GH¢180,744.68 million at the close of the previous week. This reflects a YTD gain of 13.86%.
The week recorded a total of 34,069,327 shares, valued at GH¢139,417,109.86, compared with 68,410,491 shares valued at GH¢292,481,484.17 that were traded in the preceding week.
MTNGH dominated both the volume and value of trades for the week, accounting for 80.69% and 87.71% of the volume and value of shares traded, respectively.
The market closed the week with 18 growers as indicated below:
|
Price Movers for the Week |
|||
|
Equity |
Opening Price |
Closing Price |
Gain/Loss (%) |
|
EGH |
28.97 |
37.95 |
?31.00% |
|
SIC |
1.37 |
1.70 |
?24.09% |
|
ABG |
17.80 |
21.52 |
?20.90% |
|
FML |
8.20 |
9.76 |
?19.02% |
|
MTNGH |
4.21 |
4.85 |
?15.20% |
|
GOIL |
3.20 |
3.60 |
?12.50% |
|
GCB |
22.44 |
24.91 |
?11.01% |
|
UNIL |
19.79 |
21.76 |
?9.95% |
|
CAL |
0.80 |
0.86 |
?7.50% |
|
SOGEGH |
5.50 |
5.90 |
?7.27% |
|
ETI |
0.77 |
0.82 |
?6.49% |
|
EGL |
4.23 |
4.50 |
?6.38% |
|
CLYD |
0.50 |
0.53 |
?6.00% |
|
RBGH |
1.34 |
1.41 |
?5.22% |
|
BOPP |
64.00 |
66.01 |
?3.14% |
|
GGBL |
8.39 |
8.45 |
?0.72% |
|
FAB |
7.78 |
7.80 |
?0.26% |
|
SCB |
29.27 |
29.30 |
?0.10% |
Source: Ghana Stock Exchange






CURRENCY MARKET
The Cedi weakened against the USD for the week. It traded at GH¢10.9985/$, compared with GH¢10.9800/$ at week open, reflecting w/w and YTD depreciations of 0.17% and 4.99% respectively. This compares with a depreciation of 5.16% a year ago.
The Cedi also regressed against the GBP for the week. It traded at GH¢15.0026/£, compared with GH¢14.9367/£ at week open, reflecting w/w and YTD losses of 0.44% and 6.30% respectively. This compares with an appreciation of 5.87% a year ago.
The Cedi declined against the Euro for the week. It traded at GH¢13.0440/€, compared with GH¢12.9726/€ at week open, reflecting w/w and YTD depreciations of 0.55% and 5.91% respectively. This compares with a depreciation of 6.56% a year ago.
The Cedi depreciated marginally against the Canadian Dollar for the week. It opened at GH¢8.0541/C$ and closed at GH¢8.0861/C$, reflecting w/w and YTD losses of 0.40% and 5.75%, respectively. This compares with a depreciation of 6.67% a year ago.
|
Weekly Interbank Foreign Exchange Rates |
|||||
|
Currency Pair |
Year Open |
Week Open |
Week Close |
Change% |
YTD % |
|
|
01-01-26 |
09-02-26 |
13-02-26 |
|
|
|
USD/GHS |
10.4500 |
10.9800 |
10.9985 |
?0.17 |
?4.99 |
|
GBP/GHS |
14.0579 |
14.9367 |
15.0026 |
?0.44 |
?6.30 |
|
EUR/GHS |
12.2728 |
12.9726 |
13.0440 |
?0.55 |
?5.91 |
|
CAD/GHS |
7.6211 |
8.0541 |
8.0861 |
?0.40 |
?5.75 |
Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢8,993.19 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢5,826.14 million raised in the previous week.
The 91-Day Bill settled at 8.61% p.a. from 9.97% p.a. last week, whilst the 182-Day Bill settled at 10.68% p.a. from 11.82% p.a. last week. The 364-Day Bill settled at 11.06% p.a. from 12.06% 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 (%) |
|
|
01-01-26 |
09-02-26 |
13-02-26 |
|
|
|
91 Day TB |
11.09 |
9.97 |
8.61 |
?13.64 |
?22.38 |
|
182 Day TB |
12.52 |
11.82 |
10.68 |
?9.63 |
?14.74 |
|
364 Day TB |
12.94 |
12.06 |
11.06 |
?8.29 |
?14.52 |
Source: Bank of Ghana
|
The Ghana Market Summary |
|||
|
|
Current |
Previous |
Change |
|
Bid (GH¢' M) |
8,993.19 |
5,826.14 |
?54.36% |
|
Issuance (GH¢' M) |
22,670.26 |
17,242.09 |
?31.48% |
|
Target (GH¢' M) |
6,415 |
4,976 |
?28.92% |
|
Maturity (GH¢' M) |
6,258.98 |
12,494.80 |
?49.91% |
|
Target coverage ratio |
3.53 |
3.47 |
na |
|
Maturity coverage ratio |
3.62 |
1.38 |
na |
|
Bid / Cover ratio |
0.40 |
0.34 |
na |
Source: Bank of Ghana
|
Weekly BOG Gold Coin Prices |
|||||
|
BOG Gold Coins |
Year Open |
Week Open |
Week Close |
Change% |
YTD % |
|
|
01-01-26 |
09-02-26 |
13-02-26 |
|
|
|
1.00 oz |
47,231.06 |
54,791.41 |
57,042.43 |
?4.11 |
?20.77 |
|
0.50 oz |
23,953.39 |
27,741.43 |
28,867.24 |
? 4.06 |
?20.51 |
|
0.25 oz |
12,335.94 |
14,238.85 |
14,802.10 |
? 3.96 |
?19.99 |
COMMODITY MARKET
Oil prices slipped marginally, ahead of more dialogue between the U.S. and Iran aimed at deescalating tensions in the Middle East. Brent futures traded at US$67.75 a barrel, compared to US$68.05 at week's open, reflecting w/w loss and YTD appreciation of 0.44% and 11.34% respectively.
Gold prices rose with traders focusing on rising tensions in the Middle East while digesting the latest U.S. inflation data. Gold settled at US$5,046.30, from US$4,979.80 last week, reflecting w/w and YTD appreciations of 1.34% and 15.05% respectively.
The price of Cocoa declined for the week. Cocoa traded at US$3,581.00 per tonne on Friday, from US$4,197.00 last week, reflecting w/w and YTD losses of 14.68% and 40.96% respectively.
International Commodity Prices
|
Commodities |
Year Open |
Week Open |
Week Close |
Chg% |
YTD % |
|
|
01-01-26 |
09-02-26 |
13-02-26 |
|
|
|
Brent crude oil (USD/bbl) |
60.85 |
68.05 |
67.75 |
?0.44 |
?11.34 |
|
Gold (USD/t oz.) |
4,386.30 |
4,979.80 |
5,046.30 |
?1.34 |
?15.05 |
|
Cocoa (USD/MT) |
6,065.00 |
4,197.00 |
3,581.00 |
?14.68 |
?40.96 |
Source: www.investing.com

INVESTMENT TERM OF THE WEEK
Profit Center: It is a part of a company that generates revenue and contributes to its profit. It operates like a standalone business, with managers who make pricing and expense decisions to maximize earnings. Unlike cost centers, which track costs and don’t make money, profit centers are responsible for both revenue and profits.
Source:
https://www.investopedia.com/terms/p/profitcentre.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.