MACROECONOMIC INDICATORS

Q4, 2024 Real GDP Growth	3.6%
Average Real GDP Growth for 2024	5.7%
2025 Projected Real GDP Growth	4.0%
BoG Policy Rate	28.0%
Weekly Interbank Interest Rate	27.02%
Inflation for April, 2025	21.2%
End Period Inflation Target – 2025	11.9%
Budget Deficit (% GDP) – Dec, 2024	3.9%
2025 Budget Deficit Target (%GDP)	3.1%
Public Debt (billion GH¢) – Dec, 2024	726.7
Debt to GDP Ratio – Dec, 2024	61.8%

 

STOCK MARKET REVIEW

The Ghana Stock Exchange extended its strong run for the fourth consecutive week on the back price hikes by seven (7) counters.

The GSE Composite Index (GSE-CI) gained 289.55 points (+4.51%) for the week to close at 6,707.64 points, reflecting a year-to-date (YTD) gain of 37.21%.  The GSE Financial Index (GSE-FI) also grew by 29.40 points (+0.94%) for the week to close at 3,168.48 points, reflecting a year-to-date (YTD) gain of 33.09%. 

Market capitalization edged higher by 2.47% to close the week at GH¢143,712.41 million, from GH¢140,254.73 million at the close of the previous week. This reflects a YTD gain of 29.06%.

The week recorded a total of 23,758,579 shares valued at GH¢102,566,434.15, compared with 5,314,629 shares, valued at GH¢44,949,251.50 traded in the preceding week.

MTNGH dominated both the volume and value of trades for the week accounting for 88.37% and 68.29% of the volume and value of shares traded respectively.

The market ended the week with 7 advancers and 3 laggards, as indicated in the table below:

Price Movers for the Week
Equity	Opening Price	Closing Price	Gain/Loss (%)
EGH	6.71	7.50	?11.77%
FML	3.80	4.10	?7.89%
MTNGH	3.30	3.54	?7.27%
UNIL	19.54	20.50	?4.91%
GGBL	5.80	6.00	?3.45%
GOIL	1.77	1.80	?1.69%
GCB	7.60	7.66	?0.79%
GLD	427.01	380.03	?11.00%
CAL	0.65	0.64	?1.54%
TOTAL	25.00	24.90	?0.40%

 Source: Ghana Stock Exchange

 

 

CURRENCY MARKET

The Cedi prolonged its month-long winning run against the USD for the week. It traded at GH¢12.3200/$, compared with GH¢13.1001/$ at week open, reflecting w/w and YTD appreciations of 6.33% and 19.32% respectively. This compares with a depreciation of 13.91% a year ago.           

The Cedi also extended its month-long gains against the GBP for the week. It traded at GH¢16.3296/£, compared with GH¢17.4329/£ at week open, reflecting w/w and YTD gains of 6.76% and 12.68% respectively. This compares with depreciation of 13.66% a year ago.

The Cedi continued to strengthen against the Euro for the week. It traded at GH¢13.7223/€, compared with GH¢14.7474/€ at week open, reflecting w/w and YTD appreciations of 7.47% and 10.87% respectively. This compares with a depreciation of 12.49% a year ago.     

The Cedi again appreciated against the Canadian Dollar for the week. It opened at GH¢9.4008/C$ and closed at GH¢8.8045/C$, reflecting w/w and YTD gains of 6.77% and 15.97% respectively. This compares with a depreciation of 11.15% a year ago.

Weekly Interbank Foreign Exchange Rates
Currency Pair	Year Open	Week Open	Week Close	Change%	YTD %
	01-01-24	12-05-25	16-05-25
USD/GHS	14.7001	13.1001	12.3200	?6.33	?19.32
GBP/GHS	18.4008	17.4329	16.3296	?6.76	?12.68
EUR/GHS	15.2141	14.7474	13.7223	?7.47	?10.87
CAD/GHS	10.2107	9.4008	8.8045	?6.77	?15.97

 Source: Bank of Ghana

 

GOVERNMENT SECURITIES MARKET

The government raised a sum of GH¢2,762.35 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢5,216.36 million raised in the previous week.       

The 91-Day Bill settled at 15.11% p.a. from 15.16% p.a. last week whilst the 182-Day Bill settled at 15.68% p.a. from 15.70% p.a. last week. The 364-Day Bill settled at 16.79% p.a. from 16.80% 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	12-05-25	16-05-25
91 Day TB	28.04	15.16	15.11	?0.34	?46.11
182 Day TB	28.68	15.70	15.68	?0.15	?45.33
364 Day TB	30.07	16.80	16.79	?0.09	?44.17

 Source: Bank of Ghana

The Ghana Market Summary
	Current	Previous	Change
Bid (GH¢' M)	2,762.35	5,216.36	?47.04%
Issuance (GH¢' M)	5,353.15	5,216.36	?2.62%
Target (GH¢' M)	6,684	5,386	?24.10%
Maturity (GH¢' M)	6,432.47	4,709.94	?36.57%
Target coverage ratio	0.80	0.97	na
Maturity coverage ratio	0.83	1.11	na
Bid / Cover ratio	0.52	1.00	na

Source: Bank of Ghana

Weekly BOG Gold Coin Prices
BOG Gold Coins	Year Open	Week Open	Week Close	Change%	YTD %
	01-01-25	12-05-25	16-05-25
1.00 oz	40,169.31	45,994.05	41,348.49	?10.10	?2.94
0.50 oz	20,486.68	23,376.46	21,041.96	?9.99	?2.71
0.25 oz	10,675.23	12,094.54	10,914.02	?9.76	?2.24

Source: Bank of Ghana

COMMODITY MARKET

Oil prices settled marginally higher as signs of a breakdown in U.S. talks with Iran over its nuclear program offset a Moody’s downgrade of the U.S. sovereign credit rating. Brent futures traded at US$65.41 a barrel, compared to US$63.91 at week open, reflecting w/w gain and YTD depreciation of 2.35% and 12.37% respectively.

 

Gold prices fell as risk appetite was buoyed by interest rate cuts in both China and Australia, which boosted equities. Gold settled at US$3,187.20, from US$3,344.00 last week, reflecting w/w loss and YTD appreciation of 4.69% and 20.68% respectively.

 

The price of Cocoa improved for the week. Cocoa traded at US$9,187.00 per tonne on Friday, from US$8,877.00 last week, reflecting w/w gain and YTD loss of 16.10% and 5.60% respectively.

International Commodity Prices

Commodities	Year Open	Week Open	Week Close	Chg%	YTD %
	01-01-25	12-05-25	16-05-25
Brent crude oil (USD/bbl)	74.64	63.91	65.41	?2.35	?12.37
Gold (USD/t oz.)	2,641.00	3,344.00	3,187.20	?4.69	?20.68
Cocoa (USD/MT)	11,545.00	9,387.00	10,898.00	?16.10	?5.60

Source: www.investing.com

INVESTMENT TERM OF THE WEEK

Phantom stock plan: It is an employee benefit program that gives certain employees, typically senior managers, many of the benefits of stock ownership without actually handing over company stock. Rather than getting physical stock, the employee receives "mock stock." Even though it's not real, the phantom stock tracks the price moves of the company's actual stock, paying out any resulting profits

Source:

https://www.investopedia.com/terms/p/phantomstock.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.