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) extended its year-long rally, driven by price appreciations across seventeen (17) listed counters.
The GSE Composite Index (GSE-CI) grew by 1,544.89 points (+15.06%) for the week to close at 11,805.68 points, reflecting a year-to-date (YTD) gain of 34.61%.
The GSE Financial Index (GSE-FI) also surged by 980.90 points (+17.58%) for the week to close at 6,561.08 points, reflecting a year-to-date (YTD) gain of 41.18%.
Market capitalization grew by 10.88% to close the week at GH¢217,198.55 million, from GH¢195,887.53 million at the close of the previous week. This reflects a YTD gain of 26.25%.
The week recorded a total of 59,439,666 shares, valued at GH¢338,260,991.55, compared with 34,069,327 shares valued at GH¢139,417,109.86 that were traded in the preceding week.
MTNGH dominated both the volume and value of trades for the week, accounting for 72.91% and 67.17% of the volume and value of shares traded, respectively.
The market closed the week with 17 advancers and 1 laggard as indicated below:
|
Price Movers for the Week |
|||
|
Equity |
Opening Price |
Closing Price |
Gain/Loss (%) |
|
SIC |
1.70 |
2.47 |
?45.29% |
|
EGH |
37.95 |
50.53 |
?33.15% |
|
FML |
9.76 |
12.97 |
?32.89% |
|
ABG |
21.52 |
28.40 |
?31.97% |
|
GGBL |
8.45 |
11.00 |
?30.18% |
|
GCB |
24.91 |
32.03 |
?28.58% |
|
RBGH |
1.41 |
1.81 |
?28.37% |
|
CLYD |
0.53 |
0.62 |
?16.98% |
|
UNIL |
21.76 |
25.38 |
?16.64% |
|
SOGEGH |
5.90 |
6.84 |
?15.93% |
|
ETI |
0.82 |
0.93 |
?13.41% |
|
MTNGH |
4.85 |
5.47 |
?12.78% |
|
GLD |
466.72 |
526.06 |
?12.71% |
|
EGL |
4.50 |
4.95 |
?10.00% |
|
GOIL |
3.60 |
3.96 |
?10.00% |
|
CAL |
0.86 |
0.94 |
?9.30% |
|
FAB |
7.80 |
7.82 |
?0.26% |
|
SCB |
29.30 |
29.37 |
?0.24% |
|
SAMBA |
40.19 |
40.15 |
?0.10% |
Source: Ghana Stock Exchange







CURRENCY MARKET
The Cedi gained some ground against the USD for the week. It traded at GH¢10.9700/$, compared with GH¢10.9985/$ at week open, reflecting w/w gain and YTD depreciation of 0.26% and 4.74% respectively. This compares with a depreciation of 5.41% a year ago.
The Cedi also strengthened against the GBP for the week. It traded at GH¢14.8090/£, compared with GH¢15.0026/£ at week open, reflecting w/w gain and YTD loss of 1.31% and 5.07% respectively. This compares with an appreciation of 6.32% a year ago.
The Cedi improved against the Euro for the week. It traded at GH¢12.9308/€, compared with GH¢13.0440/€ at week open, reflecting w/w gain and YTD depreciation of 0.88% and 5.09% respectively. This compares with a depreciation of 6.35% a year ago.
The Cedi appreciated marginally against the Canadian Dollar for the week. It opened at GH¢8.0861/C$ and closed at GH¢8.0140/C$, reflecting w/w gain and YTD loss of 0.90% and 4.90%, respectively. This compares with a depreciation of 6.68% a year ago.
|
Weekly Interbank Foreign Exchange Rates |
|||||
|
Currency Pair |
Year Open |
Week Open |
Week Close |
Change% |
YTD % |
|
|
01-01-26 |
16-02-26 |
20-02-26 |
|
|
|
USD/GHS |
10.4500 |
10.9985 |
10.9700 |
?0.26 |
?4.74 |
|
GBP/GHS |
14.0579 |
15.0026 |
14.8090 |
?1.31 |
?5.07 |
|
EUR/GHS |
12.2728 |
13.0440 |
12.9308 |
?0.88 |
?5.09 |
|
CAD/GHS |
7.6211 |
8.0861 |
8.0140 |
?0.90 |
?4.90 |
Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢11,409.98 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢8,993.19 million raised in the previous week.
The 91-Day Bill settled at 6.45% p.a. from 8.61% p.a. last week, whilst the 182-Day Bill settled at 8.18% p.a. from 10.68% p.a. last week. The 364-Day Bill settled at 10.21% p.a. from 11.06% 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 |
16-02-26 |
20-02-26 |
|
|
|
91 Day TB |
11.09 |
8.61 |
6.45 |
?25.05 |
?41.82 |
|
182 Day TB |
12.52 |
10.68 |
8.18 |
?23.38 |
?34.67 |
|
364 Day TB |
12.94 |
11.06 |
10.21 |
?7.73 |
?21.13 |
Source: Bank of Ghana
|
The Ghana Market Summary |
|||
|
|
Current |
Previous |
Change |
|
Bid (GH¢' M) |
11,409.98 |
8,993.19 |
?26.87% |
|
Issuance (GH¢' M) |
25,200.93 |
22,670.26 |
?11.16% |
|
Target (GH¢' M) |
9,322 |
6,415 |
?45.32% |
|
Maturity (GH¢' M) |
9,125.45 |
6,258.98 |
?45.80% |
|
Target coverage ratio |
2.70 |
3.53 |
na |
|
Maturity coverage ratio |
2.76 |
3.62 |
na |
|
Bid / Cover ratio |
0.45 |
0.40 |
na |
Source: Bank of Ghana
|
Weekly BOG Gold Coin Prices |
|||||
|
BOG Gold Coins |
Year Open |
Week Open |
Week Close |
Change% |
YTD % |
|
|
01-01-26 |
16-02-26 |
20-02-26 |
|
|
|
1.00 oz |
47,231.06 |
57,042.43 |
56,620.96 |
?0.74 |
?19.88 |
|
0.50 oz |
23,953.39 |
28,867.24 |
28,656.51 |
?0.73 |
?19.63 |
|
0.25 oz |
12,335.94 |
14,802.10 |
14,696.74 |
?0.71 |
?19.14 |
COMMODITY MARKET
Oil prices hit over a six-month high, as geopolitical concerns continued to mount on lingering U.S.-Iran tensions amid lack of progress in Russia-Ukraine peace talks. Brent futures traded at US$71.30 a barrel, compared to US$67.75 at week's open, reflecting w/w loss and YTD appreciation of 5.24% and 17.17% respectively.
Gold prices rose, extending last week’s gains, as U.S. President Donald Trump’s fresh global tariffs lifted bullion’s safe-haven demand. Gold settled at US$5,080.90, from US$5,046.30 last week, reflecting w/w and YTD appreciations of 0.69% and 15.84% respectively.
The price of Cocoa again declined for the week. Cocoa traded at US$3,178.00 per tonne on Friday, from US$3,581.00 last week, reflecting w/w and YTD losses of 11.25% and 47.60% respectively.
International Commodity Prices
|
Commodities |
Year Open |
Week Open |
Week Close |
Chg% |
YTD % |
|
|
01-01-26 |
16-02-26 |
20-02-26 |
|
|
|
Brent crude oil (USD/bbl) |
60.85 |
67.75 |
71.30 |
?5.24 |
?17.17 |
|
Gold (USD/t oz.) |
4,386.30 |
5,046.30 |
5,080.90 |
?0.69 |
?15.84 |
|
Cocoa (USD/MT) |
6,065.00 |
3,581.00 |
3,178.00 |
?11.25 |
?47.60 |
Source: www.investing.com


INVESTMENT TERM OF THE WEEK
Key Rate Duration: It is a measure of bond price sensitivity to changes at different points along the yield curve. As opposed to effective duration, which looks at changes in value as a consequence of the yield curve's parallel shifts, key rate duration is used to assess value changes due to non-parallel shifts.
Source: https://www.investopedia.com/terms/k/keyrateduration.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.