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 18.0%
Weekly Interbank Interest Rate 16.23%
Inflation for November 2025 6.3%
End Period Inflation Target – 2025 8.0%
Budget Surplus (% GDP) – Oct, 2025 2.2%
2026 Budget Surplus Target (%GDP) 1.5%
Public Debt (billion GH¢) – Oct, 2025 630.2
Debt to GDP Ratio – Oct, 2025 45.0%
STOCK MARKET REVIEW
The Ghana Stock Exchange (GSE) ended the week on a strong note as seven (7) counters saw solid price growth.
The GSE Composite Index (GSE-CI) rose by 76.40 points (+0.88%) for the week to close at 8,755.59 points, reflecting a year-to-date (YTD) gain of 79.10%.
The GSE Financial Index (GSE-FI) also grew by 98.34 points (+2.16%) for the week to close at 4,642.58 points, reflecting a year-to-date (YTD) gain of 95.00%.
Market capitalization grew marginally by 1.99% to close the week at GH¢171,850.61 million, from GH¢168,501.98 million at the close of the previous week. This reflects a YTD gain of 54.33%.
The week recorded a total of 13,702,216 shares, valued at GH¢53,758,059.95, compared with 26,553,452 shares valued at GH¢46,742,413.10 that were traded in the preceding week.
MTNGH dominated both the volume and value of trades for the week, accounting for 51.19% and 54.81% of the volume and value of shares traded, respectively.
The market closed the week with 7 gainers and 4 decliners as indicated below:
Price Movers for the Week
Equity Opening Price Closing Price Gain/Loss (%)
CAL 0.47 0.65 ?38.30%
BOPP 51.00 55.82 ?9.45%
FAB 7.30 7.70 ?5.48%
GCB 19.51 20.00 ?2.51%
GOIL 2.88 2.93 ?1.74%
ABG 16.08 16.20 ?0.75%
EGL 3.45 3.46 ?0.29%
GLD 492.31 479.07 ?2.69%
ETI 0.79 0.77 ?2.53%
MTNGH 4.20 4.19 ?0.24%
TOTAL 40.36 40.30 ?0.15%
Source: Ghana Stock Exchange





CURRENCY MARKET
The Cedi remained flat against the USD for the week. It traded at GH¢11.4900/$, compared with GH¢11.4900/$ at week open, reflecting w/w and YTD appreciation of 0.00% and 27.94% respectively. This compares with a depreciation of 19.18% a year ago.
The Cedi again declined marginally against the GBP for the week. It traded at GH¢15.3536/£, compared with GH¢15.3449/£ at week open, reflecting w/w loss and YTD gain of 0.06% and 19.85% respectively. This compares with a depreciation of 17.93% a year ago.
The Cedi strengthened against the Euro for the week. It traded at GH¢13.4674/€, compared with GH¢13.4877/€ at week open, reflecting w/w and YTD appreciations of 0.15% and 12.97% respectively. This compares with a depreciation of 14.12% a year ago.
The Cedi weakened against the Canadian Dollar for the week. It opened at GH¢8.3337/C$ and closed at GH¢8.3419/C$, reflecting w/w decline and YTD gain of 0.10% and 22.40% respectively. This compares with a depreciation of 11.89% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair Year Open Week Open Week Close Change% YTD %
01-01-25 15-12-25 19-12-25
USD/GHS 14.7001 11.4900 11.4900 0.00 ?27.94
GBP/GHS 18.4008 15.3449 15.3536 ?0.06 ?19.85
EUR/GHS 15.2141 13.4877 13.4674 ?0.15 ?12.97
CAD/GHS 10.2107 8.3337 8.3419 ?0.10 ?22.40
Source: Bank of Ghana
GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢5,382.48 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢8,513.68 million raised in the previous week.
The 91-Day Bill settled at 11.09% p.a. from 11.11% p.a. last week, whilst the 182-Day Bill settled at 12.44% p.a. from 12.54% p.a. last week. The 364-Day Bill settled at 12.91% p.a. from 12.97% 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 15-12-25 19-12-25
91 Day TB 28.04 11.11 11.09 ?0.20 ?60.45
182 Day TB 28.68 12.54 12.44 ?0.85 ?56.64
364 Day TB 30.07 12.97 12.91 ?0.44 ?57.06
Source: Bank of Ghana

The Ghana Market Summary
Current Previous Change
Bid (GH¢' M) 5,382.48 8,513.68 ?36.78%
Issuance (GH¢' M) 5,601.98 9,284.93 ?39.67%
Target (GH¢' M) 3,792 6,946 ?45.41%
Maturity (GH¢' M) 3,689.02 6,758.52 ?45.42%
Target coverage ratio 1.48 1.34 na
Maturity coverage ratio 1.52 1.37 na
Bid / Cover ratio 0.96 0.92 na
Source: Bank of Ghana
Weekly BOG Gold Coin Prices
BOG Gold Coins Year Open Week Open Week Close Change% YTD %
01-01-25 15-12-25 19-12-25
1.00 oz 40,169.31 50,189.02 51,551.81
?2.72
?28.34
0.50 oz
20,486.68
25,447.87
26,129.89
?2.68
?27.55
0.25 oz 10,675.23 13,100.72 13,442.43
?2.61
?25.92
COMMODITY MARKET
Oil prices cooled after sharp gains in the prior session as heightened tensions between the U.S. and Venezuela and attacks on Russian oil infrastructure pointed to disruptions in global supplies. Brent futures traded at US$60.47 a barrel, compared to US$61.12 at week's open, reflecting w/w and YTD depreciations of 1.06% and 18.98% respectively.
Gold prices climbed, as investors continued to favor precious metals amid easing yields, currency volatility and longer-term inflation hedging. Gold settled at US$4,387.30, from US$4,328.30 last week, reflecting w/w and YTD appreciations of 1.36% and 66.12% respectively.
The price of Cocoa slipped for the week. Cocoa traded at US$5,848.00 per tonne on Friday, from US$6,279.00 last week, reflecting w/w and YTD losses of 6.91% and 49.37% respectively.
International Commodity Prices
Commodities Year Open Week Open Week Close Chg% YTD %
01-01-25 15-12-25 19-12-25
Brent crude oil (USD/bbl) 74.64 61.12 60.47 ?1.06 ?18.98
Gold (USD/t oz.) 2,641.00 4,328.30 4,387.30 ?1.36 ?66.12
Cocoa (USD/MT) 11,545.00 6,279.00 5,845.00 ?6.91 ?49.37
Source: www.investing.com


INVESTMENT TERM OF THE WEEK
Hard Asset: It is a tangible resource with intrinsic value, such as land, real estate, equipment, or commodities. These assets support business operations by enhancing production, generating revenue, and serving as a financial buffer during downturns. Understanding hard assets helps investors and analysts assess a company's underlying strength and long-term value.
Source:
https://www.investopedia.com/terms/h/hard_asset.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.