MACROECONOMIC INDICATORS
|
Q4, 2025 Real GDP Growth |
5.8% |
|
Average Real GDP Growth for 2025 |
6.0% |
|
2026 Projected Real GDP Growth |
4.8% |
|
BoG Policy Rate |
14.0% |
|
Weekly Interbank Interest Rate |
11.64% |
|
Inflation for February 2026 |
3.3% |
|
End Period Inflation Target – 2026 |
8.0% |
|
Budget Surplus (% GDP) – Dec, 2025 |
0.5% |
|
2026 Budget Surplus Target (%GDP) |
1.5% |
|
Public Debt (billion GH¢) – Nov, 2025 |
641.0 |
|
Debt to GDP Ratio – Nov, 2025 |
45.3% |
STOCK MARKET REVIEW
The Ghana Stock Exchange (GSE) recorded modest gains at the close of the week, with advances in seven counters outweighing declines observed in ten counters.
The GSE Composite Index (GSE-CI) rose by 80.37 points (+0.51%) for the week to close at 15,691.69 points, reflecting a year-to-date (YTD) gain of 78.92%.
The GSE Financial Index (GSE-FI) also surged by 301.07 points (-2.97%) for the week to close at 9,844.23 points, reflecting a year-to-date (YTD) gain of 111.83%.
Market capitalization inched up by 0.30% to close the week at GH¢293,463.36 million, from GH¢292,581.19 million at the close of the previous week. This reflects a YTD gain of 70.58%.
The week recorded a total of 45,905,243 shares, valued at GH¢283,652,715.30, compared with 35,115,578 shares valued at GH¢131,850,095.56 that were traded in the preceding week.
MTNGH dominated both the volume and value of trades for the week, accounting for 88.83% and 93.61% of the volume and value of shares traded, respectively.
The market closed the week with 7 gainers and 10 laggards as indicated below:
|
Price Movers for the Week |
|||
|
Equity |
Opening Price |
Closing Price |
Gain/Loss (%) |
|
RBGH |
4.03 |
5.38 |
?33.50% |
|
CLYD |
0.83 |
0.99 |
?19.28% |
|
BOPP |
86.00 |
100.00 |
?16.28% |
|
HORDS |
0.09 |
0.10 |
?11.11% |
|
GOIL |
7.32 |
7.85 |
?7.24% |
|
MTNGH |
6.27 |
6.53 |
?4.15% |
|
EGL |
12.01 |
12.13 |
?1.00% |
|
SIC |
6.90 |
4.54 |
?34.20% |
|
SOGEGH |
10.76 |
8.73 |
?18.87% |
|
GCB |
52.00 |
45.77 |
?11.98% |
|
CAL |
0.87 |
0.77 |
?11.49% |
|
GGBL |
16.35 |
15.94 |
?2.51% |
|
TOTAL |
40.13 |
39.80 |
?0.82% |
|
FML |
15.40 |
15.32 |
?0.52% |
|
ETI |
2.46 |
2.45 |
?0.41% |
|
SCB |
79.41 |
79.25 |
?0.20% |
|
EGH |
56.00 |
55.90 |
?0.18% |
Source: Ghana Stock Exchange






CURRENCY MARKET
The Cedi slipped against the USD for the second consecutive week. It traded at GH¢10.9400/$, compared with GH¢10.8725/$ at week open, reflecting w/w and YTD depreciations of 0.62% and 4.48% respectively. This compares with a depreciation of 5.34% a year ago.
The Cedi also weakened against the GBP for the week. It traded at GH¢14.6197/£, compared with GH¢14.3882/£ at week open, reflecting w/w and YTD losses of 1.58% and 3.84% respectively. This compares with a depreciation of 8.37% a year ago.
The Cedi depreciated against the Euro for the week. It traded at GH¢12.6130/€, compared with GH¢12.4357/€ at week open, reflecting w/w and YTD depreciations of 1.41% and 2.70% respectively. This compares with a depreciation of 9.50% a year ago.
The Cedi also depreciated marginally against the Canadian Dollar for the week. It opened at GH¢7.9130/C$ and closed at GH¢7.9759/C$, reflecting w/w and YTD losses of 0.79% and 4.45%, respectively. This compares with a depreciation of 5.64% a year ago.
|
Weekly Interbank Foreign Exchange Rates |
|||||
|
Currency Pair |
Year Open |
Week Open |
Week Close |
Change% |
YTD % |
|
|
01-01-26 |
16-03-26 |
19-03-26 |
|
|
|
USD/GHS |
10.4500 |
10.8725 |
10.9400 |
?0.62 |
?4.48 |
|
GBP/GHS |
14.0579 |
14.3882 |
14.6197 |
?1.58 |
?3.84 |
|
EUR/GHS |
12.2728 |
12.4357 |
12.6130 |
?1.41 |
?2.70 |
|
CAD/GHS |
7.6211 |
7.9130 |
7.9759 |
?0.79 |
?4.45 |
Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢3,265.74 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢7,991.21 million raised in the previous week.
The 91-Day Bill settled at 4.78% p.a. from 4.71% p.a. last week, whilst the 182-Day Bill settled at 6.36% p.a. from 6.28% p.a. last week. The 364-Day Bill settled at 9.58% p.a. from 9.41% 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 |
16-03-26 |
19-03-26 |
|
|
|
91 Day TB |
11.09 |
4.71 |
4.78 |
?1.52 |
?56.89 |
|
182 Day TB |
12.52 |
6.28 |
6.36 |
?1.25 |
?49.20 |
|
364 Day TB |
12.94 |
9.41 |
9.58 |
?1.88 |
?25.95 |
Source: Bank of Ghana
|
The Ghana Market Summary |
|||
|
|
Current |
Previous |
Change |
|
Bid (GH¢' M) |
3,265.74 |
7,991.21 |
?59.13% |
|
Issuance (GH¢' M) |
3,731.30 |
8,737.11 |
?57.29% |
|
Target (GH¢' M) |
5,005 |
8,131 |
?38.45% |
|
Maturity (GH¢' M) |
3,404.51 |
8,033.51 |
?57.62% |
|
Target coverage ratio |
0.75 |
1.07 |
na |
|
Maturity coverage ratio |
1.10 |
1.09 |
na |
|
Bid / Cover ratio |
0.88 |
0.91 |
na |
Source: Bank of Ghana
|
Weekly BOG Gold Coin Prices |
|||||
|
BOG Gold Coins |
Year Open |
Week Open |
Week Close |
Change% |
YTD % |
|
|
01-01-26 |
16-03-26 |
19-03-26 |
|
|
|
1.00 oz |
47,231.06 |
57,194.04 |
54,720.19 |
?4.33 |
?15.86 |
|
0.50 oz |
23,953.39 |
28,940.71 |
27,704.84 |
?4.27 |
?15.66 |
|
0.25 oz |
12,335.94 |
14,836.18 |
14,219.45 |
?4.16 |
?15.27 |
COMMODITY MARKET
Oil rose as the world’s biggest supply disruption persisted and as Iran denied it had talks with the U.S. to end the war in the Gulf. Brent futures traded at US$103.14 a barrel, compared to US$103.14 at week's open, reflecting w/w and YTD appreciations of 3.17% and 74.87% respectively.
Gold prices extended losses for the second straight week as Iran denied holding talks with the U.S. after President Donald Trump’s decision to postpone further strikes on Iran’s energy infrastructure. Gold settled at US$4,609.60, from US$5,061.70 last week, reflecting w/w loss and YTD appreciation of 8.93% and 5.09% respectively.
The price of Cocoa rose further for the week. Cocoa traded at US$3,255.00 per tonne on Friday, from US$3,205.00 last week, reflecting w/w gain and YTD loss of 1.56% and 46.33% respectively.
International Commodity Prices
|
Commodities |
Year Open |
Week Open |
Week Close |
Chg% |
YTD % |
|
|
01-01-26 |
16-03-26 |
20-03-26 |
|
|
|
Brent crude oil (USD/bbl) |
60.85 |
103.14 |
106.41 |
?3.17 |
?74.87 |
|
Gold (USD/t oz.) |
4,386.30 |
5,061.70 |
4,609.60 |
?8.93 |
?5.09 |
|
Cocoa (USD/MT) |
6,065.00 |
3,205.00 |
3,255.00 |
?1.56 |
?46.33 |
Source: www.investing.com


INVESTMENT TERM OF THE WEEK
TED Spread: It measures the difference between the interest rate on short-term U.S. government debt and the rate on interbank loans, specifically contrasting the three-month U.S. Treasury bill with the three-month LIBOR. This metric is crucial for gauging credit risk because U.S. Treasury bills are deemed a safe investment, unlike interbank loans which can represent higher risk.
Source:
https://www.investopedia.com/terms/t/tedspread.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.