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 |
10.30% |
|
Inflation for Mar 2026 |
3.2% |
|
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¢) – Dec, 2025 |
641.0 |
|
Debt to GDP Ratio – Dec, 2025 |
45.3% |
STOCK MARKET REVIEW
The Ghana Stock Exchange closed higher as twelve (12) counters recorded better-than-expected price gains for the week.
The GSE Composite Index (GSE-CI) grew by 875.12 points (+6.66%) for the week to close at 14,024.22 points, reflecting a year-to-date (YTD) gain of 59.91%.
The GSE Financial Index (GSE-FI) also rose by 367.68 points (+4.63%) for the week to close at 8,314.05 points, reflecting a year-to-date (YTD) gain of 78.91%.
Market capitalization also increased by 7.56% to close the week at GH¢266,447.66 million, from GH¢247,726.23 million at the close of the previous week. This reflects a YTD gain of 54.87%.
The week recorded a total of 12,704,860 shares, valued at GH¢62,320,423.24, compared with 8,657,932 shares valued at GH¢54,710,764.39 that were traded in the preceding week.
MTNGH dominated both the volume and value of trades for the week, accounting for 52.21% and 45.31% of the volume and value of shares traded, respectively.
The market closed the week with 12 growers and 7 decliners as indicated below:
|
Price Movers for the Week |
|||
|
Equity |
Opening Price |
Closing Price |
Gain/Loss (%) |
|
CLYD |
1.11 |
1.44 |
?29.73% |
|
ETI |
1.67 |
2.10 |
?25.75% |
|
SIC |
3.56 |
4.46 |
?25.28% |
|
GCB |
25.96 |
31.77 |
?22.38% |
|
CAL |
0.75 |
0.86 |
?14.67% |
|
MTNGH |
5.50 |
6.10 |
?10.91% |
|
ALLGH |
6.55 |
7.20 |
?9.92% |
|
SOGEGH |
5.36 |
5.65 |
?5.41% |
|
RBGH |
4.51 |
4.72 |
?4.66% |
|
TOTAL |
38.09 |
38.28 |
?0.50% |
|
GOIL |
7.86 |
7.89 |
?0.38% |
|
GLD |
502.79 |
502.89 |
?0.02% |
|
ABG |
42.00 |
30.65 |
?27.02% |
|
BOPP |
100.00 |
89.99 |
?10.01% |
|
EGL |
11.66 |
11.30 |
?3.09% |
|
GGBL |
15.50 |
15.30 |
?1.29% |
|
EGH |
49.45 |
48.90 |
?1.11% |
|
FML |
12.59 |
12.55 |
?0.32% |
|
SCB |
71.40 |
71.38 |
?0.03% |
Source: Ghana Stock Exchange






CURRENCY MARKET
The Cedi slid against the USD for the week. It traded at GH¢11.0500/$, compared with GH¢11.0300/$ at week open, reflecting w/w and YTD depreciations of 0.18% and 5.43% respectively. This compares with a depreciation of 4.92% a year ago.
The Cedi also retracted against the GBP for the week. It traded at GH¢14.9811/£, compared with GH¢14.8448/£ at week open, reflecting w/w and YTD losses of 0.91% and 6.16% respectively. This compares with a depreciation of 10.18% a year ago.
The Cedi weakened against the Euro for the week. It traded at GH¢13.0435/€, compared with GH¢12.9310/€ at week open, reflecting w/w and YTD depreciations of 0.86% and 5.91% respectively. This compares with a depreciation of 13.42% a year ago.
The Cedi depreciated marginally against the Canadian Dollar for the week. It opened at GH¢7.9729/C$ and closed at GH¢8.0854/C$, reflecting w/w and YTD losses of 1.39% and 5.74%, respectively. This compares with a depreciation of 8.45% a year ago.
|
Weekly Interbank Foreign Exchange Rates |
|||||
|
Currency Pair |
Year Open |
Week Open |
Week Close |
Change% |
YTD % |
|
|
01-01-26 |
13-04-26 |
17-04-26 |
|
|
|
USD/GHS |
10.4500 |
11.0300 |
11.0500 |
?0.18 |
?5.43 |
|
GBP/GHS |
14.0579 |
14.8448 |
14.9811 |
?0.91 |
?6.16 |
|
EUR/GHS |
12.2728 |
12.9310 |
13.0435 |
?0.86 |
?5.91 |
|
CAD/GHS |
7.6211 |
7.9729 |
8.0854 |
?1.39 |
?5.74 |
Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢4,090.30 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢5,113.44 million raised in the previous week.
The 91-Day Bill settled at 4.95% p.a. from 4.91% p.a. last week, whilst the 182-Day Bill settled at 6.91% p.a. from 6.78% p.a. last week. The 364-Day Bill settled at 10.13% p.a. from 9.98% 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 |
13-04-26 |
17-04-26 |
|
|
|
91 Day TB |
11.09 |
4.91 |
4.95 |
?0.76 |
?55.39 |
|
182 Day TB |
12.52 |
6.78 |
6.91 |
?1.98 |
?44.83 |
|
364 Day TB |
12.94 |
9.98 |
10.13 |
?1.50 |
?21.73 |
Source: Bank of Ghana
|
The Ghana Market Summary |
|||
|
|
Current |
Previous |
Change |
|
Bid (GH¢' M) |
4,090.30 |
5,113.44 |
?20.01% |
|
Issuance (GH¢' M) |
4,488.55 |
5,310.29 |
?15.47% |
|
Target (GH¢' M) |
4,890 |
7,570 |
?35.40% |
|
Maturity (GH¢' M) |
3,773.28 |
7,479.75 |
?49.55% |
|
Target coverage ratio |
0.92 |
0.70 |
na |
|
Maturity coverage ratio |
1.19 |
0.71 |
na |
|
Bid / Cover ratio |
0.91 |
0.96 |
na |
Source: Bank of Ghana
|
Weekly BOG Gold Coin Prices |
|||||
|
BOG Gold Coins |
Year Open |
Week Open |
Week Close |
Change% |
YTD % |
|
|
01-01-26 |
13-04-26 |
17-04-26 |
|
|
|
1.00 oz |
47,231.06 |
54,103.77 |
54,733.56 |
?1.16 |
?15.88 |
|
0.50 oz |
23,953.39 |
27,398.36 |
27,715.39 |
?1.16 |
?15.71 |
|
0.25 oz |
12,335.94 |
14,068.18 |
14,228.53 |
?1.14 |
?15.34 |
COMMODITY MARKET
Oil prices fell as markets parsed mixed signals from fresh U.S.-Iran talks ahead of the expiry of a temporary ceasefire. Brent futures traded at US$90.38 a barrel, compared to US$95.20 at the week's open, reflecting w/w loss and YTD gain of 5.06% and 48.53% respectively.
Gold prices inched higher as some traders remained skeptical of the US and Iran’s ability to reach a deal, following mixed signals from the negotiating parties. Gold settled at US$4,787.40, from US$4,787.40 last week, reflecting w/w and YTD appreciations of 1.93% and 11.25% respectively.
The price of Cocoa declined for the week. Cocoa traded at US$3,280.00 per tonne on Friday, from US$3,327.00 last week, reflecting w/w and YTD losses of 1.41% and 45.92% respectively.
International Commodity Prices
|
Commodities |
Year Open |
Week Open |
Week Close |
Chg% |
YTD % |
|
|
01-01-26 |
13-04-26 |
17-04-26 |
|
|
|
Brent crude oil (USD/bbl) |
60.85 |
95.20 |
90.38 |
?5.06 |
?48.53 |
|
Gold (USD/t oz.) |
4,386.30 |
4,787.40 |
4,879.60 |
?1.93 |
?11.25 |
|
Cocoa (USD/MT) |
6,065.00 |
3,327.00 |
3,280.00 |
?1.41 |
?45.92 |
Source: www.investing.com

INVESTMENT TERM OF THE WEEK
Holding Company Depository Receipt (HOLDR): It is a security that allows investors to buy and sell a basket of stocks in a single transaction. Like exchange-traded funds (ETFs), HOLDRs allowed investors to trade stocks in a specific industry, sector, or group. ETFs, however, provide a more efficient and flexible structure for investors and issuers.
As a result, HOLDR securities were discontinued and some converted into ETFs by the end of the year 2011.
Source:
https://www.investopedia.com/terms/h/holdr.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.