MACROECONOMIC INDICATORS

Q1, 2026 Real GDP Growth	6.4%
Average Real GDP Growth for 2026	6.4%
2026 Projected Real GDP Growth	4.8%
BoG Policy Rate	14.0%
Weekly Interbank Interest Rate	10.24%
Inflation for May 2026	3.7%
End Period Inflation Target – 2026	8.0%
Budget Surplus (% GDP) – Mar, 2026	1.1%
2026 Budget Surplus Target (%GDP)	1.5%
Public Debt (billion GH¢) – Feb, 2026	674.1
Debt to GDP Ratio – Feb, 2026	42.2%

 

STOCK MARKET REVIEW

The Ghana Stock Exchange rebounded on the back of price gains by nine (9) counters.

The GSE Composite Index (GSE-CI) grew by 142.70 points (+1.00%) for the week to close at 14,442.02 points, reflecting a year-to-date (YTD) gain of 64.67%.  

The GSE Financial Index (GSE-FI) also grew by 316.27 points (+4.00%) for the week to close at 8,227.71 points, reflecting a year-to-date (YTD) gain of 77.05%. 

Market capitalization grew by 3.90% to close the week at GH¢275,718.44 million, from GH¢265,378.21 million at the close of the previous week. This reflects a YTD gain of 60.26%.

The week recorded a total of 18,400,452 shares, valued at GH¢163,250,915.41, compared with 10,984,499 shares, valued at GH¢90,685,057.56, traded in the preceding week.

MTNGH dominated the volume of trades for the week, while GCB dominated the value of trades for the week, accounting for 43.44% and 37.92% of the volume and value of shares traded, respectively.

The market closed the week with 9 advancers and 6 decliners as indicated below:

Price Movers for the Week
Equity	Opening Price	Closing Price	Gain/Loss (%)
ETI	1.57	2.09	?33.12%
CLYD	2.04	2.45	?20.10%
CPC	0.12	0.13	?8.33%
SOGEGH	6.42	6.80	?5.92%
ABG	27.60	29.00	?5.07%
SIC	4.83	4.93	?2.07%
TOTAL	36.00	36.30	?0.83%
FML	13.30	13.34	?0.30%
EGL	10.03	10.05	?0.20%
GGBL	14.50	12.99	?10.41%
EGH	44.99	41.00	?8.87%
GLD	501.92	462.03	?7.95%
RBGH	5.09	5.00	?1.77%
MTNGH	6.48	6.42	?0.93%
ZEN	10.04	10.00	?0.40%

 Source: Ghana Stock Exchange

 

 

CURRENCY MARKET

The Cedi turned the corner against the USD after months of sustained decline. It traded at GH¢11.0500/$, compared with GH¢11.8505/$ at week open, reflecting w/w gain and YTD depreciation of 7.24% and 5.43% respectively. This compares with an appreciation of 43.42% a year ago.              

The Cedi appreciated against the GBP for the week. It traded at GH¢14.8220/£, compared with GH¢15.8258/£ at week open, reflecting w/w gain and YTD loss of 6.77% and 5.16% respectively. This compares with an appreciation of 32.11% a year ago.

The Cedi edged higher against the Euro for the week. It traded at GH¢12.7875/€, compared with GH¢13.6630/€ at week open, reflecting w/w gain and YTD depreciation of 6.85% and 4.03% respectively. This compares with an appreciation of 29.67% a year ago.                

The Cedi grew further against the Canadian Dollar for the week. It opened at GH¢8.5025/C$ and closed at GH¢7.9059/C$, reflecting w/w gain and YTD loss of 7.55% and 3.60%, respectively. This compares with an appreciation of 36.04% a year ago.

Weekly Interbank Foreign Exchange Rates
Currency Pair	Year Open	Week Open	Week Close	Change%	YTD %
	01/01/26	08/06/26	12/06/26
USD/GHS	10.4500	11.8505	11.0500	?7.24	?5.43
GBP/GHS	14.0579	15.8258	14.8220	?6.77	?5.16
EUR/GHS	12.2728	13.6630	12.7875	?6.85	?4.03
CAD/GHS	7.6211	8.5025	7.9059	?7.55	?3.60

 Source: Bank of Ghana

 

GOVERNMENT SECURITIES MARKET

The government raised a sum of GH¢8,293.98 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢5,831.86 million raised in the previous week.       

The 91-Day Bill settled at 5.04% p.a. from 5.01% p.a. last week, whilst the 182-Day Bill settled at 7.08 p.a. from 7.09% p.a. last week. The 364-Day Bill settled at 10.98% p.a. from 10.84% 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	08/06/26	12/06/26
91 Day TB	11.09	5.01	5.04	?0.61	?54.54
182 Day TB	12.52	7.09	7.08	?0.20	?43.47
364 Day TB	12.94	10.84	10.98	?1.27	?15.18

 Source: Bank of Ghana

Weekly BOG Gold Coin Prices
BOG Gold Coins	Year Open	Week Open	Week Close	Change%	YTD %
	01/01/26	08/06/26	12/06/26
1.00 oz	47,231.06	54,944.17	46,906.93	?14.63	?0.69
0.50 oz	23,953.39	27,832.23	23,802.72	?14.48	?0.63
0.25 oz	12,335.94	14,300.24	12,273.15	?14.18	?0.51

The Ghana Market Summary
	Current	Previous	Change
Bid (GH¢' M)	8,293.98	5,831.86	?42.22%
Issuance (GH¢' M)	8,436.28	6,092.18	?38.48%
Target (GH¢' M)	7,425	5,442	?36.44%
Maturity (GH¢' M)	7,332.54	5,374.73	?36.43%
Target coverage ratio	1.14	1.12	na
Maturity coverage ratio	1.15	1.13	na
Bid / Cover ratio	0.98	0.96	na

Source: Bank of Ghana

 

COMMODITY MARKET

Oil prices slumped more than 4%, as investors cheered the U.S. and Iran’s announcements of reaching an interim peace deal that would reopen the critical Strait of Hormuz. Brent futures traded at US$87.33 a barrel, compared to US$95.03 at the week's open, reflecting w/w loss and YTD gain of 8.10% and 43.52% respectively.

Gold prices closed lower on the back of reports citing a "double whammy" of stronger US economic data and a delayed Fed easing timeline - now pushed to 2027. Gold settled at US$4,238.80, from US$4,505.00 last week, reflecting w/w and YTD depreciations of 5.91% and 3.36% respectively.

The price of Cocoa strengthened for the week. Cocoa traded at US$3,868.00 per tonne on Friday, from US$4,044.00 last week, reflecting w/w and YTD losses of 4.35% and 36.22% respectively.

International Commodity Prices

Commodities	Year Open	Week Open	Week Close	Chg%	YTD %
	01/01/26	08/06/26	12/06/26
Brent crude oil (USD/bbl)	60.85	95.03	87.33	?8.10	?43.52
Gold (USD/t oz.)	4,386.30	4,505.00	4,238.80	?5.91	?3.36
Cocoa (USD/MT)	6,065.00	4,044.00	3,868.00	?4.35	?36.22

Source: www.investing.com

INVESTMENT TERM OF THE WEEK

Preservation of Capital: a conservative investment strategy focused on protecting principal and avoiding losses. It usually involves low-risk investments like Treasury bills and certificates of deposit, making it suitable for retirees and risk-averse investors. While it offers security, returns are modest and can be eroded by inflation over time.

Source:

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