Cedi strengthens against Pound Sterling

The Ghanaian Cedi exhibited mixed performance last week, strengthening against the Pound Sterling while weakening against both the US Dollar and the Euro.
Specifically, the Cedi depreciated by 0.32% against the Dollar and by 0.09% against the Euro, but appreciated by 0.10% against the Pound Sterling.
By the end of the week, the Cedi’s mid-rate stood at GH₵14.8283 to the Dollar, GH₵19.0818 to the Pound Sterling, and GH₵16.1075 to the Euro.
Open market indicative rates showed the Cedi closing at GH₵15.2717 to the Dollar, GH₵19.6596 to the Pound Sterling, and GH₵16.5836 to the Euro.

Ghana Fixed Income Market
Investor interest in Treasury bills surged compared to the previous week’s auction.
The government raised GH₵4.06 billion, falling short of the GH₵4.78 billion target, reflecting a 15% undersubscription rate. Despite the shortfall, all bids for the 91-day, 182-day, and 364-day Treasury bills were fully accepted.
The yield on the 91-day T-bill remained unchanged at 24.79%. The 182-day T-bill yield increased by 3 basis points to 26.74%, and the 364-day T-bill yield rose by 5 basis points to 27.86%.

Ghana Fixed Income Market
Trading volumes on the GFIM decreased by 2.4% to GH₵2.93 billion last week.
Treasury bills dominated trading activity, comprising 67.95% of the total volume traded, while Sell/Buy back trades accounted for 26.71%.

Ghana Stock Exchange
The Ghanaian stock market continued its bullish trend, with the GSE Composite Index increasing by 3.94%, driven by strong performances from EGL and MTNGH, which offset declines in FML, GLD, and TOTAL.
The index closed the week at 4,490.18 points, yielding a year-to-date return of 43.45%.
However, trading activity significantly contracted, with a total of 967,278 shares traded, resulting in a turnover of GH₵11.78 million, representing a 93.64% decrease in trading volumes compared to the previous week.
Tesah Capital predicts that financial stocks and the ICT sector will drive the index’s performance in the upcoming week.