ECONOMIC REVIEW

Ghana’s GDP grew by 4.7% year-on-year in the first quarter of 2024, its strongest expansion since Q4 2021, rising from 3.8% in the previous quarter.

Index	Current	Previous	Trend
GDP Annual Growth Rate	4.7%	3.8%	▲
Monetary Policy Rate	29.0%	29.0%	–
Inflation Rate	22.8%	23.1%	▼

_{Source(s): GSS, BoG}

Conversely, annual consumer inflation contracted for the third consecutive month, reaching 22.8% in June 2024, the lowest rate since March 2022, down from 23.1% in May 2024.

 

GHANA FIXED INCOME MARKET VOLUME TRADED

During the week, GFIM experienced noteworthy fluctuations in trading volumes. On Monday, trading volume was GHS 298.8 million, representing a 38.86% decline from the previous day. Volumes surged to GHS 658.1 million on Tuesday, then decreased mid-week, before peaking at GHS 1.1 billion as at July 12, 2024.

                     

Notably, DDEP bond trading volumes were highest on Tuesday (GHS 363.9 million) and Friday (GHS 633.6 million), indicating

strong investor activity in these bonds despite overall market volatility.

 

GHANA STOCK EXCHANGE MARKET

The GSE-CI appreciated by 3.44% to 4,086.54 compared to 3,950.49 attained the previous week, boosting its YTD gain to 30.55% from 3,130.23. Meanwhile, the GSE Financial Index (GSE-FI) experienced a modest decline of 0.88%, ending at 2,083.94, though it still shows a YTD increase of 9.59% compared to 1,901.57 attained earlier. Despite a sharp 91.55% decrease in trading volume this week, market capitalization expanded by 2.27%.

 

Gainers			Laggards
Ticker	Price (GHS)	Weekly Change	Ticker	Price (GHS)	Weekly Change
GLD	359.52	6.62	EGL	1.73	0.43
TOTAL	12.37	0.82
BOPP	23.00	0.99
ALLGH	6.00	0.20
MTNGH	2.01	0.11

_{Source: GSE}

This week’s performance on the GSE saw significant gains led by GLD, which rose by 6.62, TOTAL and BOPP also saw modest increases of 0.82 and 0.99, respectively, reflecting stable demand in petroleum and positive sentiment in agriculture. ALLGH and MTNGH experienced slight upticks, indicating stable performance. Conversely, EGL was the main laggard, dropping by 0.43 to GHS 1.73 and has been on a downshift since 2^nd July 2024.

 

MOST TRADED STOCKS
Ticker	Traded Volume	Price (GHS)
EGL	1,469,054	1.37
MTNGH	685,006	2.01
EGH	116,253	6.10
SIC	36,639	0.25
ALLGH	26,871	6.00

_{Source(s): GSE}

This week’s most traded stocks on the GSE were led by EGL with a traded volume of 1.47 million shares valued at GHS 1.37 per share, indicating strong investor interest. MTNGH followed with 685,006 shares traded, at the price of GHS 2.01 per share. EGH saw 116,253 shares traded for GHS 6.10, showing significant activity. SIC and ALLGH had lower volumes of 36,639 and 26,871 shares, valued at GHS 0.25 and GHS 6.00 respectively per share, reflecting moderate trading interest.

 

SELECTED AFRICAN STOCK INDICES
Country	Index	Level	YTD %
Nigeria	NGSE ASI	99,671.28	▲33.30
South Africa	JSE ASI	81,686.49	▲6.23
Kenya	NSE ASI	110.03	▲19.45
Botswana	BSE-DCI	9,380.40	▲5.05

_{Source(s): AFX Kwayisi, African Markets}

 

COMMODITY MARKET

As at July 12, Gold increased to $2,411.60 per ounce from $2.390.10, crude oil decreased from $83.16 per barrel to $82.21, and cocoa increased to $8,354.10 from $7,825.10 from the previous week.

 

_{Source(s): Trading Economics}

The rise in cocoa prices could be largely attributed to a global shortage caused by climate change-induced droughts that have devastated crops in West Africa, which produces about 80% of the world’s cocoa (JP Morgan Research, 2024).

 

CURRENCY EXCHANGE
Exchange	Current	Previous	YTD %
USD/GHS	14.7172	14.6707	▼19.32
GBP/GHS	19.1096	18.7844	▼22.00
EUR/GHS	16.0457	15.8833	▼18.98

_{Source(s): BoG}

 

PRIMARY DEBT MARKET ISSUANCE WEEK

Treasury bill rates have remained consistent with last week’s figures across all maturities. The 91-day bill stood at 24.7899%, the 182-day at 26.7468%, and the 364-day bill at 27.7880%, indicating a stable market for short-term government securities compared the previous week.

Security	Current %	Previous %
91-Day GoG Bill	24.7899	24.7899
182-Day GoG Bill	26.7468	26.7468
364-Day GoG Bill	27.7880	27.7879

 

_{Source(s): BoG}