ghana market commentary

Activity picked up slightly in Thursday’s trading session as market participants cautiously ventured into the market, after Wednesday’s budget reading. Conversations with some participants on the buy side showed that trading and investment strategies would not change significantly given the economic direction the country was taking. For others, the strategy was to “wait and see”. The book build for the 5-year USD denominated Treasury Bond Issuance ended yesterday at 5pm with the Final Clearing Yield being 6.00%, to be settled today. The market saw trades in Mar 23s, Nov 23s and Jun 25s at 19.720%, 19.920% and 20.400% levels respectively. Jul 31s traded at 20.250%. We expect a fair amount of activity in today’s session to close the trading week. USD/GHS closed the session at 6.4800/6.5300.