The Economic and Financial Market Review (3rd Quarter) released by Tesah Capital has disclosed that Ghana’s economy expanded by 3.9% in Q.2 as the GDP is expected to rebound this year.
The release said the World Bank has also revised its forecast on Ghana’s growth from 1.4% to 4.9% by the end of the year.
Inflation according to them ended the quarter under review at 10.6% (i.e September 2021).
The cedi also depreciated by 1.84% to the US dollar at the end of the Q3 of 2021 as against the 3.05% depreciation for the same period last year.
The report stated that T-bills were undersubscribed during the third quarter of 2021. The overall subscription rate was 89.5%, down from GoG’s target of GHS16.83 billion, as investors shifted their interest to the bond market in search of higher yields.
The interest rates for the 364-day, 182-day and 91-day T-bills declined by 19 bps, 17 bps and 13 bps from Q2’2021, to 16.14% , 13.21% and 12.49% respectively, in Q3’2021.
Activity on the secondary bond market increased, with the turnover increasing by 92.4%y/y in Q3’2021 to GHS 49.37 billion, from GHS 25.66 billion in Q3’2020.
GoG securities accounted for 85.5% of total volumes traded in Q3’2021 down from 90.8% recorded in Q2’2021 due to an increase in corporate bond issuances during the period (ie. ESLA, Daakye and Letshego).
GoG securities constituted 80.83% of the market size as of September 2021.
The GSE-CI continued on an upward trajectory in GSE-CI Q3’2021 as it closed the quarter at 2,855.29 up from 2,643.67points in Q2’2021, with a year-to-date return of 47.06%.
The equities market performance during the quarter was driven mainly by gains recorded by GSE-FSI. The GSE-FI gained 9.82% following the release of the H1’2021 financial results of listed banks as compared to a gain of 1.38% in the previous quarter.
Trading volumes declined by 41.8% as share volume of 73.50 million valued at GHS 103.55 million changed hands compared with 104.22 million shares valued at GHS 135.24 million which settled in Q2’2021.
MTNGH dominated the market in volume traded by ~87.48% in Q3’2021 .
Meanwhile, kiddiFUND Mutual Fund Ltd has been renamed as Tesah Future Fund to reflect the strategic direction of the Fund i.e assisting not only children but adults and all investors to achieve their long term investment goals.
Tesah Future Fund (TFF) closed September at a YTD return of 22.69%. This return placed TFF second (2nd) on the league table of SEC-Licensed Balanced Funds in Ghana. To invest, just dial *170#. Select “Paybill” General Payment Enter Payment Code (last 7 digits of your account number).
Tesah Capital is excited to announce that it has received approval to operate a unit trust; Tesah Money Trust (TMT).
At Tesah Capital, making a positive impact in the communities we serve remains a key motivator. Tesah partnered The Amrahia Health Centre as their headline sponsor on the 11th of October, 2021 to observe the Breast Cancer Awareness Month.
By: Rainbowradioonline.com/Ghana
