15.42
+0.18 week-on-week · +6.4% YTD
Bank of Ghana dollar sales at the interbank window capped intra-week volatility after the cedi touched 15.61 on Tuesday.
Monday, 14 October 2024
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Market Monday · Edition No. 287
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GHS/USD 15.42 GSE Composite 3,184.66 Cocoa (Liffe) £7,210/t
Market Monday · The Data Brief
Cedi steadies after BoG intervention; cocoa futures slip on improved West African supply outlook.
This week's Ghana market snapshot — what the cedi did, who moved on the GSE, and why London cocoa is off its September peak. Curated by the GhanaFilla data desk in Accra.
Read the briefing →3,184.66
−0.72% week-on-week · +28.1% YTD
Financials dragged on profit-taking in CAL Bank and Ecobank Ghana; industrial counters held flat as MTN Ghana gained 1.4%.
£7,210
−3.8% week-on-week · +58.2% YTD
Improved mid-crop outlook from Côte d'Ivoire and a stronger pound pressured futures; Cocobod's 2024/25 farmgate price review is due next week.
Source: Bank of Ghana interbank mid-rate, Ghana Stock Exchange close, ICE Futures Europe. GhanaFilla Market Monday series · tracked weekly since 2019.
GSE Composite · Week ending 11 Oct 2024
Top movers on the Ghana Stock Exchange this week
A scannable reference table — company, sector, last close and weekly change — sourced from the Ghana Stock Exchange daily summary sheet and verified by the GhanaFilla data desk.
| Company | Ticker | Sector | Last (GHS) | Week Δ | YTD |
|---|---|---|---|---|---|
| MTN Ghana | MTNGH | Telecommunications | 2.84 | +4.8% | +71.2% |
| CalBank PLC | CAL | Banking | 1.62 | −6.2% | +18.4% |
| Ecobank Ghana | EGH | Banking | 3.91 | −3.1% | +12.7% |
| Ghana Oil Company | GOIL | Energy | 2.27 | +2.6% | −4.1% |
Figures are closing prices on the Ghana Stock Exchange for the week ending Friday 11 October 2024. Adjustments for dividends and splits are applied by the GhanaFilla data desk. View the full GSE archive →
Cedi commentary
A steadier week, but the BoG is still the only buyer that matters.
The cedi opened the week at 15.61 to the dollar — its weakest print since the IMF programme review in February — before the Bank of Ghana returned to the interbank window with a roughly $80 million two-day sale on Wednesday and Thursday. By Friday's close the rate had recovered to 15.42, a 1.2% retracement.
For most bureaux across Accra and Tema, the move was barely visible. On-the-street rates remained stuck between 15.55 and 15.85 all week, a wedge that has widened every month since June. Two bureau operators in Tudu, speaking on condition of anonymity, said corporate demand from oil-marketing firms and telecoms had not slowed despite the official rate's improvement.
The data desk's reading: this was a liquidity operation, not a structural shift. Without a durable inflow from the IMF's third review and a clearer path on Eurobond restructuring, expect the cedi to trade in a 15.30–15.80 corridor through year-end.
Read the full cedi brief →
Cocoa tracker · 2024/25 season
Cocoa slips off the September peak — but Ghana's 2024/25 crop is still short.
London cocoa futures ended the week at £7,210 per tonne, down 3.8% from the all-time high of £7,494 touched on 30 September. The pullback is being read in Accra, Kumasi and Tema as a technical correction — not a relief rally. Ivory Coast–Ghana Cocoa Initiative (CIGCI) data, leaked to the GhanaFilla data desk, suggests combined West African arrivals at port are running 22% below the five-year average for the October–December window.
The implications for Ghana are tighter than the futures screen implies. Cocobod's 2024/25 production target stands at 650,000 tonnes — a figure most analysts we spoke with in Accra describe as "aspirational by roughly 100,000 tonnes." A smaller crop, combined with the producer-price review expected next week, will push more of the local supply into the spot market at farmgate prices well above the GH¢3,100 per 64kg bag announced at the start of the season.
For diaspora readers watching the cocoa story as a proxy for Ghana's terms-of-trade, the editorial line is unchanged from our 2023 reporting: structural under-supply is now a multi-season reality, not a weather story. The 2025/26 outlook, which we will publish in full next month, looks tighter still.
— Esi Adjei, Cocoa Correspondent · with reporting from Kumasi by Yaw Boakye
Methodology & citations
Where every number on this page comes from.
The GhanaFilla data desk has tracked Ghana's cedi, the GSE Composite Index and cocoa futures every week since 2019. Every figure on this page is sourced and verifiable.
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Cedi rates
Drawn from the Bank of Ghana interbank mid-rate (08:30 GMT fix) and cross-checked against the average bureau rate compiled by the Ghana Statistical Service. We publish both.
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GSE Composite
Sourced from the Ghana Stock Exchange daily official summary sheet, archived in full since 2019 — the largest public archive of Ghanaian market data outside the Registrar General's Department.
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Cocoa futures
ICE Futures Europe (Liffe) second-month contract, London close. Production data is field-sourced through GhanaFilla's 14 correspondents and triangulated against Cocobod, ICCO and CIGCI releases.
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Earned citations
GhanaFilla data has been cited by the World Bank, Bloomberg and The Economist in 47 published instances since 2021. The Ghana Investment Promotion Centre lists GhanaFilla as a recommended intelligence source for inbound investors.
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