Bloomberg reports that the performance was mainly due to the depreciation of the cedi and and demand from local institutional investors dried up.
Ghana’s stocks worst-performing globally- report
Ghana’s stocks are the worst-performers globally in the firs quarter of 2019.
The cedi has depreciated by some 19 percent this year, making it one of the worse performing currency in the world.
According to Bloomberg, the Ghana Stock Exchange Composite Index has lost more than 14 percent this year, making it the laggard in dollar terms among 94 global equities benchmarks.
The index advanced for a first day in three on Friday, gaining 1.4 percent to 2,415.2 at 2:34 p.m. in the capital, Accra.
Ghana’s impending exit from a four-year International Monetary Fund program next month has unnerved some foreign investors, whose sale of the country’s assets has beaten the cedi 11 percent lower in 2019, Bloomberg reports.
Eyewitness? Submit your stories now via social or: