- The GSE-CI and GSE-FSI recorded week-on-week gains of 18.66 points and 23.39 points to keep the local bourse on a two-week positive run. Similarly, SCB maintained its upward stride for a third week running.
- Government raised total funds of GHS 919.34m from 91 and 182-Day Bills issuances. Book building is expected to start on Wednesday 14th October 2020 for a new 5-Year Bond.
ECONOMIC SCOOP
World Bank forecasts GDP contraction of -3.30% for Sub-Saharan Africa leading the region into recession for the first time in 25 years.
- The contraction is expected to be deep for countries with high dependence on extractive resources such as South Africa, Nigeria and Angola.
- Metal dependent countries are expected see an average decline of 6%, while the GDP of oil dependent countries is expected to come in around -4%.
- On the other hand, while the growth of non-resource dependent countries i.e. Cote d’Ivoire, Ethiopia, Kenya etc. is expected to slow down, the World Bank forecasts it to remain positive.
