Equities: Worrying Technical Picture

The Ghana All-Share Index is currently suffering a sharp correction, and looks set to fall further over the short term. The market has now fallen by 6.8% since its recent peak of 6,502 in mid-September, to close at 6,058 on October 20. We are upbeat on Ghana's macroeconomic fundamentals, forecasting real GDP growth of 4.2% in 2009, 6.6% in 2010 and double-digit growth over 2011-2013 as domestic oil production comes online. However, we do not expect these promising fundamentals to buoy the stock market

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