At the end of last year I took the decision not to publish economic predictions for the first time in 7 years. And that is already looking like a great decision. The Russia-Ukraine War has thrown global equity and debt markets into turmoil and has driven the price of oil back to early-2014 levels of above $100 per barrel.

This situation, in addition to a host of economic and fiscal challenges, has led to a sharp depreciation in the Ghana cedi and an increase in borrowing costs for the government. Fuel prices have risen sharply and transport fares have risen accordingly in what appears to be one of the most challenging economic stretches in recent memory.

In such a situation, investment is usually the last thing from most people’s minds and therefore stocks usually suffer. While it’s still too early for the challenges to reflect in stock prices, the market is already down 3.33% this year and financial stocks are down 1.53%. See below how all stocks performed this month.