Home Business Business News from Ghana and Beyond 🌍 12/06/2019

Business News from Ghana and Beyond 🌍 12/06/2019

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🚩 The Ghana Exim Bank has committed GH¢10million to support stakeholders in the value chain as part of the first phase of its Shea Empowerment Initiative. The Initiative is aimed at providing economic empowerment to women shea collectors, processors and cosmetic producers engaged in the Shea value chain. Mr Lawrence Agyinsam, the Chief Executive Officer, Ghana Exim Bank, speaking at the stakeholder’s meeting on Shea Empowerment Initiative, said the bank would train 400 women in Shea Processing in four Districts in the Northern, Upper East and Upper West Regions.

🚩 Ghana and Côte d’Ivoire are proposing that buyers of cocoa beans must pay a minimum of US$2,600 for every tonne of cocoa produced in the two countries. The US$2,600 is the proposed floor price that the two countries, which account for 65 per cent of global cocoa supplies, are proposing to stakeholders in the value chain. Graphic Online understands that the two countries want to insist that neither of them will sell their produce on the global cocoa market should the price per tonne fall below the US$2,600 mark.

🚩 The Securities and Exchange Commission (SEC) has cautioned the public against Golden Empire and Loom as the regulator confirms they are unlicensed. According to the Director General of the Securities and Exchange Commission, Rev. Daniel Ogbarmey Tetteh the public needs to be wary of such institutions to avoid being prey to scams.

🚩 Bank of Ghana’s appointed Receiver for the 347 insolvent and dormant microfinance companies, Eric Nana Nipah, will Friday start paying depositors of the companies. A statement sanctioned by the Receiver, however, clarified that only depositors whose claims have been validated and agreed will be paid. The move follows the release of funds by the government to the Receiver.

🚩 President Akufo-Addo has finally given assent to the Payment and Settlement Act after its passage by parliament in March this year. This is expected to pave the way for a new set of regulations to aid electronic payments in the country and also to stir up innovation in the financial sector space as Ghanaians move closer to the use of digital platforms for transactions. JoyBusiness is learning the President signed the bill on May 13 this year.

🚩 The Executive Director of the Chamber of Petroleum Consumers of Ghana (COPEC), Duncan Amoah, has called for strict punishment to be meted out to fuel stations found to have adjusted their fuel pumps in a bid to cheat customers. Mr Amoah has asked for punishment that will be detrimental enough to the stations to deter others from committing similar offences. Speaking on Asempa FM’s Ekosii Sen show, the COPEC boss said it was about time all companies involved in such illegal activities are named and shamed.

🚩 Invest in Africa (IIA), a not for profit organisation, committed to creating prospering African economies, has been contracted by AngloGold Ashanti (Ghana) Limited (AGAG), to enhance capacities of 100 Small and Medium size Enterprises (SMEs) in Obuasi. A statement from IAA said under the programme IIA would provide free business advisory support to selected businesses. The Initiative is fully funded by AGAG under its Enterprise Development and Capacity Building Programme (EDCBP).

🚩 The Alliance for Development and Industrialization has taken a swipe at the New Patriotic Party and National Democratic Congress over the use of the public debt as a liability to the country. According to a statement issued in Accra, the ADI says public debt can only be a liability if loans contacted from the domestic and offshore markets are not put into productive use in the medium to long term. ADI says Ghana’s current public debt of Gh¢198 billion or US$38 billion should not in any way be a treat to the country’s economic development which is geared towards productivity.

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✴INTERBANK FOREX RATES 💴💰
US$Gh¢ Buy 5.2278 Sell 5.2330
GB£Gh¢ Buy 6.6508 Sell 6.6579
CAD$Gh¢ Buy 3.9354 Sell 3.9384
JP¥Gh¢ Buy 0.0482 Sell 0.0482
ZARGh¢ Buy 0.3559 Sell 0.3562
EU€Gh¢ Buy 5.9166 Sell 5.9203
CHN¥Gh¢ Buy 0.7595 Sell 0.7596
Gh¢CFA Buy 110.80 Sell 110.87
Gh¢NG₦ Buy 58.54 Sell 58.60
BITCOIN Trading Price $7,957.98 ▲$9.95 ▲0.12%
ETHEREUM Trading Price $247.69 ▲$1.97 ▲ 0.80%
RIPPLE Trading Price $0.39 ▲ $0.01 ▲0.74%

🔼GSE DAILY GAINERS➖%CHANGE➖PRICE
CAL +2.50% ➡️Gh¢0.82
MTNGH +1.39% ➡️Gh¢0.73

🔻GSE DAILY LOSERS➖%CHANGE➖PRICE
ACCESS -15.00% ➡️Gh¢3.40
TOTAL -14.83% ➡️Gh¢4.25
TBL -12.50% ➡️Gh¢0.14
ETI -7.14% ➡️Gh¢0.13
BOPP -0.28% ➡️Gh¢3.51

〽️Inflation rate in Ghana ➡️ 9.50% (+2.15%)

✳Policy Rate in Ghana ➡️ 16.00% (-5.88%)

¶ TREASURY BILLS RATE💸
91 – Day Discount Rate 14.2234% Interest Rate 14.7478%
182 – Day Discount Rate 14.1652% Interest Rate 15.2449%
364 – Day Discount Rate 15.2582% Interest Rate 17.9996%
1 Year Fixed Note Interest Rate 16.5672%
2 Year Fixed Note Interest Rate 19.7500%
3 Year Bond Interest Rate 19.7000%
5 Year Bond Interest Rate 19.7500%
6 Year Bond Interest Rate 21.0000%
10 Year Bond Interest Rate 17.5000%

🐂GHANA GOV’T EUROBOND RATES 🏦
7 Year Bond Coupon Rate 7.8750%
12 Year Bond Coupon Rate 8.1250%
31 Year Bond Coupon Rate 8.9500%

🔼 GSE 2019 GAINERS ➖ YTD% ➖ PRICE
SPL +50.00% ➡️Gh¢0.03
TOTAL +25.00% ➡️Gh¢4.25
AYRTN +14.29% ➡️Gh¢0.08
ALW +12.50% ➡️Gh¢0.09
EGH +6.67% ➡️Gh¢8.00

🔻GSE 2019 LOSERS ➖ YTD% ➖ PRICE
TBL -39.13% ➡️Gh¢0.14
SIC -36.84% ➡️Gh¢0.12
BOPP -31.04% ➡️Gh¢3.51
GOIL -26.28% ➡️Gh¢2.30
PBC -25.00% ➡️Gh¢0.03

🛢Average Petrol & Diesel Price Per Litre – Gh¢5.25 (+1.35%)

🏧 MARKET INDEXES
*Dow Jones Index🚂⛽ 26,048.51 -14.17 -0.05%
*S&P 500 🏦 2,885.72 -1.01 -0.04%
*Nasdaq Index📲💻 7,822.57 -0.60 -0.01%
* NYSE Composite Index 12,813.91 +11.88 +0.09%
*London FTSE 100 7,398.45 +22.91 +0.31%
*Germany DAX 12,155.81 +110.43 +0.92%
*Japan NIKKEI 225 21,179.97 -24.31 -0.11%
*Hong Kong HANG SENG 27,295.19 -494.15 -1.78%
* Shanghai Shenzhen 300 3,688.02 -31.26 -0.84%
*S&P/ASX 200 Index 6,549.20 +2.91 +0.04%
*Bloomsberg EU 500 255.21 +1.47 +0.58%
*FTSE/JSE South Africa Top40 52,656.33 +299.29 +0.57%
*Nairobi SE 20 Share 2,683.67 -7.79 -0.29%
*Nigeria SE Main-Board Index 30,099.83 -222.36 -0.73%
*GSE Composite Index 2422.03 -9.59 (-0.39%)
*GSE Financial Index 2084.87 -25.53 (-1.21%)

💧MUTUAL FUNDS IN GHANA♣️ RETURNS
📈EQUITY FUNDS ➰YTD%
Anidaso Fund 🔼+1.21%
Dalex Vision 🔼+7.21%
EPAcK 🔼+3.88%
HeritageFund 🔼+0.42%
Republic Equity 🔼+2.31%
SAS Fortune 🔼+0.14%

⚖BALANCED FUNDS ⏸YTD%
Bfund 🔼+4.69%
CCMF 🔼+3.94%
CDH Balanced 🔼+6.89%
CM Fund 🔼+9.46%
EDC Balanced 🔼+2.60%
EdiFund T2 🔼+5.37%
Republic F Plan 🔼+4.18%
UMB Balanced 🔼+7.35%

⚙FIXED INCOME FUNDS 🛡AY%
EDC Fixed Income 🔼+18.01%
FirstFund 🔼+16.74%
Republic Unit 🔼+11.15%
SEM MoneyPlus 🔼+13.48%
TTL IncomeHaven 🔼+20.58%

⚙FIXED INCOME FUNDS 🛡YTD%
Gold Money 🔼+7.50%
Mfund 🔼+6.21%
NGIS Mfund 🔼+3.92%
SikaFund 🔼+6.09%
STANLIB Income 🔼+7.28%
EdiFund T1 🔼+5.51%

✴ COMMODITIES MARKET
*Brent Crude $/barrel⛽ $61.24 -1.05 -1.69%
*Natural Gas 🏭 $/million BTUS $2.39 -0.01 -0.33%
*Gold 👑 $/troy ounce $1,336.80 +5.60 +0.42%
*Silver 💍 $/troy ounce $14.78 +0.04 +0.27%
*Corn 🌽 $/bushel $427.25 -0.50 -0.12%
*Cocoa 🍫 $/metric ton $2,504.00 +1.00 +0.04%
*Coffee ☕ ¢/pound $99.50 -1.65 -1.63%
*Sugar🎂 ¢/pound $12.83 +0.13 +1.02%

Sources: Bank of Ghana, Bloomberg, GSE, Reuters, Citifm, Myjoyonline, Ghanaweb, Doobia, BBC, Graphic Business, B&FT, StarFmonline.

Compiled By:
Prince Henry Danquah
Bora Capital Advisors Ltd.
+233(0)50-002-3155

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