Home Business BUSINESS NEWS | GHANA AND BEYOND 🌍 13/02/2019

BUSINESS NEWS | GHANA AND BEYOND 🌍 13/02/2019

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🚩 The gradual depreciation of the Ghana cedi against the American dollar and the British pound sterling seems to be taking a heavy toll on importers. The local currency is still struggling to stabilise against the major international currencies with the US dollar, selling at between ¢5.00 and ¢5.20. Checks showed a significant depreciation against the dollar with some currency dealers asking for ¢5.30 and ¢5.32 for a dollar. Reports indicate this may be due to limited supply of the dollar for business with some of the commercial banks saying the cedi’s problems have gotten worse because there is more cedi chasing few dollars for businesses.

🚩 Spare parts dealers at Abossey Okai have stated that they will have no other option but to increase the cost of their goods if the cedi is not stabilized against the dollar. The cedi since January this year has seen about 2.4 percent depreciation reducing in value against the dollar from 4 cedis 90 pesewa to 5 cedis 30 pesewas. The decline in the value of the currency is beginning to have a negative impact on traders, particularly importers.

🚩 In spite of being the second largest grower of cocoa in the world, Ghana spends an average of US$45 million (GH¢216 million) every year to import chocolate and other cocoa derivatives for special occasions such as Christmas and Valentine’s Day. The imports are mostly done in the last quarter of the year, strategically to meet increased demand during the Christmas and New Year celebrations in December and January respectively, with some reserved for hampers to mark Valentine’s Day celebrations on February 14, the Managing Director of Cocoa Processing Company (CPC) Limited, Nana Agyenim Boateng I, said in an interview.

🚩 Parliament has approved the request for waiver of import duties, importers VAT/Getfund levy, import NHIL, ECOWAS levy, EXIM levy, special Import levy amounting to eight hundred and two thousand two hundred and sixty-two euros on project materials and equipment to Ghana Water Company Limited. The waiver is on project materials and equipment to be imported for the implementation of the ‘Services for the Enhancement of Nationwide Water Network Management “project by the Ghana Water Company Limited.

🚩 The Ghana Revenue Authority has organised an educational and sensitisation programme on Tax Identification Number (TIN) for traditional caterers and drinking bar operators in the Techiman Municipality. Mr Joseph Asare, the Area Manager of the Techiman Small Tax Office (STO), who was the main facilitator at the event, outlined some of the benefits of the TIN as the opportunity to acquire a passport and access legal services amongst others.

🚩 Tech crackdown? Online platforms including Google (GOOG, GOOGL), Facebook (NASDAQ:FB) and Apple (NASDAQ:AAPL) should be regulated in how they distribute news content and these efforts should be enforced by a state regulator, according to a new U.K. government report. It also said they should sign a “code of conduct” to govern their commercial agreements with publishers and called on the U.K.’s competition authority to investigate online advertising to “ensure fair competition.”

🚩 Nissan’s CEO will meet Renault’s (OTCPK:RNLSY) chairman this week in Japan as they look at ways to strengthen their partnership after the ouster of former alliance leader Carlos Ghosn. It comes at an important time… Nissan (OTCPK:NSANY) this morning booked around $84M in charges related to under-reported compensation for Ghosn, and slashed its annual profit outlook on weaker global sales.

✴BOG INTERBANK FOREX RATES 💴💰
US$Gh¢ Buy 4.9981 Sell 5.0031
GB£Gh¢ Buy 6.4381 Sell 6.4465
CAD$Gh¢ Buy 3.7698 Sell 3.7736
JP¥Gh¢ Buy 0.0453 Sell 0.0453
ZARGh¢ Buy 0.3629 Sell 0.3633
EU€Gh¢ Buy 5.6444 Sell 5.6509
CHN¥Gh¢ Buy 0.7379 Sell 0.7388
Gh¢CFA Buy 116.08 Sell 116.21
Gh¢NG₦ Buy 61.17 Sell 61.23
BITCOIN Trading Price $3,597.80 ▲$12.91 ▲0.32%
ETHEREUM Trading Price $122.05 ▲$2.36 ▲1.97%
RIPPLE Trading Price $0.31 ▲ $0.01 ▲2.46%

🔼GSE DAILY GAINERS➖%CHANGE➖PRICE
TOTAL +1.56% ➡️Gh¢3.26

🔻GSE DAILY LOSERS➖%CHANGE➖PRICE
RBGH -4.62% ➡️Gh¢0.62
CAL -1.12% ➡️Gh¢0.88

〽️Inflation rate in Ghana ➡️ 9.40% (+1.08%)

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

¶ TREASURY BILLS RATE💸
91 – Day Discount Rate 14.1875% Interest Rate 14.7092%
182 – Day Discount Rate 14.0864% Interest Rate 15.1537%
364 – Day Discount Rate 15.3661% Interest Rate 18.1559%
1 Year Fixed Note Interest Rate 16.5672%
2 Year Fixed Note Interest Rate 19.7500%
3 Year Bond Interest Rate 20.0000%
5 Year Bond Interest Rate 17.0000%
6 Year Bond Interest Rate 21.0000%
10 Year Bond Interest Rate 17.5000%

🔼 GSE 2019 GAINERS ➖ YTD% ➖ PRICE
SOGEGH +28.00% ➡️Gh¢0.96
AYRTN +14.29% ➡️Gh¢0.08
TBL +13.04% ➡️Gh¢0.26
ALW +12.50% ➡️Gh¢0.09
GGBL +0.92% ➡️Gh¢2.20

🔻GSE 2019 LOSERS ➖ YTD% ➖ PRICE
CAL -10.20% ➡️Gh¢0.88
RBGH -10.14% ➡️Gh¢0.62
CMLT -10.00% ➡️Gh¢0.09
GCB -9.13% ➡️Gh¢4.18
MTNGH -6.33% ➡️Gh¢0.74

🛢Average Petrol & Diesel Price Per Litre – Gh¢4.94 (-3.30%)

🏧 MARKET INDEXES
*Dow Jones Index🚂⛽ 25,425.76 +372.65 +1.49%
*S&P 500 🏦 2,744.73 +34.93 +1.29%
*Nasdaq Index📲💻 7,414.62 +106.71 +1.46%
* NYSE Composite Index 12,438.44 +140.54 +1.14%
*London FTSE 100 7,133.14 +4.03 +0.06%
*Germany DAX 11,126.08 +111.49 +1.01%
*Japan NIKKEI 225 21,173.57 +309.36 +1.48%
*Hong Kong HANG SENG 28,401.61 +230.28 +0.82%
* Shanghai Shenzhen 300 3,368.31 +37.97 +1.14%
*S&P/ASX 200 Index 6,063.60 -15.48 -0.25%
*Bloomsberg EU 500 243.71 +1.19 +0.49%
*FTSE/JSE South Africa Top40 47,807.06 +582.02 +1.23%
*Nairobi SE 20 Share 3,063.96 -3.95 -0.13%
*Nigeria SE Main-Board Index 32,462.31 +680.4 +2.14%
*GSE Composite Index 2488.65 -2.61 (-0.10%)
*GSE Financial Index 2128.63 -6.06 (-0.28%)

💧MUTUAL FUNDS IN GHANA♣️ RETURNS
📈EQUITY FUNDS ➰
Omega Equity 🔼+1.38%
HeritageFund 🔼+0.59%
SAS Fortune 🔼+0.01%
SEM All-Africa 🔼+1.17%
EPAcK 🔼+1.40%
Anidaso Fund 🔼+0.12%
Legacy Trust 🔼+0.51%

⚖BALANCED FUNDS ⏸
CDH Balanced 🔼+0.37%
EdiFund T2 🔼+1.05%
UMB Balanced 🔼+1.52%
MyWealth Trust 🔼+0.59%
EDC Balanced 🔻-0.66%
Bfund 🔼+0.62%

⚙FIXED INCOME FUNDS 🛡
Republic Unit 🔼+12.30%
Galaxy Mfund 🔼+18.87%
FirstFund 🔼+16.34%
EDC Fixed Income 🔼+16.19%
TTL IncomeHaven 🔼+22.00%
STANLIB Income 🔼+1.21%
SEM Income 🔼+0.73%
EdiFund T1 🔼+1.05%
Mfund 🔼+1.15%

✴ COMMODITIES MARKET
*Brent Crude $/barrel⛽ $63.07 +0.65 +1.04%
*Natural Gas 🏭 $/million BTUS $2.64 -0.04 -1.67%
*Gold 👑 $/troy ounce $1,316.00 +2.00 +0.15%
*Silver 💍 $/troy ounce $15.72 +0.03 +0.16%
*Corn 🌽 $/bushel $377.50 -0.75 -0.20%
*Cocoa 🍫 $/metric ton $2,270.00 +5.00 +0.22%
*Coffee ☕ ¢/pound $520.75 -1.00 -0.19%
*Sugar🎂 ¢/pound $284.75 -2.25 -0.78%

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

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