Home Business BUSINESS NEWS | GHANA AND BEYOND 🌍 13/06/2019

BUSINESS NEWS | GHANA AND BEYOND 🌍 13/06/2019

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🚩 African and non-regional donors on Tuesday pledged $17 million to replenish the Africa Solidarity Trust Fund, an initiative which aims to provide food security and eliminate rural poverty on the continent. The pledges were made at a high-level donor round table convened by the United Nations Food and Agriculture Organisation (FAO) and Equatorial Guinea President Obiang Nguema Mbasogo, on the sidelines of the African Development Bank’s 2019 Annual Meetings currently underway in Malabo, Equatorial Guinea.

🚩 Stakeholders in the cocoa business have agreed in principle that they will not buy a tonne of cocoa from Ghana and Cote D’Ivoire below $2,600. The agreement was reached in Accra Wednesday at the instance of the two West African neighbours, who supply more than 65 per cent of global cocoa beans. The Chief Executive Officer of COCOBOD, Mr Joseph Boahen Aidoo, told the media in Accra that the stakeholders, comprising traders, processors and manufacturers also agreed that Ghana and Cote D’Ivoire would not sell produce from the 2020/21 cocoa season until further notice.

🚩 The outgoing World Bank Country Director Henry Kerali has lauded the Bank of Ghana over the recent microfinance sector cleanup which saw the revocation of license of some 347 microfinance companies. Speaking to Starr Business, he said the regulator must be commended for the feat, but government also needed to step up efforts to improve the business climate in the country. The Central in a recent cleanup of the banking sector as well saw the reduction of commercial Banks from 33 to 23.

🚩 Inspections carried out by the Ghana Standards Authority (GSA) has exposed 10 fuel filling stations engaged in under-delivering. They included; Shell, Motorway Extension; Total, McCarthyHill; GOIL Mile 11; Frimps Oil, Tetegu junction; GOIL, Galilea; Frimps Oil, Spintex Road; Glory Oil, Spintex Road; Allied Oil, Sakaman; Shell, Amanfrom West and Goodness Energy, Kasoa. A statement issued by the Authority and copied to the Ghana News Agency said in addition, two companies Galaxy Oil, Spintex Road and Agapet, Spintex Road had broken the GSA seal without permission. Inspections carried out by the Ghana Standards Authority (GSA) has exposed 10 fuel filling stations engaged in under-delivering.
They included; Shell, Motorway Extension; Total, McCarthyHill; GOIL Mile 11; Frimps Oil, Tetegu junction; GOIL, Galilea; Frimps Oil, Spintex Road; Glory Oil, Spintex Road; Allied Oil, Sakaman; Shell, Amanfrom West and Goodness Energy, Kasoa.

🚩 The aggrieved customers of the First Liberty Micro Finance Limited, a non-banking financial institution, on Tuesday besieged the premises of the Company in Sunyani to demand their cash deposits.
When the Ghana News Agency (GNA) got to the office premises, which was located behind the Sunyani Coronation Park, around 1000 hours, the Company had locked its office, but the visibly angry customers were there in their numbers. They told the GNA in a random interview that their cash deposits amounting to millions of Ghana Cedis had been locked up with the Company.

🚩 Oil prices tumbled 4% on Wednesday to their lowest settlements in nearly five months, weakened by another unexpected rise in U.S. crude stockpiles and by a dimming outlook for global oil demand. Brent crude futures fell $2.32, or 3.7%, to settle at $59.97 a barrel, the international benchmark’s lowest close since Jan. 28. U.S. West Texas Intermediate crude futures ended $2.13, or 4.0%, lower at $50.72 a barrel, its lowest settlement since Jan. 14.

🚩 A research conducted into the activities of illegal fishing practice, popularly called ‘Saiko’ on Ghanaian ocean has revealed that Ghana lost between US$40 and US$50million in 2017, involving 100,000 metric tonnes (MT) of fish. The study represented the first comprehensive attempt to estimate the volume and value of fish landed through saiko, which helps to understand the ecological and socio-economic implications of the practice.

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✴INTERBANK FOREX RATES 💴💰
US$Gh¢ Buy 5.2278 Sell 5.2330
GB£Gh¢ Buy 6.6508 Sell 6.6595
CAD$Gh¢ Buy 3.9366 Sell 3.9405
JP¥Gh¢ Buy 0.0482 Sell 0.0482
ZARGh¢ Buy 0.3527 Sell 0.3530
EU€Gh¢ Buy 5.9171 Sell 5.9222
CHN¥Gh¢ Buy 0.7589 Sell 0.7594
Gh¢CFA Buy 110.76 Sell 110.86
Gh¢NG₦ Buy 58.54 Sell 58.60
BITCOIN Trading Price $8,117.25 ▲$161.11 ▲2.03%
ETHEREUM Trading Price $259.62 ▲$11.93 ▲ 4.82%
RIPPLE Trading Price $0.40 ▲ $0.01 ▲2.73%

🔼GSE DAILY GAINERS➖%CHANGE➖PRICE
GCB +0.88% ➡️Gh¢4.57

🔻GSE DAILY LOSERS➖%CHANGE➖PRICE
TBL -14.29% ➡️Gh¢0.12

〽️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 -47.83% ➡️Gh¢0.12
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🚂⛽ 26,004.83 -43.68 -0.17%
*S&P 500 🏦 2,879.84 -5.88 -0.20%
*Nasdaq Index📲💻 7,792.72 -29.85 -0.38%
* NYSE Composite Index 12,784.83 -29.08 -0.23%
*London FTSE 100 7,367.62 -30.83 -0.42%
*Germany DAX 12,115.68 -40.13 -0.33%
*Japan NIKKEI 225 21,051.52 -78.20 -0.37%
*Hong Kong HANG SENG 27,308.46 -480.88 -1.73%
* Shanghai Shenzhen 300 3,691.10 -28.18 -0.76%
*S&P/ASX 200 Index 6,547.20 +3.46 +0.05%
*Bloomsberg EU 500 254.27 -0.94 -0.37%
*FTSE/JSE South Africa Top40 52,619.43 -36.90 -0.07%
*Nairobi SE 20 Share 2,700.35 +16.68 +0.62%
*Nigeria SE Main-Board Index 30,099.83 -222.36 -0.73%
*GSE Composite Index 2422.68 0.65 (+0.03%)
*GSE Financial Index 2086.11 1.24 (+0.06%)

💧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⛽ $60.10 +0.13 +0.22%
*Natural Gas 🏭 $/million BTUS $2.37 -0.02 -0.75%
*Gold 👑 $/troy ounce $1,337.80 +1.00 +0.07%
*Silver 💍 $/troy ounce $14.78 +0.02 +0.15%
*Corn 🌽 $/bushel $433.50 +3.50 +0.81%
*Cocoa 🍫 $/metric ton $2,541.00 +37.00 +1.48%
*Coffee ☕ ¢/pound $101.50 +2.00 +2.01%
*Sugar🎂 ¢/pound $12.86 +0.03 +0.23%

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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