???? The National Insurance Commission (NIC) has increased the minimum capital requirement of insurance companies by over 300 percent. A statement issued by the commission said the increment comes after series of consultations with stakeholders since 2017. It said it also considered the developments within the financial landscape over the period.
* For Life and Non-life insurance companies, the minimum capital requirement has been increased from GH¢15 million to GH¢50 million.
* For reinsurance companies, the minimum capital requirement has been increased from GH¢ 40 million to GH¢125million.
* For insurance broking companies and loss adjusters, the minimum capital requirement has been increased from GH¢300 million to GH¢500 million.
* The minimum capital requirement for reinsurance broking companies has however been maintained at GH¢ 1 million.
The affected institutions have been given up to June 30, 2021, to meet the new requirements.
???? Revenue collected from the use of luxury vehicles with engine capacities of 2.9 litres and above yielded only GH¢30.19 million in the first quarter of this year. This is against a target of GH¢136.53 million, a shortfall of GH¢106.34 million which represents 77.89 percent decline, according to a provisional fiscal data from the Ministry of Finance released on June 17. The development is likely to threaten the government’s annual revenue target of GH¢598.13 million from the levy.
???? Two companies were on Wednesday awarded a grant of $478,180 under the second phase of the Remittance Grant Facility (RGF) challenge. The beneficiary companies are Nsano Group, and IT Consortium Limited, all financial technology services system, received a cheque of $250,000 and $ 228,180 respectively. The companies received various sums based on their project proposals and their ability to raise the 50 per cent counterpart funding needed for their respective projects.
???? The Managing Director of Kasapreko Company Limited (KCL), Mr Richard Adjei, has advised manufacturers to add solar to their energy mix to help reduce their cost of production and lessen the burden on the national grid. Beyond being cost-effective, Mr Adjei said at a news briefing in Accra yesterday that electricity from solar energy was stable and reliable, making it a better option for manufacturing companies that required consistent and uninterrupted power to operate their plants
???? Fiaseman Rural Bank Limited made a pre-tax profit of GH¢6,007, 260 in 2018 representing 29 per cent as against GH¢4,659,640 in 2017. Osagyefo Amanfo Edu VI, Chairman of the Board of Directors of the bank, made this known at the 31st Annual General Meeting (AGM) of shareholders of the bank held at Bogoso in the Prestea Huni-Valley Municipality of the Western Region. He said the Bank’s total deposits grew significantly from GH¢85, 095, 200 in 2017 to GH¢111, 408, 300 in 2018 representing a 31 percent increase.
???? Second Deputy Governor of the Bank of Ghana (BoG) Elsie Awadzi says the central bank has not yet made any decision to increase the minimum capital requirement for the Savings and Loans sector. Speaking at the annual general meeting of the Ghana Association of Savings and Loans companies (GHASALC) Madam Awadzi also charged savings and loans companies to re-brand with innovative products to help drive the agenda of financial inclusion. She explained that considering the contribution of mobile money in the financial sector, technological innovation should be the next step to strengthening the foundation of the savings and loans sector.
???? More farmers are being supplied with improved tree crops seedlings like cocoa, cashew, oil palm, coffee and mangoes as part of efforts by the government towards the agenda of Planting for Export and Rural Development. More than 1,500 cashew farmers in the Sunyani West District of the Bono Region for instance were yesterday supplied with 140,000 improved cashew seedlings. The government expect the farmers to improve their yields for export and also provide raw material for the one district, one factory initiative.
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✴INTERBANK FOREX RATES ????????
US$Gh¢ Buy 5.2476 Sell 5.2528
GB£Gh¢ Buy 6.6608 Sell 6.6695
CAD$Gh¢ Buy 3.9711 Sell 3.6335
JP¥Gh¢ Buy 0.0488 Sell 0.0488
ZARGh¢ Buy 0.3667 Sell 0.3668
EU€Gh¢ Buy 5.9186 Sell 5.9237
CHN¥Gh¢ Buy 0.7666 Sell 0.7669
Gh¢CFA Buy 110.73 Sell 110.83
Gh¢NG₦ Buy 58.45 Sell 58.51
BITCOIN Trading Price $9,737.38 ▲$433.05 ▲4.66%
ETHEREUM Trading Price $283.98 ▲$13.88 ▲5.15%
RIPPLE Trading Price $0.44 ▲ $0.00 ▲0.60%
????GSE DAILY GAINERS➖%CHANGE➖PRICE
CAL +5.88% ➡️Gh¢0.90
RBGH +3.17% ➡️Gh¢0.65
EGH +0.26% ➡️Gh¢7.82
????GSE DAILY LOSERS➖%CHANGE➖PRICE
ACCESS -11.76% ➡️Gh¢3.00
ETI -8.33% ➡️Gh¢0.11
GCB -1.96% ➡️Gh¢4.50
TOTAL -1.18% ➡️Gh¢4.20
EGL -0.46% ➡️Gh¢2.17
〽️Inflation rate in Ghana ➡️ 9.50% (+2.15%)
✳Policy Rate in Ghana ➡️ 16.00% (-5.88%)
¶ TREASURY BILLS RATE????
91 – Day Discount Rate 14.2317% Interest Rate 14.7567%
182 – Day Discount Rate 14.1640% Interest Rate 15.2436%
364 – Day Discount Rate 15.1988% Interest Rate 17.9228%
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 +100.00% ➡️Gh¢0.04
TOTAL +23.53% ➡️Gh¢4.20
AYRTN +14.29% ➡️Gh¢0.08
ALW +12.50% ➡️Gh¢0.09
EGH +4.27% ➡️Gh¢7.82
????GSE 2019 LOSERS ➖ YTD% ➖ PRICE
TBL -47.83% ➡️Gh¢0.12
SIC -42.11% ➡️Gh¢0.11
ETI -31.25% ➡️Gh¢0.11
BOPP -31.24% ➡️Gh¢3.50
GOIL -29.49% ➡️Gh¢2.20
????Average Petrol & Diesel Price Per Litre – Gh¢5.25 (+1.35%)
???? MARKET INDEXES
*Dow Jones Index????⛽ 26,753.17 +249.17 +0.94%
*S&P 500 ???? 2,954.18 +27.72 +0.95%
*Nasdaq Index???????? 8,051.34 +64.02 +0.80%
* NYSE Composite Index 13,081.54 +127.46 +0.98%
*London FTSE 100 7,424.44 +20.90 +0.28%
*Germany DAX 12,355.39 +46.86 +0.38%
*Japan NIKKEI 225 21,254.66 -208.20 -0.97%
*Hong Kong HANG SENG 28,425.61 -124.82 -0.44%
* Shanghai Shenzhen 300 3,828.88 +0.36 +0.01%
*S&P/ASX 200 Index 6,643.70 -43.71 -0.65%
*Bloomsberg EU 500 258.65 +1.04 +0.40%
*FTSE/JSE South Africa Top40 52,960.80 +426.41 +0.81%
*Nairobi SE 20 Share 2,650.69 -8.22 -0.31%
*Nigeria SE Main-Board Index 29,765.31 -7.41 -0.02%
*GSE Composite Index 2398.06 0.11 (0.00%)
*GSE Financial Index 2069.59 0.00 (0.00%)
????MUTUAL FUNDS IN GHANA♣️ RETURNS
????EQUITY FUNDS ➰YTD%
Anidaso Fund ????+0.71%
Dalex Vision ????+7.21%
Republic Equity ????+1.02%
SEM All-Africa ????+6.07%
SAS Fortune ????+0.34%
⚖BALANCED FUNDS ⏸YTD%
CDH Balanced ????+6.89%
EDC Balanced ????+2.60%
Republic F Plan ????+3.58%
UMB Balanced ????+7.47%
⚙FIXED INCOME FUNDS ????AY%
EDC Fixed Income ????+18.01%
Republic Unit ????+11.13%
SEM MoneyPlus ????+13.41%
⚙FIXED INCOME FUNDS ????YTD%
EdiFund T1 ????+5.56%
Gold Money ????+7.50%
SEM Income ????+5.04%
STANLIB Income ????+7.64%
NGIS Mfund ????+4.19%
✴ COMMODITIES MARKET
*Brent Crude $/barrel⛽ $64.25 -0.20 -0.31%
*Natural Gas ???? $/million BTUS $2.21 +0.03 +1.19%
*Gold ???? $/troy ounce $1,408.50 +11.60 +0.83%
*Silver ???? $/troy ounce $15.48 -0.01 -0.08%
*Corn ???? $/bushel $461.75 +0.75 +0.16%
*Cocoa ???? $/metric ton $2,446.00 -67.00 -2.67%
*Coffee ☕ ¢/pound $101.80 +3.85 +3.93%
*Sugar???? ¢/pound $12.68 -0.06 -0.47%
Sources: Bank of Ghana, Bloomberg, GSE, Reuters, Citifm, Myjoyonline, Ghanaweb, Doobia, BBC, Graphic Business, B&FT, StarFmonline.
Prince Henry Danquah
Bora Capital Advisors Ltd.
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