???? Provisional data from the Bank of Ghana (BoG) for the first five months of 2019, reveals that government has again exceeded its fiscal deficit target of 2.4% of GDP, instead recording 3.0% of GDP, on cash basis. This excludes some legacy energy-related payments of about 0.7% of GDP which is being treated outside of the budgetary balance just as the fiscal deficit incurred in cleaning the banking sector last year was done. Explaining the latest fiscal developments at the weekend the Governor of the Central Bank, Dr. Ernest Addison said, “the higher-than-projected fiscal deficit outturn was primarily driven by lower-than-expected revenues outturn against increased pace of spending. The revenue shortfalls were mainly from international trade taxes.”
???? The Tema Oil Refinery has said that the Gh¢186 million it incurred as a loss in the first four months of the year was not due to trading or transactional activities. Reacting to media reports about the loss, a statement from TOR said the amount was as a result of financial interest charges and exchange rates differences on TOR’s outstanding legacy debts yet to be paid from the Energy Sector Levies Act (ESLA) proceeds. That aside, the statement said TOR made a gross profit in the first quarter of this year, “indicating that TOR is a potentially profitable company.”
???? The management of Ghana Cocoa Board and its subsidiary, the Cocoa Marketing Company (CMC), have stated that reports that they could not get buyers for Ghana’s cocoa are outright false. The press release signed by the Chief Executive of Cocobod said Management of Ghana Cocoa Board and its subsidiary Cocoa Marketing Company (CMC) Limited observed with worry the inaccurate interpretation and publication by Bloomberg and other media house on the sale of Ghana’s beans. We wish to assure Ghanaian farmers and all stakeholders that, the new mechanism has been understood to be the official trading system, and we shall sell at a price for the benefit of our farmers and the sustainability of the cocoa industry,” the press release added.
???? FBNBank Ghana, a subsidiary of First Bank of Nigeria, has announced the appointment of Victor Yaw Asante as its new Managing Director following the Bank of Ghana’s approval. Mr. Asante replaces Gbenga Odeyemi, who served in this capacity and has moved on to become the Managing Director of FBNBank Sierra Leone. Victor joins the FBNBank team as the first Ghanaian to be appointed as Managing Director. He brings to this leadership position a rich banking experience spanning over 20 years.
???? The Institute for Fiscal Studies (IFS) is warning that government may record a real budget deficit of more than 5 percent of GDP if government does not reduce its appetite for borrowing. According to the IFS, even though government has outlined measures not to overspend, the trend rather shows that government is borrowing outside its plans in what it describes as extra budgetary borrowings. Speaking at a press conference ahead of the Mid-Year Budget Review, a Research Fellow with the IFS, Leslie Mensah explained that there are other institutions borrowing from the same market that government is also borrowing from, putting pressure on interest rates.
???? Contractors have commenced work on parts of the apron and tarmac of Terminal 3 of the Kotoka International Airport to fix a faulty drainage system.
Parts of the tarmac and the arrival areas of the terminal have been experiencing flooding after downpours due to challenges with the drainage system. Minister for Aviation, Kofi Ada, told the reconstruction works will be carried out by two entities – PW and Mappa Contractors.
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✴INTERBANK FOREX RATES ????????
US$Gh¢ Buy 5.2539 Sell 5.2591
GB£Gh¢ Buy 6.5637 Sell 6.5707
CAD$Gh¢ Buy 4.0069 Sell 4.0107
JP¥Gh¢ Buy 0.0487 Sell 0.0488
ZARGh¢ Buy 0.3795 Sell 0.3798
EU€Gh¢ Buy 5.8968 Sell 5.9004
CHN¥Gh¢ Buy 0.7645 Sell 0.7648
Gh¢CFA Buy 111.17 Sell 111.24
Gh¢NG₦ Buy 58.24 Sell 58.30
BITCOIN Trading Price $10,185.17 ▼$-400.21 ▼-3.78%
ETHEREUM Trading Price $214.66 ▼$-10.76 ▼-4.77%
RIPPLE Trading Price $0.32 ▼ $-0.01 ▼-3.82%
????GSE DAILY GAINERS➖%CHANGE➖PRICE
No gainers for today
????GSE DAILY LOSERS➖%CHANGE➖PRICE
MTNGH -1.39% ➡️Gh¢0.71
〽️Inflation rate in Ghana ➡️ 9.10% (-3.19%)
✳Policy Rate in Ghana ➡️ 16.00% (-5.88%)
¶ TREASURY BILLS RATE????
91 – Day Discount Rate 14.2032% Interest Rate 14.7261%
182 – Day Discount Rate 14.1042% Interest Rate 15.1744%
364 – Day Discount Rate 15.1668% Interest Rate 17.8784%
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 19.5000%
6 Year Bond Interest Rate 21.0000%
10 Year Bond Interest Rate 19.8000%
????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 +17.65% ➡️Gh¢4.00
AYRTN +14.29% ➡️Gh¢0.08
ALW +12.50% ➡️Gh¢0.09
GCB +7.61% ➡️Gh¢4.95
????GSE 2019 LOSERS ➖ YTD% ➖ PRICE
TBL -47.83% ➡️Gh¢0.12
FML -44.00% ➡️Gh¢4.48
SIC -42.11% ➡️Gh¢0.11
BOPP -37.13% ➡️Gh¢3.20
GOIL -29.49% ➡️Gh¢2.20
????Average Petrol & Diesel Price Per Litre – Gh¢5.19 (-1.14%)
???? MARKET INDEXES
*Dow Jones Index????⛽ 27,171.90 +17.70
*S&P 500 ???? 2,985.03 +8.42
*Nasdaq Index???????? 8,204.14 +57.65
* NYSE Composite Index 13,109.77 -2.22
*London FTSE 100 7,514.93 +6.23
*Germany DAX 12,289.40 +29.33
*Japan NIKKEI 225 21,671.20 +254.41
*Hong Kong HANG SENG 28,415.80 +44.54
* Shanghai Shenzhen 300 3,775.59 -6.09
*S&P/ASX 200 Index 6,724.60 +33.36
*Bloomsberg EU 500 259.54 +0.41
*FTSE/JSE South Africa Top40 51,890.58 -216.60
*Nairobi SE 20 Share 2,698.64 +9.11
*Nigeria SE Main-Board Index 27,808.69 -110.81
*GSE Composite Index 2340.94 -12.15 (-0.52%)
*GSE Financial Index 2047.85 0.00 (0.00%)
????MUTUAL FUNDS IN GHANA♣️ RETURNS
????EQUITY FUNDS ➰YTD%
Anidaso Fund ????+0.76%
Dalex Vision ????+9.33%
EPAcK ????+0.47%
HeritageFund ????-1.86%
Legacy Trust ????+2.40%
NTHC Horizon ????-0.49%
SAS Fortune ????-1.86%
Republic Equity ????+0.82%
SEM All-Africa ????+5.79%
⚖BALANCED FUNDS ⏸YTD%
Bfund ????+4.98%
CCMF ????+5.42%
CDH Balanced ????+8.70%
CM Fund ????+10.64%
EDC Balanced ????+1.38%
EdiFund T2 ????+5.16%
UMB Balanced ????+8.75%
Republic F Plan ????+4.61%
⚙FIXED INCOME FUNDS ????AY%
EDC Fixed Income ????+17.82%
FirstFund ????+15.48%
Republic Unit ????+11.44%
SEM MoneyPlus ????+12.90%
TTL IncomeHaven ????+16.19%
⚙FIXED INCOME FUNDS ????YTD%
EdiFund T1 ????+7.06%
Gold Money ????+7.50%
Mfund ????+8.02%
Omega Income ????+7.99%
SEM Income ????+6.11%
SikaFund ????+7.91%
STANLIB Income ????+9.27%
SiriusOpportunity ????+7.63%
✴ COMMODITIES MARKET
*Brent Crude $/barrel⛽ $63.31 +0.05
*Natural Gas ???? $/million BTUS $2.32 +0.00
*Gold ???? $/troy ounce $1,417.20 -9.70
*Silver ???? $/troy ounce $16.25 -0.16
*Corn ???? $/bushel $430.00 +3.25
*Cocoa ???? $/metric ton $2,532.00 +65.00
*Coffee ☕ ¢/pound $105.10 -2.20
*Sugar???? ¢/pound $11.56 -0.03
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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