GHANA AND BEYOND ,SO FAR SO VERY GOOD

BUSINESS NEWS | GHANA AND BEYOND 🌍 29/11/2018

🚩 Ghana’s Debt-to-GDP ratio has dropped to 57.2% according to the Monetary Policy Committee of the Bank of Ghana. In the 2016 Annual Progress report, Ghana’s Total Debt to GDP ratio stood at 73.1% at the end of December, 2017 with year on year debt accumulation rate of 36% in the erstwhile administration. The situation resulted in an increasing interest burden, with interest payments alone consuming 45% of tax revenue and 6.8% of GDP in 2016. The Akufo-Addo government upon assuming office realized the negative consequences this high rate of debt accumulation has on the economy which includes narrowing the fiscal space for the government to operate.

🚩Domestic processing of cocoa hit 300,000 tonnes in the 2017/2018 cocoa season, a 19 per cent jump from the 252,000 tonnes processed the previous season. That brings to 34 percent of the total volume of annual cocoa output averaging 900,000 tonnes that is processed locally. According to the Ghana Cocoa Board (COCOBOD), the rise in domestic processing this season was due mainly to the board supporting some of the processing companies to revamp their operations to grind more beans.

🚩Earlier in this month, the Bank of Ghana (BoG) cautioned that it had not issued licenses to the accompanying organisations to complete deposit-taking exercises. The organisations are Global Coin Community Help International Limited (GCCH), Wealth Drive Ghana Limited (WDG), Devonshire Place Capital Ghana Limited, TCL Markets Ghana Limited, FX-Crypto Traders and Sonsis Susu Services Limited. A statement signed by the Secretary to the Bank of Ghana, Mrs Frances Van-Hein Sackey have warned the public not to venture into business with these and doing so may be at one’s own risk.

🚩The Social Security and National Insurance Trust (SSNIT) has disclosed that most banks it is a shareholder in, have been unable to pay dividends for last year due to the increase in the minimum capital requirement. The Director General of SSNIT, Dr. John Ofori Tenkorang explains to Citi Business News this has also affected the Trust’s projections of investments in such institutions.

🚩The Bank of Ghana has shifted its projection of a drop in the Non Performing Loans of banks, by two more months. Governor of the Bank of Ghana, Dr. Ernest Addison says he expects the reflection by the end of year. Some industry watchers are also confident the move should afford banks the ability to offer more loans to businesses even as they recapitalize. The Bank of Ghana in September issued a directive asking banks to write off all loans which were deemed unrecoverable. The estimated amount of credit gone bad to be written off was 1.2 billion cedis. At the time, the central bank was expecting the NPLs to drop from 21.3 to about 18 percent between September and November 2018.

🚩The Excise Unit of the Ghana Revenue Authority (GRA) has seized cartons of bottled spirits and wines which had no tax stamps affixed on them at Kempinski Gold Coast and Movenpick Hotels in Accra. During an ongoing inspection exercise by the GRA, it emerged that majority of the products at the bar and storeroom of the hotels had no tax stamps. The GRA is yet to disclose the value of the drinks. GRA has warned retailers, shop owners and Ghanaians to stop buying and displaying items that have no tax stamps on them.

🚩Cyrus Capital Partners will provide Sears (OTCPK:SHLDQ) with a $350M loan to keep the bankrupt retailer’s stores open through the holidays. The hedge fund won a bidding war in a courthouse hallway, replacing financing from Great American Capital that would have cost 11.5 percentage points over a benchmark lending rate. The new deal with Cyrus will cut Sears’ borrowing costs by 1.5 percentage points.

✴FOREIGN EXCHANGE 💴💰
US$Gh¢ Buy 4.7921 Sell 4.7969
GB£Gh¢ Buy 6.1229 Sell 6.1309
CAD$Gh¢ Buy 3.5913 Sell 3.5950
JP¥Gh¢ Buy 0.0421 Sell 0.0421
ZARGh¢ Buy 0.3436 Sell 0.3437
EU€Gh¢ Buy 5.4046 Sell 5.4093
CHN¥Gh¢ Buy 0.6890 Sell 0.6895
Gh¢CFA Buy 121.26 Sell 121.37
Gh¢NG₦ Buy 63.82 Sell 63.88
BITCOIN Trading Price $4,181.48 ▲$582.31 ▲11.27%
ETHEREUM Trading Price $118.76 ▲$10.38 ▲9.82%
RIPPLE Trading Price $0.38  ▲ $0.04 ▲11.32%

🔼GSE DAILY GAINERS➖%CHANGE➖PRICE
GCB +0.21% ➡Gh¢4.80
UNIL +0.06% ➡Gh¢17.78

🔻GSE DAILY LOSERS➖%CHANGE➖PRICE
RBGH -8.51% ➡Gh¢0.86
SIC -6.25% ➡Gh¢0.15
SOGEGH -2.27% ➡Gh¢0.86
MTNGH -1.22% ➡Gh¢0.81
CAL -1.04% ➡Gh¢0.95

〽Inflation rate in Ghana  ➡  9.50% (-3.06%)

✳Policy Rate in Ghana ➡ 17.00% (0.00%)

¶ TREASURY BILLS RATE💸
91 – Day Discount Rate 13.9218% Interest Rate 14.4239%
182 – Day Discount Rate 13.6182% Interest Rate 14.6132%
1 Year Fixed Note Interest Rate 15.0000%
2 Year Fixed Note Interest Rate 19.5000%
3 Year Bond Interest Rate 18.0000%
5 Year Bond Interest Rate 17.0000%
10 Year Bond Interest Rate 17.5000%

🔼 GSE 2018 GAINERS ➖ YTD% ➖ PRICE
PZC +105.00% ➡Gh¢0.41
MLC +66.67% ➡Gh¢0.10
SIC +50.00% ➡Gh¢0.15
UNIL +38.47% ➡Gh¢17.78
SOGEGH +22.36% ➡Gh¢0.86

🔻GSE 2018 LOSERS ➖ YTD% ➖ PRICE
FML -50.28% ➡Gh¢8.80
PBC -50.00% ➡Gh¢0.03
ALW -50.00% ➡Gh¢0.08
RBGH -38.13% ➡Gh¢0.86
TBL -34.29% ➡Gh¢0.23

🛢Average Petrol & Diesel Price Per Litre – Gh¢5.15 (-1.15%)

🏧 MARKET INDEXES
*Dow Jones Index🚂⛽ 25,366.43 +617.70 +2.50%
*S&P 500 🏦 2,743.79 +61.62 +2.30%
*Nasdaq Index📲💻  7,291.59 +208.89 +2.95%
* NYSE Composite Index 12,417.63 +229.56 +1.88%
*London FTSE 100 7,004.52 -12.33 -0.18%
*Germany DAX 11,298.88 -10.23 -0.09%
*Japan NIKKEI 225 22,327.36 +150.34 +0.68%
*Hong Kong HANG SENG  26,661.61 -20.95 -0.08%
* Shanghai Shenzhen 300 3,186.22 +7.29 +0.23%
*S&P/ASX 200 Index 5,758.40 +33.32 +0.58%
*Bloomsberg EU 500 240.20 -0.09 -0.04%
*FTSE/JSE South Africa Top40 45,799.08 +574.44 +1.27%
*Nairobi SE 20 Share 2,780.56 +3.70 +0.13%
*Nigeria SE Main-Board Index 31,023.47 -150.24 -0.48%
*GSE Composite Index 2644.78 -22.03 (-0.83%)
*GSE Financial Index 2207.31 -17.08 (-0.77%)

💧MUTUAL FUNDS IN GHANA♠
📈EQUITY FUNDS ➰
Dalex Vision 🔼+24.38%
Gold Fund 🔼+19.87%
Legacy Trust 🔼+16.89%
Omega Equity 🔼+12.42%
SAS Fortune 🔼+9.31%
Anidaso Fund 🔼+9.68%
NTHC Horizon 🔻-1.81%
HeritageFund 🔻-2.31%
EPAcK 🔻-4.64%
SEM All-Africa 🔻-5.28%

⚖BALANCED FUNDS ⏸
CDH Balanced 🔼+18.58%
CM Fund 🔼+18.57%
UMB Balanced 🔼+16.73%
MyWealth Trust 🔼+11.89%
Republic F Plan 🔼+10.71%
EDC Balanced 🔼+9.01%
CCMF 🔼+8.16%
Bfund 🔼+7.11%
GalaxyBfund 🔼+6.69%

⚙FIXED INCOME FUNDS 🛡
TTL IncomeHaven 🔼+25.31%
FirstFund 🔼+24.54%
Galaxy Mfund 🔼+19.15%
SEM Income 🔼+17.55%
EDC Fixed Income 🔼+16.74%
Mfund 🔼+16.04%
SEM MoneyPlus 🔼+15.61%
Republic Unit 🔼+15.31%
STANLIB Income 🔼+15.13%
Gold Money 🔼+14.92%

✴ COMMODITIES MARKET
*Brent Crude $/barrel⛽ $59.19 +0.43 +0.73%
*Natural Gas 🏭 $/million BTUS $4.72 +0.45 +10.63%
*Gold 👑 $/troy ounce $1,231.20 +1.40 +0.11%
*Silver 💍 $/troy ounce $14.46 0.00 0.00%
*Corn 🌽 $/bushel $374.50 +1.25 +0.33%
*Cocoa 🍫 $/metric ton  $2,121.00 -24.00 -1.12%
*Coffee ☕ ¢/pound  $113.90 +0.60 +0.53%
*Sugar🎂 ¢/pound $12.84 +0.50 +4.05%

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

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