🚩The Economics Research wing of Goldman Sachs, a global financial institution, is forecasting Ghana’s economy will perform better than government’s 0.9 percent GDP growth projection for this year. The firm’s latest projection follows the Ghana Statistical Service’s latest GDP data that revealed the economy contracted in the second quarter of 2020 – the first time in about four years. But despite the 3.2 percent contraction in GDP growth, Goldman Sachs said it sees Ghana’s pandemic-hit economy growing at a rate of 1.2 percent, following a stronger than anticipated performance from some key sectors of the economy. Goldman Sachs’ latest projection is a revision to its initial forecast that said the Ghanaian economy would see a 1.3 percent contraction on the back of the damaging impact of the Covid-19 pandemic.
🚩The Ghana Ports and Harbours Authority’s (GPHA) new Unity Terminal under construction at Kpone in the Greater Accra Region, is 97 percent complete. The Kpone Unity Terminal is a 40-acre facility being built by the GPHA as a new devanning terminal to take over activities of the Golden Jubilee Terminal. Mr Able Ayamga Akurigo, a Senior Project Officer at GPHA, revealed this when members of the Junior and Senior Staff Unions of Takoradi and Tema Port visited the site to ascertain the progress of work.
Mr Akurigo noted that they were expecting a crew from South Africa to fully complete the terminal which is seven kilometres from the Tema Port, and expected to boost decongestion of the Tema Port from large volumes of imported cargo.
🚩Managing Director of Consolidated Bank Ghana (CBG), Daniel Wilson Addo has said that his outlet has a smooth process in paying customers of defunct companies and that depositors who wish to withdraw their monies will go through a smooth process when they visit any branch of the bank with their validated documents. Speaking on the Point of View on Citi TV, Mr. Addo confirmed that the accounts of all customers of defunct microfinance, savings and loans and finance houses have been fully credited with the cash value of their estimated bonds and that the funds have already been disbursed into the accounts of these depositors.
🚩Data from the Ghana Statistical Service, GSS, indicates that the shock caused by the COVID-19 pandemic had considerable impacts on Ghanaian businesses, forcing many firms to shut down. According to the data, the accommodation and food sector, for example, saw over 29,000 businesses closing down during the lockdown period with about 17 of those businesses remaining closed in May and June. Giving further highlights at a press briefing in Accra on the true extent of closures of businesses months after movement restrictions were lifted, Government Statistician, Prof. Samuel Kobina Annim said that, a similar trend was observed for businesses in agriculture, trade and other sectors.
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Invest in Gh brings another intriguing webinar to you on September 26, 2020 @ 14:00GMT. Dr. Kenneth Donkor-Hyiaman (Real Estate Finance & Economics Lecturer, KNUST) and Surveyor Nana Yaw Osei-Owusu (Syndicated Green Developers) will speak on the topic “Cost of Building a House in Ghana”. Visit www.investingh.info to register for free.
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🚩MTN Ghana has announced an adjustment to its tariffs following the passage of the Communication Services Tax (amendment) Act, 2020 (Act 1025). In accordance with the amendment of the law, the telecommunications company has adjusted its tariffs to reflect the 4% reduction in the Communication Services Tax. Tariffs for all voice calls, data and SMS have been amended to reflect the downward adjustment of the CST. In addition, MTN is giving a 5% bonus on all types of recharges including physical voucher, Mobile Money and EVD. The tariff adjustment took effect from the 15th of September, 2020.
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Secure your Tomorrow with MY OWN PENSION on your MTN Mobile Money and make contributions that you can rely upon tomorrow. To Register, Simply dial *170#, select Option 5 (Financial Services) and select Option 4 (Pensions and Investments) to Begin
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The Investingh team put together a Financial Planning Template to help you plan your budget, retirement, child’s fees, weddings, buying a car, land acquisition etc. Follow this link to download: http://eepurl.com/gb8arv
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✴INTERBANK FOREX RATES 💴💰
US$GH¢ Buy 5.6972 Sell 5.7029
GB£GH¢ Buy 7.3807 Sell 7.3886
AUD$GH¢ Buy 4.1634 Sell 4.1687
CAD$GH¢ Buy 4.3235 Sell 4.3274
JP¥GH¢ Buy 0.0546 Sell 0.0547
ZARGH¢ Buy 0.3503 Sell 0.3507
EU€GH¢ Buy 6.7558 Sell 6.7618
CHN¥GH¢ Buy 0.8414 Sell 0.8422
GH¢CFA Buy 97.0092 Sell 97.0954
GH¢NG₦ Buy 67.2807 Sell 67.5439
CRYPTOCURRENCY MARKET
Bitcoin $10,501.38 🔻-3.50%
Ethereum $347.25 🔻-6.49%
Ripple $0.233485 🔻-5.15%
Polkadot $4.16 🔻-10.25%
Bitcoin Cash $214.57 🔻-4.85%
Chainlink $8.97 🔻-9.88%
Bitcoin SV $147.46 🔻-4.19%
Litecoin $43.63 🔻-7.48%
Cardano $0.080854 🔻-9.67%
Binance Coin $23.87 🔻-8.35%
EOS $2.54 🔻-5.00%
💵Bloomberg USDGHS Cross Rate – 5.7811 (YTD – ⬆️ +1.23%)
🔼GSE DAILY GAINERS➖%CHANGE➖PRICE
No gainers for today
🔻GSE DAILY LOSERS➖%CHANGE➖PRICE
No losers for today
〽Inflation rate in Ghana ➡ 10.50% (🔻-7.89%)
🏦Ghana Reference Rate ➡ 14.77% (+0.14%)
✳Policy Rate in Ghana ➡ 14.50% (-9.38%)
¶ TREASURY RATES💸
14 – Day Discount Rate 14.4196% Interest Rate 14.5000%
91 – Day Discount Rate 13.5608% Interest Rate 14.0367%
182 – Day Discount Rate 13.1810% Interest Rate 14.1110%
364 – Day Discount Rate 14.4088% Interest Rate 16.8345%
1 Year Fixed Note Interest Rate 16.5672%
2 Year Fixed Note Interest Rate 18.7500%
3 Year Bond Interest Rate 19.5000%
5 Year Bond Interest Rate 19.2500%
6 Year Bond Interest Rate 19.5000%
7 Year Bond Interest Rate 20.0000%
10 Year Bond Interest Rate 19.8000%
20 Year Fixed Rate Bond 20.2000%
🐂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%
🛢Average Petrol & Diesel Price Per Litre – Gh¢4.85 (🔼+4.30%)
GSE 2020 GAINERS ➖ YTD% ➖ PRICE
CPC +50.00% ➡Gh¢0.03
SIC +25.00% ➡Gh¢0.10
CMLT +22.22% ➡Gh¢0.11
ALW +10.00% ➡Gh¢0.11
DASPHARMA +2.56% ➡Gh¢0.40
🔻GSE 2020 LOSERS ➖ YTD% ➖ PRICE
FML -74.76% ➡Gh¢1.04
GGBL -40.83% ➡Gh¢1.00
UNIL -37.74% ➡Gh¢10.21
RBGH -28.57% ➡Gh¢0.40
GCB -27.45% ➡Gh¢3.70
🏧 MARKET INDEXES
*Dow Jones Index🚂⛽ 27,147.70 -509.72 -1.84%
*S&P 500 🏦 3,281.06 -38.41 -1.16%
*Nasdaq Index📲💻 10,778.80 -14.48 -0.13%
- NYSE Composite Index 12,561.78 -271.79 -2.12%
*London FTSE 100 5,804.29 -202.76 -3.38%
*Germany DAX 13,116.25 -91.87 -0.70%
*Japan NIKKEI 225 23,360.30 +40.93 +0.18%
*Hong Kong HANG SENG 12,542.44 -573.81 -4.37%
*Shanghai Shenzhen 300 4,691.43 -45.66 -0.96%
*S&P/ASX 200 Index 5,822.62 -41.88 -0.71%
*Bloomsberg EU 500 235.76 -7.99 -3.28%
*MOEX Russia Index 2,863.67 -88.12 -2.99%
*FTSE/JSE South Africa Top40 49,153.11 -1,246.05 -2.47%
*Nairobi SE 20 Share 1,848.74 +1.33 +0.07%
*Nigeria SE Main-Board Index 25,574.35 +1.78 +0.01%
*GSE Composite Index 1841.38 0.00 (0.00%)
*GSE Financial Index 1669.29 0.00 (0.00%)
GSE INDEXES ⏸ 2020 YTD RETURNS%
*GSE Composite Index 1,841.38 🔻-18.42%
*GSE Financial Index 1,669.29 🔻-17.35%
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Invest in Gh brings another intriguing webinar to you on September 26, 2020 @ 14:00GMT. Dr. Kenneth Donkor-Hyiaman (Real Estate Finance & Economics Lecturer, KNUST) and Surveyor Nana Yaw Osei-Owusu (Syndicated Green Developers) will speak on the topic “Cost of Building a House in Ghana”. Visit www.investingh.info to register for free.
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💧MUTUAL FUNDS IN GHANA♣️
📈EQUITY FUNDS ➰YTD%
Anidaso Fund 🔻-5.17%
EPAcK 🔻-16.78%
Republic Equity 🔻-1.01%
⚖BALANCED FUNDS ⏸YTD%
Bfund 🔼+0.77%
CCMF 🔼+11.85%
CM Fund 🔼+10.28%
CDH Balanced 🔻-2.48%
Dalex Vision 🔼+9.58%
EdiFund T2 🔼+5.54%
EDC Balanced 🔻-5.01%
Fidelity Balanced Trust 🔼+5.81%
Republic F Plan 🔼+1.42%
Plus Balanced Fund 🔼+9.74%
⚙FIXED INCOME FUNDS 🛡YTD%
EDC Fixed Income 🔼+11.22%
Fidelity Fixed Income Trust 🔼+13.01%
Fixed Income Alpha Plus 🔼+15.80%
Plus Income Fund 🔼+12.49%
STANLIB Income 🔼+12.79%
Mfund 🔼+12.56%
MONEY MARKET FUNDS ⏱YTD%
EdiFund T1 🔼+11.37%
NGIS Mfund 🔼+9.97%
Republic Unit 🔼+7.50%
SEM MoneyPlus 🔼+9.52%
STANLIB Cash 🔼+12.28%
✴ COMMODITIES MARKET
*Brent Crude $/barrel⛽ $41.76 -1.39 -3.22%
*Natural Gas 🏭 $/million BTUS $1.84 -0.21 -10.40%
*Gold 👑 $/troy ounce $1,910.60 -51.50 -2.62%
*Silver 💍 $/troy ounce $24.39 -2.74 -10.11%
*Corn 🌽 $/bushel $369.75 -8.75 -2.31%
*Cocoa 🍫 $/metric ton $2,629.00 -12.00 -0.45%
*Coffee ☕ ¢/pound $112.00 -1.50 -1.32%
*Sugar🎂 ¢/pound $13.13 -0.25 -1.87%
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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