BUSINESS NEWS | GHANA AND BEYOND 🌍 07/07/2020
🚩Government has announced its’ plans to borrow a gross amount of GH¢17.84 billion for June to August this year. Of this amount, GH¢15.81 billion would be used to rollover maturities while the remaining GH¢2.03 billion would be used as fresh issuance to meet government’s financing requirements. Though government has not indicated how much Ghana’s total debt stock will reach by this new borrowing, recent economic and financial data issued by the Bank of Ghana’s (BoG) Monetary Policy Committee said the country’s total debt reached GH¢236.1 billion ending March this year. Out of the figure, US$22.9 billion was external debt, which translated into 31.4 percent of the total value of the economy, while GH¢111.3 billion was secured locally—representing 28 percent of the total value of the economy. Also, out of the total debt stock, GH¢1.8 billion has been spent on the financial sector cleanup so far for the first three months of this year.
🚩The International Monetary Fund, (IMF) in its revised Regional Economic Outlook (REO) forecast for 2020 indicates that economic activity this year is now projected to contract by some 3.2 percent, markedly worse than the 1.6 percent contraction anticipated in April. The IMF said countries within Sub Saharan Africa will suffer a significant shrink due to depressed economic activity, a negative outcome of the novel Coronavirus pandemic. A statement issued by the IMF explains that the deepening recession also mirrors a weaker external outlook as global growth is also projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast.
🚩As part of efforts to increase cocoa productivity to over one million metric tonnes, the Ghana Cocoa Board (COCOBOD) has commenced a hand-pollination exercise across all production areas for the 2019/2020 season. COCOBOD has therefore increased recruited and trained youth for the human-induced cross-fertilisation programme from 20,000 in the previous season to 30,000. This was preceded by a mass-pruning exercise across the farms. COCOBOD targetted executing 100 percent pruning at every cocoa farm in the country.The objective of hand pollination, one of COCOBOD’s Productivity Enhancement Programmes (PEPs), is to increase the number of pods on a cocoa tree to a minimum of 50.
🚩Commercial vehicle drivers in parts of the country say they have been compelled to hike up transport fares due to the latest fuel price increases and the government directive to reduce the number of passengers. The drivers, who are part of the group called the Concerned Drivers Union say even before the fares will be approved by their regulator, the Ghana Private Road Transport Union (GPRTU), members have been directed to implement the fare increase. Vice-Chairman of the Concerned Drivers Union, David Agboado, told Accra-based Citi FM that their leadership and members are convinced that it is only fair that the passengers bear the cost of the recent fuel price hikes.
🚩The Office of Government Machinery last year spent a total of GH¢3.5 billion on the implementation of its various programmes and activities. Employee Compensation took GH¢140.8 million; Goods and Services – GH¢3.3 billion, while GH¢55.49 million was spent on assets. Dr Mark Assibey-Yeboah , Chairman of the Finance Committee, announced this when he presented the Committee’s Report for the adoption of the Budget Performance Report of the Office of Government Machinery for the 2019 January to December Financial Year. The presentation is in accordance with the Public Financial Management (PFM) Act 2016 (Act 921) and the Standing Orders of the House.
🚩Commercial vehicle drivers in parts of the country say they have been compelled to hike up transport fares due to the latest fuel price increases and the government directive to reduce the number of passengers. The drivers, who are part of the group called the Concerned Drivers Union say even before the fares will be approved by their regulator, the Ghana Private Road Transport Union (GPRTU), members have been directed to implement the fare increase. Vice-Chairman of the Concerned Drivers Union, David Agboado, told Accra-based Citi FM that their leadership and members are convinced that it is only fair that the passengers bear the cost of the recent fuel price hikes.
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✴INTERBANK FOREX RATES 💴💰
US$GH¢ Buy 5.6652 Sell 5.6708
GB£GH¢ Buy 7.0718 Sell 7.0800
CAD$GH¢ Buy 4.1828 Sell 4.1864
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Bitcoin Cash $241.25 🔼8.90%
Binance Coin $16.23 🔼+6.61%
Litecoin $43.86 🔼+5.64%
EOS $2.35 🔼+0.46%
Cardano $0.104460 🔼+6.61%
💵Bloomberg USDGHS Cross Rate – 5.7735
🔼GSE DAILY GAINERS➖%CHANGE➖PRICE
No gainers for today
🔻GSE DAILY LOSERS➖%CHANGE➖PRICE
CAL -8.45% ➡Gh¢0.65
〽Inflation rate in Ghana ➡ 11.30% (+6.60%)
🏦Ghana Reference Rate ➡ 14.80% (-9.50%)
✳Policy Rate in Ghana ➡ 14.50% (+0.20%)
¶ TREASURY BILLS RATE💸
91 – Day Discount Rate 13.5011% Interest Rate 13.9727%
182 – Day Discount Rate 13.1608% Interest Rate 14.0878%
364 – Day Discount Rate 14.4523% Interest Rate 16.8938%
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 21.0000%
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¢4.65 (🔻-16.13%)
GSE 2020 GAINERS ➖ YTD% ➖ PRICE
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 -57.52% ➡Gh¢1.75
IIL -40.00% ➡Gh¢0.03
GCB -33.33% ➡Gh¢3.40
GGBL -28.99% ➡Gh¢1.20
RBGH -28.57% ➡Gh¢0.40
🏧 MARKET INDEXES
*Dow Jones Index🚂⛽ 26,287.03 +459.67 +1.78%
*S&P 500 🏦 3,179.72 +49.71 +1.59%
*Nasdaq Index📲💻 10,433.65 +226.02 +2.21%
- NYSE Composite Index 12,160.01 +168.49 +1.41%
*London FTSE 100 6,285.94 +128.64 +2.09%
*Germany DAX 12,733.45 +205.27 +1.64%
*Japan NIKKEI 225 22,614.69 -99.75 -0.44%
*Hong Kong HANG SENG 26,156.91 -182.25 -0.69%
*Shanghai Shenzhen 300 4,736.34 +66.25 +1.42%
*S&P/ASX 200 Index 6,012.90 -1.71 -0.03%
*Bloomsberg EU 500 245.81 +3.60 +1.49%
*FTSE/JSE South Africa Top40 50,503.91 +324.02 +0.65%
*Nairobi SE 20 Share 1,949.12 +3.15 +0.16%
*Nigeria SE Main-Board Index 24,109.65 -226.47 -0.93%
*GSE Composite Index 1884.03 -3.62 -0.19%
*GSE Financial Index 1718.65 -6.68 -0.39%
GSE INDEXES ⏸ 2020 YTD RETURNS%
*GSE Composite Index 1,884.03 🔻-16.53%
*GSE Financial Index 1,718.65 🔻-14.90%
💧MUTUAL FUNDS IN GHANA♣️
📈EQUITY FUNDS ➰YTD%
Anidaso Fund 🔻-4.56%
EPAcK 🔻-16.78%
Republic Equity 🔻-2.36%
SAS Fortune 🔻-3.42%
⚖BALANCED FUNDS ⏸YTD%
Bfund 🔻-1.15%
CCMF 🔼+8.60%
CM Fund 🔼+6.89%
Dalex Vision 🔼+7.00%
EDC Balanced 🔻-5.52%
Fidelity Balanced Trust 🔼+2.60%
Plus Balanced Fund 🔼+6.57%
EdiFund T2 🔼+2.60%
Republic F Plan 🔼+0.09%
UMB Balanced 🔼+4.45%
⚙FIXED INCOME FUNDS 🛡YTD%
EDC Fixed Income 🔼+7.79%
Fixed Income Alpha Plus 🔼+11.14%
Fidelity Fixed Income Trust 🔼+8.81%
Plus Income Fund 🔼+8.71%
SEM Income 🔼+7.83%
STANLIB Income 🔼+9.06%
🏦MONEY MARKET FUNDS ⏱YTD%
EdiFund T1 🔼+7.52%
NGIS Mfund 🔼+7.91%
Gold Money 🔼+7.50%
Mfund 🔼+8.23%
Republic Unit 🔼+5.29%
SEM MoneyPlus 🔼+6.84%
STANLIB Cash 🔼+8.42%
✴ COMMODITIES MARKET
*Brent Crude $/barrel⛽ $42.80 -0.34 -0.79%
*Natural Gas 🏭 $/million BTUS $1.85 +0.02 +1.04%
*Gold 👑 $/troy ounce $1,795.70 +2.20 +0.12%
*Silver 💍 $/troy ounce $18.64 +0.05 +0.29%
*Corn 🌽 $/bushel $346.50 +3.00 +0.87%
*Cocoa 🍫 $/metric ton $2,152.00 -27.00 -1.24%
*Coffee ☕ ¢/pound $98.15 -5.05 -4.89%
*Sugar🎂 ¢/pound $11.93 -0.31 -2.53%
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