BUSINESS NEWS | GHANA AND BEYOND 🌍 08/07/2020
🚩Transport fares are to be increased by 15 percent, effective Saturday, July 11, 2020. The Deputy Transport Minister, Titus Glover made who made the announcement said the move is to cushion drivers who continue to bear the brunt of the impact of COVID-19 pandemic. A group known as Concerned Drivers Union has over the past few days threatened to increase fares by 30 per cent due to the increase in fuel prices. Commercial drivers have not hidden their displeasure over the fact that fuel price keeps increasing but they’ve been compelled by the government to reduce the number of passengers they pick to prevent the spread of coronavirus. The drivers’ unions presented a petition to the Ministry on Monday and were promised that the issue will be studied.Hon. Titus Glover stated that the government has decided that transport fares go up by 15% across board.
🚩The Japan International Cooperation Agency (JICA), has signed two agreements with the Ghanaian government to construct a flyover at the Tema Interchange as well as offer scholarships to some Ghanaians. The grant amount for the Improvement of the Tema Motorway Roundabout Phase 2 (Detailed Design) project is One Hundred and Nine Million Japanese Yen (JPY 109,000,000.00), equivalent to about US$ 1 Million. Whiles the grant aid for the Project for Human Resource Development Scholarship (JDS) program for the year 2021 was Two Hundred and Sixty-three Million Japanese Yen (JPY 263,000,000.00), equivalent to about US$ 2.4 Million. The Tema Interchange Project will complement the completed phase 1 interchange project to alleviate serious traffic congestion and improve logistics from/to Tema port to boost trade among Ghana and neighbors’ countries.
🚩The eurozone economy will sink deeper into recession than previously thought due to the effects of the pandemic, the European Commission (EC) has said. The bloc will contract a record 8.7% this year before growing 6.1% in 2021. It compares with the EC’s May forecast of a 7.7% slump and 6.3% growth. France, Italy and Spain will struggle the most, the EC said.
Its revised forecast comes amid concerns about the US economy after a surge in infections. This has prompted several states to delay or reverse lifting restrictions.
🚩A representative of the Ghana Real Estate Developers Association (GREDA), has revealed that 50 percent of potential mortgage and housing deals have come to a halt as a result of the Coronavirus pandemic. According to him, the adverse impact of the pandemic, has led to an operational capacity of 30 percent for real estate and house developers. “The coronavirus pandemic had led to estate developers operating at a maximum capacity of 30 percent, with more than 50 percent of potential mortgage deals being cancelled or put on hold while the servicing of existing ones had been distorted,” the representative told GhanaWeb in an interview. However, a housing expert, Foster Osae-Akonnor told GhanaWeb the demand for housing and mortgages in general has since dwindled across the country. According to him, government needs to provide incentives for architects and contractors in order to sustain the sector from a collapse.
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✴INTERBANK FOREX RATES 💴💰
US$GH¢ Buy 5.6651 Sell 5.6707
GB£GH¢ Buy 7.1284 Sell 7.1378
CAD$GH¢ Buy 4.1723 Sell 4.1766
JP¥GH¢ Buy 0.0527 Sell 0.0527
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GH¢NG₦ Buy 63.5156 Sell 63.6920
CRYPTOCURRENCY MARKET
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Ethereum $237.97 🔻-0.17%
Tether $1.00 🔼+0.13%
Ripple $0.183748 🔻-1.26%
Bitcoin Cash $236.29 🔻-0.84%
Binance Coin $16.61 🔼+4.25%
Litecoin $43.23 🔻-0.60%
EOS $2.55 🔻-0.74%
Cardano $0.113779 🔼+1.26%
Stellar $0.071758 🔼+2.05%
💵Bloomberg USDGHS Cross Rate – 5.7735
🔼GSE DAILY GAINERS➖%CHANGE➖PRICE
IIL +33.33% ➡Gh¢0.04
🔻GSE DAILY LOSERS➖%CHANGE➖PRICE
SCB -3.23% ➡Gh¢15.00
〽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
GCB -33.33% ➡Gh¢3.40
GGBL -28.99% ➡Gh¢1.20
RBGH -28.57% ➡Gh¢0.40
CAL -26.97% ➡Gh¢0.65
🏧 MARKET INDEXES
*Dow Jones Index🚂⛽ 25,890.18 -396.85 -1.51%
*S&P 500 🏦 10,343.89 -89.76 -0.86%
*Nasdaq Index📲💻 3,145.32 -34.40 -1.08%
- NYSE Composite Index 11,990.14 -169.87 -1.40%
*London FTSE 100 6,189.90 -96.04 -1.53%
*Germany DAX 12,616.80 -116.65 -0.92%
*Japan NIKKEI 225 22,614.69 -99.75 -0.44%
*Hong Kong HANG SENG 25,975.66 -363.50 -1.38%
*Shanghai Shenzhen 300 4,698.13 +28.04 +0.60%
*S&P/ASX 200 Index 6,012.92 -1.68 -0.03%
*Bloomsberg EU 500 244.38 -1.43 -0.58%
*FTSE/JSE South Africa Top40 50,922.32 +418.41 +0.83%
*Nairobi SE 20 Share 1,949.12 +3.15 +0.16%
*Nigeria SE Main-Board Index 24,098.08 -11.57 -0.05%
*GSE Composite Index 1877.53 -6.50 -0.35%
*GSE Financial Index 1706.66 -11.99 -0.70%
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⛽ $42.94 -0.16 -0.37%
*Natural Gas 🏭 $/million BTUS $1.88 +0.05 +2.73%
*Gold 👑 $/troy ounce $1,807.50 +14.00 +0.78%
*Silver 💍 $/troy ounce $18.61 +0.03 +0.18%
*Corn 🌽 $/bushel $343.25 -3.25 -0.94%
*Cocoa 🍫 $/metric ton $2,148.00 -4.00 -0.19%
*Coffee ☕ ¢/pound $100.30 +2.15 +2.19%
*Sugar🎂 ¢/pound $12.18 +0.25 +2.10%
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