🚩The Government of Ghana will from Tuesday, September 15, 2020, begin process to rollover maturing debts in the three-year treasury bond category, with the release of an initial pricing guidance through the Ghana Stock Exchange. According to an announcement made by the Bank of Ghana on Friday, September 21, 2020, the Bonds will mature in 2023. Per the government’s debt issuance calendar for September to November 2020, an amount of GH¢1.50 billion is expected to be issued this month. Of the GH¢ 22.73 billion domestic debt securities to be issued during the period, GH¢ 6.80 billion is planned for the month of July. Each bond to be issued shall have a face value of GH¢1, with a minimum subscription of GH¢50,000 and multiples of GH¢1,000 thereafter. The offer will be opened to both local and foreign investors.
🚩President, Nana Addo Dankwa Akufo-Addo , has cut the sod for the commencement of construction of the Wenchi Water Supply Project, at a ceremony at the Jubilee Park in Wenchi. Cutting the sod on Friday, 11th September 2020, on day 2 of 2-day working visit to the Bono Region, President Akufo-Addo noted that Wenchi means a lot to adherents of the Danquah-Dombo-Busia political tradition, as it is the home of Dr. K.A. Busia, Prime Minister of the Progress Party Government of the 2nd Republic. According to President Akufo-Addo, “it was in 2002, under the Government of the 2nd President of the 4th Republic, His Excellency John Agyekum Kufuor, that the existing Wenchi Water Supply System, with funding from the Government and the European Union, was constructed, as part of the Small-Town Water Supply Schemes embarked upon at the time.”
🚩Ghana plans to use part of the proceeds from an initial public offering (IPO) in a gold royalty fund to invest in similar entities. Africa’s biggest gold producer wants to use about 20% of the $500 million it seeks to raise through the IPO later this year to buy stakes in other royalty companies, Finance Minister Ken Ofori-Atta said in an interview. Ghana is “now the continent’s biggest bullion producer,” he said. “We seek just to leverage that and have some of the world’s top gold producers as part of our portfolio.” The country hopes to benefit from a high gold price that’s boosted the stocks of producers such as Barrick Gold and Newmont to multi-year highs. The fund will be structured to pay dividends from income earned from the government’s gold operations and will be listed in London and on the local bourse.
🚩Global mining deal value, suffering from an unanticipated shock from the COVID-19 pandemic, fell by more than US$18 billion year-on-year in the first half of 2020 to $46.6 billion. An expected slump in the global economy, steered by a series of challenges, has kept investors away from long-term financial instruments, resulting in a 12.7% y-o-y fall in the capital raised by mining companies, according to data and analytics company GlobalData. Mining mergers and acquisitions (M&As), despite a decent first quarter owing to deals involving gold, fell by 51.6% during the first half of 2020. Overall, the majority of the impact was evident on the completion rate, as there was a 41.7% y-o-y fall in the completed deal value.
🚩Ivory Coast plans to increase the fixed farmgate price paid to cocoa farmers by more than 21% to 1,000 CFA Francs ($1.84) per kilogram in the 2020/2021 season, sources from the country’s Coffee and Cocoa Council (CCC) said on Thursday. In June 2019 Ivory Coast and Ghana established a price floor of $2,600 per tonne and a Living Income Differential (LID) of $400 per tonne, in order to tackle poverty among farmers. CCC sources confirmed President Ouattara will announce the price increase himself on Oct. 1 in Yamoussoukro. Ghana is expected to announce an equivalent increase in farmgate prices.
🚩British Airways owner, IAG, is cutting more flights over the next three months as it adjusts to the continuing collapse in demand for air travel. IAG, which also runs Aer Lingus and Iberia, said quarantine restrictions meant capacity this autumn would be 60% below 2019 levels. The group said it had seen a “delayed recovery”, and did not expect business to return to 2019 levels until 2023. It is also raising €2.7bn (£2.5bn) from shareholders to help its finances. The company said the money would be used to reduce debt and help it withstand a prolonged downturn in travel. Previously, IAG had forecast a 46% reduction in flights between October and December compared with the same period last year.
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✴INTERBANK FOREX RATES 💴💰
US$GH¢ Buy 5.6939 Sell 5.6995
GB£GH¢ Buy 7.2779 Sell 7.2857
AUD$GH¢ Buy 4.1433 Sell 4.1485
CAD$GH¢ Buy 4.3184 Sell 4.3223
JP¥GH¢ Buy 0.0536 Sell 0.0537
ZARGH¢ Buy 0.3404 Sell 0.3407
EU€GH¢ Buy 6.7407 Sell 6.7467
CHN¥GH¢ Buy 0.8333 Sell 0.8338
GH¢CFA Buy 97.2263 Sell 97.3129
GH¢NG₦ Buy 66.7931 Sell 67.0564
CRYPTOCURRENCY MARKET
Bitcoin $10,316.13 🔻-1.15%
Ethereum $361.03 🔻-4.94%
Ripple $0.240442 🔻-2.57%
Polkadot $4.96 🔻-3.16%
Bitcoin Cash $220.30 🔻-3.57%
Chainlink $12.04 🔻-4.08%
Bitcoin SV $162.81 🔻-3.67%
Litecoin $47.79 🔻-5.38%
Cardano $0.094198 🔻-2.95%
Binance Coin $30.42 🔼+11.53%
EOS $2.71 🔻-3.42%
💵Bloomberg USDGHS Cross Rate – 5.7817 (YTD – ⬆️ +1.24%)
🔼GSE DAILY GAINERS➖%CHANGE➖PRICE
GCB +2.78% ➡Gh¢3.70
🔻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🚂⛽ 27,665.64 +131.06 +0.48%
*S&P 500 🏦 3,340.97 +1.78 +0.05%
*Nasdaq Index📲💻 10,853.54 -66.05 -0.60%
- NYSE Composite Index 12,773.04 +66.35 +0.52%
*London FTSE 100 6,032.09 +28.77 +0.48%
*Germany DAX 13,202.84 -6.05 -0.05%
*Japan NIKKEI 225 23,406.49 +171.02 +0.74%
*Hong Kong HANG SENG 24,503.31 +189.77 +0.78%
*Shanghai Shenzhen 300 4,627.28 +45.30 +0.99%
*S&P/ASX 200 Index 5,859.42 -49.09 -0.83%
*Bloomsberg EU 500 243.13 +0.27 +0.11%
*MOEX Russia Index 2,910.51 +12.96 +0.45%
*FTSE/JSE South Africa Top40 51,715.12 +183.00 +0.36%
*Nairobi SE 20 Share 1,875.69 +3.85 +0.21%
*Nigeria SE Main-Board Index 25,591.95 +70.98 +0.28%
*GSE Composite Index 1827.80 2.52 +0.14%
*GSE Financial Index 1665.89 4.60 +0.28%
GSE INDEXES ⏸ 2020 YTD RETURNS%
*GSE Composite Index 1,827.80 🔻-19.02%
*GSE Financial Index 1,665.89 🔻-17.52%
💧MUTUAL FUNDS IN GHANA♣
📈EQUITY FUNDS ➰YTD%
Anidaso Fund 🔻-5.41%
EPAcK 🔻-18.81%
Republic Equity 🔻-1.90%
SAS Fortune 🔻-5.56%
⚖BALANCED FUNDS ⏸YTD%
Bfund 🔻-0.41%
CM Fund 🔼+9.97%
CCMF 🔼+11.08%
Dalex Vision 🔼+9.32%
Fidelity Balanced Trust 🔼+5.52%
EDC Balanced 🔻-5.57%
EdiFund T2 🔼+4.95%
Republic F Plan 🔼+1.02%
UMB Balanced 🔼+7.12%
⚙FIXED INCOME FUNDS 🛡YTD%
EDC Fixed Income 🔼+10.91%
Fidelity Fixed Income Trust 🔼+12.62%
Fixed Income Alpha Plus 🔼+15.45%
SEM Income 🔼+11.13%
STANLIB Income 🔼+12.48%
MONEY MARKET FUNDS ⏱YTD%
EdiFund T1 🔼+10.83%
Mfund 🔼+12.10%
NGIS Mfund 🔼+9.80%
Republic Unit 🔼+7.29%
SEM MoneyPlus 🔼+9.52%
STANLIB Cash 🔼+12.00%
✴ COMMODITIES MARKET
*Brent Crude $/barrel⛽ $39.83 -0.23 -0.57%
*Natural Gas 🏭 $/million BTUS $2.27 -0.05 -2.32%
*Gold 👑 $/troy ounce $1,947.90 -16.40 -0.83%
*Silver 💍 $/troy ounce $26.86 -0.43 -1.59%
*Corn 🌽 $/bushel $368.50 +3.50 +0.96%
*Cocoa 🍫 $/metric ton $2,548.00 +11.00 +0.43%
*Coffee ☕ ¢/pound $132.45 +0.75 +0.57%
*Sugar🎂 ¢/pound $12.60 +0.02
+0.16%
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