🚩The receiver is set to pay GH¢151.8 million to 5,637 former staff of 209 defunct Specialised Deposit Taking Institutions (SDIs) as outstanding salary arrears and compensation due them before the end of this month. This follows the Bank of Ghana (BoG) making available funds to the receiver and official liquidator to fully settle employee-related claims which otherwise rank as unsecured claims in the receiverships/liquidation of the affected companies. The amount is made up of GH¢144.3 million in compensation due the former employees and GH¢7.5million in salary arrears. A total of 2,036 staff of 177 microfinance companies (MFCs) will receive GH¢24.6 million for outstanding salary arrears and other related claims. It comprises GH¢20.3 million compensation and GH¢4.3 million salary arrears. In addition, 3,547 former employees of 21 savings & loans (S&Ls) and finance house companies will also be paid GH¢125.8 million.
🚩About 507,000 motor insurance stickers have been electronically issued since the introduction of the Motor Insurance Database (MID) policy, the National Insurance Commission (NIC) has said. This follows an earlier 272,000 stickers issued electronically in May of this year following the implementation of the MID in January 2020 to curb fake insurance stickers plying the roads. According to the Head of Supervision at the NIC, the regulator on a daily basis, pays some GH¢1.6 million in claims for motor insurance in Ghana. Speaking in an interview with GhanaWeb, Seth Eshun said; “Currently, we have over 507,000 electronically issued stickers so far and with everything been equal, we expect something around the region of a million by the end of this year. So, that means there’s still scope for us to improve. Eshun adds though the DVLA issues some 1.5 million cars annually with roadworthy certificates, only 0.8 million of vehicles have been issued adequate motor insurance.
🚩Ghana’s electricity export in 2019 reached the highest level in two decades, with 1,430 Gigawatt hours (GWh), representing 7.9 percent of total electricity generation, exported to neighbouring countries, the Energy Commission’s National Energy Statistics report has revealed. The country’s electricity import in 2019 fell to 127 GWh, equivalent to 0.7 percent of total generation and the lowest level since 2014. This yielded a net electricity export (export minus import) of 1,227 GWh in 2019, double the net export figure of 600 GWh in 2018 and also the highest level in two decades.
🚩Parliament has approved a total of US$2.068million tax waiver on machinery, equipment and raw materials to be procured by three companies under the One District One Factory (1D1F) Programme of the Government of Ghana. The companies are Accum Energy Ghana Limited, Vester Oil Mills Limited and Ada Premium Diaper Care Limited. The request is for the waiver of Import Duty, Import NHIL, Import GETFund Levy, Import VAT and EXIM Levy amounting to US$1,208,404.00 for Accum Energy Ghana Limited, US$814,874.00 for Vester Oil Mills Limited and US$44,990.00 for Ada Premium Diaper Care Limited on machinery, equipment and raw materials to be procured by the three companies respectively. Dr Mark Assibey-Yeboah , Chairman of the Finance Committee in presenting the Committee’s report, observed that Accum Energy is a Ukrainian company that deals in the production of batteries for cars, trucks, motorcycles and tractors. It produces over 300,000 batteries per annum.
🚩Rider Iron and Steel Ghana Limited (RISGL) has expressed appreciation to International Finance Corporation (IFC), a member of World Bank Group for the approval and disbursement of US$12million loan to support the construction of steel manufacturing plant in Kumasi in the Ashanti Region. The director of Rider and Steel Ghana Limited, Eng. Walid Al Alami, believes that the capital injection from IFC is a game-changer, not just for the company but also for the industry and Ghana. “The loan will propel us to meet domestic demands and support many other businesses along the way,” he said. The company also expressed its gratitude to President Nana Addo Dankwa Akufo-Addo for bringing some relief to the Ghanaian people at a time that the world is struggling with job losses due to
COVID-19 .
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✴INTERBANK FOREX RATES 💴💰
US$GH¢ Buy 5.6686 Sell 5.6742
GB£GH¢ Buy 7.1702 Sell 7.1785
CAD$GH¢ Buy 4.1865 Sell 4.1901
JP¥GH¢ Buy 0.0529 Sell 0.0529
ZARGH¢ Buy 0.3397 Sell 0.3401
EU€GH¢ Buy 6.4859 Sell 6.4905
CHN¥GH¢ Buy 0.8113 Sell 0.8119
GH¢CFA Buy 101.0642 Sell 101.1358
GH¢NG₦ Buy 67.0910 Sell 67.1792
CRYPTOCURRENCY MARKET
Bitcoin $9,163.02 🔼+0.26%
Ethereum $236.06 🔼+0.51%
Ripple $0.195062 🔼+1.06%
Bitcoin Cash $227.06 🔻-1.03%
Bitcoin SV $222.62 🔻-1.06%
Binance Coin $18.19 🔻-3.86%
Litecoin $41.86 🔻-1.07%
EOS $2.55 🔻-2.41%
Cardano $0.119046 🔻-2.67%
Stellar $0.095986 🔻-2.90%
💵Bloomberg USDGHS Cross Rate – 5.7513
🔼GSE DAILY GAINERS➖%CHANGE➖PRICE
MTNGH +1.79% ➡Gh¢0.57
GCB +1.60% ➡Gh¢3.80
🔻GSE DAILY LOSERS➖%CHANGE➖PRICE
No losers for today
〽Inflation rate in Ghana ➡ 11.20% (-0.88%)
🏦Ghana Reference Rate ➡ 14.75% (-0.34%)
✳Policy Rate in Ghana ➡ 14.50% (-9.38%)
¶ TREASURY BILLS RATE💸
91 – Day Discount Rate 13.4056% Interest Rate 13.8704%
182 – Day Discount Rate 13.1347% Interest Rate 14.0580%
364 – Day Discount Rate 14.4685% Interest Rate 16.9160%
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%
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
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 -59.95% ➡Gh¢1.65
GGBL -28.99% ➡Gh¢1.20
RBGH -28.57% ➡Gh¢0.40
CAL -26.97% ➡Gh¢0.65
GCB -25.49% ➡Gh¢3.80
🏧 MARKET INDEXES
*Dow Jones Index🚂⛽ 26,680.87 +8.92
+0.03%
*S&P 500 🏦 10,767.09 +263.90
+2.51%
*Nasdaq Index📲💻 3,251.84 +27.11
+0.84%
- NYSE Composite Index 12,392.98 -9.76
-0.08%
*London FTSE 100 6,261.52 -28.78
-0.46%
*Germany DAX 13,046.92 +127.31
+0.99%
*Japan NIKKEI 225 22,717.48 +21.06
+0.09%
*Hong Kong HANG SENG 25,057.99 -31.18
-0.12%
*Shanghai Shenzhen 300 4,680.30 +135.60
+2.98%
*S&P/ASX 200 Index 6,001.57 -32.06
-0.53%
*Bloomsberg EU 500 248.64 +1.83
+0.74%
*FTSE/JSE South Africa Top40 51,852.22 +336.34
+0.65%
*Nairobi SE 20 Share 1,909.63 +0.27
+0.01%
*Nigeria SE Main-Board Index 24,273.42 -14.24
-0.06%
*GSE Composite Index 1874.62
13.38 (+0.72%)
*GSE Financial Index 1725.21
2.83 (+0.16%)
GSE INDEXES ⏸ 2020 YTD RETURNS%
*GSE Composite Index 1,874.62 🔻-16.95%
*GSE Financial Index 1,725.21 🔻-14.58%
💧MUTUAL FUNDS IN GHANA♣️
📈EQUITY FUNDS ➰YTD%
Anidaso Fund 🔻-4.56%
Republic Equity 🔻-1.97%
EPAcK 🔻-16.88%
SAS Fortune 🔻-3.42%
⚖BALANCED FUNDS ⏸YTD%
Bfund 🔻-0.61%
CM Fund 🔼+7.04%
CDH Balanced 🔻-2.14%
Dalex Vision 🔼+7.41%
Fidelity Balanced Trust 🔼+3.21%
EDC Balanced 🔻-5.06%
EdiFund T2 🔼+3.18%
Kiddifund 🔼+0.30%
Plus Balanced Fund 🔼+7.04%
UMB Balanced 🔼+4.45%
⚙FIXED INCOME FUNDS 🛡YTD%
EDC Fixed Income 🔼+8.39%
Fixed Income Alpha Plus 🔼+12.13%
Fidelity Fixed Income Trust 🔼+9.51%
Plus Income Fund 🔼+9.36%
SEM Income 🔼+8.75%
STANLIB Income 🔼+9.73%
🏦MONEY MARKET FUNDS ⏱YTD%
EdiFund T1 🔼+8.24%
Mfund 🔼+8.98%
NGIS Mfund 🔼+7.91%
SEM MoneyPlus 🔼+7.51%
STANLIB Cash 🔼+9.21%
✴ COMMODITIES MARKET
*Brent Crude $/barrel⛽ $43.21 +0.07
+0.16%
*Natural Gas 🏭 $/million BTUS $1.64 -0.08
-4.48%
*Gold 👑 $/troy ounce $1,819.10 +9.10
+0.50%
*Silver 💍 $/troy ounce $20.34 +0.57
+2.89%
*Corn 🌽 $/bushel $335.50 -4.25
-1.25%
*Cocoa 🍫 $/metric ton $2,219.00 +59.00
+2.73%
*Coffee ☕ ¢/pound $99.75 -2.55
-2.49%
*Sugar🎂 ¢/pound $11.72 -0.01
-0.09%
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