🚩Ghana’s economy is expected to witness a $10 billion boost with government’s plan of exploiting bauxite and aluminum reserves into the Integrated Aluminum Industry. To achieve that objective, the Management of the Ghana Integrated Aluminum Development Corporation (GIADEC), in partnership with the Volta Aluminum Company Limited (VALCO) has deployed a Recovery Plan of retrofitting the VALCO refinery plant to produce at its full capacity of 300,000 tonnes of aluminum per annum. It is also expected to establish three new bauxite mines, and at least two refineries in addition to the existing smelter. The successful implementation of the Recovery Plan is expected to generate 35,000 direct and indirect jobs as well as create a vibrant downstream sector.
🚩Foreign investors operating in Ghana, have in the second quarter of 2020, recorded an average revenue loss of US$75,000, according to the Ghana Investments Promotion Centre (GIPC). The GIPC in a recent survey conducted between April 1-June 12, 2020 showed 51.43 percent of the respondents sampled had been negatively impacted by the coronavirus pandemic. The survey dubbed; “Survey on the Impact of
Coronavirus (COVID-19 ) on Foreign Investors in Ghana” further indicated 51.4 percent of the respondents sampled by Centre had recorded revenue losses in excess of US$100,000. Additionally, the rest of the respondents sampled recorded losses between US$100,000 and less than US$1,000.
🚩Mr Kwabena Okyere Darko-Mensah , the Western Regional Minister on behalf of the government, has cut the sod for the construction of Cassava Processing Factory under the One District One Factory (1D1F) flagship programme for Amenfi Farms at Amenfi Asikumi in the Amenfi East District of the Western Region. Addressing the chiefs and people at the sod-cutting ceremony under strict Coronavirus safety protocols over the weekend, the Western Regional Minister said the initiative was to carefully geared towards creating the rightful and needed business environment for the private sector businesses to thrive. He took the opportunity to disclose that government had planned to establish twenty-six (26) companies to be operated under the One District One Factory policy in the Western Region. He also said so far two factories are in operation under the programme in Shama and Wassa East Districts in the region.
🚩The public can now pay for goods and services through the universal Gh QR code, as some six banks have started deployment. The banks are Ecobank, GCB Bank, Zenith Bank, Bank of Africa, Fidelity Bank and Agriculture Development Bank. The remaining banks are still in the process to enable them begin the rollout. The Vice President, Alhaji Dr. Mahamudu Bawumia launched the universal QR code in March this year. The service adds on to the plethora of electronic payment solutions that the Ghana Interbank Payment and Settlement Systems (GhIPSS) has rolled out over the years.
With the QR code, customers only need to scan the codes displayed at various shops and other outlets with their smart phones to make payment.
🚩OCP Africa, in a partnership agreement with the Ministry of Food and Agriculture (MoFA), has increased its efforts to support the agricultural value chain in Ghana. The agreement seeks to intensify OCP Africa’s flagship agribooster programme that will bring a global offer to farmers with access to inputs of good quality, training and market. The 2020 Agribooster Campaign which is aligned with government’s flagship Planting for Food and Jobs (PFJ) Programme, and jointly implemented by OCP Africa and MoFA, has provided improved fertilizers to support farmers across eight regions of Ghana to mitigate the effects of COVID-19 on small-holder farmers. Over 100,000 farmers who have benefitted from these improved fertilizers in the 2020 agribooster campaign will also receive training on Good Agricultural Practices (GAP).
🚩The 55th Annual Meetings of the African Development Bank opened in Abidjan on Wednesday with renewed commitment to economic resilience in Africa. In his opening speech, the President of Côte d’Ivoire, Alassane Ouattara, highlighted the unusual context of this year’s annual meetings, taking place against the backdrop of the COVID-19 pandemic. He also underscored the Bank’s critical support for his country and other regional members. “This is an opportunity for me to acknowledge the African Development Bank, its President and Board of Directors, for the unwavering support expressed in these difficult times to African states. Indeed, the Bank’s COVID-19 Rapid Response Facility has made it possible to finance and support African countries in the fast implementation of plans to fight the pandemic.”
🚩Absa Bank Ghana has made a donation of GH¢500,000 to the Noguchi Memorial Institute of Medical Research (NMIMR) to support the institute’s key role in the fighting against COVID-19. According to Absa Bank, the donation is to support Noguchi, the main COVID-19 testing centre, to increase their testing capacity in order to keep up with daily case reporting and management which is critical to Government’s fighting against the pandemic. Commenting on the donation, Mrs. Abena Osei-Poku, Managing Director of Absa Bank Ghana, indicated that the support is a demonstration of the bank’s commitment to help win the fight against COVID-19 .
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Save the date 29th August, 2020 because InvestinGh brings you it’s 3rd webinar @ 17:00GMT with Mr. Nana Sarfo (CE0, Bora Capital Advisors) and Mr. William Mensah (Principal Consultant, Lifespring Consult Ltd) to teach you “How to Achieve Financial Independence”. Don’t miss this extensive and educative discussion. Visit www.investingh.info to register for free.
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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 5.6801 Sell 5.6857
GB£GH¢ Buy 7.4880 Sell 7.4961
AUD$GH¢ Buy 4.1139 Sell 4.1191
CAD$GH¢ Buy 4.3236 Sell 4.3275
JP¥GH¢ Buy 0.0533 Sell 0.0533
ZARGH¢ Buy 0.3322 Sell 0.3324
EU€GH¢ Buy 6.7031 Sell 6.7097
CHN¥GH¢ Buy 0.8235 Sell 0.8240
GH¢CFA Buy 97.7625 Sell 97.8588
GH¢NG₦ Buy 67.9354 Sell 68.1254
CRYPTOCURRENCY MARKET
Bitcoin $11,313.27 🔻-1.56%
Ethereum $381.70 🔻-1.66%
Ripple $0.263064 🔻-5.47%
Bitcoin Cash $263.23 🔻-4.69%
Chainlink $14.51 🔻-4.32%
Bitcoin SV $185.58 🔻-3.57%
Litecoin $55.76 🔻-4.65%
Cardano $0.106191 🔻-8.45%
Binance Coin $22.55 🔻-0.83%
EOS $2.96 🔻-5.62%
Stellar $0.093133 🔻-5.53%
💵Bloomberg USDGHS Cross Rate – 5.7746 (YTD – ⬆️ +1.12%)
🔼GSE DAILY GAINERS➖%CHANGE➖PRICE
No gainers for today
🔻GSE DAILY LOSERS➖%CHANGE➖PRICE
GCB -5.26% ➡Gh¢3.60
〽Inflation rate in Ghana ➡ 11.40% (+1.79%)
🏦Ghana Reference Rate ➡ 14.75% (-0.34%)
✳Policy Rate in Ghana ➡ 14.50% (-9.38%)
¶ TREASURY RATES💸
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
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 -67.23% ➡Gh¢1.35
GGBL -40.83% ➡Gh¢1.00
UNIL -30.85% ➡Gh¢11.34
GCB -29.41% ➡Gh¢3.60
RBGH -28.57% ➡Gh¢0.40
🏧 MARKET INDEXES
*Dow Jones Index🚂⛽ 28,492.27 +160.35
+0.57%
*S&P 500 🏦 3,484.55 +5.82
+0.17%
*Nasdaq Index📲💻 11,625.34 -39.72
-0.34%
- NYSE Composite Index 13,068.81 +26.27
+0.20%
*London FTSE 100 5,999.99 -45.61
-0.75%
*Germany DAX 13,096.36 -93.79
-0.71%
*Japan NIKKEI 225 23,208.86 -82.00
-0.35%
*Hong Kong HANG SENG 25,281.15 -210.64
-0.83%
*Shanghai Shenzhen 300 4,731.35 +25.22
+0.54%
*S&P/ASX 200 Index 6,126.23 +9.87
+0.16%
*Bloomsberg EU 500 245.30 -1.38
-0.56%
*MOEX Russia Index 3,012.01 -39.96
-1.31%
*FTSE/JSE South Africa Top40 52,583.70 +326.85
+0.63%
*Nairobi SE 20 Share 1,771.18 +10.54
+0.60%
*Nigeria SE Main-Board Index 25,304.25 -25.85
-0.10%
*GSE Composite Index 1687.70
-165.96 (-8.95%)
*GSE Financial Index 1848.55
151.42 (+8.92%)
GSE INDEXES ⏸ 2020 YTD RETURNS%
*GSE Composite Index 1,848.55 🔻-25.23%
*GSE Financial Index 1,687.70 🔻-15.97%
💧MUTUAL FUNDS IN GHANA♣️
📈EQUITY FUNDS ➰YTD%
Anidaso Fund 🔻-4.58%
EPAcK 🔻-17.56%
Republic Equity 🔻-1.90%
⚖BALANCED FUNDS ⏸YTD%
Bfund 🔼+0.20%
CCMF 🔼+10.41%
CM Fund 🔼+9.46%
Dalex Vision 🔼+8.60%
EDC Balanced 🔻-5.37%
Plus Balanced Fund +8.56%
EdiFund T2 🔼+4.31%
Republic F Plan 🔼+0.89%
⚙FIXED INCOME FUNDS 🛡YTD%
EDC Fixed Income 🔼+9.96%
Fidelity Fixed Income Trust 🔼+11.07%
NIMED Fixed Income Fund Tier 1 🔼+3.14%
Fixed Income Alpha Plus 🔼+14.22%
Plus Income Fund 🔼+11.36%
SEM Income 🔼+10.37%
STANLIB Income 🔼+11.45%
MONEY MARKET FUNDS ⏱YTD%
Mfund 🔼+10.80%
EdiFund T1 🔼+9.76%
NGIS Mfund 🔼+9.35%
Republic Unit 🔼+6.77%
SEM MoneyPlus 🔼+8.95%
STANLIB Cash 🔼+11.03%
✴ COMMODITIES MARKET
*Brent Crude $/barrel⛽ $45.13 -0.51
-1.12%
*Natural Gas 🏭 $/million BTUS $2.58 +0.12
+4.79%
*Gold 👑 $/troy ounce $1,932.60 -19.90
-1.02%
*Silver 💍 $/troy ounce $27.20 -0.41
-1.47%
*Corn 🌽 $/bushel $358.50 +4.25
+1.20%
*Cocoa 🍫 $/metric ton $2,539.00 +63.00
+2.54%
*Coffee ☕ ¢/pound $122.35 +0.25
+0.20%
*Sugar🎂 ¢/pound $12.77 +0.19
+1.51%
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