Finance Students & Associates-FINSA (UGBS)♨
🇬🇭15th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Growth must reflect in livelihoods of Ghanaians – IMF to gov’t
The International Monetary Fund (IMF) has advised the government of Ghana to ensure that the country’s expected economic growth translates into an improvement in the livelihoods of the citizenry. The Fund maintains that this could be achieved if the government ties its policies and programs with the aim of solving issues such as unemployment.
📡Ghana to save $700m upon completion of clinker factory in Tanoso
The country will save some $700 million once a factory which is expected to reduce significantly the importation of clinker is completed in Tanoso in the Ahafo region completed. Clinker is a nodular material which is used as the binder in cement products. The factory is also expected to provide 1,800 direct employment as well as the creation of over 8,000 indirect jobs to the residents of Tanoso and its surrounding communities.
📡Ken Thompson downplays IMF, World Bank growth projections for Ghana
The Chief Executive Officer of Dalex Finance, Kenneth Thompson has downplayed the significance of the IMF and World Bank projections for Ghana’s economy. The IMF and the World Bank have projected a growth rate of 8.8 percent and 7.6 percent respectively for Ghana’s Economy, making it one of the fastest growing economy in the world for 2019. The forecast from the two organizations, are higher than government’s forecast of 7.2%.
📡Benchmark valuation not against WTO rules — Customs
The Customs Division of the Ghana Revenue Authority (GRA) has said the use of the benchmark value to valuate imported goods at the country’s ports was to ensure that taxes are fairly paid to the State. The benchmark value, the tax collection agency explained, was one out of the six approved valuation methods by the World Trade Organisation (WTO). It also observed that the other methods, namely transactional value, value of identical goods, value of similar goods, computed method and deductive methods were applied sequentially in accordance with the law.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.30%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1862% 14.7078%
182 - Day 14.0404% 15.1005%
364 - Day 15.2881% 18.0472%
Foreign News💤
⚖Huawei is ‘open’ to selling 5G chips to Apple for iPhones, marking a big shift in strategy
Huawei is “open” to selling its 5G chips and other silicon to rival smartphone maker Apple, the company’s founder and CEO, Ren Zhengfei, told CNBC. Apple has not yet released a 5G-ready iPhone, and Huawei could be a potential vendor for 5G modems. Huawei has used its chips exclusively in its own smartphones, and selling them to Apple would mark a significant change in strategy for the company — and a potential challenge to Qualcomm and Intel.
⚖Europe may be playing spoiler to the elusive US-China trade deal
It seems that Beijing’s trade arrangements with Europe are complicating American efforts to radically change trade relations with China.Washington’s difficult trade round with the EU is another reason why China may not be in a hurry to strike a deal with the U.S. Washington is announcing that it has largely agreed on an enforcement mechanism with Beijing to monitor bilateral trade while China continues to accumulate soaring surpluses on its goods sales to the U.S. China’s customs records show that the country’s surplus with the U.S. rose 40 percent in March from the previous month to stand at $62.66 billion for the first quarter of this year.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0837 5.0887
Pound Sterling GBPGHS 6.6510 6.6591
Swiss Franc CHFGHS 5.0752 5.0782
Canadian Dollar CADGHS 3.8126 3.8161
Euro EURGHS 5.7485 5.7530
Chinese Reminbi CNYGHS 0.7581 0.7586
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
📌Announcement
Subject: Opening of Nominations
⭕Pursuant to articles 6 and 13 of the FINSA constitution, notice is hereby given to the general student body in the Department of Finance that nominations for executive officers for the 2019/2020 academic year have been opened.
The available portfolios are:
▶President
▶Vice President
▶ Second Vice President (City campus only)
▶General Secretary
▶Financial Secretary
▶Organising Secretary
⭕Interested applicants should send a copy of their CV and application letter to finsa2018@gmail.com
⭕Applicants must be FINSA members and also meet the requirements of article 6(2).
⭕Deadline for submission is Friday April 19, 2019 11:59:59 GMT
To pick up a form contact...
Scholastica Atigni Akolgo
(General Secretary)
0207198090
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Monday, April 15, 2019
Friday, April 12, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭12th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Allianz appoints new CEO to drive operations in Ghana
Allianz has appointed Gideon Ataraire as Chief Executive Officer of Allianz Life Ghana. He brings years of experience to the company and has proven record of taking Ghana to the next level. He was the head of Human Resources and General Services at Allianz Nigeria. Allianz officially launched its life operations in Ghana in May 2018 with a promise to become the life insurance company of choice for Ghanaians. As new CEO, Gideon will bring to Allianz Life Insurance Ghana a wealth of experience in people management, building and managing start-ups as well as re-organization.
📡 Load shedding to minimize as Ghana Gas completes tie-in of gas pipelines
This follows the completion of the tie-in of gas pipelines connecting Takoradi and Tema in a bid to stabilize the production and supply of power. This should increase Ghana's power production by about 450 megawatts within the coming months. There has been power cuts in the country over the past two months which the Energy Ministry has attributed to various reasons. The disclosure by the Ghana Gas company limited came about 24 hours ahead of the scheduled date for completion of the tie-in process of gas pipelines from Takoradi to Tema.
📡 GIPC expresses disquiet over presentation of forged documents in business registration
The Ghana Investment Promotion Center (GIPC) has expressed disquiet about the increasing rate at which foreign entities present forged documents to business regulators in Ghana. They claim that if the situation is not addressed it can negatively impact Ghana's image in the eyes of potential investors. The Chief Operating Officer at GIPC, Carl Nelson advised potential foreign businesses to deal directly with regulatory agencies in their search for documentation instead of using middle men to avoid any problems.
📡 Imani Alert: Ghana discovers Africa's biggest oil deposit but may lose $2.7bn
On 14th February 2019, the Ministry of Finance in a press release sent from Oslo, Norway, confirmed Aker Energy ASA's "significant offshore resource base in Ghana and has committed to scale up new development in the Deepwater Tank Cape three points block (DWT/CT)." The statement also said the announcement "was biggest oil find in Africa, of 450-550 million barrels, with potential recoverable reserves of nearly one billion barrels." At today's Oil price of $65 per barrel, that field is worth at least $30bn.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.30%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖ De Beers Says the Diamond Market Is Getting Better
De Beers’ Chief Executive Officer said an improvement in diamond sales demonstrates that the poor demand for smaller stones that has plagued the company and its competitors in recent months is stabilizing. Bruce Cleaver, the CEO of the world’s biggest diamond company, said the poor demand for stones valued at less than $100 a carat has been due to a surfeit of supply, currency weakness in India and the difficulty faced by gem cutters in accessing financing. While the currency of India, which is the world’s biggest cutter and polisher of diamonds, has fallen 5.7 percent against the dollar over the last year, the rupee has arrested that decline, gaining 1.9 percent over the last three months.
⚖ South African MPC Remains Steadfast on CPI Target Midpoint
The South African Reserve Bank is steadfast that it wants to see inflation expectations anchored at the 4.5 percent midpoint of its target range, Governor Lesetja Kganyago said. While the central bank unexpectedly raised its key rate to 6.75 percent in November, its current policy stance remains accommodative with the benchmark rate still below neutral, Kganyago said in an interview on Thursday with Bloomberg Television in Washington.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0837 5.0887
Pound Sterling GBPGHS 6.6459 6.6545
Swiss Franc CHFGHS 5.0670 5.0716
Canadian Dollar CADGHS 3.8016 3.8039
Euro EURGHS 5.7292 5.7337
Chinese Reminbi CNYGHS 0.7566 0.7573
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
📌Announcement
Subject: Opening of Nominations
⭕Pursuant to articles 6 and 13 of the FINSA constitution, notice is hereby given to the general student body in the Department of Finance that nominations for executive officers for the 2019/2020 academic year have been opened.
The available portfolios are:
▶President
▶Vice President
▶ Second Vice President (City campus only)
▶General Secretary
▶Financial Secretary
▶Organising Secretary
⭕Interested applicants should send a copy of their CV and application letter to finsa2018@gmail.com
⭕Applicants must be FINSA members and also meet the requirements of article 6(2).
⭕Deadline for submission is Friday April 19, 2019 11:59:59 GMT
To pick up a form contact...
Scholastica Atigni Akolgo
(General Secretary)
0207198090
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭12th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Allianz appoints new CEO to drive operations in Ghana
Allianz has appointed Gideon Ataraire as Chief Executive Officer of Allianz Life Ghana. He brings years of experience to the company and has proven record of taking Ghana to the next level. He was the head of Human Resources and General Services at Allianz Nigeria. Allianz officially launched its life operations in Ghana in May 2018 with a promise to become the life insurance company of choice for Ghanaians. As new CEO, Gideon will bring to Allianz Life Insurance Ghana a wealth of experience in people management, building and managing start-ups as well as re-organization.
📡 Load shedding to minimize as Ghana Gas completes tie-in of gas pipelines
This follows the completion of the tie-in of gas pipelines connecting Takoradi and Tema in a bid to stabilize the production and supply of power. This should increase Ghana's power production by about 450 megawatts within the coming months. There has been power cuts in the country over the past two months which the Energy Ministry has attributed to various reasons. The disclosure by the Ghana Gas company limited came about 24 hours ahead of the scheduled date for completion of the tie-in process of gas pipelines from Takoradi to Tema.
📡 GIPC expresses disquiet over presentation of forged documents in business registration
The Ghana Investment Promotion Center (GIPC) has expressed disquiet about the increasing rate at which foreign entities present forged documents to business regulators in Ghana. They claim that if the situation is not addressed it can negatively impact Ghana's image in the eyes of potential investors. The Chief Operating Officer at GIPC, Carl Nelson advised potential foreign businesses to deal directly with regulatory agencies in their search for documentation instead of using middle men to avoid any problems.
📡 Imani Alert: Ghana discovers Africa's biggest oil deposit but may lose $2.7bn
On 14th February 2019, the Ministry of Finance in a press release sent from Oslo, Norway, confirmed Aker Energy ASA's "significant offshore resource base in Ghana and has committed to scale up new development in the Deepwater Tank Cape three points block (DWT/CT)." The statement also said the announcement "was biggest oil find in Africa, of 450-550 million barrels, with potential recoverable reserves of nearly one billion barrels." At today's Oil price of $65 per barrel, that field is worth at least $30bn.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.30%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖ De Beers Says the Diamond Market Is Getting Better
De Beers’ Chief Executive Officer said an improvement in diamond sales demonstrates that the poor demand for smaller stones that has plagued the company and its competitors in recent months is stabilizing. Bruce Cleaver, the CEO of the world’s biggest diamond company, said the poor demand for stones valued at less than $100 a carat has been due to a surfeit of supply, currency weakness in India and the difficulty faced by gem cutters in accessing financing. While the currency of India, which is the world’s biggest cutter and polisher of diamonds, has fallen 5.7 percent against the dollar over the last year, the rupee has arrested that decline, gaining 1.9 percent over the last three months.
⚖ South African MPC Remains Steadfast on CPI Target Midpoint
The South African Reserve Bank is steadfast that it wants to see inflation expectations anchored at the 4.5 percent midpoint of its target range, Governor Lesetja Kganyago said. While the central bank unexpectedly raised its key rate to 6.75 percent in November, its current policy stance remains accommodative with the benchmark rate still below neutral, Kganyago said in an interview on Thursday with Bloomberg Television in Washington.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0837 5.0887
Pound Sterling GBPGHS 6.6459 6.6545
Swiss Franc CHFGHS 5.0670 5.0716
Canadian Dollar CADGHS 3.8016 3.8039
Euro EURGHS 5.7292 5.7337
Chinese Reminbi CNYGHS 0.7566 0.7573
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
📌Announcement
Subject: Opening of Nominations
⭕Pursuant to articles 6 and 13 of the FINSA constitution, notice is hereby given to the general student body in the Department of Finance that nominations for executive officers for the 2019/2020 academic year have been opened.
The available portfolios are:
▶President
▶Vice President
▶ Second Vice President (City campus only)
▶General Secretary
▶Financial Secretary
▶Organising Secretary
⭕Interested applicants should send a copy of their CV and application letter to finsa2018@gmail.com
⭕Applicants must be FINSA members and also meet the requirements of article 6(2).
⭕Deadline for submission is Friday April 19, 2019 11:59:59 GMT
To pick up a form contact...
Scholastica Atigni Akolgo
(General Secretary)
0207198090
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Thursday, April 11, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭11th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Inflation increases to 9.3% for second consecutive time
The Consumer Price Inflation (CPI) for March 2019 has increased to 9.3%. The rise represents a 0.1% increase relative to the 9.2% recorded in February 2019 which also increased from 9.0% in January 2019. Government Statistician, David Kombat outlined the reasons for the rise stating that the main price drivers caused the increase. He stated that going forward, his administration will prioritize transparency in order to enhance the work the Ghana Statistical Service.
📡 Ghana's Debt-to-GDP ratio to hit 62% by end of 2019 - IMF
According to the latest International Monetary Fund (IMF) fiscal Monitor Report released in Washington DC at the on-going-spring meetings, Ghana's total debt stock expressed as a percentage of its Gross Domestic Product would reach 62% by the end of this year. The projection should mean that in one year, Ghana's Debt-to-GDP ratio would increase by 4%. This could be one of the slowest growth in the ratio in a year in recent times. This could mean that the government might not be taking on too much debt in 2019 or the economy could be expanding more to absorb the nominal increase in the debt numbers.
📡 Drop in benchmark values: Smugglers to face prosecution - GRA
The Ghana Revenue Authority (GRA) has stressed that it will not spare any importer who smuggles goods into the country in a bid to avoid paying the required taxes on their products. The caution follows the implementation of revised benchmark values on imports. The government believes this should help reduce smuggling of goods into Ghana.
📡 IMF cuts Sub-Saharan Africa's 2019 growth forecast to 3.5%
The International Monetary Fund (IMF) cut its 2019 economic growth projection for sub-saharan Africa this year to 3.5%, from 3.8% last October, hot on heels of a downgrade by the World Bank earlier in the week. The IMF's regional growth projection was more optimistic than that of the World Bank, which on Monday said economic recovery in Sub-Saharan Africa would take longer than previously thought and cut its 2019 forecast to 2.8% to 3.3%.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.30%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖ Nissan pledges $215m to South Africa for Navara model
Nissan Motor Co. plans to invest a further 3bn Rand ($215m) in its South African plant, the first major automaker to commit further to the country since the government renewed an industry manufacturing incentive plan last year. The decision to produce new Navara pickup at its plant north of Pretoria may add 30,000 units to it's current annual volume of 35,000. Production of the model from 2020 will also create about 400 direct jobs in the country which has an unemployment rate of 27%.
⚖ U.S. jobless claims unexpectedly fall, hitting new 49-year low
Filings for U.S. unemployment benefits unexpectedly dropped, falling to the lowest level since October 1969, as the tight labor market showed little sign of easing. Jobless claims decreased to 196,000 in the week ended April 6, Labor Department figures showed on Thursday. The level fell below all estimates in Bloomberg's survey of economists, which had called for an increase. The four-week average, a less-volatile measure, declined to 207,000, the lowest since December 1969.
⚖ Disruptors are 'clearly shaking the system,' IMFs Lagarde says
According to Christine Lagarde, the head of the IMF, financial technologies such as digital currencies are "shaking" the banking system and must be monitored to maintain stability. He pointed to the changing business models of commercial banks as evidence that innovations like cryptocurrencies are having a clear impact on financial sector incumbents. He warned that such financial industry changed must be accompanied by regulation.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0827 5.0877
Pound Sterling GBPGHS 6.6533 6.6618
Swiss Franc CHFGHS 5.0691 5.0753
Canadian Dollar CADGHS 3.8158 3.8196
Euro EURGHS 5.7247 5.7291
Chinese Reminbi CNYGHS 0.7562 0.7571
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Cryptocurrency
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.
🤔 How is the value of a cryptocurrency determined?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭11th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Inflation increases to 9.3% for second consecutive time
The Consumer Price Inflation (CPI) for March 2019 has increased to 9.3%. The rise represents a 0.1% increase relative to the 9.2% recorded in February 2019 which also increased from 9.0% in January 2019. Government Statistician, David Kombat outlined the reasons for the rise stating that the main price drivers caused the increase. He stated that going forward, his administration will prioritize transparency in order to enhance the work the Ghana Statistical Service.
📡 Ghana's Debt-to-GDP ratio to hit 62% by end of 2019 - IMF
According to the latest International Monetary Fund (IMF) fiscal Monitor Report released in Washington DC at the on-going-spring meetings, Ghana's total debt stock expressed as a percentage of its Gross Domestic Product would reach 62% by the end of this year. The projection should mean that in one year, Ghana's Debt-to-GDP ratio would increase by 4%. This could be one of the slowest growth in the ratio in a year in recent times. This could mean that the government might not be taking on too much debt in 2019 or the economy could be expanding more to absorb the nominal increase in the debt numbers.
📡 Drop in benchmark values: Smugglers to face prosecution - GRA
The Ghana Revenue Authority (GRA) has stressed that it will not spare any importer who smuggles goods into the country in a bid to avoid paying the required taxes on their products. The caution follows the implementation of revised benchmark values on imports. The government believes this should help reduce smuggling of goods into Ghana.
📡 IMF cuts Sub-Saharan Africa's 2019 growth forecast to 3.5%
The International Monetary Fund (IMF) cut its 2019 economic growth projection for sub-saharan Africa this year to 3.5%, from 3.8% last October, hot on heels of a downgrade by the World Bank earlier in the week. The IMF's regional growth projection was more optimistic than that of the World Bank, which on Monday said economic recovery in Sub-Saharan Africa would take longer than previously thought and cut its 2019 forecast to 2.8% to 3.3%.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.30%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖ Nissan pledges $215m to South Africa for Navara model
Nissan Motor Co. plans to invest a further 3bn Rand ($215m) in its South African plant, the first major automaker to commit further to the country since the government renewed an industry manufacturing incentive plan last year. The decision to produce new Navara pickup at its plant north of Pretoria may add 30,000 units to it's current annual volume of 35,000. Production of the model from 2020 will also create about 400 direct jobs in the country which has an unemployment rate of 27%.
⚖ U.S. jobless claims unexpectedly fall, hitting new 49-year low
Filings for U.S. unemployment benefits unexpectedly dropped, falling to the lowest level since October 1969, as the tight labor market showed little sign of easing. Jobless claims decreased to 196,000 in the week ended April 6, Labor Department figures showed on Thursday. The level fell below all estimates in Bloomberg's survey of economists, which had called for an increase. The four-week average, a less-volatile measure, declined to 207,000, the lowest since December 1969.
⚖ Disruptors are 'clearly shaking the system,' IMFs Lagarde says
According to Christine Lagarde, the head of the IMF, financial technologies such as digital currencies are "shaking" the banking system and must be monitored to maintain stability. He pointed to the changing business models of commercial banks as evidence that innovations like cryptocurrencies are having a clear impact on financial sector incumbents. He warned that such financial industry changed must be accompanied by regulation.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0827 5.0877
Pound Sterling GBPGHS 6.6533 6.6618
Swiss Franc CHFGHS 5.0691 5.0753
Canadian Dollar CADGHS 3.8158 3.8196
Euro EURGHS 5.7247 5.7291
Chinese Reminbi CNYGHS 0.7562 0.7571
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Cryptocurrency
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.
🤔 How is the value of a cryptocurrency determined?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Wednesday, April 10, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭10th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Engineers bemoan poor use of technology in Ghana’s development
Different stakeholders in the engineering profession have bemoaned the poor level of mastery and innovative deployment of technology and its application for Ghana’s economic growth. According to them, the vision of industrialization for Ghana will not be realized if the country continues to ignore the important role of science and technology in its development.
📡IMF projects higher economic growth rate percentage than gov't
The International Monetary Fund (IMF) is projecting an 8.8 per cent end of year growth rate for Ghana in its World Economic Outlook report released in Washington D.C, Tuesday. According to the Fund, Ghana economy would be largely influenced by pick up in commodity prices, oil as well as some policy, response measures that government is expected to implement this year.
📡Carbon pricing touted as critical to sustainable dev’t
The Carbon Pricing Leadership Coalition (CPLC) has identified Carbon Pricing as an important tool that can drive sustainable development and reduce carbon pollution. The phrase “put a price on carbon” is gradually becoming increasingly common in corporate and government conversation as discussions of how to address climate change move from concern to action. The World Bank Group, business groups, and investors have called on governments and corporations around the world to support carbon pricing to bring down emissions and drive cleaner investments in cleaner technologies.
📡Prof. Samuel Kobina Annim named new gov’t statistician
An Associate Professor of Economics, Professor Samuel Kobina Annim has been appointed as the new Government Statistician. He assumed duty on March 1, 2019. Prior to his coming into office, David Kombat was acting as the government’s statistician following the retirement of Dr. Philomena Nyarko in 2016.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖Uber plans to sell around $10 billion worth of stock in IPO
Uber Technologies has decided it will seek to sell around $10 billion worth of stock in its initial public offering, and will make public the registration of the offering on Thursday, people familiar with the matter said on Tuesday. An IPO of this size would make Uber one of the biggest technology IPOs of all time, and the largest since that of Chinese e-commerce giant Alibaba Group Holding in 2014. Uber is seeking a valuation of between $90 billion and $100 billion, influenced by the poor performance of smaller rival Lyft’s shares following its IPO late last month, the sources said.
⚖Standard Chartered is paying $1.1bn for breaking sanctions
Standard Chartered is paying out huge sums of money for the second time in less than a decade to settle claims of sanctions busting. The UK-based bank has agreed to pay $1.1 billion to settle allegations that it repeatedly violated sanctions on Iran and other countries. US and British authorities announced the settlement on Tuesday, saying the bank had breached sanctions on countries including Iran, Myanmar, Cuba and Syria.
⚖Consumer inflation could get lift from rising gasoline prices
US' consumer inflation probably got a boost from rising gasoline prices in March, but it should not break out above the subdued pace that encouraged the Federal Reserve to keep interest rates on hold when it met last month. Both the consumer price index and minutes from that March meeting are scheduled to be released Wednesday. Headline CPI will be reported at 8:30 a.m. and is expected to rise 0.3% or 1.8% year over year. The national average for gasoline is now $2.74 per gallon of unleaded, up from $2.47 a month ago, according to AAA.
⚖UK economy grows as factories get boost from pre-Brexit stockpiling
Britain’s economy has held up better than many economists expected since the 2016 Brexit referendum although it has slowed ahead of its departure from the European Union and as the world economy loses momentum. Britain’s economy unexpectedly grew in February, helped by clients of manufacturers rushing to stockpile goods ahead of Brexit, official data showed on Wednesday. Gross domestic product grew by 0.2 percent from January, the Office for National Statistics said. Economists taking part in a Reuters poll had expected zero growth.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0825 5.0875
Pound Sterling GBPGHS 6.6377 6.6463
Swiss Franc CHFGHS 5.0907 5.0953
Canadian Dollar CADGHS 3.8163 3.8202
Euro EURGHS 5.7336 5.7380
Chinese Reminbi CNYGHS 0.7571 0.7580
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Carbon pricing
It is the method used by many Economists for reducing global-warming emissions (Charges for those who emit Carbon dioxide (CO2). The charge called a carbon price is the amount that must be paid for the right to emit one tonne of CO2 into the atmosphere. Carbon pricing usually takes the form of a carbon tax or a requirement to purchase permits to emit, generally known as cap-and-trade, but also called "allowances".
🤔 What is the difference between carbon pricing and carbon taxing?
_________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭10th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Engineers bemoan poor use of technology in Ghana’s development
Different stakeholders in the engineering profession have bemoaned the poor level of mastery and innovative deployment of technology and its application for Ghana’s economic growth. According to them, the vision of industrialization for Ghana will not be realized if the country continues to ignore the important role of science and technology in its development.
📡IMF projects higher economic growth rate percentage than gov't
The International Monetary Fund (IMF) is projecting an 8.8 per cent end of year growth rate for Ghana in its World Economic Outlook report released in Washington D.C, Tuesday. According to the Fund, Ghana economy would be largely influenced by pick up in commodity prices, oil as well as some policy, response measures that government is expected to implement this year.
📡Carbon pricing touted as critical to sustainable dev’t
The Carbon Pricing Leadership Coalition (CPLC) has identified Carbon Pricing as an important tool that can drive sustainable development and reduce carbon pollution. The phrase “put a price on carbon” is gradually becoming increasingly common in corporate and government conversation as discussions of how to address climate change move from concern to action. The World Bank Group, business groups, and investors have called on governments and corporations around the world to support carbon pricing to bring down emissions and drive cleaner investments in cleaner technologies.
📡Prof. Samuel Kobina Annim named new gov’t statistician
An Associate Professor of Economics, Professor Samuel Kobina Annim has been appointed as the new Government Statistician. He assumed duty on March 1, 2019. Prior to his coming into office, David Kombat was acting as the government’s statistician following the retirement of Dr. Philomena Nyarko in 2016.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖Uber plans to sell around $10 billion worth of stock in IPO
Uber Technologies has decided it will seek to sell around $10 billion worth of stock in its initial public offering, and will make public the registration of the offering on Thursday, people familiar with the matter said on Tuesday. An IPO of this size would make Uber one of the biggest technology IPOs of all time, and the largest since that of Chinese e-commerce giant Alibaba Group Holding in 2014. Uber is seeking a valuation of between $90 billion and $100 billion, influenced by the poor performance of smaller rival Lyft’s shares following its IPO late last month, the sources said.
⚖Standard Chartered is paying $1.1bn for breaking sanctions
Standard Chartered is paying out huge sums of money for the second time in less than a decade to settle claims of sanctions busting. The UK-based bank has agreed to pay $1.1 billion to settle allegations that it repeatedly violated sanctions on Iran and other countries. US and British authorities announced the settlement on Tuesday, saying the bank had breached sanctions on countries including Iran, Myanmar, Cuba and Syria.
⚖Consumer inflation could get lift from rising gasoline prices
US' consumer inflation probably got a boost from rising gasoline prices in March, but it should not break out above the subdued pace that encouraged the Federal Reserve to keep interest rates on hold when it met last month. Both the consumer price index and minutes from that March meeting are scheduled to be released Wednesday. Headline CPI will be reported at 8:30 a.m. and is expected to rise 0.3% or 1.8% year over year. The national average for gasoline is now $2.74 per gallon of unleaded, up from $2.47 a month ago, according to AAA.
⚖UK economy grows as factories get boost from pre-Brexit stockpiling
Britain’s economy has held up better than many economists expected since the 2016 Brexit referendum although it has slowed ahead of its departure from the European Union and as the world economy loses momentum. Britain’s economy unexpectedly grew in February, helped by clients of manufacturers rushing to stockpile goods ahead of Brexit, official data showed on Wednesday. Gross domestic product grew by 0.2 percent from January, the Office for National Statistics said. Economists taking part in a Reuters poll had expected zero growth.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0825 5.0875
Pound Sterling GBPGHS 6.6377 6.6463
Swiss Franc CHFGHS 5.0907 5.0953
Canadian Dollar CADGHS 3.8163 3.8202
Euro EURGHS 5.7336 5.7380
Chinese Reminbi CNYGHS 0.7571 0.7580
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Carbon pricing
It is the method used by many Economists for reducing global-warming emissions (Charges for those who emit Carbon dioxide (CO2). The charge called a carbon price is the amount that must be paid for the right to emit one tonne of CO2 into the atmosphere. Carbon pricing usually takes the form of a carbon tax or a requirement to purchase permits to emit, generally known as cap-and-trade, but also called "allowances".
🤔 What is the difference between carbon pricing and carbon taxing?
_________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Tuesday, April 9, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭9th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Ghana risks losing top cocoa producer slot - Lecturer warns
The Dean of Students the Bunso University College of Agriculture and Environmental Studies, Dr. Francis Awotwe says Ghana is likely to lose its place as the top cocoa producer in Africa if government does not show more commitment to improving the sector. He said the continued use of mercury soaked lands for cocoa cultivation may affect Ghana's prestigious position on the world market. He added that majority of cocoa farmers are cutting down their cocoa plantations for rubber and palm tree, which according to the farmers are more productive and lucrative.
📡 Revised benchmark values: Importers access actual figures on goods
Calculation and payment of new benchmark values on imports have been made easier following the publication of detailed documents by the valuation agencies at Ghana's ports. This comes after Vice President Bawumia announced on April 3, 2019 cabinet's decision to slash the benchmark values by 50% for all imports and 30% for vehicles. The Ghana Revenue Authority (GRA) commenced its implementation subsequently with a directive to the valuation agencies to adjust their valuation figures following the announcement.
📡 Peasant farmers association welcomes Planting for Export Policy
The Peasant Farmers Association of Ghana has welcomed government's new Planting for Exports and Rural Development policy. The programme, according to the Agricultural Ministry is to increase the export volumes of six tree crops including rubber, coffee, cashew, coconut and palm oil. The Head of Programmes and Advocacy at the Ghana, Charles Nyaaba says the government must do well to make the plan succeed. He however wants the government to extend its new policy of planting for exports and rural development to other agricultural areas. He's optimistic there are farm produce that qualify for export with little push from government.
📡 BoG justifies introduction of upgraded cedi notes
The Bank of Ghana (BoG) says the introduction of the upgraded cedi note is a normal exercise it undertakes to fight counterfeiting of the currency. According to the bank, both old and new note will be used together until the old ones phase out. The last time such an exercise was done was in 2007 when all notes were redenominated. The two cedis and five cedis notes were also upgraded in 2010 and 2016 respectively.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖Goldman Says for a Peek Into Oil's Future, Go Back to 1990s
The future of the oil market may resemble the past -- specifically the 1990s -- according to Goldman Sachs Group Inc. That’s when prices remained steadily in backwardation, a market structure where near-term futures are costlier than later contracts -- reflecting tight supplies in the present and ample barrels further out, analysts including Damien Courvalin wrote in a April 8 report. The phenomenon may persist as OPEC exits its current output cuts aimed at averting a global glut, adding supply back to the market in a move that would weigh on long-dated prices, Goldman said. That will maintain backwardation and lead U.S. shale drillers to limit activity, according to the bank.
⚖Foreigners Are Stocking Up Again on South African Bonds
Foreign investors increased their share of South African government bonds for the second time in February to 38.9 percent, according to National Treasury data, boosting inflows this year's to $867 million after a record sell-off in 2018 pushed non-resident holdings to the lowest in almost two years. Demand has been spurred by a more dovish Federal Reserve and relatively high yields. The debt has returned 7.1 percent this year in dollar terms, compared with the emerging-market average of 2.9 percent.
⚖London Housing Market Shows Early Signs of Life, UBS Says
UBS Group AG says there are tentative signs of life emerging in London’s Brexit-battered housing market, even if the overall picture remains pretty bleak. The bank’s London Residential Monitor showed the proportion of home listings where the price had been falling somewhat since its last report in January, to 36 percent from 39 percent. The average reduction where the price has been cut has also declined, supply has tightened since the turn of the year and discounts are narrowing in cheaper boroughs, the bank said.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0825 5.0875
Pound Sterling GBPGHS 6.6301 6.6387
Swiss Franc CHFGHS 5.0852 5.0898
Canadian Dollar CADGHS 3.8161 3.8199
Euro EURGHS 5.7235 5.7284
Chinese Reminbi CNYGHS 0.7568 0.7577
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Coupon
A coupon is the annual interest rate paid on a bond, expressed as a percentage of the face value. It is also referred to as the "coupon rate," "coupon percent rate" and "nominal yield."
🤔 What is a coupon in terms of investment?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭9th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Ghana risks losing top cocoa producer slot - Lecturer warns
The Dean of Students the Bunso University College of Agriculture and Environmental Studies, Dr. Francis Awotwe says Ghana is likely to lose its place as the top cocoa producer in Africa if government does not show more commitment to improving the sector. He said the continued use of mercury soaked lands for cocoa cultivation may affect Ghana's prestigious position on the world market. He added that majority of cocoa farmers are cutting down their cocoa plantations for rubber and palm tree, which according to the farmers are more productive and lucrative.
📡 Revised benchmark values: Importers access actual figures on goods
Calculation and payment of new benchmark values on imports have been made easier following the publication of detailed documents by the valuation agencies at Ghana's ports. This comes after Vice President Bawumia announced on April 3, 2019 cabinet's decision to slash the benchmark values by 50% for all imports and 30% for vehicles. The Ghana Revenue Authority (GRA) commenced its implementation subsequently with a directive to the valuation agencies to adjust their valuation figures following the announcement.
📡 Peasant farmers association welcomes Planting for Export Policy
The Peasant Farmers Association of Ghana has welcomed government's new Planting for Exports and Rural Development policy. The programme, according to the Agricultural Ministry is to increase the export volumes of six tree crops including rubber, coffee, cashew, coconut and palm oil. The Head of Programmes and Advocacy at the Ghana, Charles Nyaaba says the government must do well to make the plan succeed. He however wants the government to extend its new policy of planting for exports and rural development to other agricultural areas. He's optimistic there are farm produce that qualify for export with little push from government.
📡 BoG justifies introduction of upgraded cedi notes
The Bank of Ghana (BoG) says the introduction of the upgraded cedi note is a normal exercise it undertakes to fight counterfeiting of the currency. According to the bank, both old and new note will be used together until the old ones phase out. The last time such an exercise was done was in 2007 when all notes were redenominated. The two cedis and five cedis notes were also upgraded in 2010 and 2016 respectively.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖Goldman Says for a Peek Into Oil's Future, Go Back to 1990s
The future of the oil market may resemble the past -- specifically the 1990s -- according to Goldman Sachs Group Inc. That’s when prices remained steadily in backwardation, a market structure where near-term futures are costlier than later contracts -- reflecting tight supplies in the present and ample barrels further out, analysts including Damien Courvalin wrote in a April 8 report. The phenomenon may persist as OPEC exits its current output cuts aimed at averting a global glut, adding supply back to the market in a move that would weigh on long-dated prices, Goldman said. That will maintain backwardation and lead U.S. shale drillers to limit activity, according to the bank.
⚖Foreigners Are Stocking Up Again on South African Bonds
Foreign investors increased their share of South African government bonds for the second time in February to 38.9 percent, according to National Treasury data, boosting inflows this year's to $867 million after a record sell-off in 2018 pushed non-resident holdings to the lowest in almost two years. Demand has been spurred by a more dovish Federal Reserve and relatively high yields. The debt has returned 7.1 percent this year in dollar terms, compared with the emerging-market average of 2.9 percent.
⚖London Housing Market Shows Early Signs of Life, UBS Says
UBS Group AG says there are tentative signs of life emerging in London’s Brexit-battered housing market, even if the overall picture remains pretty bleak. The bank’s London Residential Monitor showed the proportion of home listings where the price had been falling somewhat since its last report in January, to 36 percent from 39 percent. The average reduction where the price has been cut has also declined, supply has tightened since the turn of the year and discounts are narrowing in cheaper boroughs, the bank said.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0825 5.0875
Pound Sterling GBPGHS 6.6301 6.6387
Swiss Franc CHFGHS 5.0852 5.0898
Canadian Dollar CADGHS 3.8161 3.8199
Euro EURGHS 5.7235 5.7284
Chinese Reminbi CNYGHS 0.7568 0.7577
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Coupon
A coupon is the annual interest rate paid on a bond, expressed as a percentage of the face value. It is also referred to as the "coupon rate," "coupon percent rate" and "nominal yield."
🤔 What is a coupon in terms of investment?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Monday, April 8, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭8th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Banks must prioritize fight against cyber fraud—Zenith Bank CEO
The Managing Director and CEO of Zenith Bank Henry Oroh has called on stakeholders in the banking sector to prioritize investment into systems and structures that will give them utmost protection from the rising incidence of cyber fraud in the country. Ghana lost over $220 million dollars to recorded cybercrime cases between 2016 and 2018, according to figures available at the Cybercrime Unit of the Criminal Investigation Department (CID) of the Ghana Police Service. In an interview with Citi Business News, Mr. Oroh said banks need to ensure that as they roll out new digital products they make the needed investment to ensure customers are safe when using such products.
📡Informal sector to pay taxes through Mobile Money—GRA
The Ghana Revenue Authority (GRA) has announced that small scale self employed tax payers including commercial transport operators will soon pay taxes through mobile money. The authority says it is ready to launch an electronic payment platform for operators in the informal sector to improve tax collection. Currently only 200,000 taxable people in the informal sector pay taxes.
📡Aker Energy announces $4.5m support for capacity-building in oil & gas sector
Aker Energy, operator of the Deepwater Tano Cape Three Point (DWT/CTP) Block offshore Ghana, has announced a $4.5 million support for the Accelerated Oil and Gas Capacity-building (AOGC) Programme, a Ghana government scheme designed to enhance the competencies and expertise of Ghanaians in the oil and gas sector.
📡Gov't lures investors as deal is reached with 10 countries on double taxation
The Government has signed double taxation agreements with 10 countries towards giving investors a stable and conducive tax scheme. The Government expressed the hope of signing more of such agreements to encourage investments and in turn, facilitate the transfer of skills and technology. The countries are Belgium, Denmark, France, United Kingdom, Switzerland, Mauritius, South Africa, Italy, Netherlands and Germany.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖ Oil climbs to 5-month high amid OPEC cuts, US sanctions and Libya fighting
Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC's ongoing supply cuts, US sanctions against Iran and Venezuela, fighting in Libya as well as strong US jobs data. International benchmark Brent futures were at $70.62 per barrel at 07:16 GMT on Monday, up 28 cents, or 0.4% from their close. US West Texas Intermediate (WTI) crude were up 30 cents, or 0.5%, at $63.39 per barrel. Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel, respectively, early on Monday.
⚖ Big-time investors snapping up China's bonds
Global Investors are snapping up high-risk bonds in Asia - especially those in a sign that investors are increasingly more willing to take bigger bets. Those debt securities, known as high-yield or junk bonds, fell out of favour for much of last year amid an escalating tariff fight between Washington and Beijing. In a sign that investors have a greater risk appetite this year, many high-yield bonds issued by Chinese developers in the first quarter come with two to three year maturities - longer than the less than one-year notes commonly seen a year ago.
⚖ Saudi energy ministers expects Aramco bond demand at 'north of' $30bn
Saudi Arabia Energy Minister Khalid al Falih expects robust demand for state oil giant Saudi Aramco's first-ever bond issuance, the deal for which is expected to close on Wednesday. Demand for the bond should should be "north of" $30bn, al Falih said while speaking at the inaugural Gulf Intelligence Saudi Arabia Energy Forum in Riyadh on Monday.
⚖ Carlyle Group to buy up to 40% in Spanish oil company from Mubadala
Private equity firm Carlyle Group is set to acquire a significant minority stake in Europe's largest privately-owned oil and gas company, Cepsa, from Abu Dhabi sovereign wealth fund Mubadala. Mubadala will still remain the majority shareholder, and the transaction's completion is expected by the end of 2019, subject to regulatory approvals.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0827 5.0877
Pound Sterling GBPGHS 6.6131 6.6216
Swiss Franc CHFGHS 5.0804 5.0865
Canadian Dollar CADGHS 3.7993 3.8031
Euro EURGHS 5.7044 5.7088
Chinese Reminbi CNYGHS 0.7573 0.7582
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.investopedia.com
****
Term of the day📚
🤔 Double Taxation
Double taxation is a taxation principle referring to income taxes paid twice on the same source of earned income. It can occur when income is taxed at both the corporate level and personal level. Double taxation also occurs in international trade when the same income is taxed in two different countries.
🤔 What are the problems of double taxation?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭8th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Banks must prioritize fight against cyber fraud—Zenith Bank CEO
The Managing Director and CEO of Zenith Bank Henry Oroh has called on stakeholders in the banking sector to prioritize investment into systems and structures that will give them utmost protection from the rising incidence of cyber fraud in the country. Ghana lost over $220 million dollars to recorded cybercrime cases between 2016 and 2018, according to figures available at the Cybercrime Unit of the Criminal Investigation Department (CID) of the Ghana Police Service. In an interview with Citi Business News, Mr. Oroh said banks need to ensure that as they roll out new digital products they make the needed investment to ensure customers are safe when using such products.
📡Informal sector to pay taxes through Mobile Money—GRA
The Ghana Revenue Authority (GRA) has announced that small scale self employed tax payers including commercial transport operators will soon pay taxes through mobile money. The authority says it is ready to launch an electronic payment platform for operators in the informal sector to improve tax collection. Currently only 200,000 taxable people in the informal sector pay taxes.
📡Aker Energy announces $4.5m support for capacity-building in oil & gas sector
Aker Energy, operator of the Deepwater Tano Cape Three Point (DWT/CTP) Block offshore Ghana, has announced a $4.5 million support for the Accelerated Oil and Gas Capacity-building (AOGC) Programme, a Ghana government scheme designed to enhance the competencies and expertise of Ghanaians in the oil and gas sector.
📡Gov't lures investors as deal is reached with 10 countries on double taxation
The Government has signed double taxation agreements with 10 countries towards giving investors a stable and conducive tax scheme. The Government expressed the hope of signing more of such agreements to encourage investments and in turn, facilitate the transfer of skills and technology. The countries are Belgium, Denmark, France, United Kingdom, Switzerland, Mauritius, South Africa, Italy, Netherlands and Germany.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖ Oil climbs to 5-month high amid OPEC cuts, US sanctions and Libya fighting
Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC's ongoing supply cuts, US sanctions against Iran and Venezuela, fighting in Libya as well as strong US jobs data. International benchmark Brent futures were at $70.62 per barrel at 07:16 GMT on Monday, up 28 cents, or 0.4% from their close. US West Texas Intermediate (WTI) crude were up 30 cents, or 0.5%, at $63.39 per barrel. Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel, respectively, early on Monday.
⚖ Big-time investors snapping up China's bonds
Global Investors are snapping up high-risk bonds in Asia - especially those in a sign that investors are increasingly more willing to take bigger bets. Those debt securities, known as high-yield or junk bonds, fell out of favour for much of last year amid an escalating tariff fight between Washington and Beijing. In a sign that investors have a greater risk appetite this year, many high-yield bonds issued by Chinese developers in the first quarter come with two to three year maturities - longer than the less than one-year notes commonly seen a year ago.
⚖ Saudi energy ministers expects Aramco bond demand at 'north of' $30bn
Saudi Arabia Energy Minister Khalid al Falih expects robust demand for state oil giant Saudi Aramco's first-ever bond issuance, the deal for which is expected to close on Wednesday. Demand for the bond should should be "north of" $30bn, al Falih said while speaking at the inaugural Gulf Intelligence Saudi Arabia Energy Forum in Riyadh on Monday.
⚖ Carlyle Group to buy up to 40% in Spanish oil company from Mubadala
Private equity firm Carlyle Group is set to acquire a significant minority stake in Europe's largest privately-owned oil and gas company, Cepsa, from Abu Dhabi sovereign wealth fund Mubadala. Mubadala will still remain the majority shareholder, and the transaction's completion is expected by the end of 2019, subject to regulatory approvals.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0827 5.0877
Pound Sterling GBPGHS 6.6131 6.6216
Swiss Franc CHFGHS 5.0804 5.0865
Canadian Dollar CADGHS 3.7993 3.8031
Euro EURGHS 5.7044 5.7088
Chinese Reminbi CNYGHS 0.7573 0.7582
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.investopedia.com
****
Term of the day📚
🤔 Double Taxation
Double taxation is a taxation principle referring to income taxes paid twice on the same source of earned income. It can occur when income is taxed at both the corporate level and personal level. Double taxation also occurs in international trade when the same income is taxed in two different countries.
🤔 What are the problems of double taxation?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Friday, April 5, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭5th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 GRA starts implementation of 50% slash on import values
The Ghana Revenue Authority (GRA) has directed valuating agencies at the ports to effect changes in their valuation for imports effective Thursday (4/04/2019). A memo signed by the Commission General of Customs, Isaac Crentsil to the agencies asked them to adjust the mechanism in accordance with the new directives from the government. The slash on import values is aimed at making clearing at Ghana's ports less costly and improve the government's revenue. This is because, the high costs have resulted in smuggling of goods into the country as some importers are compelled to clear their goods at neighboring countries who offer competitive pricing for the same exercise.
📡 State of Economy: Decide on the facts, not the politics - Economist admonishes
Associate Professor of Economics, Eric Osei Assibey has said there seems to be some turnaround on the macroeconomic front. He has urged politicians to focus on their economic choices, not the political rhetoric following varied political verdicts on the state of the economy. He says it is obvious to even the disinterested observer that the facts of Ghana's economy points to s state of macroeconomic recovery, a situation he insists the IMF has attested to.
📡 Daystar Power expands to Ghana
The solar energy company Daystar Power has opened its second branch in West Africa with an office in the Ghanaian capital, Accra. The fundamental factor for the expansion of the energy business in Ghana is the great potential that Daystar Power attributes to solar energy in Ghana. The company will be led by Olaedo Osoka, who has held a leading position for the African Venture Builder Sunray Ventures at various locations since Daystar Power was founded in 2017.
📡 GCB records GH¢323m profit
Ghana Commercial Bank (GCB) Limited posted a significantly improved bottom line with net profit of GH¢323.13 million for the year ended 2018. This translates into growth of GH¢110.42 million over the GH¢212.72 million recorded in the 2017 financial year. The bank's growth increased despite the instability in the banking industry with 2018 recording GH¢1,260m as total income compared to GH¢1,113m recorded in 2017.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1953% 14.7176%
182 - Day 14.0914% 15.1595%
Foreign News💤
⚖Samsung warns first-quarter profits fell by 60 percent
Samsung Electronics' first-quarter profits likely fell almost 60 percent from a year ago due to weakness in its display and memory business. The South Korean tech giant said on Friday its operating profit for the three months ended March would be around 6.2 trillion Korean won ($5.5 billion), a sharp decline from the 15.64 trillion won seen in the first quarter of 2018. Friday's number also missed analysts' estimate of 6.8 trillion won. Samsung is set to release full earnings for the first quarter later this month.
⚖ Job market bounces back in March with 196,000 gain in payrolls
Job creation in the US posted a solid rebound in March, with nonfarm payrolls expanding by 196,000 and the unemployment rate holding steady at 3.8%, the Bureau of Labor Statistics reported Friday. That was better than the 175,000 Dow Jones estimate and comes after a dismal February that had economists wondering whether the decade-old economic expansion was nearing an end. The unemployment rate met expectations.
⚖ ECB will reportedly ask Deutsche Bank to raise fresh funds for merger
The European Central Bank will ask Deutsche Bank to raise fresh funds before it gives the go-ahead for a merger with a state-backed rival, a person with direct knowledge of the matter said. The official said that Deutsche would be required to have the buffer, which has yet to be calculated, to cope should it experience setbacks while integrating Commerzbank if a deal is agreed.
⚖ Treasury yields rise after strong jobs gains
U.S. government debt yields rose on Friday after the U.S. government said that job creation was stronger than expected in March, but wages grew at a sluggish pace. The yield on the benchmark 10-year Treasury note rose to 2.538%, while the yield on the 30-year Treasury bond climbed to 2.947%. Bond yields move inversely to prices. Job creation snapped higher in March after an anemic February print, with nonfarm payrolls expanding by 196,000, according to a Bureau of Labor Statistics report released Friday. The unemployment rate held steady at 3.8%, meeting expectations.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0829 5.0879
Pound Sterling GBPGHS 6.6434 6.6519
Swiss Franc CHFGHS 5.0856 5.0918
Canadian Dollar CADGHS 3.8964 3.8226
Euro EURGHS 5.7054 5.7098
Chinese Reminbi CNYGHS 0.7574 0.7583
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Treasury yield
Treasury yield refers to the return on an investment in a U.S. government debt obligation, such as a bill, note or bond.Think of it as the interest rate the government pays to borrow money for different lengths of time. For example, say an investor buys a $10,000 Treasury bond with a three percent yield. It will provide a $300 annual return on investment. Treasuries are considered a low-risk investment because they’re backed by the U.S. government. But that low risk typically means smaller returns compared to other investments.
🤔 What can you say about the yield on a long term treasury security and a short term one?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭5th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 GRA starts implementation of 50% slash on import values
The Ghana Revenue Authority (GRA) has directed valuating agencies at the ports to effect changes in their valuation for imports effective Thursday (4/04/2019). A memo signed by the Commission General of Customs, Isaac Crentsil to the agencies asked them to adjust the mechanism in accordance with the new directives from the government. The slash on import values is aimed at making clearing at Ghana's ports less costly and improve the government's revenue. This is because, the high costs have resulted in smuggling of goods into the country as some importers are compelled to clear their goods at neighboring countries who offer competitive pricing for the same exercise.
📡 State of Economy: Decide on the facts, not the politics - Economist admonishes
Associate Professor of Economics, Eric Osei Assibey has said there seems to be some turnaround on the macroeconomic front. He has urged politicians to focus on their economic choices, not the political rhetoric following varied political verdicts on the state of the economy. He says it is obvious to even the disinterested observer that the facts of Ghana's economy points to s state of macroeconomic recovery, a situation he insists the IMF has attested to.
📡 Daystar Power expands to Ghana
The solar energy company Daystar Power has opened its second branch in West Africa with an office in the Ghanaian capital, Accra. The fundamental factor for the expansion of the energy business in Ghana is the great potential that Daystar Power attributes to solar energy in Ghana. The company will be led by Olaedo Osoka, who has held a leading position for the African Venture Builder Sunray Ventures at various locations since Daystar Power was founded in 2017.
📡 GCB records GH¢323m profit
Ghana Commercial Bank (GCB) Limited posted a significantly improved bottom line with net profit of GH¢323.13 million for the year ended 2018. This translates into growth of GH¢110.42 million over the GH¢212.72 million recorded in the 2017 financial year. The bank's growth increased despite the instability in the banking industry with 2018 recording GH¢1,260m as total income compared to GH¢1,113m recorded in 2017.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1953% 14.7176%
182 - Day 14.0914% 15.1595%
Foreign News💤
⚖Samsung warns first-quarter profits fell by 60 percent
Samsung Electronics' first-quarter profits likely fell almost 60 percent from a year ago due to weakness in its display and memory business. The South Korean tech giant said on Friday its operating profit for the three months ended March would be around 6.2 trillion Korean won ($5.5 billion), a sharp decline from the 15.64 trillion won seen in the first quarter of 2018. Friday's number also missed analysts' estimate of 6.8 trillion won. Samsung is set to release full earnings for the first quarter later this month.
⚖ Job market bounces back in March with 196,000 gain in payrolls
Job creation in the US posted a solid rebound in March, with nonfarm payrolls expanding by 196,000 and the unemployment rate holding steady at 3.8%, the Bureau of Labor Statistics reported Friday. That was better than the 175,000 Dow Jones estimate and comes after a dismal February that had economists wondering whether the decade-old economic expansion was nearing an end. The unemployment rate met expectations.
⚖ ECB will reportedly ask Deutsche Bank to raise fresh funds for merger
The European Central Bank will ask Deutsche Bank to raise fresh funds before it gives the go-ahead for a merger with a state-backed rival, a person with direct knowledge of the matter said. The official said that Deutsche would be required to have the buffer, which has yet to be calculated, to cope should it experience setbacks while integrating Commerzbank if a deal is agreed.
⚖ Treasury yields rise after strong jobs gains
U.S. government debt yields rose on Friday after the U.S. government said that job creation was stronger than expected in March, but wages grew at a sluggish pace. The yield on the benchmark 10-year Treasury note rose to 2.538%, while the yield on the 30-year Treasury bond climbed to 2.947%. Bond yields move inversely to prices. Job creation snapped higher in March after an anemic February print, with nonfarm payrolls expanding by 196,000, according to a Bureau of Labor Statistics report released Friday. The unemployment rate held steady at 3.8%, meeting expectations.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0829 5.0879
Pound Sterling GBPGHS 6.6434 6.6519
Swiss Franc CHFGHS 5.0856 5.0918
Canadian Dollar CADGHS 3.8964 3.8226
Euro EURGHS 5.7054 5.7098
Chinese Reminbi CNYGHS 0.7574 0.7583
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
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Term of the day📚
🤔 Treasury yield
Treasury yield refers to the return on an investment in a U.S. government debt obligation, such as a bill, note or bond.Think of it as the interest rate the government pays to borrow money for different lengths of time. For example, say an investor buys a $10,000 Treasury bond with a three percent yield. It will provide a $300 annual return on investment. Treasuries are considered a low-risk investment because they’re backed by the U.S. government. But that low risk typically means smaller returns compared to other investments.
🤔 What can you say about the yield on a long term treasury security and a short term one?
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📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
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