Finance Students & Associates-FINSA (UGBS)♨
🇬🇭29th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Govt seek $200m to ensure sustainable mining
Government is seeking to raise some $200m from donors for the implementation of the Multi-sectorial Mining Integration Project which seeks to ensure sustainable mining in the country. The World bank and the Australian government have already committed $30m and $500,000 respectively for the implementation of the project. The project was launched last year on the wake of illegal mining (galamsey) which destroyed several acres of land across the country. The project according to the Ministry of lands and and Natural Resources, contains strategies to help reclaim lands destroyed through illegal mining activities.
📡 Private sector participation needed in extension service delivery
Kennedy Osei Nyarko, Deputy Minister for Food and Agriculture has called for active private sector participation in extension service delivery. He says the ratio of extension officers to farmers is woefully inadequate and must be looked at critically. Statistics from the Ministry shows that the ratio of farmers to extension officers is currently 1:3000. He has called for more participation from the private sector as the ratio is woefully inadequate despite government's intervention by recruiting 2,700 officers to provide services across the country.
📡 $3bn Eurobond success signals investor confidence in Ghana
Finance Minister, Ken Ofori-Atta told parliament on Thursday that the success of the recent $3bn Eurobond issue confirms foreign investors' confidence in the economy. He said that the success of the $3bn Eurobond issue was significant because it has been recorded despite Ghana's exit from the IMF programme. He added that with about 20% over subscription in the latest Eurobond, the international investment community has confirmed that they feel safe to invest in Ghana.
|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💤
⚖Huawei tops $100 billion revenue for first time despite political headwinds
Huawei's revenue grew 19.5 percent in 2018, surpassing $100 billion for the first time, despite continuing political headwinds from around the world. Sales came in at 721.2 billion yuan ($107.13 billion) last year. Net profit reached 59.3 billion yuan, higher by 25.1 percent compared to a year ago. The revenue growth was faster than that seen in 2017, but the net profit rise was slightly slower. Huawei's numbers are a bright spot for the firm, which has faced intense political pressure.
⚖H&M beats profit forecasts after it curbs discount
Swedish fashion retailer H&M reported a smaller than expected fall in first-quarter pretax profit on Friday as it sold more products at full price and saw an improvement in margins. Shares in the world's biggest apparel retailer after Zara-owner Inditex umped 13 percent after its results, to 160 Swedish crowns by 0809 GMT, as it said markdowns would continue to fall in the current quarter. The company has seen profits shrink and stocks pile up in recent years due to slowing footfall at its core-brand stores and as it has not been fast enough to react to demand swings.
⚖ Chinese shares surge more than 3 percent as trade talks in Beijing conclude
Shares in China surged on Friday as U.S.-China trade negotiations in Beijing this week concluded. By the market close, the Shanghai composite had jumped 3.2 percent to 3,090.76, while the Shenzhen component surged 3.77 percent to 9,906.86. The Shenzhen composite also added 3.38 percent to 1,695.14. The CSI300 index, which tracks the largest shares on the mainland, also saw major gains of 3.86 percent to finish at 3,872.34.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0798 5.0850
Pound Sterling GBPGHS 6.6529 6.6698
Swiss Franc CHFGHS 5.0993 5.1041
Canadian Dollar CADGHS 3.7890 3.7930
Euro EURGHS 5.7079 5.7126
Chinese Reminbi CNYGHS 0.7538 0.7548
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Profit
Profit is a financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity. Any profit that is gained goes to the business's owners, who may or may not decide to spend it on the business. Profit is calculated as total revenue less total expenses.
🤔 How is profit calculated?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Friday, March 29, 2019
Thursday, March 28, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭28th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Standardization issues affecting Continental Free Trade Area - Carlos Ahenkorah
Deputy Trade and Industry Minister, Carlos Ahenkorah has cautioned that the implementation of the African Continental Free Trade Area (ACFTA) could be derailed if the issue of standardization of goods and services are not addressed in all countries. He has called on stakeholders in the ECOWAS region as well as the rest of the continent to adhere to the outlined standards for goods and services to facilitate a speedy implementation of the African Continental Free Trade Area. He however acknowledged that some progress was being made on the standardization front.
📡 Parliament slashes GNPC 2019 budget by $80m
Parliament had slashed the Ghana National Petroleum Corporation' (GNPC's) 2019 expenditure budget by $80m according to Adam Mutawakilu, a Ranking Member of the Parliamentary Select Committee. He said that there was no justification for some of the projects captured in the 2019 budget of the GNPC. According to the committee, the GNPC must prove beyond every reasonable doubt what the funds are going to be used for. They (the committee) have scrutinized every project and they will be going on the field to check and ask all the relevant questions. The GNPC in a sharp response refuted claims that it is overspending.
📡 Nana Addo preaches fiscal discipline ahead of exit from IMF programme
President Nana Akufo-Addo has assured that his administration will continue to maintain fiscal discipline in the aftermath of the exit of the International Monetary Fund (IMF) programme on April 2. The Executive Board of the IMF just approved the final disbursement of about US$185.2m to Ghana. The 3 year arrangement was approved on April 3, 2015 and was aimed at restoring debt sustainability and macroeconomic stability in the country. Akufo-Addo stressed that discipline in the management of public finances has to be the basic element for building the economy, so that's the lesson that the latest bailout program from the IMF should impress upon everyone.
|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💤
⚖ Huawei's equipment poses 'significant' security risks, UK says
The U.K. government warned on Thursday that Huawei's telecommunications equipment raises significant security issues and it is posing a possible setback to the Chinese tech firm as it looks to build out 5G networks. In a report evaluating Huawei's security risks, British officials stopped short of calling for a ban on Huawei's 5G telecommunications equipment. But the assessment cited underlying defects in the company's software engineering and cyber security processes, citing significantly increased risk to U.K. operators.
⚖ Daimler and Geely Holding team up to develop electric cars
Auto giants Daimler and Geely Holdings have announced a new joint venture to further develop Smart electric vehicles. The firm's in their terms of agreement stated that "a new generation of Smart electric models" would be assembled at a purpose-built electric car factory in China. Global sales of the new cars are set to start in 2022. The joint venture builds on an agreement between Daimler Mobility Services and Geely Technology Group to work together on a ride-hailing service in China.
⚖ Coffee growers, future crops at risk amid low global prices - producers
Global coffee growers are being forced into poverty by low international prices for the crop, farmers' representatives said at an international conference, warning the future of the industry is at risk. Coffee future are near a 13-year bottom, trading as low as 93.45 cents per pound on Wednesday and that is far below the cost of production in most countries. The World Coffee Producers Forum said in a statement on Tuesday at Nairobi, where the International Coffee Organization is conducting a biannual meeting that New York market prices are allowing the impoverishment of producers.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0798 5.0850
Pound Sterling GBPGHS 6.7169 6.7249
Swiss Franc CHFGHS 5.1092 5.1128
Canadian Dollar CADGHS 3.7867 3.7902
Euro EURGHS 5.7182 5.7233
Chinese Reminbi CNYGHS 0.7549 0.7558
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Market
A market is a place where two parties can gather to facilitate the exchange of goods and services. The parties involved are usually buyers and sellers. The market may be physical like a retail outlet, where people meet face-to-face, or virtual like an online market, where there is no direct physical contact between buyers and sellers.
🤔 Can you name the types of markets there are?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭28th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Standardization issues affecting Continental Free Trade Area - Carlos Ahenkorah
Deputy Trade and Industry Minister, Carlos Ahenkorah has cautioned that the implementation of the African Continental Free Trade Area (ACFTA) could be derailed if the issue of standardization of goods and services are not addressed in all countries. He has called on stakeholders in the ECOWAS region as well as the rest of the continent to adhere to the outlined standards for goods and services to facilitate a speedy implementation of the African Continental Free Trade Area. He however acknowledged that some progress was being made on the standardization front.
📡 Parliament slashes GNPC 2019 budget by $80m
Parliament had slashed the Ghana National Petroleum Corporation' (GNPC's) 2019 expenditure budget by $80m according to Adam Mutawakilu, a Ranking Member of the Parliamentary Select Committee. He said that there was no justification for some of the projects captured in the 2019 budget of the GNPC. According to the committee, the GNPC must prove beyond every reasonable doubt what the funds are going to be used for. They (the committee) have scrutinized every project and they will be going on the field to check and ask all the relevant questions. The GNPC in a sharp response refuted claims that it is overspending.
📡 Nana Addo preaches fiscal discipline ahead of exit from IMF programme
President Nana Akufo-Addo has assured that his administration will continue to maintain fiscal discipline in the aftermath of the exit of the International Monetary Fund (IMF) programme on April 2. The Executive Board of the IMF just approved the final disbursement of about US$185.2m to Ghana. The 3 year arrangement was approved on April 3, 2015 and was aimed at restoring debt sustainability and macroeconomic stability in the country. Akufo-Addo stressed that discipline in the management of public finances has to be the basic element for building the economy, so that's the lesson that the latest bailout program from the IMF should impress upon everyone.
|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💤
⚖ Huawei's equipment poses 'significant' security risks, UK says
The U.K. government warned on Thursday that Huawei's telecommunications equipment raises significant security issues and it is posing a possible setback to the Chinese tech firm as it looks to build out 5G networks. In a report evaluating Huawei's security risks, British officials stopped short of calling for a ban on Huawei's 5G telecommunications equipment. But the assessment cited underlying defects in the company's software engineering and cyber security processes, citing significantly increased risk to U.K. operators.
⚖ Daimler and Geely Holding team up to develop electric cars
Auto giants Daimler and Geely Holdings have announced a new joint venture to further develop Smart electric vehicles. The firm's in their terms of agreement stated that "a new generation of Smart electric models" would be assembled at a purpose-built electric car factory in China. Global sales of the new cars are set to start in 2022. The joint venture builds on an agreement between Daimler Mobility Services and Geely Technology Group to work together on a ride-hailing service in China.
⚖ Coffee growers, future crops at risk amid low global prices - producers
Global coffee growers are being forced into poverty by low international prices for the crop, farmers' representatives said at an international conference, warning the future of the industry is at risk. Coffee future are near a 13-year bottom, trading as low as 93.45 cents per pound on Wednesday and that is far below the cost of production in most countries. The World Coffee Producers Forum said in a statement on Tuesday at Nairobi, where the International Coffee Organization is conducting a biannual meeting that New York market prices are allowing the impoverishment of producers.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0798 5.0850
Pound Sterling GBPGHS 6.7169 6.7249
Swiss Franc CHFGHS 5.1092 5.1128
Canadian Dollar CADGHS 3.7867 3.7902
Euro EURGHS 5.7182 5.7233
Chinese Reminbi CNYGHS 0.7549 0.7558
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Market
A market is a place where two parties can gather to facilitate the exchange of goods and services. The parties involved are usually buyers and sellers. The market may be physical like a retail outlet, where people meet face-to-face, or virtual like an online market, where there is no direct physical contact between buyers and sellers.
🤔 Can you name the types of markets there are?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Wednesday, March 27, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭27th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Gov’t considering review of law banning ‘Okada’ transport
Stakeholder consultations have begun for a possible review of the law which bans the use of motorcycles for commercial purposes. According to the Transport Ministry which is leading the discussion, the Okada business has provided jobs for thousands of people and has also made commuting easy for traders, hence the need to reconsider the law. As it stands, the Road Traffic Regulations, 128, 2012 forbids the use of Motor cycles or tricycles for commercial purposes aside courier and delivery service.
📡More education needed to curb cyber crime—Ken Ashigbey
Chief Executive Officer of the Ghana Chamber of Telecommunications, Kenneth Ashigbey says more education is needed to reduce the menace of Cyber Crime in the country. Mr. Ashigbey is of the view that intensifying education on cybercrime is crucial in order to reduce the number of cases recorded. As at 2017, Ghana lost 97 million dollars to cybercrime. Delivering a speech at the launch of the Jumia Ghana Mobile Report, Mr Ashigbey said Ghanaians must be more abreast with technology to be able to tackle cyber fraud cases in the country.
📡Skilled human resource crucial for banking industry development—consultant
A banking consultant, Dr. Richmond Atuahene has called for highly skilled human resource in the banking sector to drive the growth needed for the financial sector. Dr. Atuahene maintained that the focus going forward for the banking sector will be to build the needed human capacity to ensure effective leadership at all levels.
📡'Ghana is ready for business' –President woos Maltese companies
President Addo Dankwa Akufo-Addo has urged Maltese companies to take advantage of the new impetus given to Ghana-Maltese relations by the reciprocal high-level visits of the last 18 months and invest in Ghana. Addressing a Ghana-Malta Business Forum, President Akufo-Addo stated that he is happy that Maltese companies have already made investments to the tune of some $19 million in our country.” He added that there are several projects in Ghana, in the areas of water, housing, transport, industry, manufacturing, agriculture, petroleum and gas, the exploitation of our mineral wealth of bauxite, iron ore and gold, amongst others, which are being structured to attract private sector investment and financing.
|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💤
⚖Italy set to cut 2019 GDP estimate
A planned package of measures designed to lift economic growth could boost this year's GDP to 0.2 percent, a paper has said, allowing the government to submit to the European Commission a revised deficit-to-GDP target of 2.3 percent. That compares with a 2.04 percent deficit forecast in Italy's 2019 budget law.
⚖US-China trade deal may not come until May or June, expert says
The U.S. and China may reach some understanding in their ongoing trade talks in May or June, said Charles Dallara, a former managing director and CEO at the Institute of International Finance. Dallara said the talks would be "the first step in a new phase of the economic relationship between China and the U.S.," and to a lesser extent, between Beijing and the rest of the world.
⚖Nigeria Unexpectedly Cuts Key Rate for First Time Since 2015
Nigeria’s central bank unexpectedly reduced its key interest rate for the first time in more than three years to help boost the economy. The Monetary Policy Committee voted to cut the rate to 13.5 percent from 14 percent. The median estimate in a Bloomberg survey was for the key rate to be held at 14 percent.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0780 5.0830
Pound Sterling GBPGHS 6.7101 6.7187
Swiss Franc CHFGHS 5.1062 5.1108
Canadian Dollar CADGHS 3.7916 3.7955
Euro EURGHS 5.7356 5.7405
Chinese Reminbi CNYGHS 0.7562 0.7572
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Key rate duration
Key rate duration measures how the value of a security or portfolio changes at a specific maturity point along the entirety of the yield curve. When keeping other maturities constant, the key rate duration can be used to measure the sensitivity in a security's price to a 1% change in yield for a specific maturity.
🤔 What does negative duration mean?
__________________________________
📍Compiled & edited by:
Agnes Boatemaa Appiadu
Philip Elike Gagah
🇬🇭27th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Gov’t considering review of law banning ‘Okada’ transport
Stakeholder consultations have begun for a possible review of the law which bans the use of motorcycles for commercial purposes. According to the Transport Ministry which is leading the discussion, the Okada business has provided jobs for thousands of people and has also made commuting easy for traders, hence the need to reconsider the law. As it stands, the Road Traffic Regulations, 128, 2012 forbids the use of Motor cycles or tricycles for commercial purposes aside courier and delivery service.
📡More education needed to curb cyber crime—Ken Ashigbey
Chief Executive Officer of the Ghana Chamber of Telecommunications, Kenneth Ashigbey says more education is needed to reduce the menace of Cyber Crime in the country. Mr. Ashigbey is of the view that intensifying education on cybercrime is crucial in order to reduce the number of cases recorded. As at 2017, Ghana lost 97 million dollars to cybercrime. Delivering a speech at the launch of the Jumia Ghana Mobile Report, Mr Ashigbey said Ghanaians must be more abreast with technology to be able to tackle cyber fraud cases in the country.
📡Skilled human resource crucial for banking industry development—consultant
A banking consultant, Dr. Richmond Atuahene has called for highly skilled human resource in the banking sector to drive the growth needed for the financial sector. Dr. Atuahene maintained that the focus going forward for the banking sector will be to build the needed human capacity to ensure effective leadership at all levels.
📡'Ghana is ready for business' –President woos Maltese companies
President Addo Dankwa Akufo-Addo has urged Maltese companies to take advantage of the new impetus given to Ghana-Maltese relations by the reciprocal high-level visits of the last 18 months and invest in Ghana. Addressing a Ghana-Malta Business Forum, President Akufo-Addo stated that he is happy that Maltese companies have already made investments to the tune of some $19 million in our country.” He added that there are several projects in Ghana, in the areas of water, housing, transport, industry, manufacturing, agriculture, petroleum and gas, the exploitation of our mineral wealth of bauxite, iron ore and gold, amongst others, which are being structured to attract private sector investment and financing.
|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💤
⚖Italy set to cut 2019 GDP estimate
A planned package of measures designed to lift economic growth could boost this year's GDP to 0.2 percent, a paper has said, allowing the government to submit to the European Commission a revised deficit-to-GDP target of 2.3 percent. That compares with a 2.04 percent deficit forecast in Italy's 2019 budget law.
⚖US-China trade deal may not come until May or June, expert says
The U.S. and China may reach some understanding in their ongoing trade talks in May or June, said Charles Dallara, a former managing director and CEO at the Institute of International Finance. Dallara said the talks would be "the first step in a new phase of the economic relationship between China and the U.S.," and to a lesser extent, between Beijing and the rest of the world.
⚖Nigeria Unexpectedly Cuts Key Rate for First Time Since 2015
Nigeria’s central bank unexpectedly reduced its key interest rate for the first time in more than three years to help boost the economy. The Monetary Policy Committee voted to cut the rate to 13.5 percent from 14 percent. The median estimate in a Bloomberg survey was for the key rate to be held at 14 percent.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0780 5.0830
Pound Sterling GBPGHS 6.7101 6.7187
Swiss Franc CHFGHS 5.1062 5.1108
Canadian Dollar CADGHS 3.7916 3.7955
Euro EURGHS 5.7356 5.7405
Chinese Reminbi CNYGHS 0.7562 0.7572
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Key rate duration
Key rate duration measures how the value of a security or portfolio changes at a specific maturity point along the entirety of the yield curve. When keeping other maturities constant, the key rate duration can be used to measure the sensitivity in a security's price to a 1% change in yield for a specific maturity.
🤔 What does negative duration mean?
__________________________________
📍Compiled & edited by:
Agnes Boatemaa Appiadu
Philip Elike Gagah
Tuesday, March 26, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭26th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Ghana among RMB's 2019 Top 10 Investment Destinations in Africa
Ghana remains one of the too attractive investment destinations in Africa even after the worst banking crisis in its history. Studies by Rand Merchant Bank Ltd (RMB), a corporate and Investment Banking arm of FirstRand Limited shows that a growth will be driven predominantly by the hydrocarbons sector, with a continued ramping-up of oil and gas production expected. They stated in their annual study known as 'Where to Invest in Africa' that Ghana has strong growth rates focused around the oil and gas sector, while the non-oil sector growth is supported by pro-business reforms. Ghana dropped from fifth to ninth place in the 2019 rankings as a result of a downward review of its 2018 growth rate by the IMF, and the country's needed focus on fixing weaknesses in its banking sector.
📡 Court joins AG to Receiver Vs uniBank case
An Accra High Court has joined the Government of Ghana in a case in which Dr. Kwabena Duffuor and 16 others are challenging the receiver of now-defunct bank uniBank, Nii Amanor Dodoo over the revocation of the bank's license. Shareholders of the bank in February 2019 filed a motion in court seeking to join the Attorney General (AG) to an ongoing case in which the Receiver of the Bank, is pursuing them in court. The Receiver had dragged the 17 shareholders of the bank to court to have them forced to repay a GH¢5.7bn debt they allegedly owe the defunct bank. The shareholders, however claimed that the central bank and the Government of Ghana were both misled by the audit firm, KPMG into believing that uniBank was being improperly managed and that the bank was likely to fall into insolvency.
📡 Digital address now a requirement for business registration - RGD
According to the Registrar Generals Department (RGD), effective Monday 25th March 2019, persons who seek to register their businesses will require a digital address code for the business before being able to complete the registration process. The Registra General Jemima Oware, speaking at a press conference said the move is part of the government's efforts to move Ghana up the World Bank's ease of doing business rankings. The GRA, SSNIT, MMDA's and Ghana Post Systems are all being integrated. She said the process should be completed by April. She added that individuals must download the app to get an address before beginning their registration.
📡 GRIDCo transmission tower collapses; company suspects vandalism
One of the transmission towers near the Head office of Ghana Grid Company (GRIDCo) at Tema has fallen over into another tower. Officials of the GRIDCo discovered the fallen tower on Monday morning and noted that the bolts holding the pylon had been loosened causing it to fall over. The company suspects the collapsing of the pylon at Tema was an act of vandalism and not an attempted theft. The director of Systems Operations, Mark Baah said in an interview said the tower was vandalised. It wasn't like somebody went to steal because the bolts and nuts were deliberately cut. He added that though the fallen tower will not affect power during the day, there are concerns some parts of the country will be faced with outages.
|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💤
⚖ Uber announces $3.1bn deal to buy Middle East rival Careem
Uber's $3.1bn agreement to buy Careem consists of $1.7bn in convertible notes and $1.4bn in cash. Dubai based Careem claims more than 30 million registered users in 120 cities across North Africa, the Middle East and South Asia. The announcement comes as Uber approaches a much-anticipated initial public offering that reports have said could value the firm's at as much as $120bn. It is expected to be one of the biggest tech IPOs in history.
⚖ Mobile internet penetration brings about 'awakening' in China
Investor Richard Liu of Morningside Venture Capital says the desire for self-expression through the mobile internet is no longer just limited to China's major cities. Subscribers in the country's so-called lower tier regions are demanding more from their mobile experience, he said at an investment conference in Hong Kong. There are now between 800 to 900 million mobile internet subscribers in China and that's significant considering that there are nearly 1.4 billion people in China. He adds that the last five years has seen an accelerated growth in demand in lower-tier cities and that he sees "awakening of self-expression."
⚖ Samsung warns first-quarter earnings will fall short of expectations
Samsung Electronics on Tuesday morning said it expects first quarter earnings to come below market expectations due to weakness in its display and memory businesses. In a regulatory filing, the world's largest smartphone maker said it predicted a bigger-than-expected price decline for major memory products, which are used in mobile handsets and enterprise servers , due to seasonal weakness in demand. Those components are used in mobile handsets and enterprise servers. Analysts say purchases of memory chips from Samsung and other chipmakers have slowed down in recent months following a period of aggressive growth.
⚖ Nintendo shares surge following report of new console models
Nintendo's stocks started to shoot up this morning to as high as 5%, before retracing some of those gains in the afternoon. The stocks close 4.76% higher. The The wall Street Journal reported on Monday that Nintendo is set to release two new versions of its bestselling Switch video game console as early as this summer which was launched in 2017. The report said one of the new versions will be expensive but have improved features aimed at ardent gamers. And the other would be cheaper for casual players.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0780 5.0830
Pound Sterling GBPGHS 6.7126 6.7258
Swiss Franc CHFGHS 5.1296 5.1252
Canadian Dollar CADGHS 3.7875 3.7911
Euro EURGHS 5.7540 5.7589
Chinese Reminbi CNYGHS 0.7570 0.7575
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Venture Capital
Venture capital is financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential. Venture capital generally comes from well-off investors, investment banks and any other financial institutions. However, it does not always take a monetary form; it can also be provided in the form of technical or managerial expertise.
🤔 How different is a venture capitalist from an angel investor?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭26th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Ghana among RMB's 2019 Top 10 Investment Destinations in Africa
Ghana remains one of the too attractive investment destinations in Africa even after the worst banking crisis in its history. Studies by Rand Merchant Bank Ltd (RMB), a corporate and Investment Banking arm of FirstRand Limited shows that a growth will be driven predominantly by the hydrocarbons sector, with a continued ramping-up of oil and gas production expected. They stated in their annual study known as 'Where to Invest in Africa' that Ghana has strong growth rates focused around the oil and gas sector, while the non-oil sector growth is supported by pro-business reforms. Ghana dropped from fifth to ninth place in the 2019 rankings as a result of a downward review of its 2018 growth rate by the IMF, and the country's needed focus on fixing weaknesses in its banking sector.
📡 Court joins AG to Receiver Vs uniBank case
An Accra High Court has joined the Government of Ghana in a case in which Dr. Kwabena Duffuor and 16 others are challenging the receiver of now-defunct bank uniBank, Nii Amanor Dodoo over the revocation of the bank's license. Shareholders of the bank in February 2019 filed a motion in court seeking to join the Attorney General (AG) to an ongoing case in which the Receiver of the Bank, is pursuing them in court. The Receiver had dragged the 17 shareholders of the bank to court to have them forced to repay a GH¢5.7bn debt they allegedly owe the defunct bank. The shareholders, however claimed that the central bank and the Government of Ghana were both misled by the audit firm, KPMG into believing that uniBank was being improperly managed and that the bank was likely to fall into insolvency.
📡 Digital address now a requirement for business registration - RGD
According to the Registrar Generals Department (RGD), effective Monday 25th March 2019, persons who seek to register their businesses will require a digital address code for the business before being able to complete the registration process. The Registra General Jemima Oware, speaking at a press conference said the move is part of the government's efforts to move Ghana up the World Bank's ease of doing business rankings. The GRA, SSNIT, MMDA's and Ghana Post Systems are all being integrated. She said the process should be completed by April. She added that individuals must download the app to get an address before beginning their registration.
📡 GRIDCo transmission tower collapses; company suspects vandalism
One of the transmission towers near the Head office of Ghana Grid Company (GRIDCo) at Tema has fallen over into another tower. Officials of the GRIDCo discovered the fallen tower on Monday morning and noted that the bolts holding the pylon had been loosened causing it to fall over. The company suspects the collapsing of the pylon at Tema was an act of vandalism and not an attempted theft. The director of Systems Operations, Mark Baah said in an interview said the tower was vandalised. It wasn't like somebody went to steal because the bolts and nuts were deliberately cut. He added that though the fallen tower will not affect power during the day, there are concerns some parts of the country will be faced with outages.
|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💤
⚖ Uber announces $3.1bn deal to buy Middle East rival Careem
Uber's $3.1bn agreement to buy Careem consists of $1.7bn in convertible notes and $1.4bn in cash. Dubai based Careem claims more than 30 million registered users in 120 cities across North Africa, the Middle East and South Asia. The announcement comes as Uber approaches a much-anticipated initial public offering that reports have said could value the firm's at as much as $120bn. It is expected to be one of the biggest tech IPOs in history.
⚖ Mobile internet penetration brings about 'awakening' in China
Investor Richard Liu of Morningside Venture Capital says the desire for self-expression through the mobile internet is no longer just limited to China's major cities. Subscribers in the country's so-called lower tier regions are demanding more from their mobile experience, he said at an investment conference in Hong Kong. There are now between 800 to 900 million mobile internet subscribers in China and that's significant considering that there are nearly 1.4 billion people in China. He adds that the last five years has seen an accelerated growth in demand in lower-tier cities and that he sees "awakening of self-expression."
⚖ Samsung warns first-quarter earnings will fall short of expectations
Samsung Electronics on Tuesday morning said it expects first quarter earnings to come below market expectations due to weakness in its display and memory businesses. In a regulatory filing, the world's largest smartphone maker said it predicted a bigger-than-expected price decline for major memory products, which are used in mobile handsets and enterprise servers , due to seasonal weakness in demand. Those components are used in mobile handsets and enterprise servers. Analysts say purchases of memory chips from Samsung and other chipmakers have slowed down in recent months following a period of aggressive growth.
⚖ Nintendo shares surge following report of new console models
Nintendo's stocks started to shoot up this morning to as high as 5%, before retracing some of those gains in the afternoon. The stocks close 4.76% higher. The The wall Street Journal reported on Monday that Nintendo is set to release two new versions of its bestselling Switch video game console as early as this summer which was launched in 2017. The report said one of the new versions will be expensive but have improved features aimed at ardent gamers. And the other would be cheaper for casual players.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0780 5.0830
Pound Sterling GBPGHS 6.7126 6.7258
Swiss Franc CHFGHS 5.1296 5.1252
Canadian Dollar CADGHS 3.7875 3.7911
Euro EURGHS 5.7540 5.7589
Chinese Reminbi CNYGHS 0.7570 0.7575
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Venture Capital
Venture capital is financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential. Venture capital generally comes from well-off investors, investment banks and any other financial institutions. However, it does not always take a monetary form; it can also be provided in the form of technical or managerial expertise.
🤔 How different is a venture capitalist from an angel investor?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Monday, March 25, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭25th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Private sector credit growth expected to rebound – BoG Survey
Private sector credit growth is expected to rebound from the first quarter of 2019, following a tightening stance by commercial banks on loans to enterprises during the last two months of 2018, according to Bank of Ghana’s financial sector report for January 2019. The survey projects an easing of banks’ credit stance over the first quarter of 2019, in line with their enhanced capital levels following the completion of the recapitalization exercise to a minimum of GH¢400 million at the turn of the year.
📡SEC assures investors of vibrant asset management industry
The Securities and Exchange Commission (SEC) has assured the investing public that it has put measures in place to ensure a vibrant asset management industry. This follows the circulation of rumours among the public predicting the collapse of some licensed asset management firms, which have created uncertainty and fear amongst investors, causing some panic withdrawals from managed fund schemes.
📡Banks are ready to take advantage of Payment Systems and Services Bill
The Absa Group Limited, formally Barclays Africa Group Limited is confident the passage of the Payment Systems and Services Bill into Law will urge banks to grow in the country. The Payment Systems and Services Bill which was passed into law is expected to promote innovation in the design of new secure electronic money products and payment services, and also engender competition in the electronic money business. In an interview with Citi Business News on the impact of the passage of the Bill into Law on Barclays Ghana’s operations, Absa Regional Operations Chief Executive, Peter Matlare said they are confident of taking advantage of the law.
📡Using short term measures to support cedi not sustainable—Banking Consultant
The local currency, the Ghana Cedi experienced its strongest performance against the US Dollar in the past three months after gaining 8 pesewas to end Friday March 22, 2019, selling at GHC 5.16 on the interbank foreign exchange market. Historically, the Ghanaian Cedi reached an all-time high of 5.60 against the dollar at some forex bureaus in March 2019 and a record low of 0.90 in July of 2007. Government and some analysts have expressed optimism the cedi will appreciate further. While admitting that the current steps being taken by government are positive, Banking Consultant Dr. Richmond Attuahene however stated that the strengthening of the Cedi can only be sustained when long term measures are used to develop the structural needs of the economy.
|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💤
⚖Brazil overtakes China in consumer sentiment, according to Credit Suisse survey
Brazil has just overtaken China in terms of consumer sentiment, as the world's second-largest economy slows down and spending intention on big ticket items decline, according to a Credit Suisse survey released Monday. Speaking to CNBC at the Credit Suisse Asian Investment Conference in Hong Kong on Monday, Eugene Klerk, the bank's managing director of global thematic research said China showed weaker readings in spending intentions compared to Brazil and India. The Credit Suisse Emerging Consumer survey, released at the conference, found that China now sits at third place in terms of overall consumer sentiment, with India and Brazil at first and second place respectively.
⚖Tencent's Biggest Investor Naspers to Spin Off Web Holdings
Naspers Ltd., the biggest investor of Chinese tech giant Tencent Holdings Ltd., is spinning off its main internet businesses in Amsterdam in a push to boost its value. The South African company will list a business that includes its 31 percent stake in Tencent, worth about $133 billion, as well as holdings in Russian internet platform Mail.Ru, German food delivery business Delivery Hero and Indian e-commerce startup Swiggy on Euronext Amsterdam.
⚖South Africa's Mboweni Questions Need to Hold Onto All State Assets
South African Finance Minister Tito Mboweni said a discussion must begin on whether the government needs to retain control of all the assets it owns given the poor state of the national finances. Mboweni, a former central bank governor who took office in October, has repeatedly questioned the logic of holding onto loss-making state companies, raising the ire of the labor union allies of the ruling African National Congress that oppose privatization. Mboweni said that the country should look toward merging its state-owned airlines to remove the need for duplicate boards and chief executives officers and could sell the explosives unit of state arms company Denel SOC Ltd. to AECI Ltd., a privately owned explosives company.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0778 5.0829
Pound Sterling GBPGHS 6.7113 6.7201
Swiss Franc CHFGHS 5.1095 5.1142
Canadian Dollar CADGHS 3.7874 3.7913
Euro EURGHS 5.7327 5.7373
Chinese Reminbi CNYGHS 0.7557 0.7564
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔Consumer Sentiment
Consumer sentiment is a statistical measurement and economic indicator of the overall health of the economy as determined by consumer opinion. Consumer sentiment takes into account an individual's feelings toward his or her current financial health, the health of the economy in the short term and the prospects for longer-term economic growth.
🤔 Why is consumer sentiment important?
__________________________________
📍Compiled & edited by:
Agnes Boatemaa Appiadu
Philip Elike Gagah
🇬🇭25th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Private sector credit growth expected to rebound – BoG Survey
Private sector credit growth is expected to rebound from the first quarter of 2019, following a tightening stance by commercial banks on loans to enterprises during the last two months of 2018, according to Bank of Ghana’s financial sector report for January 2019. The survey projects an easing of banks’ credit stance over the first quarter of 2019, in line with their enhanced capital levels following the completion of the recapitalization exercise to a minimum of GH¢400 million at the turn of the year.
📡SEC assures investors of vibrant asset management industry
The Securities and Exchange Commission (SEC) has assured the investing public that it has put measures in place to ensure a vibrant asset management industry. This follows the circulation of rumours among the public predicting the collapse of some licensed asset management firms, which have created uncertainty and fear amongst investors, causing some panic withdrawals from managed fund schemes.
📡Banks are ready to take advantage of Payment Systems and Services Bill
The Absa Group Limited, formally Barclays Africa Group Limited is confident the passage of the Payment Systems and Services Bill into Law will urge banks to grow in the country. The Payment Systems and Services Bill which was passed into law is expected to promote innovation in the design of new secure electronic money products and payment services, and also engender competition in the electronic money business. In an interview with Citi Business News on the impact of the passage of the Bill into Law on Barclays Ghana’s operations, Absa Regional Operations Chief Executive, Peter Matlare said they are confident of taking advantage of the law.
📡Using short term measures to support cedi not sustainable—Banking Consultant
The local currency, the Ghana Cedi experienced its strongest performance against the US Dollar in the past three months after gaining 8 pesewas to end Friday March 22, 2019, selling at GHC 5.16 on the interbank foreign exchange market. Historically, the Ghanaian Cedi reached an all-time high of 5.60 against the dollar at some forex bureaus in March 2019 and a record low of 0.90 in July of 2007. Government and some analysts have expressed optimism the cedi will appreciate further. While admitting that the current steps being taken by government are positive, Banking Consultant Dr. Richmond Attuahene however stated that the strengthening of the Cedi can only be sustained when long term measures are used to develop the structural needs of the economy.
|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💤
⚖Brazil overtakes China in consumer sentiment, according to Credit Suisse survey
Brazil has just overtaken China in terms of consumer sentiment, as the world's second-largest economy slows down and spending intention on big ticket items decline, according to a Credit Suisse survey released Monday. Speaking to CNBC at the Credit Suisse Asian Investment Conference in Hong Kong on Monday, Eugene Klerk, the bank's managing director of global thematic research said China showed weaker readings in spending intentions compared to Brazil and India. The Credit Suisse Emerging Consumer survey, released at the conference, found that China now sits at third place in terms of overall consumer sentiment, with India and Brazil at first and second place respectively.
⚖Tencent's Biggest Investor Naspers to Spin Off Web Holdings
Naspers Ltd., the biggest investor of Chinese tech giant Tencent Holdings Ltd., is spinning off its main internet businesses in Amsterdam in a push to boost its value. The South African company will list a business that includes its 31 percent stake in Tencent, worth about $133 billion, as well as holdings in Russian internet platform Mail.Ru, German food delivery business Delivery Hero and Indian e-commerce startup Swiggy on Euronext Amsterdam.
⚖South Africa's Mboweni Questions Need to Hold Onto All State Assets
South African Finance Minister Tito Mboweni said a discussion must begin on whether the government needs to retain control of all the assets it owns given the poor state of the national finances. Mboweni, a former central bank governor who took office in October, has repeatedly questioned the logic of holding onto loss-making state companies, raising the ire of the labor union allies of the ruling African National Congress that oppose privatization. Mboweni said that the country should look toward merging its state-owned airlines to remove the need for duplicate boards and chief executives officers and could sell the explosives unit of state arms company Denel SOC Ltd. to AECI Ltd., a privately owned explosives company.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0778 5.0829
Pound Sterling GBPGHS 6.7113 6.7201
Swiss Franc CHFGHS 5.1095 5.1142
Canadian Dollar CADGHS 3.7874 3.7913
Euro EURGHS 5.7327 5.7373
Chinese Reminbi CNYGHS 0.7557 0.7564
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔Consumer Sentiment
Consumer sentiment is a statistical measurement and economic indicator of the overall health of the economy as determined by consumer opinion. Consumer sentiment takes into account an individual's feelings toward his or her current financial health, the health of the economy in the short term and the prospects for longer-term economic growth.
🤔 Why is consumer sentiment important?
__________________________________
📍Compiled & edited by:
Agnes Boatemaa Appiadu
Philip Elike Gagah
Friday, March 22, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭22nd March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 World Bank Vice President to visit Ghana
World Bank Vice President, Hafez Ghanem will arrive in Ghana on Sunday, March 24, 2019 as part of a three-day mission to the country. He will pay a courtesy call on President Akufo-Addo to discuss macroeconomic, fiscal and monetary policies and highlight opportunities for investing in education and the booming digital economy. He will also meet with the Vice President, Senior Minister, Finance Minister, other Ministers of State and the Central Bank Governor for in-depth discussions on sector-specific issues. He will participate in an African CSO. and Parliamentary Dialogue Series connecting 15 countries across Sub-Saharan Africa on the 25th of March.
📡 Republic Bank and Vodafone partner on mobile money transactions
Republic Bank (Ghana) Limited, a subsidiary of Republic Financial Holding Limited has unveiled its partnership with Vodafone Ghana on the Vodafone services. Republic Bank as a partnering Bank can now hold on to funds generated from Vodacash transactions as deposits. The deal also gives the bank the opportunity to offer other products and services through the Vodacash platform. The managing director of the bank, Anthony Jordan, who spoke at the launch of the Vodafone services which was held at the Bank's head office said the bank recognises the convenience of Vodafone Cash as an alternative means for transactions, hence the partnership with Vodafone.
📡 MTN to host technology experts to discuss 'Location Intelligence'
MTN, Ghana's leading Telecommunications Company and Business World, Ghana's foremost business magazine will host leading Technology Experts at the 25th MTN Business World Executive Breakfast Meeting. The theme is "Location Intelligence: The Driver for Business Success". The event will take place on the 28th of March, 2019 at the Kempiski Gold Coast City Hotel in Accra. The aim is to uncover how Businesses and organisations can take full advantage of location intelligence to improve and boost profitability.
📡 Govt to double exports by end of 2019 - Carlos Ahenkorah
Deputy Minister of Trade and Industry, Carlos Ahenkorah says the government has put in place strategies to double exports by end of 2019. He has been outlining the government's strategy to increase exports as a measure of stabilizing the Ghana Cedi in the longer term. He was speaking on PM EXPRESS BUSINESS EDITION on JoyNews on Thursday. He said the strategy is to identify the top 20 exports of the country, see what their challenges are and see what can be done to improve the lots of their companies and push them as far as we can for them to improve on their products.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1929% 14.7150%
182 - Day. 14.0833% 15.1501%
364 - Day 18.1898%
Foreign News💤
⚖Deutsche Bank CEO paid $8 million, top managers get first bonuses in four years
Deutsche Bank paid its management board members their first bonuses in four years in 2018, with Christian Sewing's 7 million euro ($8 million) total pay package making him one of the best paid chief executives in European banking. Deutsche Bank's politically sensitive pay disclosures, which were revealed in its annual report on Friday, come as it contemplates a merger with Commerzbank, which unions fear could lead to up to 30,000 job cuts.
⚖German 10-year bond yield turns negative for first time since 2016 amid fears of a recession
Germany's 10-year government bond yields slipped into negative territory on Friday for the first time since October 2016. Hitting a low of -0.001 percent, the 10-year bond yield's downturn comes amid rising concern about the direction of the euro zone's largest economy, with a string of weak data in recent months fueling speculation that Germany could be heading for recession.
⚖ Indonesian airline Garuda is canceling its $6 billion order for 49 Boeing 737 Max jets
Airline Garuda Indonesia said Friday that it is requesting a cancellation to its current order for 49 Boeing 737 Max jets valued at $6 billion. Newswires Reuters and AFP both reported the company's plans. Reuters, citing Garuda's CFO, said the company may change its 737 Max order to another type of Boeing jet. The national carrier of Indonesia did not explain why it no longer wanted the planes.
⚖Uber faces fresh legal challenge over driver data
Uber drivers in the U.K. are filing a lawsuit against the company over allegations the firm has continuously broken European data protection laws. Four drivers are taking legal action against the ride-hailing giant, claiming the company is "failing to honour its obligations" under the EU's General Data Protection Regulation (GDPR) legislation. Under GDPR rules, individuals have the right to access personal data held by any company — even their employer. Companies have one month to respond to a request for data, whether it is made verbally or in writing.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.1565 5.1617
Pound Sterling GBPGHS 6.7576 6.7654
Swiss Franc CHFGHS 5.1926 5.1966
Canadian Dollar CADGHS 3.8586 3.8620
Euro EURGHS 5.8644 5.8687
Chinese Reminbi CNYGHS 0.7692 0.7700
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Recession
A recession is a significant decline in economic activity that goes on for more than a few months. It is visible in industrial production, employment, real income and wholesale-retail trade. The technical defintion of a recession is two consecutive quarters of negative economic growth as measured by a country's gross domestic product (GDP), although the National Bureau of Economic Research (NBER) does not necessarily need to see this occur to call a recession.
🤔Can you name some causes of regression?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭22nd March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 World Bank Vice President to visit Ghana
World Bank Vice President, Hafez Ghanem will arrive in Ghana on Sunday, March 24, 2019 as part of a three-day mission to the country. He will pay a courtesy call on President Akufo-Addo to discuss macroeconomic, fiscal and monetary policies and highlight opportunities for investing in education and the booming digital economy. He will also meet with the Vice President, Senior Minister, Finance Minister, other Ministers of State and the Central Bank Governor for in-depth discussions on sector-specific issues. He will participate in an African CSO. and Parliamentary Dialogue Series connecting 15 countries across Sub-Saharan Africa on the 25th of March.
📡 Republic Bank and Vodafone partner on mobile money transactions
Republic Bank (Ghana) Limited, a subsidiary of Republic Financial Holding Limited has unveiled its partnership with Vodafone Ghana on the Vodafone services. Republic Bank as a partnering Bank can now hold on to funds generated from Vodacash transactions as deposits. The deal also gives the bank the opportunity to offer other products and services through the Vodacash platform. The managing director of the bank, Anthony Jordan, who spoke at the launch of the Vodafone services which was held at the Bank's head office said the bank recognises the convenience of Vodafone Cash as an alternative means for transactions, hence the partnership with Vodafone.
📡 MTN to host technology experts to discuss 'Location Intelligence'
MTN, Ghana's leading Telecommunications Company and Business World, Ghana's foremost business magazine will host leading Technology Experts at the 25th MTN Business World Executive Breakfast Meeting. The theme is "Location Intelligence: The Driver for Business Success". The event will take place on the 28th of March, 2019 at the Kempiski Gold Coast City Hotel in Accra. The aim is to uncover how Businesses and organisations can take full advantage of location intelligence to improve and boost profitability.
📡 Govt to double exports by end of 2019 - Carlos Ahenkorah
Deputy Minister of Trade and Industry, Carlos Ahenkorah says the government has put in place strategies to double exports by end of 2019. He has been outlining the government's strategy to increase exports as a measure of stabilizing the Ghana Cedi in the longer term. He was speaking on PM EXPRESS BUSINESS EDITION on JoyNews on Thursday. He said the strategy is to identify the top 20 exports of the country, see what their challenges are and see what can be done to improve the lots of their companies and push them as far as we can for them to improve on their products.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1929% 14.7150%
182 - Day. 14.0833% 15.1501%
364 - Day 18.1898%
Foreign News💤
⚖Deutsche Bank CEO paid $8 million, top managers get first bonuses in four years
Deutsche Bank paid its management board members their first bonuses in four years in 2018, with Christian Sewing's 7 million euro ($8 million) total pay package making him one of the best paid chief executives in European banking. Deutsche Bank's politically sensitive pay disclosures, which were revealed in its annual report on Friday, come as it contemplates a merger with Commerzbank, which unions fear could lead to up to 30,000 job cuts.
⚖German 10-year bond yield turns negative for first time since 2016 amid fears of a recession
Germany's 10-year government bond yields slipped into negative territory on Friday for the first time since October 2016. Hitting a low of -0.001 percent, the 10-year bond yield's downturn comes amid rising concern about the direction of the euro zone's largest economy, with a string of weak data in recent months fueling speculation that Germany could be heading for recession.
⚖ Indonesian airline Garuda is canceling its $6 billion order for 49 Boeing 737 Max jets
Airline Garuda Indonesia said Friday that it is requesting a cancellation to its current order for 49 Boeing 737 Max jets valued at $6 billion. Newswires Reuters and AFP both reported the company's plans. Reuters, citing Garuda's CFO, said the company may change its 737 Max order to another type of Boeing jet. The national carrier of Indonesia did not explain why it no longer wanted the planes.
⚖Uber faces fresh legal challenge over driver data
Uber drivers in the U.K. are filing a lawsuit against the company over allegations the firm has continuously broken European data protection laws. Four drivers are taking legal action against the ride-hailing giant, claiming the company is "failing to honour its obligations" under the EU's General Data Protection Regulation (GDPR) legislation. Under GDPR rules, individuals have the right to access personal data held by any company — even their employer. Companies have one month to respond to a request for data, whether it is made verbally or in writing.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.1565 5.1617
Pound Sterling GBPGHS 6.7576 6.7654
Swiss Franc CHFGHS 5.1926 5.1966
Canadian Dollar CADGHS 3.8586 3.8620
Euro EURGHS 5.8644 5.8687
Chinese Reminbi CNYGHS 0.7692 0.7700
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Recession
A recession is a significant decline in economic activity that goes on for more than a few months. It is visible in industrial production, employment, real income and wholesale-retail trade. The technical defintion of a recession is two consecutive quarters of negative economic growth as measured by a country's gross domestic product (GDP), although the National Bureau of Economic Research (NBER) does not necessarily need to see this occur to call a recession.
🤔Can you name some causes of regression?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Thursday, March 21, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭21st March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 IMF approves final disbursement of $185.2m to Ghana
The Executive Board of the International Monetary Fund (IMF) has approved the final disbursement of about US$185.2m to Ghana. According to the IMF, the seventh and eighth reviews were completed on March 2019, under the Extended Credit Facility (ECF) supported arrangement. The find pointed out that considering Ghana's resolved to tackle difficult reforms, the Executive Board also approved the authorities' request for a waiver of the nonobservance of a few program targets. Ghana is scheduled to compete an IMF programme with the find in April 2019.
📡 Trade Ministry begins to make Ghana most business friendly
The Ministry of Trade and Industry has outlined a seven point strategy that it believes will aid in making Ghana a business friendly Nation in Africa. The seven key components include Targeted Reform Initiatives towards improving Ghana's ranking in the World Bank ease of doing Business, Establishment of a One-Stop Electronic Registry of all Business Regulation, a centralised Public Consultation Portal, Regulatory Impact Assessment (RIA) Training and capacity Building, Rolling Review of Business Regulations Using Regulatory Guillotine Principle, Targeted Regulatory Relief for SMEs and Permanent Public-Private Dialogue Mechanism. The Ministry says they will provide an enabling environment for businesses to thrive on the international market. Robert Ahomka-Lindsay, the Deputy Trade and Industry Minister in an interview with Citi Business news stated that various interventions are in place to fulfill governments promises. This was at a regulatory impact assessment stakeholder's sensitisation forum in Accra.
📡 COCOBOD signs new $300m facility to boost cocoa production
Ghana Cocoa Board (COCOBOD) has signed a new 3-year receivables-backed trade finance facility of US$300m. The facility will be used to refinance Cocoa Bills raised by Bank of Ghana on behalf COCOBOD and/or to Finance production enhancement Programmes. COCOBOD's mission is to facilitate the production and marketing of good quality cocoa, coffee and shea nut. So to ensure the sustainability of the cocoa economy in Ghana, they continue to institute strategies and programmes to ensure good agronomic practices. To achieve these objectives, they have chosen to include environmental and social objectives in the credit agreement with the arranging group.
📡 Cedi depreciation pushes PPI to 5.4%
The Producer Price Inflation for February 2019 went up by 5.4%, representing a 2.0% increase from the 3.4% recorded in January 2019. The 5.4% means retailers paid more on goods they purchased at the factory level compared to that they paid in January. Prices in the Mining and Quarrying industry recorded the highest increase from 8.9% to 13.4%. This was followed by the manufacturing sector recording a 2% increase to 5%. However, prices in the utilities sector did not record any increase.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1929% 14.7150%
182 - Day 14.0833% 15.1501%
364 - Day 18.1898%
Foreign News💤
⚖ Chinese companies are defaulting on their debts at an 'unprecedented' level
According to the numbers from two banks, defaults for Chinese corporate bonds issued in both U.S. dollars and the Chinese yuan soared last year due to an economic slowdown and extremely tight credit conditions. Analysts blamed the difficulties on tighter monetary conditions, aggravated by high borrowing costs, as well as a crackdown on shadow lending. Defaults look set to continue this year although at a more manageable pace, experts say. But that doesn't bode well for already-high debt levels in China.
⚖ Go-Pay sets out to 'strengthen' its digital wallet presence in cash-reliant Indonesia
Digital payment is becoming increasingly popular in Indonesia - yet 99% of transactions by volume are carried out using cash according to management consultancy McKinsey and Company. And to tap the massive payment market, Go-Pay, the mobile wallet of ride-hailing app Go-Jek is planning to "strengthen and deepen" it's position in that space, according to Go-Pay CEO Aldi Haryopratomo. According to him, Go-Pay is the country's market leader in the e-wallet space, where online credits can be used for in-app purchases of goods and services or with partner merchants.
⚖ South Korean semiconductor stocks surge on the back of Micron earnings
Industry heavyweight Samsung Electronics and chipmaker SK Hynix saw their stocks surge 4.09% and 7.66% respectively on Thursday. The moves came on the back of a strong earnings report by the U.S. chipmaker Micron overnight. Beating on the top and buttom line, Micron reported earnings per share of $1.71bn on revenue of $5.84bn. Wall Street had estimated earnings per share of $1.67 on revenue of $5.82bn, according to Refinitiv. Micron's revenue compares to the $7.35bn they earned in the same period last year.
⚖ Norway raises rates as expected, sales further hike this year
Norway's Central Bank raised its main interest rate on Thursdays, as expected, and reiterated plans to hike rates later this year, while the outlook for the longer term had softened. The bank raised its key policy rate to 1.0% from 0.75% previously, in line with the forecast of 23% our of 26 economists in a Reuters poll.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.2373 5.2426
Pound Sterling GBPGHS 6.9138 6.9229
Swiss Franc CHFGHS 5.2524 5.2573
Canadian Dollar CADGHS 3.9278 3.9319
Euro EURGHS 5.9468 5.9521
Chinese Reminbi CNYGHS 0.7820 0.7829
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Producer Price Index
The producer price index (PPI) is a family of indexes that measures the average change in selling prices received by domestic producers of goods and services over time. The PPI measures price changes from the perspective of the seller and differs from the consumer price index (CPI), which measures price changes from the perspective of purchasers. The PPI considers three areas of production: industry-based, commodity-based and commodity-based final demand-intermediate demand. It was known as the wholesale price index, or WPI, until 1978.
🤔 How do you calculate PPI?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭21st March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 IMF approves final disbursement of $185.2m to Ghana
The Executive Board of the International Monetary Fund (IMF) has approved the final disbursement of about US$185.2m to Ghana. According to the IMF, the seventh and eighth reviews were completed on March 2019, under the Extended Credit Facility (ECF) supported arrangement. The find pointed out that considering Ghana's resolved to tackle difficult reforms, the Executive Board also approved the authorities' request for a waiver of the nonobservance of a few program targets. Ghana is scheduled to compete an IMF programme with the find in April 2019.
📡 Trade Ministry begins to make Ghana most business friendly
The Ministry of Trade and Industry has outlined a seven point strategy that it believes will aid in making Ghana a business friendly Nation in Africa. The seven key components include Targeted Reform Initiatives towards improving Ghana's ranking in the World Bank ease of doing Business, Establishment of a One-Stop Electronic Registry of all Business Regulation, a centralised Public Consultation Portal, Regulatory Impact Assessment (RIA) Training and capacity Building, Rolling Review of Business Regulations Using Regulatory Guillotine Principle, Targeted Regulatory Relief for SMEs and Permanent Public-Private Dialogue Mechanism. The Ministry says they will provide an enabling environment for businesses to thrive on the international market. Robert Ahomka-Lindsay, the Deputy Trade and Industry Minister in an interview with Citi Business news stated that various interventions are in place to fulfill governments promises. This was at a regulatory impact assessment stakeholder's sensitisation forum in Accra.
📡 COCOBOD signs new $300m facility to boost cocoa production
Ghana Cocoa Board (COCOBOD) has signed a new 3-year receivables-backed trade finance facility of US$300m. The facility will be used to refinance Cocoa Bills raised by Bank of Ghana on behalf COCOBOD and/or to Finance production enhancement Programmes. COCOBOD's mission is to facilitate the production and marketing of good quality cocoa, coffee and shea nut. So to ensure the sustainability of the cocoa economy in Ghana, they continue to institute strategies and programmes to ensure good agronomic practices. To achieve these objectives, they have chosen to include environmental and social objectives in the credit agreement with the arranging group.
📡 Cedi depreciation pushes PPI to 5.4%
The Producer Price Inflation for February 2019 went up by 5.4%, representing a 2.0% increase from the 3.4% recorded in January 2019. The 5.4% means retailers paid more on goods they purchased at the factory level compared to that they paid in January. Prices in the Mining and Quarrying industry recorded the highest increase from 8.9% to 13.4%. This was followed by the manufacturing sector recording a 2% increase to 5%. However, prices in the utilities sector did not record any increase.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1929% 14.7150%
182 - Day 14.0833% 15.1501%
364 - Day 18.1898%
Foreign News💤
⚖ Chinese companies are defaulting on their debts at an 'unprecedented' level
According to the numbers from two banks, defaults for Chinese corporate bonds issued in both U.S. dollars and the Chinese yuan soared last year due to an economic slowdown and extremely tight credit conditions. Analysts blamed the difficulties on tighter monetary conditions, aggravated by high borrowing costs, as well as a crackdown on shadow lending. Defaults look set to continue this year although at a more manageable pace, experts say. But that doesn't bode well for already-high debt levels in China.
⚖ Go-Pay sets out to 'strengthen' its digital wallet presence in cash-reliant Indonesia
Digital payment is becoming increasingly popular in Indonesia - yet 99% of transactions by volume are carried out using cash according to management consultancy McKinsey and Company. And to tap the massive payment market, Go-Pay, the mobile wallet of ride-hailing app Go-Jek is planning to "strengthen and deepen" it's position in that space, according to Go-Pay CEO Aldi Haryopratomo. According to him, Go-Pay is the country's market leader in the e-wallet space, where online credits can be used for in-app purchases of goods and services or with partner merchants.
⚖ South Korean semiconductor stocks surge on the back of Micron earnings
Industry heavyweight Samsung Electronics and chipmaker SK Hynix saw their stocks surge 4.09% and 7.66% respectively on Thursday. The moves came on the back of a strong earnings report by the U.S. chipmaker Micron overnight. Beating on the top and buttom line, Micron reported earnings per share of $1.71bn on revenue of $5.84bn. Wall Street had estimated earnings per share of $1.67 on revenue of $5.82bn, according to Refinitiv. Micron's revenue compares to the $7.35bn they earned in the same period last year.
⚖ Norway raises rates as expected, sales further hike this year
Norway's Central Bank raised its main interest rate on Thursdays, as expected, and reiterated plans to hike rates later this year, while the outlook for the longer term had softened. The bank raised its key policy rate to 1.0% from 0.75% previously, in line with the forecast of 23% our of 26 economists in a Reuters poll.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.2373 5.2426
Pound Sterling GBPGHS 6.9138 6.9229
Swiss Franc CHFGHS 5.2524 5.2573
Canadian Dollar CADGHS 3.9278 3.9319
Euro EURGHS 5.9468 5.9521
Chinese Reminbi CNYGHS 0.7820 0.7829
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Producer Price Index
The producer price index (PPI) is a family of indexes that measures the average change in selling prices received by domestic producers of goods and services over time. The PPI measures price changes from the perspective of the seller and differs from the consumer price index (CPI), which measures price changes from the perspective of purchasers. The PPI considers three areas of production: industry-based, commodity-based and commodity-based final demand-intermediate demand. It was known as the wholesale price index, or WPI, until 1978.
🤔 How do you calculate PPI?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Wednesday, March 20, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭20th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Ghana to reduce rice import by 50% in 2019—Ministry of Agriculture
The Ministry of Agriculture says plans are in place to reduce the importation of rice by at least 50 percent this year. This is to enhance the growth and consumption of local rice in Ghana. Currently, Ghana imports 331 million dollars of rice annually, development stakeholders have described as worrying. Speaking to Citi Business News Deputy Minister of Agriculture, George Oduro said measures such as the ‘planting for food and jobs’ as well as the newly introduced Irrigation land facility system should help reduce the importation of rice by half.
📡Suzuki, Toyota and CFAO announce joint venture to produce cars in Ghana
Officials from Suzuki Motor Corporation, Toyota Tsusho Corporation and CFAO have announced a joint venture to manufacture and distribute vehicles in Ghana. At a courtesy call on President Akufo-Addo, on Tuesday, March 19, 2019, at Jubilee House, Mr. Koyote Suzuki, General Manager for the Middle East and Africa of Suzuki Motor Corporation, told the President that with the company producing some 1.8 million vehicles in India alone, his mission is to find next India in the continent of Africa”. Suzuki, he said, has partnered with Toyota in Africa, and are currently working in some 26 countries.
📡Cedi struggles: We need to focus on structural problems – Nana Addo
President Nana Akufo-Addo has called for broadening of the discussions on the struggling cedi which he previously said has left him “extremely upset and anxious”. Speaking at a meeting with the leadership of the Ghana Bar Association, President Akufo-Addo said the focus should be turned to the structural problems of the economy. Our public discourse should also begin to focus on much more of the structural problems involved in our currency, he urged.
📡Energy Commission to sanction homeowners with improper wiring
The Energy Commission has warned it will sanction owners of buildings that are over 10 years that have not been inspected and rewired. The Commission has served notice it has begun the enforcement of the Electrical Wiring Regulations 2008 which was passed in 2012. The law requires that all buildings both commercial and private residents undergo inspection and rewiring every 10 years to protect occupants and prevent fire disasters. As part of enforcement of the Law, the Energy Commission says it has assigned inspectors across the country to check the status of commercial buildings especially hotels.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1929% 14.7150%
182 - Da. 14.0833% 15.1501%
364 - Day 18.1898%
Foreign News💤
⚖Shares in Inmarsat jump on fresh bid approach
Shares in Inmarsat Plc jumped 17 percent on Wednesday after the British satellite operator said it was in talks about a $3.3 billion cash offer from a private equity-led consortium, opening up the possibility of a bidding war. The consortium, which initially included UK-based Apax Partners, U.S.-based Warburg Pincus and Canada Pension Plan Investment Board (CPPIB), was later also joined by Ontario Teachers' Pension Plan Board. As it stands the proposal remains under discussion.
⚖UK Prime Minister Theresa May requests three-month delay to Brexit
U.K. Prime Minister Theresa May formally requested a short delay to Brexit on Wednesday, 1,000 days after the U.K. narrowly voted to leave the European Union. The request, in a letter to EU leaders, seeks to put Britain's departure on hold until June 30. Sterling slipped nearly 1 percent to trade at $1.3156 at around 1 p.m. London time. Under current law, the U.K. is set to leave the EU — with or without a deal — at 11 p.m. London time on March 29. Any delay would need to be accepted by all 27 other member states.
⚖Saudi Arabia is giving its capital a $23 billion makeover
Saudi Arabia will be pumping $23 billion into a massive beautification project for its capital Riyadh, its government has announced. The plan, which will incorporate green space, recreational areas and more than 1,000 art installations, seeks to improve quality of life for the capital's 5 million residents and prepare the country for the opening up of its tourism sector. The project will also open up private investment opportunities to the tune of $15 billion, the government said Tuesday. The project will include 84 miles of cycling track and a park that's quadruple the size of Central Park. Work will begin in the second-half of this year and will be completed between 2023 and 2030. The development is set to create 70,000 jobs, according to state news agency SPA.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.2373 5.2426
Pound Sterling GBPGHS 6.9436 6.9527
Swiss Franc CHFGHS 5.2385 5.2422
Canadian Dollar CADGHS 3.9486 3.9513
Euro EURGHS 5.9449 5.9476
Chinese Reminbi CNYGHS 0.7804 0.7811
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Capital
Capital is a term for financial assets, such as funds held in deposit accounts, as well as for tangible factors of production, i.e. manufacturing equipment. Additionally, capital includes facilities, including buildings used to produce and store manufactured goods. Materials used and consumed as part of the manufacturing process do not qualify as capital.
🤔 What are the types of capital?
__________________________________
📍Compiled & edited by:
Agnes Boatemaa Appiadu
Philip Elike Gagah
🇬🇭20th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Ghana to reduce rice import by 50% in 2019—Ministry of Agriculture
The Ministry of Agriculture says plans are in place to reduce the importation of rice by at least 50 percent this year. This is to enhance the growth and consumption of local rice in Ghana. Currently, Ghana imports 331 million dollars of rice annually, development stakeholders have described as worrying. Speaking to Citi Business News Deputy Minister of Agriculture, George Oduro said measures such as the ‘planting for food and jobs’ as well as the newly introduced Irrigation land facility system should help reduce the importation of rice by half.
📡Suzuki, Toyota and CFAO announce joint venture to produce cars in Ghana
Officials from Suzuki Motor Corporation, Toyota Tsusho Corporation and CFAO have announced a joint venture to manufacture and distribute vehicles in Ghana. At a courtesy call on President Akufo-Addo, on Tuesday, March 19, 2019, at Jubilee House, Mr. Koyote Suzuki, General Manager for the Middle East and Africa of Suzuki Motor Corporation, told the President that with the company producing some 1.8 million vehicles in India alone, his mission is to find next India in the continent of Africa”. Suzuki, he said, has partnered with Toyota in Africa, and are currently working in some 26 countries.
📡Cedi struggles: We need to focus on structural problems – Nana Addo
President Nana Akufo-Addo has called for broadening of the discussions on the struggling cedi which he previously said has left him “extremely upset and anxious”. Speaking at a meeting with the leadership of the Ghana Bar Association, President Akufo-Addo said the focus should be turned to the structural problems of the economy. Our public discourse should also begin to focus on much more of the structural problems involved in our currency, he urged.
📡Energy Commission to sanction homeowners with improper wiring
The Energy Commission has warned it will sanction owners of buildings that are over 10 years that have not been inspected and rewired. The Commission has served notice it has begun the enforcement of the Electrical Wiring Regulations 2008 which was passed in 2012. The law requires that all buildings both commercial and private residents undergo inspection and rewiring every 10 years to protect occupants and prevent fire disasters. As part of enforcement of the Law, the Energy Commission says it has assigned inspectors across the country to check the status of commercial buildings especially hotels.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1929% 14.7150%
182 - Da. 14.0833% 15.1501%
364 - Day 18.1898%
Foreign News💤
⚖Shares in Inmarsat jump on fresh bid approach
Shares in Inmarsat Plc jumped 17 percent on Wednesday after the British satellite operator said it was in talks about a $3.3 billion cash offer from a private equity-led consortium, opening up the possibility of a bidding war. The consortium, which initially included UK-based Apax Partners, U.S.-based Warburg Pincus and Canada Pension Plan Investment Board (CPPIB), was later also joined by Ontario Teachers' Pension Plan Board. As it stands the proposal remains under discussion.
⚖UK Prime Minister Theresa May requests three-month delay to Brexit
U.K. Prime Minister Theresa May formally requested a short delay to Brexit on Wednesday, 1,000 days after the U.K. narrowly voted to leave the European Union. The request, in a letter to EU leaders, seeks to put Britain's departure on hold until June 30. Sterling slipped nearly 1 percent to trade at $1.3156 at around 1 p.m. London time. Under current law, the U.K. is set to leave the EU — with or without a deal — at 11 p.m. London time on March 29. Any delay would need to be accepted by all 27 other member states.
⚖Saudi Arabia is giving its capital a $23 billion makeover
Saudi Arabia will be pumping $23 billion into a massive beautification project for its capital Riyadh, its government has announced. The plan, which will incorporate green space, recreational areas and more than 1,000 art installations, seeks to improve quality of life for the capital's 5 million residents and prepare the country for the opening up of its tourism sector. The project will also open up private investment opportunities to the tune of $15 billion, the government said Tuesday. The project will include 84 miles of cycling track and a park that's quadruple the size of Central Park. Work will begin in the second-half of this year and will be completed between 2023 and 2030. The development is set to create 70,000 jobs, according to state news agency SPA.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.2373 5.2426
Pound Sterling GBPGHS 6.9436 6.9527
Swiss Franc CHFGHS 5.2385 5.2422
Canadian Dollar CADGHS 3.9486 3.9513
Euro EURGHS 5.9449 5.9476
Chinese Reminbi CNYGHS 0.7804 0.7811
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Capital
Capital is a term for financial assets, such as funds held in deposit accounts, as well as for tangible factors of production, i.e. manufacturing equipment. Additionally, capital includes facilities, including buildings used to produce and store manufactured goods. Materials used and consumed as part of the manufacturing process do not qualify as capital.
🤔 What are the types of capital?
__________________________________
📍Compiled & edited by:
Agnes Boatemaa Appiadu
Philip Elike Gagah
Tuesday, March 19, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭19th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 MTN Ghana launches 4G+ service
Ghana's leading telecommunications service provider, MTN has launched its 4G+ service to provide faster data speeds with widest coverage for it's customers. The 4G+ service runs on 4G LTE Advanced technology using the combination of the 800MHz and 2600MHz for carrier aggregation which is an enhancement on the 4G LTE experience. This provides more capacity and enhanced data speed of up to 20x if migrating from 3G to 4G+ and 5x if migrating from 4G to 4G+. This was announced by Selorm Adadevoh, the CEO of MTN Ghana.
📡 Planned IMF exit causing investors to hold back funds as cedi suffers
Dr. John Kwakye, an economist and consultant has stated that Ghana's planned exit from the International Monetary Fund (IMF) programme next month has created uncertainties among some investors, contributing to the fall of the cedi against the dollar. According to him, some investors who are willing to bring funds into the country are unsure of how events will turnout in the country after an Extended Credit Facility programme with the IMF ends in April. He argued that this has made investors hold their funds in anticipation of how managers of the country will manage in a post IMF regime.
📡 $3bn Eurobond could attract high coupon rate - Prof Bopkin
Professor Godfred Bopkin who is an economist has said that Ghana could attract a high coupon rate on its $3bn Eurobond yet to be issued later this month. He is in the view that recent activities in the banking sector, coupled with other factors could lead to the coupon rate going up. He stated that investors will demand more returns. A government delegation comprising the Finance Ministry and the Central Bank today begun a Eurobond road show to raise $3bn to cater for infrastructure development and retire some debt. The Finance Minister is hopeful the issue of the Eurobond and Cocoa syndicated loan will help stabilize the Cedi.
📡 Ghana benefiting from hedged gold prices
According to the Bank of Ghana's summary of Economic Financial Data as at January 2019, the earnings realized by producers has managed to stay slightly above international spot prices. The data of Gold from Ghanaian producers has seen a year to date (YTD) fall in prices of -1.2% which is smaller than the international YTD price decline of -2.2% shows that producers in Ghana that have hedged the prices of their production have benefited hugely from higher realized prices higher than the spot market prices established at the daily Gold Fix in an era when gold prices are recording poor performance.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1929% 14.7150%
182 - Day 14.0833% 15.1501%
364 - Day 18.1898%
Foreign News💤
⚖ Online retailer ASOS hit by teething problems at US warehouse
British online retailer ASOS said it's new warehouse in Atlanta, U.S., struggled to cope with demand in its second quarter, resulting in a dip in U.S. sales and adding to challenges in French and German markets. Chief Executive Nick Beighton said the company's U.S. performance was behind plan because higher-than-expected demand at its new facility caused a significant short-term despatch backlog, which had now been cleared. He said ASOS, which targets style-conscious twenty-somethings, continued to outperform in Britain, with sales growth of 14% in the quarter, but it's two biggest markets continued to be challenging in France and Germany.
⚖ We expect cannabis global growth to continue - Tilray CEO
Shares of Tilray jumped after the company reported it's cannabis sales more than doubled over the last year. The British Columbia - based company stock was up nearly 3%. Tilray on Monday reported revenue of $15.5m, buoyed 2018 sales to $43.1m - up to 110% from last year. The surge was driven by bulk sales, the first months of the legal adult-use market in Canada and accelerated wholesale exports, according to its latest Financial update. Analysts had expected fourth-quarter sales of $14.1m.
⚖ JP Morgan and Goldman Sachs are getting more bullish on India
India has the "best growth story" among global emerging markets, said JP Morgan's head of equity research for Asia excluding Japan, as he pointed to relatively stable oil prices and positive earnings projections in the country. In raising it's rating on Indian stocks, Goldman Sachs said that foreign investors are coming back amid expectations of a more stable government and earnings growth. India's benchmark index Nifty 50 has shot up 8% in the past month, according to Goldman and the investment bank expects earnings to grow 16% this year.
⚖ K-pop scandals are crushing Korean entertainment stocks
Two sex scandals that rocked the South Korean music world have crushed the Country's entertainment stocks as Police investigate the involvement of celebrities in alleged criminal conduct. K-Pop artist Seungri (Lee Seung-hyun), who was part of hugely popular boy band Big Bang, has been accused of providing prostitutes to investors in a club he owned. Reports say five major Korean entertainment companies lost 17.52% in value from Feb. 25 to march 15, after their combined market value fell from 3.35 trillion won ($2.96bn) to 2.76 trillion won.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.2374 5.2426
Pound Sterling GBPGHS 6.9123 6.9213
Swiss Franc CHFGHS 5.2307 5.2355
Canadian Dollar CADGHS 3.9208 3.9247
Euro EURGHS 5.9364 5.9410
Chinese Reminbi CNYGHS 0.7801 0.7802
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Commodity Market
A commodity market is a market that trades in primary economic sector rather than manufactured products. Soft commodities are agricultural products such as wheat, coffee, cocoa, fruit and sugar. Hard commodities such as gold and oil are mined.
🤔 Do you know anything about cash commodities?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭19th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 MTN Ghana launches 4G+ service
Ghana's leading telecommunications service provider, MTN has launched its 4G+ service to provide faster data speeds with widest coverage for it's customers. The 4G+ service runs on 4G LTE Advanced technology using the combination of the 800MHz and 2600MHz for carrier aggregation which is an enhancement on the 4G LTE experience. This provides more capacity and enhanced data speed of up to 20x if migrating from 3G to 4G+ and 5x if migrating from 4G to 4G+. This was announced by Selorm Adadevoh, the CEO of MTN Ghana.
📡 Planned IMF exit causing investors to hold back funds as cedi suffers
Dr. John Kwakye, an economist and consultant has stated that Ghana's planned exit from the International Monetary Fund (IMF) programme next month has created uncertainties among some investors, contributing to the fall of the cedi against the dollar. According to him, some investors who are willing to bring funds into the country are unsure of how events will turnout in the country after an Extended Credit Facility programme with the IMF ends in April. He argued that this has made investors hold their funds in anticipation of how managers of the country will manage in a post IMF regime.
📡 $3bn Eurobond could attract high coupon rate - Prof Bopkin
Professor Godfred Bopkin who is an economist has said that Ghana could attract a high coupon rate on its $3bn Eurobond yet to be issued later this month. He is in the view that recent activities in the banking sector, coupled with other factors could lead to the coupon rate going up. He stated that investors will demand more returns. A government delegation comprising the Finance Ministry and the Central Bank today begun a Eurobond road show to raise $3bn to cater for infrastructure development and retire some debt. The Finance Minister is hopeful the issue of the Eurobond and Cocoa syndicated loan will help stabilize the Cedi.
📡 Ghana benefiting from hedged gold prices
According to the Bank of Ghana's summary of Economic Financial Data as at January 2019, the earnings realized by producers has managed to stay slightly above international spot prices. The data of Gold from Ghanaian producers has seen a year to date (YTD) fall in prices of -1.2% which is smaller than the international YTD price decline of -2.2% shows that producers in Ghana that have hedged the prices of their production have benefited hugely from higher realized prices higher than the spot market prices established at the daily Gold Fix in an era when gold prices are recording poor performance.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1929% 14.7150%
182 - Day 14.0833% 15.1501%
364 - Day 18.1898%
Foreign News💤
⚖ Online retailer ASOS hit by teething problems at US warehouse
British online retailer ASOS said it's new warehouse in Atlanta, U.S., struggled to cope with demand in its second quarter, resulting in a dip in U.S. sales and adding to challenges in French and German markets. Chief Executive Nick Beighton said the company's U.S. performance was behind plan because higher-than-expected demand at its new facility caused a significant short-term despatch backlog, which had now been cleared. He said ASOS, which targets style-conscious twenty-somethings, continued to outperform in Britain, with sales growth of 14% in the quarter, but it's two biggest markets continued to be challenging in France and Germany.
⚖ We expect cannabis global growth to continue - Tilray CEO
Shares of Tilray jumped after the company reported it's cannabis sales more than doubled over the last year. The British Columbia - based company stock was up nearly 3%. Tilray on Monday reported revenue of $15.5m, buoyed 2018 sales to $43.1m - up to 110% from last year. The surge was driven by bulk sales, the first months of the legal adult-use market in Canada and accelerated wholesale exports, according to its latest Financial update. Analysts had expected fourth-quarter sales of $14.1m.
⚖ JP Morgan and Goldman Sachs are getting more bullish on India
India has the "best growth story" among global emerging markets, said JP Morgan's head of equity research for Asia excluding Japan, as he pointed to relatively stable oil prices and positive earnings projections in the country. In raising it's rating on Indian stocks, Goldman Sachs said that foreign investors are coming back amid expectations of a more stable government and earnings growth. India's benchmark index Nifty 50 has shot up 8% in the past month, according to Goldman and the investment bank expects earnings to grow 16% this year.
⚖ K-pop scandals are crushing Korean entertainment stocks
Two sex scandals that rocked the South Korean music world have crushed the Country's entertainment stocks as Police investigate the involvement of celebrities in alleged criminal conduct. K-Pop artist Seungri (Lee Seung-hyun), who was part of hugely popular boy band Big Bang, has been accused of providing prostitutes to investors in a club he owned. Reports say five major Korean entertainment companies lost 17.52% in value from Feb. 25 to march 15, after their combined market value fell from 3.35 trillion won ($2.96bn) to 2.76 trillion won.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.2374 5.2426
Pound Sterling GBPGHS 6.9123 6.9213
Swiss Franc CHFGHS 5.2307 5.2355
Canadian Dollar CADGHS 3.9208 3.9247
Euro EURGHS 5.9364 5.9410
Chinese Reminbi CNYGHS 0.7801 0.7802
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Commodity Market
A commodity market is a market that trades in primary economic sector rather than manufactured products. Soft commodities are agricultural products such as wheat, coffee, cocoa, fruit and sugar. Hard commodities such as gold and oil are mined.
🤔 Do you know anything about cash commodities?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Monday, March 18, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭18th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡GRA misses Tax Amnesty Policy target of GHS500 million
The Ghana Revenue Authority (GRA) missed its 2018 Tax Amnesty Policy target of GHS500 million. The GRA was able to recoup GHS287 million cedis from the Policy which ended in September 2018. The Authority projected to recoup between GHS300 million and GHS500 million from the policy it introduced to encourage the taxable citizens who had not paid taxes or under declared their income, to voluntarily pay.
📡Govt delegation led by Finance Minister begins Eurobond roadshow
A government delegation comprising a team from the Ministry of Finance and officials from the Bank of Ghana (BoG) will today begin a Eurobond road show. Government is planning to raise three billion dollars through the bond to cater for infrastructure development in the 2019 budget as well as retire some maturing debt. The Minister of Finance Ken Ofori Atta is also hopeful the issue of the Eurobond and the Cocoa syndicated loan will help stabilize the cedi from further depreciating.
📡Telcos asked to stop sale of sim cards on the streets
Telecommunication service providers in the country have been asked to consider stopping the sale of SIM cards on the streets. This is because the practice has given itself to abuse by fraudsters who patronise the cards to obtain false identifications, in order to perpetuate their criminal activities. The call was made by Consumer Advocacy Center, the Ghanaian member of Consumer International, at a round-table discussion held in Accra on Friday to mark the 2019 World Consumer Rights Day.
📡Cedi depreciation must be halted to save industries–AGI
The Association of the Ghana Industries(AGI) has urged government to put in measures that will stabilize the cedi against the dollar. This follows a recent announcement by the Finance Minister, Ken Ofori-Atta, that the free fall of the cedi against the dollar, will be curtailed in the coming weeks. As it stands, the cedi has depreciated against the dollar from GHC 4.9 to around GHC 5.50 since the beginning of the year year sparking concern in the business community.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1929% 14.7150%
182 - Day 14.0833% 15.1501%
364 - Day 18.1898%
Foreign News💤
⚖Deutsche Bank and Commerzbank go public on merger talks
Deutsche Bank and Commerzbank confirmed on Sunday they were in talks about a merger, prompting labor union concerns about possible job losses and questions from analysts about the merits of a combination. Germany's two largest banks issued short statements following separate meetings of their management boards, indicating a quickening of pace in the merger process, although both also warned that a deal was far from certain.
⚖South African Agribusiness Confidence Advances From 2009 Low record
Confidence in South Africa’s agricultural industry improved from the worst reading since 2009 in the first quarter but lingered at levels that indicate producers are still downbeat about business conditions. The Agbiz/IDC Agribusiness Confidence Index rose to 46 in the first three months of the year compared with 42 in the prior quarter, the Pretoria-based Agricultural Business Chamber said.
⚖OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June
OPEC and other major oil producers on Monday canceled a meeting planned for April, leaving the alliance's price-boosting production cuts in place until at least June. The group is delaying its decision because it expects the oil market to remain oversupplied through the first half of the year, Saudi Energy Minister Khalid al-Falih said at a committee meeting in Baku, Azerbaijan. The delay also allows the producers to assess how U.S. sanctions on OPEC-members Iran and Venezuela will affect the oil market in the coming months, several news agencies reported.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.2374 5.2426
Pound Sterling GBPGHS 6.9521 6.9611
Swiss Franc CHFGHS 5.2264 5.2312
Canadian Dollar CADGHS 3.9244 3.9284
Euro EURGHS 5.9374 5.9421
Chinese Reminbi CNYGHS 0.7803 0.7811
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Tax amnesty
Tax amnesty is a limited-time opportunity for a specified group of taxpayers to pay a defined amount, in exchange for forgiveness of a tax liability (including interest and penalties) relating to a previous tax period or periods and without fear of criminal prosecution. It typically expires when some authority begins a tax investigation of the past-due tax. In some cases, legislation extending amnesty also imposes harsher penalties on those who are eligible for amnesty but do not take it.
🤔What are some of the advantages of tax amnesty?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭18th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡GRA misses Tax Amnesty Policy target of GHS500 million
The Ghana Revenue Authority (GRA) missed its 2018 Tax Amnesty Policy target of GHS500 million. The GRA was able to recoup GHS287 million cedis from the Policy which ended in September 2018. The Authority projected to recoup between GHS300 million and GHS500 million from the policy it introduced to encourage the taxable citizens who had not paid taxes or under declared their income, to voluntarily pay.
📡Govt delegation led by Finance Minister begins Eurobond roadshow
A government delegation comprising a team from the Ministry of Finance and officials from the Bank of Ghana (BoG) will today begin a Eurobond road show. Government is planning to raise three billion dollars through the bond to cater for infrastructure development in the 2019 budget as well as retire some maturing debt. The Minister of Finance Ken Ofori Atta is also hopeful the issue of the Eurobond and the Cocoa syndicated loan will help stabilize the cedi from further depreciating.
📡Telcos asked to stop sale of sim cards on the streets
Telecommunication service providers in the country have been asked to consider stopping the sale of SIM cards on the streets. This is because the practice has given itself to abuse by fraudsters who patronise the cards to obtain false identifications, in order to perpetuate their criminal activities. The call was made by Consumer Advocacy Center, the Ghanaian member of Consumer International, at a round-table discussion held in Accra on Friday to mark the 2019 World Consumer Rights Day.
📡Cedi depreciation must be halted to save industries–AGI
The Association of the Ghana Industries(AGI) has urged government to put in measures that will stabilize the cedi against the dollar. This follows a recent announcement by the Finance Minister, Ken Ofori-Atta, that the free fall of the cedi against the dollar, will be curtailed in the coming weeks. As it stands, the cedi has depreciated against the dollar from GHC 4.9 to around GHC 5.50 since the beginning of the year year sparking concern in the business community.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1929% 14.7150%
182 - Day 14.0833% 15.1501%
364 - Day 18.1898%
Foreign News💤
⚖Deutsche Bank and Commerzbank go public on merger talks
Deutsche Bank and Commerzbank confirmed on Sunday they were in talks about a merger, prompting labor union concerns about possible job losses and questions from analysts about the merits of a combination. Germany's two largest banks issued short statements following separate meetings of their management boards, indicating a quickening of pace in the merger process, although both also warned that a deal was far from certain.
⚖South African Agribusiness Confidence Advances From 2009 Low record
Confidence in South Africa’s agricultural industry improved from the worst reading since 2009 in the first quarter but lingered at levels that indicate producers are still downbeat about business conditions. The Agbiz/IDC Agribusiness Confidence Index rose to 46 in the first three months of the year compared with 42 in the prior quarter, the Pretoria-based Agricultural Business Chamber said.
⚖OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June
OPEC and other major oil producers on Monday canceled a meeting planned for April, leaving the alliance's price-boosting production cuts in place until at least June. The group is delaying its decision because it expects the oil market to remain oversupplied through the first half of the year, Saudi Energy Minister Khalid al-Falih said at a committee meeting in Baku, Azerbaijan. The delay also allows the producers to assess how U.S. sanctions on OPEC-members Iran and Venezuela will affect the oil market in the coming months, several news agencies reported.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.2374 5.2426
Pound Sterling GBPGHS 6.9521 6.9611
Swiss Franc CHFGHS 5.2264 5.2312
Canadian Dollar CADGHS 3.9244 3.9284
Euro EURGHS 5.9374 5.9421
Chinese Reminbi CNYGHS 0.7803 0.7811
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Tax amnesty
Tax amnesty is a limited-time opportunity for a specified group of taxpayers to pay a defined amount, in exchange for forgiveness of a tax liability (including interest and penalties) relating to a previous tax period or periods and without fear of criminal prosecution. It typically expires when some authority begins a tax investigation of the past-due tax. In some cases, legislation extending amnesty also imposes harsher penalties on those who are eligible for amnesty but do not take it.
🤔What are some of the advantages of tax amnesty?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Friday, March 15, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭15th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________📡 Cedi depreciation to push fuel prices to 'all time high' - IES
The Institution of Energy Security is predicting that the prices of fuel will reach an all-time high within the second pricing window in March. They have predicted that fuel prices could go up by 2.5%. This, they attribute to the depreciating rate of the cedi. The Executive Director of IES, Paa Kwasi Anamoah Sakyi says prices will go up at the pumps soon. He pointed out that smaller OMCs are the worse hit since they do not have what it takes to achieve economies of scale.📡 Akufo-Addo to open SWIFT African Regional Conference in Ghana
SWIFT has announced that President Akufo-Addo will open its African Regional Conference (ARC) in Accra on 18-20 June 2019. ARC is an event which will bring together over 500 high senior financial professionals from across the continent to discuss Africa's evolving landscape, how the financial industry is embracing and delivering change for it's customers and how to manage risk in am increasingly digitised world. ARC is honoured that H.E. Nana Akufo-Addo will deliver the keynote address and open the flagship African event.📡 Samira Bawumia assures businesses of massive govt support
Wife of Vice President Dr. Bawumia has assured business leaders and private sector operators that the government is committed to improving the economic fortunes of the country. According to her, some interventions by the government have begun yielding results to allow businesses thrive in the country. She was speaking at the 5th anniversary dinner and awards night of the France Chamber of Commerce in Ghana. The event saw producers of Supercem cement, CBI emerging as the best company of the year, Ecobank Ghana with the best Digital project and Kasapreko Awake mineral water as the best Corporate Social Responsibility product of the year.📡 CUTS Ghana calls on regulators to implement existing regulations
CUTS Ghana, a research and a public policy think tank is calling on regulatory bodies to be proactive and implement the already existing regulations to protect the interest of consumers against bad services and inferior goods in the absence of a functioning Consumer Protection Law. The Director of CUTS Ghana, Appiah Kusi Adomako made this call when he was addressing a cross-section of journalists as part of activities to mark World Consumer Rights Day in Ghana. The country has attempted to have a consumer protection law for over three decades. However, the draft bill has been listed among the list of bills to be considered by Parliament this year.|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1855% 14.7071%182 - Day 14.0810% 15.1474%
2-Yr Note 19.7500%
Foreign News💤
⚖Standard Bank Says 1,200 Jobs at Risk in South Africa Branch Closures
Standard Bank Group Ltd. expects to close 91 branches across South Africa, most by the end of June, in a move that may affect about 1,200 employees. The company is reviewing its model for servicing retail and business customers due to an increasing uptake of its digital offerings and declining use of its outlets. The actual number of people who are to lose their jobs might be lower because there may be other opportunities in the new operating model.⚖Boeing Troubles Could Be an Opportunity for Made-in-China Planes
Airlines worried about buying from Boeing Co. have another supplier besides Airbus SE to choose from: the Chinese government. The state-owned Commercial Aircraft Corp. of China, or Comac, is building the C919, a narrowbody passenger plane with a capacity of about 170 that the company says has more than 800 orders worldwide. It will compete with the Boeing 737 Max 8—as well as the Airbus 320neo—as part of Chinese President Xi Jinping’s ambitious gamble to build an aerospace industry from scratch and break Western companies’ grip on the skies.⚖Venezuela's electricity crisis could trigger 'serious disruption' to the oil market, IEA warns
A nationwide power failure in crisis-stricken Venezuela could trigger "serious disruption" to the oil market, the International Energy Agency (IEA) has warned. The IEA report comes at a time when Venezuela, home to the world's biggest oil reserves, is in the midst of the Western Hemisphere's worst humanitarian crisis in recent memory. "The electricity crisis in Venezuela has paralysed most of the country for significant periods of time," the Paris-based group said in its closely-watched report on Friday.⚖ SEC charges Volkswagen and its former CEO with defrauding investors
The Securities and Exchange Commission (SEC) is charging Volkswagen and former CEO Martin Winterkorn with defrauding American investors during an emissions scandal, the Associated Press reported. The SEC said that between April 2014 and May 2015 Volkswagen issued more than $13 billion in bonds and asset-backed securities in U.S. markets when senior executives knew that more than 500,000 vehicles in the country grossly exceeded legal vehicle emissions limits.|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.2374 5.2426Pound Sterling GBPGHS 6.9500 6.9590
Swiss Franc CHFGHS 5.2166 5.2214
Canadian Dollar CADGHS 3.9315 3.9354
Euro EURGHS 5.9210 5.9256
Chinese Reminbi CNYGHS 0.7800 0.7807
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 FraudAct or course of deception, an intentional concealment, omission, or perversion of truth, to gain unlawful or unfair advantage, induce another to part with some valuable item or surrender a legal right, or inflict injury in some manner. Willful fraud is a criminal offense which calls for severe penalties, and its prosecution and punishment (like that of a murder) is not bound by the statute of limitations. However incompetence or negligence in managing a business or even a reckless waste of firm's assets (by speculating on the stockmarket, for example) does not normally constitute a fraud.
🤔 Can you name the various categories of fraud?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Thursday, March 14, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭14th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________📡 Inflation for February increases to 9.2%
The year-on-year inflation rate regarding Consumer Price Index (CPI) for February 2019, was 9.2% compared to the 9.0% recorded in January 2019. The CPI measures the change over time in general price level of goods and services that households acquire for the purpose of consumption, with reference to the price level in 2012, the base year, which has an index of 100. According to the Ghana Statistical Services, the monthly change rate in February 2019 was 1.0% which is the same as recorded in January 2019. The Acting Deputy Government Statistician, David Kombat made this known to the media during a press briefing.
📡 Fuel prices to increase further if cedi depreciation continues - OMCs warn
Oil marketing companies (OMCs) are bemoaning the dire impact the cedi depreciation is having on their operations. They have warned that they may be forced to increase their prices at the pumps if the rate of depreciation continues. The local currency had depreciated more than 8.5% this year, hitting GH¢5.54 from GH¢4.99 at the beginning of this year in Forex bureaus. The warning comes after the Institute of Energy Security earlier predicted that the depreciation of the cedi will be a major factor in the increase in fuel prices at the pumps for the first quarter of March. They said that the depreciation of the cedi posed a serious threat for the downstream sector if not stabilized soon.
📡 Stakeholders in Maritime industry call for Maritime Transport Policy
According to them, such a policy will streamline activities in the maritime sector - enhancing its contribution to trade. The comments were made at the opening ceremony of the National Maritime Transport Policy Workshop held in Accra. Speaking to Citi Business News on the sidelines of the opening ceremony, the Acting Chief Subdivision for Programme Management and Coordination Technical Cooperation Division, Jonathan Pace said the time for a national maritime Transport Policy was long overdue.
📡 Freight Consult supports MOGO for the 3rd time
Freight Consult, a full accredited customs House has urged corporate institutions in Ghana not to relent in their efforts to invest in the country's creative arts industry. Speaking ahead of Citi FM and Citi TV's Music Of Ghanaian Origin (MOGO) Concert scheduled for 23rd March, 2019, the Business Improvement Manager at Freight Consult, Sylvia Arthur called on corporate entities to view investment in Ghana's creative arts as part of their corporate social responsibility. Freight Consult has supported MOGO for the past three years. Over the years many stakeholders within the creative arts (movies to music), artifacts to dance, have bemoaned poor support from government and private sector as they try to grow their respective fields.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1855% 14.7071%
182 - Day 14.0810% 15.1474%
2-Yr Note 19.7500%
Foreign News💤
⚖ Palm Oil is at the heart of the next trade warPalm oil emerged as a flashpoint in a potential trade war between the European Union and some of the world's largest developing nations after the bloc imposed stricter limits on how the crop can be used in green fuels. The European Commission on Wednesday restricted the types of biofuels from Palm oil that may be counted towards the EU's renewable-energy goals and introduced a certification system. Indonesia and Malaysia have however warned that they are ready to retaliate against what they see as "discriminatory" rules.
⚖ Greece's financial crisis still evokes pain and fear on the streets of Athens
Greece's financial crisis is still hurting the hopes and dreams of the people that love in the Mediterranean nation. The country has been in economic turmoil for most of the last decade. Years of financial mismanagement alongside a culture of clientelistic politics, where goods and services were exchanged for political support, culminated in a long-term recession. The government has tried to show austerity is over by providing additional funds to the lower and middle classes but ordinary Greeks said they haven't seen a massive difference in their lives.
⚖ It's time for a bet on South African stocks - Morgan Stanley
There are dark clouds aplenty casting shadows over South Africa's economy and its equity market. But Morgan Stanley argues that the potential rewards for investors mean that the country's stocks are worth the risks. He added that the country benefits from its relatively high trade with Asia and is the country in eastern Europe, Middle East and Africa that's most closely linked to China, which is seen as leading a rebound in emerging markets this year.
⚖ OPEC stresses need for 2019 oil supply cuts as rivals pump more
The Organisation of the Petroleum Exporting Countries (OPEC) on Thursday cut the forecast of global demand for it's production, building a case to extend a supply-cutting deal with Russia and other allies beyond the first half of 2019. In a monthly report, OPEC said 2019 demand for its crude would average 30.46 million barrels per day, 130,000 bpd less than forecast last month and below what it is currently producing. OPEC, Russia and other non-OPEC producers (OPEC+) agreed in December to reduce output by 1.2million bpd from Jan. 1 to prevent access supply building up. The cut is to last for 6 months. Sources however say an extension of the supply-cutting pact beyond June is likely to happen.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.2374 5.2426
Pound Sterling GBPGHS 6.9034 6.9124
Swiss Franc CHFGHS 5.2058 5.2106
Canadian Dollar CADGHS 3.9316 3.9355
Euro EURGHS 5.9216 5.9262
Chinese Reminbi CNYGHS 0.7850 0.7813
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
www investopedia.com
****
Term of the day📚
🤔 Depreciation
Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life and is used to account for declines in value. Businesses depreciate long-term assets for both tax and accounting purposes. For tax purposes, businesses can deduct the cost of the tangible assets they purchase as business expenses; however, businesses must depreciate these assets according to IRS rules about how and when the company can take the deduction.
🤔 Can you name some methods of calculating depreciation
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Wednesday, March 13, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭13th March, 2019
The Ghana Commodity Exchange (GCX) and Barclays Ghana, a member of the Absa family, signed a Memorandum of Understanding (MoU) to cooperate with each other in building a framework for the settlement of trades as well as the provision of financial services to exchange actors. As part of this MOU, Barclays Ghana has agreed to collaborate with GCX in the Warehouse Receipt Financing Programme and be a Settlement Bank to Exchange Members.
Minister of Aviation, Joseph Kofi Adda says Ghana will continue with its partnership with Ethiopian Airlines to establish a national carrier. According to the Minister, the recent crash of Ethiopian airline flight 302 which claimed the lives of all 157 persons on board, does not negate the good record of the airline. Ghana recently signed an MoU with the East African giant to partner in the quest to have a national carrier. Mr. Adda said negotiations with Ethiopian Airlines will go ahead as scheduled.
The Ghana Community Network Services Limited (GCNet) has presented 450 laptops valued at $247,000.00 to the Ghana Revenue Authority (GRA). This forms part of GCNet’s commitment to support the GRA and Government of Ghana to increase the country’s revenue generation for accelerated economic development. The laptops will facilitate operations of field officers of the Domestic Tax Revenue Division (DTRD) of the GRA to boost domestic revenue collection.
The Registrar Generals Department (RGD) is calling for the passage of the Company’s Act into law by parliament by the end of the year. The RGD is optimistic that the passing of the bill will boost its operations while increasing revenue for the country. The Company’s Act when passed into law will enable the country to have a beneficial ownership regime in place.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.00%|
|Treasury bills rates|
182 - Day 14.0810% 15.1474%
2-Yr Note 19.7500%
Adidas CEO Kasper Rorsted has said that the company saw e-commerce as a "tremendous opportunity." It came as the company published its 2018 earnings, which exceeded analysts' expectations. As it stands now, the Adidas app launched last year has recorded more than 7 million downloads in more than 25 countries. However, Adidas is expecting U.S. growth to stall in the first half of this year as it struggles to meet strong demand.
Experts say that two currencies stand out as being the most exposed to China: the Australian dollar and the New Zealand dollar. China is the biggest trading partner of both countries, with 24.9 percent of New Zealand's exports and about a third of Australian exports going to the Asian giant. Flattening demand from China — the world's top consumer of iron ore — is also set to weigh on Australia, the world's largest iron ore exporter. Amid worries over China's economy, these currencies will be most vulnerable to its slowdown.
Asia Pacific markets were mostly lower on Wednesday amid fresh global uncertainties after U.K. lawmakers again rejected the terms of a deal for Britain to withdraw from the European Union. Japan's Nikkei 225 fell nearly 1 percent to 21,290.24 while the Topix index was down 0.84 percent at 1,592.07. The Kospi index in South Korea retraced some of its earlier losses and declined 0.41 percent to 2,148.41 while Hong Kong's Hang Seng index slipped 0.52 percent. Mainland Chinese shares were also lower. The Shanghai composite was down 1.09 percent at 3,026.95 while the Shenzhen composite fell 2.31 percent.
India stocks fluctuated after the benchmark equity index closed Tuesday at its highest level in over five months. The S&P BSE Sensex added 0.2 percent to 37,612.06.77 as of 9:37 a.m. in Mumbai after falling by the same magnitude. The NSE Nifty 50 Index also swung between gains and losses of 0.2 percent. With a rise in nationalistic sentiment, some investors have described this as a boost in prospects.
Pound Sterling GBPGHS 6.8783 6.8872
Swiss Franc CHFGHS 5.1970 5.2006
Canadian Dollar CADGHS 3.9152 3.9192
Euro EURGHS 5.9071 5.9118
Chinese Reminbi CNYGHS 0.7807 0.7813
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
A mutual fund is an investment vehicle made up of a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and other assets. Mutual funds are operated by professional money managers, who allocate the fund's investments and attempt to produce capital gains and/or income for the fund's investors. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus.
🤔 Can you state the best time or period to buy a mutual fund?
__________________________________
📍Compiled & edited by:
Agnes Boatemaa Appiadu
Philip Elike Gagah
🇬🇭13th March, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________📡 Ghana Commodity Exchange signs MoU with Barclays Bank
The Ghana Commodity Exchange (GCX) and Barclays Ghana, a member of the Absa family, signed a Memorandum of Understanding (MoU) to cooperate with each other in building a framework for the settlement of trades as well as the provision of financial services to exchange actors. As part of this MOU, Barclays Ghana has agreed to collaborate with GCX in the Warehouse Receipt Financing Programme and be a Settlement Bank to Exchange Members.
📡 Ethiopian Airplane crash won’t affect national carrier plans – Aviation Minister
Minister of Aviation, Joseph Kofi Adda says Ghana will continue with its partnership with Ethiopian Airlines to establish a national carrier. According to the Minister, the recent crash of Ethiopian airline flight 302 which claimed the lives of all 157 persons on board, does not negate the good record of the airline. Ghana recently signed an MoU with the East African giant to partner in the quest to have a national carrier. Mr. Adda said negotiations with Ethiopian Airlines will go ahead as scheduled.
📡 GCNet presents 450 laptops, other items to support GRA
The Ghana Community Network Services Limited (GCNet) has presented 450 laptops valued at $247,000.00 to the Ghana Revenue Authority (GRA). This forms part of GCNet’s commitment to support the GRA and Government of Ghana to increase the country’s revenue generation for accelerated economic development. The laptops will facilitate operations of field officers of the Domestic Tax Revenue Division (DTRD) of the GRA to boost domestic revenue collection.
📡 RGD pushes for passage of Company’s Act
The Registrar Generals Department (RGD) is calling for the passage of the Company’s Act into law by parliament by the end of the year. The RGD is optimistic that the passing of the bill will boost its operations while increasing revenue for the country. The Company’s Act when passed into law will enable the country to have a beneficial ownership regime in place.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.00%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1855% 14.7071%182 - Day 14.0810% 15.1474%
2-Yr Note 19.7500%
Foreign News💤
⚖ E-commerce is the 'future for a lot of markets,' Adidas CEO says
Adidas CEO Kasper Rorsted has said that the company saw e-commerce as a "tremendous opportunity." It came as the company published its 2018 earnings, which exceeded analysts' expectations. As it stands now, the Adidas app launched last year has recorded more than 7 million downloads in more than 25 countries. However, Adidas is expecting U.S. growth to stall in the first half of this year as it struggles to meet strong demand.
⚖ The Australian dollar and the New Zealand dollar are most vulnerable to China's economic slowdown
Experts say that two currencies stand out as being the most exposed to China: the Australian dollar and the New Zealand dollar. China is the biggest trading partner of both countries, with 24.9 percent of New Zealand's exports and about a third of Australian exports going to the Asian giant. Flattening demand from China — the world's top consumer of iron ore — is also set to weigh on Australia, the world's largest iron ore exporter. Amid worries over China's economy, these currencies will be most vulnerable to its slowdown.
⚖ Asia trades mostly lower amid fresh uncertainties over Brexit
Asia Pacific markets were mostly lower on Wednesday amid fresh global uncertainties after U.K. lawmakers again rejected the terms of a deal for Britain to withdraw from the European Union. Japan's Nikkei 225 fell nearly 1 percent to 21,290.24 while the Topix index was down 0.84 percent at 1,592.07. The Kospi index in South Korea retraced some of its earlier losses and declined 0.41 percent to 2,148.41 while Hong Kong's Hang Seng index slipped 0.52 percent. Mainland Chinese shares were also lower. The Shanghai composite was down 1.09 percent at 3,026.95 while the Shenzhen composite fell 2.31 percent.
⚖ India's Sensex Volatile After Surging to a Five-Month High
India stocks fluctuated after the benchmark equity index closed Tuesday at its highest level in over five months. The S&P BSE Sensex added 0.2 percent to 37,612.06.77 as of 9:37 a.m. in Mumbai after falling by the same magnitude. The NSE Nifty 50 Index also swung between gains and losses of 0.2 percent. With a rise in nationalistic sentiment, some investors have described this as a boost in prospects.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.2374 5.2426Pound Sterling GBPGHS 6.8783 6.8872
Swiss Franc CHFGHS 5.1970 5.2006
Canadian Dollar CADGHS 3.9152 3.9192
Euro EURGHS 5.9071 5.9118
Chinese Reminbi CNYGHS 0.7807 0.7813
🌀|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📚
🤔 Mutual fundsA mutual fund is an investment vehicle made up of a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and other assets. Mutual funds are operated by professional money managers, who allocate the fund's investments and attempt to produce capital gains and/or income for the fund's investors. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus.
🤔 Can you state the best time or period to buy a mutual fund?
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📍Compiled & edited by:
Agnes Boatemaa Appiadu
Philip Elike Gagah
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