*Finance Students & Associates-FINSA (UGBS)♨*
                🇬🇭7th March, 2019
                ⏰6:00pm

*BUSINESS SPACE📈*
_________________________________
*📡Protect public purse during procurement exercises—Joseph Adda*

Ghana’s Aviation Minister Joseph Kofi Adda has called on heads of agencies across the country to take the needed steps to protect the public purse as far as public procurement is concerned. The Minister made the remarks while giving his keynote address at the sod-cutting ceremony for the construction of the Ghana Civil Aviation Authority’s new headquarters building and the Kotoka International Airport’s Northern Apron Project.

*📡Gov’t must embark on structural change to stabilize cedi—Economist*

Economist, Dr. Ebo Tuckson has urged government to as a matter of urgency implement the needed structural changes in the economy to strengthen the Cedi. His comment follows widespread concern from different sections of the public about the performance of the local currency against the US dollar and other international currencies.

*📡BoG must provide guidelines to help  sustain local banks–PEF*

The Private Enterprise Federation (PEF) is appealing to the Bank of Ghana to provide strategic guidelines with which local banks can become stronger to match up to the standard of the foreign banks. This, they believe will enhance their skills and capabilities in serving the nation.

*📡Ghana Exim bank initiates stringent measures to recover loans*

The Ghana Exim bank says it has instituted stringent application processes to reduce loan defaults. The bank was set up in 2016 to facilitate the country’s international trade by providing financial support to local companies especially SME’s. However, the Bank of Ghana’s Banking sector report for 2018 revealed that local private businesses are the worst culprits in repaying loans taken from banks resulting in high non-performing loans within the banking sector. In this regard the Exim Bank says it has put measures in place to avoid such a situation.

*|Policy Rate in Ghana - 16.0%|*

*|Inflation Rate in Ghana - 9.00%|*


Period        Discount Rates       Interest Rates
91 - Day           14.1868%                  14.7085%
182 - Day      14.0676%                  15.1320%
364 - Day        15.2749%                   18.0287%

*Foreign News💤*
*Congo Lost $617 Million Dispute Before Approving Oil Deal*

An international court ordered the Democratic Republic of Congo to pay DIG Oil Ltd. of South Africa $617 million for failing to honor two oil contracts, weeks before outgoing President Joseph Kabila finally approved one of the deals. The previously undisclosed ruling is the latest twist in an 11-year dispute over concessions in the central African nation, which may hold as much as 6 percent of the continent’s oil reserves. Kabila’s belated assent to one of the contested contracts suggests the state may be seeking ways to avoid paying the penalty.

*⚖MTN Gains Most Since 2016 at Start of $1.1 Billion Sale Plan*

MTN Group Ltd. shares jumped the most in almost three years after Africa’s biggest wireless carrier started a 15 billion-rand ($1.1 billion) disposal plan to shore up the balance sheet. The company agreed to sell its 53 percent stake in Botswana’s Mascom to Econet Global Ltd. for $300 million, the Johannesburg-based company said in a statement on Thursday. Other businesses now on the market include e-commerce services, which includes Nigerian online retailer Jumia Technologies AG. and Travelstart.co.za. MTN is also looking to sell its interest in IHS Towers Ltd., the company said.

*⚖Nintendo just unveiled an $80 cardboard VR headset for the Switch console*

Nintendo has revealed a virtual reality headset based around its Labo line of cardboard gaming accessories for the Switch gaming console. The device is Nintendo's first foray into VR since it release the Virtual Boy in 1995, a console that was marketed as the first capable of stereoscopic 3D graphics — but widely panned as a commercial failure. It's evocative of Google's Cardboard, a simple $15 headset with a cardboard casing and VR goggles for people to use with their smartphones. In Nintendo's case, the headset is intended to be attached to the Switch.

⚖ *China's Huawei stress the US, claiming it shouldn't be blocked from selling to federal government*

Huawei is suing the U.S. over a law that bans government agencies from buying the Chinese technology giant's equipment, claiming the legislation is unconstitutional, as the company goes on the front foot following months of political pressure. The lawsuit, which was filed on Thursday local time, focuses on provision in a law known as National Defense Authorization Act. Section 889 of that legislation prohibits executive government agencies from procuring telecommunications hardware made by Huawei and another Chinese firm, ZTE. Both companies are explicitly named in the act.

*|Daily Interbank FX Rates|*
Currency          Pairs Code   Buying    Selling
U.S Dollar                USDGHS 5.1976    5.2028
Pound Sterling         GBPGHS 6.8239    6.8328
Swiss Franc           CHFGHS    5.1925    5.1984
Canadian Dollar      CADGHS 3.8981    3.9020
Euro                        EURGHS 5.8893    5.8944
Chinese Reminbi     CNYGHS 0.7758    0.7761

🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
*Term of the day📚*
*🤔 Procurement*
Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. Procurement is used to ensure the buyer receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared.

*🤔How different is procurement from purchasing?*
__________________________________
*📍Compiled & edited by:*     
Agnes Boatemaa Appiadu
Philip Elike Gagah