Finance Students & Associates-FINSA (UGBS)♨
🇬🇭4th March, 2019
⏰6:00pm
BUSINESS SPACE📈
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📡FBN Ghana working with EXIM bank to invest in agric–CEO
FBN Bank Ghana Limited, has disclosed that it is working in close collaboration with the EXIM Bank to support businesses interested in entering the agricultural sector. According to the bank, it will use its experience of supporting such businesses from Nigeria to do same in Ghana. A number of banks in the country have over the years shied away from investing in the agricultural sector because of the high risk involved.
📡Cedi depreciation tilting towards EIU predictions
In Mid December 2018, the Economist Intelligence Unit (EIU) predicted that the local currency will hit 6 cedis 39 pesewas by 2023. According to the EIU, its forecast was premised on the cedi remaining prone to periods of volatility, given a dependence on commodity prices and broader decline in investor sentiment towards emerging markets. As it stands now, the cedi has weakened to 5cedis 33 pesewas as compared to 4 cedis 86 pesewas by end of last year. Representing more than 8.6 percent depreciation since January this year.
📡OmniBank, Sahel Sahara bank complete merger
OmniBank Ghana Limited and Sahel Sahara Bank Ghana limited (BSIC) have merged into a new entity named Omnibsic. The two entities thus will effective today (4th March) operate under the merged name Omnibsic. The merger was necessitated in their bid to meet the meet the Bank of Ghana’s new minimum capital requirement of 400 million cedis.
📡Online marketing hub Ghsell expands to meet increasing demand
With over 50,000 subscribers as of 2018 after its establishment 2 years ago Ghsell.com - an online shopping mall in Ghana has recorded over 50,000 additional subscribers just in the early part of 2019. Due to this massive transformation, Ghsell is putting expansion measures in place in order to better serve its customers.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.00%|
|Treasury bills rates|
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💤*
*⚖South Africa Inflation Closer to U.S. Is Good News for Rand*
The narrowing inflation differential between South Africa and the U.S. signals long-term support for the rand and local-currency bonds, according to Standard Bank Group Ltd. Consumer-price increases in Africa’s most-industrialized economy slowed to 4 percent in January, in the lower half of the central bank’s 3 percent to 6 percent target range. That curbed the inflation differential with the U.S. to below its ten-year average.
*⚖China economist predicts Beijing will now encourage 'shadow' lending to boost growth*
After tamping down on shadow banking in the last few years, China will now likely encourage such lending to boost economic growth, a Chinese economist told CNBC ahead of the country's annual parliamentary session. According to Xiang Songzuo, Professor at the Renmin University in Beijing, Chinese officials have moved from talking about cutting debt to stabilizing the economy. In addition to spending more on infrastructure, Beijing will also need to stimulate the economy through lending, particularly to the private sector, he added.
*⚖Saudis Weigh $4 Billion Deal for OCI Methanol Assets*
Saudi Basic Industries Corp., the Middle East’s biggest petrochemicals maker, is exploring an acquisition of OCI NV’s methanol assets that would solidify its status as one of the world’s biggest producers of the chemical, people familiar with the matter said. The Saudi Arabian company has made an initial approach that valued OCI’s assets, which include plants in Texas and the Netherlands, at as much as $4 billion.
*⚖The biggest change in global fuel regulations since leaded gas went away could cause price shocks*
On Jan. 1, 2020, the International Maritime Organization (IMO) will enforce new emissions standards designed to significantly curb pollution produced by the world's ships. Under a new international shipping rule, ships burning an estimated 3 million barrels a day, need to move to a different fuel type, putting them in direct competition for fuel with truckers, owners of heavy equipment, railroads and airlines. Analysts say it's unclear how high prices could go and how long the disruption could last as the industry adjusts to the changes and refineries alter their output.
*|Daily Interbank FX Rates|*
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.1976 5.2028
Pound Sterling GBPGHS 6.8988 6.9078
Swiss Franc CHFGHS 5.2125 5.2173
Canadian Dollar CADGHS 3.9309 3.9349
Euro EURGHS 5.9237 5.9284
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
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*Term of the day📚*
*🤔 Shadow banking*
Shadow banking refers to activities performed by financial firms outside the formal banking sector, and therefore subject to lower levels of regulatory oversight and higher risks.
*🤔Can you mention some advantages and disadvantages of shadow banking?*
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*📍Compiled & edited by:*
Agnes Boatemaa Appiadu
Philip Elike Gagah
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