Finance Students & Associates-FINSA (UGBS)♨
🇬🇭15th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Growth must reflect in livelihoods of Ghanaians – IMF to gov’t
The International Monetary Fund (IMF) has advised the government of Ghana to ensure that the country’s expected economic growth translates into an improvement in the livelihoods of the citizenry. The Fund maintains that this could be achieved if the government ties its policies and programs with the aim of solving issues such as unemployment.
📡Ghana to save $700m upon completion of clinker factory in Tanoso
The country will save some $700 million once a factory which is expected to reduce significantly the importation of clinker is completed in Tanoso in the Ahafo region completed. Clinker is a nodular material which is used as the binder in cement products. The factory is also expected to provide 1,800 direct employment as well as the creation of over 8,000 indirect jobs to the residents of Tanoso and its surrounding communities.
📡Ken Thompson downplays IMF, World Bank growth projections for Ghana
The Chief Executive Officer of Dalex Finance, Kenneth Thompson has downplayed the significance of the IMF and World Bank projections for Ghana’s economy. The IMF and the World Bank have projected a growth rate of 8.8 percent and 7.6 percent respectively for Ghana’s Economy, making it one of the fastest growing economy in the world for 2019. The forecast from the two organizations, are higher than government’s forecast of 7.2%.
📡Benchmark valuation not against WTO rules — Customs
The Customs Division of the Ghana Revenue Authority (GRA) has said the use of the benchmark value to valuate imported goods at the country’s ports was to ensure that taxes are fairly paid to the State. The benchmark value, the tax collection agency explained, was one out of the six approved valuation methods by the World Trade Organisation (WTO). It also observed that the other methods, namely transactional value, value of identical goods, value of similar goods, computed method and deductive methods were applied sequentially in accordance with the law.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.30%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1862% 14.7078%
182 - Day 14.0404% 15.1005%
364 - Day 15.2881% 18.0472%
Foreign News💤
⚖Huawei is ‘open’ to selling 5G chips to Apple for iPhones, marking a big shift in strategy
Huawei is “open” to selling its 5G chips and other silicon to rival smartphone maker Apple, the company’s founder and CEO, Ren Zhengfei, told CNBC. Apple has not yet released a 5G-ready iPhone, and Huawei could be a potential vendor for 5G modems. Huawei has used its chips exclusively in its own smartphones, and selling them to Apple would mark a significant change in strategy for the company — and a potential challenge to Qualcomm and Intel.
⚖Europe may be playing spoiler to the elusive US-China trade deal
It seems that Beijing’s trade arrangements with Europe are complicating American efforts to radically change trade relations with China.Washington’s difficult trade round with the EU is another reason why China may not be in a hurry to strike a deal with the U.S. Washington is announcing that it has largely agreed on an enforcement mechanism with Beijing to monitor bilateral trade while China continues to accumulate soaring surpluses on its goods sales to the U.S. China’s customs records show that the country’s surplus with the U.S. rose 40 percent in March from the previous month to stand at $62.66 billion for the first quarter of this year.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0837 5.0887
Pound Sterling GBPGHS 6.6510 6.6591
Swiss Franc CHFGHS 5.0752 5.0782
Canadian Dollar CADGHS 3.8126 3.8161
Euro EURGHS 5.7485 5.7530
Chinese Reminbi CNYGHS 0.7581 0.7586
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
📌Announcement
Subject: Opening of Nominations
⭕Pursuant to articles 6 and 13 of the FINSA constitution, notice is hereby given to the general student body in the Department of Finance that nominations for executive officers for the 2019/2020 academic year have been opened.
The available portfolios are:
▶President
▶Vice President
▶ Second Vice President (City campus only)
▶General Secretary
▶Financial Secretary
▶Organising Secretary
⭕Interested applicants should send a copy of their CV and application letter to finsa2018@gmail.com
⭕Applicants must be FINSA members and also meet the requirements of article 6(2).
⭕Deadline for submission is Friday April 19, 2019 11:59:59 GMT
To pick up a form contact...
Scholastica Atigni Akolgo
(General Secretary)
0207198090
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Monday, April 15, 2019
Friday, April 12, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭12th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Allianz appoints new CEO to drive operations in Ghana
Allianz has appointed Gideon Ataraire as Chief Executive Officer of Allianz Life Ghana. He brings years of experience to the company and has proven record of taking Ghana to the next level. He was the head of Human Resources and General Services at Allianz Nigeria. Allianz officially launched its life operations in Ghana in May 2018 with a promise to become the life insurance company of choice for Ghanaians. As new CEO, Gideon will bring to Allianz Life Insurance Ghana a wealth of experience in people management, building and managing start-ups as well as re-organization.
📡 Load shedding to minimize as Ghana Gas completes tie-in of gas pipelines
This follows the completion of the tie-in of gas pipelines connecting Takoradi and Tema in a bid to stabilize the production and supply of power. This should increase Ghana's power production by about 450 megawatts within the coming months. There has been power cuts in the country over the past two months which the Energy Ministry has attributed to various reasons. The disclosure by the Ghana Gas company limited came about 24 hours ahead of the scheduled date for completion of the tie-in process of gas pipelines from Takoradi to Tema.
📡 GIPC expresses disquiet over presentation of forged documents in business registration
The Ghana Investment Promotion Center (GIPC) has expressed disquiet about the increasing rate at which foreign entities present forged documents to business regulators in Ghana. They claim that if the situation is not addressed it can negatively impact Ghana's image in the eyes of potential investors. The Chief Operating Officer at GIPC, Carl Nelson advised potential foreign businesses to deal directly with regulatory agencies in their search for documentation instead of using middle men to avoid any problems.
📡 Imani Alert: Ghana discovers Africa's biggest oil deposit but may lose $2.7bn
On 14th February 2019, the Ministry of Finance in a press release sent from Oslo, Norway, confirmed Aker Energy ASA's "significant offshore resource base in Ghana and has committed to scale up new development in the Deepwater Tank Cape three points block (DWT/CT)." The statement also said the announcement "was biggest oil find in Africa, of 450-550 million barrels, with potential recoverable reserves of nearly one billion barrels." At today's Oil price of $65 per barrel, that field is worth at least $30bn.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.30%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖ De Beers Says the Diamond Market Is Getting Better
De Beers’ Chief Executive Officer said an improvement in diamond sales demonstrates that the poor demand for smaller stones that has plagued the company and its competitors in recent months is stabilizing. Bruce Cleaver, the CEO of the world’s biggest diamond company, said the poor demand for stones valued at less than $100 a carat has been due to a surfeit of supply, currency weakness in India and the difficulty faced by gem cutters in accessing financing. While the currency of India, which is the world’s biggest cutter and polisher of diamonds, has fallen 5.7 percent against the dollar over the last year, the rupee has arrested that decline, gaining 1.9 percent over the last three months.
⚖ South African MPC Remains Steadfast on CPI Target Midpoint
The South African Reserve Bank is steadfast that it wants to see inflation expectations anchored at the 4.5 percent midpoint of its target range, Governor Lesetja Kganyago said. While the central bank unexpectedly raised its key rate to 6.75 percent in November, its current policy stance remains accommodative with the benchmark rate still below neutral, Kganyago said in an interview on Thursday with Bloomberg Television in Washington.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0837 5.0887
Pound Sterling GBPGHS 6.6459 6.6545
Swiss Franc CHFGHS 5.0670 5.0716
Canadian Dollar CADGHS 3.8016 3.8039
Euro EURGHS 5.7292 5.7337
Chinese Reminbi CNYGHS 0.7566 0.7573
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
📌Announcement
Subject: Opening of Nominations
⭕Pursuant to articles 6 and 13 of the FINSA constitution, notice is hereby given to the general student body in the Department of Finance that nominations for executive officers for the 2019/2020 academic year have been opened.
The available portfolios are:
▶President
▶Vice President
▶ Second Vice President (City campus only)
▶General Secretary
▶Financial Secretary
▶Organising Secretary
⭕Interested applicants should send a copy of their CV and application letter to finsa2018@gmail.com
⭕Applicants must be FINSA members and also meet the requirements of article 6(2).
⭕Deadline for submission is Friday April 19, 2019 11:59:59 GMT
To pick up a form contact...
Scholastica Atigni Akolgo
(General Secretary)
0207198090
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭12th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Allianz appoints new CEO to drive operations in Ghana
Allianz has appointed Gideon Ataraire as Chief Executive Officer of Allianz Life Ghana. He brings years of experience to the company and has proven record of taking Ghana to the next level. He was the head of Human Resources and General Services at Allianz Nigeria. Allianz officially launched its life operations in Ghana in May 2018 with a promise to become the life insurance company of choice for Ghanaians. As new CEO, Gideon will bring to Allianz Life Insurance Ghana a wealth of experience in people management, building and managing start-ups as well as re-organization.
📡 Load shedding to minimize as Ghana Gas completes tie-in of gas pipelines
This follows the completion of the tie-in of gas pipelines connecting Takoradi and Tema in a bid to stabilize the production and supply of power. This should increase Ghana's power production by about 450 megawatts within the coming months. There has been power cuts in the country over the past two months which the Energy Ministry has attributed to various reasons. The disclosure by the Ghana Gas company limited came about 24 hours ahead of the scheduled date for completion of the tie-in process of gas pipelines from Takoradi to Tema.
📡 GIPC expresses disquiet over presentation of forged documents in business registration
The Ghana Investment Promotion Center (GIPC) has expressed disquiet about the increasing rate at which foreign entities present forged documents to business regulators in Ghana. They claim that if the situation is not addressed it can negatively impact Ghana's image in the eyes of potential investors. The Chief Operating Officer at GIPC, Carl Nelson advised potential foreign businesses to deal directly with regulatory agencies in their search for documentation instead of using middle men to avoid any problems.
📡 Imani Alert: Ghana discovers Africa's biggest oil deposit but may lose $2.7bn
On 14th February 2019, the Ministry of Finance in a press release sent from Oslo, Norway, confirmed Aker Energy ASA's "significant offshore resource base in Ghana and has committed to scale up new development in the Deepwater Tank Cape three points block (DWT/CT)." The statement also said the announcement "was biggest oil find in Africa, of 450-550 million barrels, with potential recoverable reserves of nearly one billion barrels." At today's Oil price of $65 per barrel, that field is worth at least $30bn.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.30%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖ De Beers Says the Diamond Market Is Getting Better
De Beers’ Chief Executive Officer said an improvement in diamond sales demonstrates that the poor demand for smaller stones that has plagued the company and its competitors in recent months is stabilizing. Bruce Cleaver, the CEO of the world’s biggest diamond company, said the poor demand for stones valued at less than $100 a carat has been due to a surfeit of supply, currency weakness in India and the difficulty faced by gem cutters in accessing financing. While the currency of India, which is the world’s biggest cutter and polisher of diamonds, has fallen 5.7 percent against the dollar over the last year, the rupee has arrested that decline, gaining 1.9 percent over the last three months.
⚖ South African MPC Remains Steadfast on CPI Target Midpoint
The South African Reserve Bank is steadfast that it wants to see inflation expectations anchored at the 4.5 percent midpoint of its target range, Governor Lesetja Kganyago said. While the central bank unexpectedly raised its key rate to 6.75 percent in November, its current policy stance remains accommodative with the benchmark rate still below neutral, Kganyago said in an interview on Thursday with Bloomberg Television in Washington.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0837 5.0887
Pound Sterling GBPGHS 6.6459 6.6545
Swiss Franc CHFGHS 5.0670 5.0716
Canadian Dollar CADGHS 3.8016 3.8039
Euro EURGHS 5.7292 5.7337
Chinese Reminbi CNYGHS 0.7566 0.7573
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
📌Announcement
Subject: Opening of Nominations
⭕Pursuant to articles 6 and 13 of the FINSA constitution, notice is hereby given to the general student body in the Department of Finance that nominations for executive officers for the 2019/2020 academic year have been opened.
The available portfolios are:
▶President
▶Vice President
▶ Second Vice President (City campus only)
▶General Secretary
▶Financial Secretary
▶Organising Secretary
⭕Interested applicants should send a copy of their CV and application letter to finsa2018@gmail.com
⭕Applicants must be FINSA members and also meet the requirements of article 6(2).
⭕Deadline for submission is Friday April 19, 2019 11:59:59 GMT
To pick up a form contact...
Scholastica Atigni Akolgo
(General Secretary)
0207198090
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Thursday, April 11, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭11th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Inflation increases to 9.3% for second consecutive time
The Consumer Price Inflation (CPI) for March 2019 has increased to 9.3%. The rise represents a 0.1% increase relative to the 9.2% recorded in February 2019 which also increased from 9.0% in January 2019. Government Statistician, David Kombat outlined the reasons for the rise stating that the main price drivers caused the increase. He stated that going forward, his administration will prioritize transparency in order to enhance the work the Ghana Statistical Service.
📡 Ghana's Debt-to-GDP ratio to hit 62% by end of 2019 - IMF
According to the latest International Monetary Fund (IMF) fiscal Monitor Report released in Washington DC at the on-going-spring meetings, Ghana's total debt stock expressed as a percentage of its Gross Domestic Product would reach 62% by the end of this year. The projection should mean that in one year, Ghana's Debt-to-GDP ratio would increase by 4%. This could be one of the slowest growth in the ratio in a year in recent times. This could mean that the government might not be taking on too much debt in 2019 or the economy could be expanding more to absorb the nominal increase in the debt numbers.
📡 Drop in benchmark values: Smugglers to face prosecution - GRA
The Ghana Revenue Authority (GRA) has stressed that it will not spare any importer who smuggles goods into the country in a bid to avoid paying the required taxes on their products. The caution follows the implementation of revised benchmark values on imports. The government believes this should help reduce smuggling of goods into Ghana.
📡 IMF cuts Sub-Saharan Africa's 2019 growth forecast to 3.5%
The International Monetary Fund (IMF) cut its 2019 economic growth projection for sub-saharan Africa this year to 3.5%, from 3.8% last October, hot on heels of a downgrade by the World Bank earlier in the week. The IMF's regional growth projection was more optimistic than that of the World Bank, which on Monday said economic recovery in Sub-Saharan Africa would take longer than previously thought and cut its 2019 forecast to 2.8% to 3.3%.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.30%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖ Nissan pledges $215m to South Africa for Navara model
Nissan Motor Co. plans to invest a further 3bn Rand ($215m) in its South African plant, the first major automaker to commit further to the country since the government renewed an industry manufacturing incentive plan last year. The decision to produce new Navara pickup at its plant north of Pretoria may add 30,000 units to it's current annual volume of 35,000. Production of the model from 2020 will also create about 400 direct jobs in the country which has an unemployment rate of 27%.
⚖ U.S. jobless claims unexpectedly fall, hitting new 49-year low
Filings for U.S. unemployment benefits unexpectedly dropped, falling to the lowest level since October 1969, as the tight labor market showed little sign of easing. Jobless claims decreased to 196,000 in the week ended April 6, Labor Department figures showed on Thursday. The level fell below all estimates in Bloomberg's survey of economists, which had called for an increase. The four-week average, a less-volatile measure, declined to 207,000, the lowest since December 1969.
⚖ Disruptors are 'clearly shaking the system,' IMFs Lagarde says
According to Christine Lagarde, the head of the IMF, financial technologies such as digital currencies are "shaking" the banking system and must be monitored to maintain stability. He pointed to the changing business models of commercial banks as evidence that innovations like cryptocurrencies are having a clear impact on financial sector incumbents. He warned that such financial industry changed must be accompanied by regulation.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0827 5.0877
Pound Sterling GBPGHS 6.6533 6.6618
Swiss Franc CHFGHS 5.0691 5.0753
Canadian Dollar CADGHS 3.8158 3.8196
Euro EURGHS 5.7247 5.7291
Chinese Reminbi CNYGHS 0.7562 0.7571
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Cryptocurrency
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.
🤔 How is the value of a cryptocurrency determined?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭11th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Inflation increases to 9.3% for second consecutive time
The Consumer Price Inflation (CPI) for March 2019 has increased to 9.3%. The rise represents a 0.1% increase relative to the 9.2% recorded in February 2019 which also increased from 9.0% in January 2019. Government Statistician, David Kombat outlined the reasons for the rise stating that the main price drivers caused the increase. He stated that going forward, his administration will prioritize transparency in order to enhance the work the Ghana Statistical Service.
📡 Ghana's Debt-to-GDP ratio to hit 62% by end of 2019 - IMF
According to the latest International Monetary Fund (IMF) fiscal Monitor Report released in Washington DC at the on-going-spring meetings, Ghana's total debt stock expressed as a percentage of its Gross Domestic Product would reach 62% by the end of this year. The projection should mean that in one year, Ghana's Debt-to-GDP ratio would increase by 4%. This could be one of the slowest growth in the ratio in a year in recent times. This could mean that the government might not be taking on too much debt in 2019 or the economy could be expanding more to absorb the nominal increase in the debt numbers.
📡 Drop in benchmark values: Smugglers to face prosecution - GRA
The Ghana Revenue Authority (GRA) has stressed that it will not spare any importer who smuggles goods into the country in a bid to avoid paying the required taxes on their products. The caution follows the implementation of revised benchmark values on imports. The government believes this should help reduce smuggling of goods into Ghana.
📡 IMF cuts Sub-Saharan Africa's 2019 growth forecast to 3.5%
The International Monetary Fund (IMF) cut its 2019 economic growth projection for sub-saharan Africa this year to 3.5%, from 3.8% last October, hot on heels of a downgrade by the World Bank earlier in the week. The IMF's regional growth projection was more optimistic than that of the World Bank, which on Monday said economic recovery in Sub-Saharan Africa would take longer than previously thought and cut its 2019 forecast to 2.8% to 3.3%.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.30%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖ Nissan pledges $215m to South Africa for Navara model
Nissan Motor Co. plans to invest a further 3bn Rand ($215m) in its South African plant, the first major automaker to commit further to the country since the government renewed an industry manufacturing incentive plan last year. The decision to produce new Navara pickup at its plant north of Pretoria may add 30,000 units to it's current annual volume of 35,000. Production of the model from 2020 will also create about 400 direct jobs in the country which has an unemployment rate of 27%.
⚖ U.S. jobless claims unexpectedly fall, hitting new 49-year low
Filings for U.S. unemployment benefits unexpectedly dropped, falling to the lowest level since October 1969, as the tight labor market showed little sign of easing. Jobless claims decreased to 196,000 in the week ended April 6, Labor Department figures showed on Thursday. The level fell below all estimates in Bloomberg's survey of economists, which had called for an increase. The four-week average, a less-volatile measure, declined to 207,000, the lowest since December 1969.
⚖ Disruptors are 'clearly shaking the system,' IMFs Lagarde says
According to Christine Lagarde, the head of the IMF, financial technologies such as digital currencies are "shaking" the banking system and must be monitored to maintain stability. He pointed to the changing business models of commercial banks as evidence that innovations like cryptocurrencies are having a clear impact on financial sector incumbents. He warned that such financial industry changed must be accompanied by regulation.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0827 5.0877
Pound Sterling GBPGHS 6.6533 6.6618
Swiss Franc CHFGHS 5.0691 5.0753
Canadian Dollar CADGHS 3.8158 3.8196
Euro EURGHS 5.7247 5.7291
Chinese Reminbi CNYGHS 0.7562 0.7571
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Cryptocurrency
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.
🤔 How is the value of a cryptocurrency determined?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Wednesday, April 10, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭10th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Engineers bemoan poor use of technology in Ghana’s development
Different stakeholders in the engineering profession have bemoaned the poor level of mastery and innovative deployment of technology and its application for Ghana’s economic growth. According to them, the vision of industrialization for Ghana will not be realized if the country continues to ignore the important role of science and technology in its development.
📡IMF projects higher economic growth rate percentage than gov't
The International Monetary Fund (IMF) is projecting an 8.8 per cent end of year growth rate for Ghana in its World Economic Outlook report released in Washington D.C, Tuesday. According to the Fund, Ghana economy would be largely influenced by pick up in commodity prices, oil as well as some policy, response measures that government is expected to implement this year.
📡Carbon pricing touted as critical to sustainable dev’t
The Carbon Pricing Leadership Coalition (CPLC) has identified Carbon Pricing as an important tool that can drive sustainable development and reduce carbon pollution. The phrase “put a price on carbon” is gradually becoming increasingly common in corporate and government conversation as discussions of how to address climate change move from concern to action. The World Bank Group, business groups, and investors have called on governments and corporations around the world to support carbon pricing to bring down emissions and drive cleaner investments in cleaner technologies.
📡Prof. Samuel Kobina Annim named new gov’t statistician
An Associate Professor of Economics, Professor Samuel Kobina Annim has been appointed as the new Government Statistician. He assumed duty on March 1, 2019. Prior to his coming into office, David Kombat was acting as the government’s statistician following the retirement of Dr. Philomena Nyarko in 2016.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖Uber plans to sell around $10 billion worth of stock in IPO
Uber Technologies has decided it will seek to sell around $10 billion worth of stock in its initial public offering, and will make public the registration of the offering on Thursday, people familiar with the matter said on Tuesday. An IPO of this size would make Uber one of the biggest technology IPOs of all time, and the largest since that of Chinese e-commerce giant Alibaba Group Holding in 2014. Uber is seeking a valuation of between $90 billion and $100 billion, influenced by the poor performance of smaller rival Lyft’s shares following its IPO late last month, the sources said.
⚖Standard Chartered is paying $1.1bn for breaking sanctions
Standard Chartered is paying out huge sums of money for the second time in less than a decade to settle claims of sanctions busting. The UK-based bank has agreed to pay $1.1 billion to settle allegations that it repeatedly violated sanctions on Iran and other countries. US and British authorities announced the settlement on Tuesday, saying the bank had breached sanctions on countries including Iran, Myanmar, Cuba and Syria.
⚖Consumer inflation could get lift from rising gasoline prices
US' consumer inflation probably got a boost from rising gasoline prices in March, but it should not break out above the subdued pace that encouraged the Federal Reserve to keep interest rates on hold when it met last month. Both the consumer price index and minutes from that March meeting are scheduled to be released Wednesday. Headline CPI will be reported at 8:30 a.m. and is expected to rise 0.3% or 1.8% year over year. The national average for gasoline is now $2.74 per gallon of unleaded, up from $2.47 a month ago, according to AAA.
⚖UK economy grows as factories get boost from pre-Brexit stockpiling
Britain’s economy has held up better than many economists expected since the 2016 Brexit referendum although it has slowed ahead of its departure from the European Union and as the world economy loses momentum. Britain’s economy unexpectedly grew in February, helped by clients of manufacturers rushing to stockpile goods ahead of Brexit, official data showed on Wednesday. Gross domestic product grew by 0.2 percent from January, the Office for National Statistics said. Economists taking part in a Reuters poll had expected zero growth.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0825 5.0875
Pound Sterling GBPGHS 6.6377 6.6463
Swiss Franc CHFGHS 5.0907 5.0953
Canadian Dollar CADGHS 3.8163 3.8202
Euro EURGHS 5.7336 5.7380
Chinese Reminbi CNYGHS 0.7571 0.7580
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Carbon pricing
It is the method used by many Economists for reducing global-warming emissions (Charges for those who emit Carbon dioxide (CO2). The charge called a carbon price is the amount that must be paid for the right to emit one tonne of CO2 into the atmosphere. Carbon pricing usually takes the form of a carbon tax or a requirement to purchase permits to emit, generally known as cap-and-trade, but also called "allowances".
🤔 What is the difference between carbon pricing and carbon taxing?
_________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭10th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Engineers bemoan poor use of technology in Ghana’s development
Different stakeholders in the engineering profession have bemoaned the poor level of mastery and innovative deployment of technology and its application for Ghana’s economic growth. According to them, the vision of industrialization for Ghana will not be realized if the country continues to ignore the important role of science and technology in its development.
📡IMF projects higher economic growth rate percentage than gov't
The International Monetary Fund (IMF) is projecting an 8.8 per cent end of year growth rate for Ghana in its World Economic Outlook report released in Washington D.C, Tuesday. According to the Fund, Ghana economy would be largely influenced by pick up in commodity prices, oil as well as some policy, response measures that government is expected to implement this year.
📡Carbon pricing touted as critical to sustainable dev’t
The Carbon Pricing Leadership Coalition (CPLC) has identified Carbon Pricing as an important tool that can drive sustainable development and reduce carbon pollution. The phrase “put a price on carbon” is gradually becoming increasingly common in corporate and government conversation as discussions of how to address climate change move from concern to action. The World Bank Group, business groups, and investors have called on governments and corporations around the world to support carbon pricing to bring down emissions and drive cleaner investments in cleaner technologies.
📡Prof. Samuel Kobina Annim named new gov’t statistician
An Associate Professor of Economics, Professor Samuel Kobina Annim has been appointed as the new Government Statistician. He assumed duty on March 1, 2019. Prior to his coming into office, David Kombat was acting as the government’s statistician following the retirement of Dr. Philomena Nyarko in 2016.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖Uber plans to sell around $10 billion worth of stock in IPO
Uber Technologies has decided it will seek to sell around $10 billion worth of stock in its initial public offering, and will make public the registration of the offering on Thursday, people familiar with the matter said on Tuesday. An IPO of this size would make Uber one of the biggest technology IPOs of all time, and the largest since that of Chinese e-commerce giant Alibaba Group Holding in 2014. Uber is seeking a valuation of between $90 billion and $100 billion, influenced by the poor performance of smaller rival Lyft’s shares following its IPO late last month, the sources said.
⚖Standard Chartered is paying $1.1bn for breaking sanctions
Standard Chartered is paying out huge sums of money for the second time in less than a decade to settle claims of sanctions busting. The UK-based bank has agreed to pay $1.1 billion to settle allegations that it repeatedly violated sanctions on Iran and other countries. US and British authorities announced the settlement on Tuesday, saying the bank had breached sanctions on countries including Iran, Myanmar, Cuba and Syria.
⚖Consumer inflation could get lift from rising gasoline prices
US' consumer inflation probably got a boost from rising gasoline prices in March, but it should not break out above the subdued pace that encouraged the Federal Reserve to keep interest rates on hold when it met last month. Both the consumer price index and minutes from that March meeting are scheduled to be released Wednesday. Headline CPI will be reported at 8:30 a.m. and is expected to rise 0.3% or 1.8% year over year. The national average for gasoline is now $2.74 per gallon of unleaded, up from $2.47 a month ago, according to AAA.
⚖UK economy grows as factories get boost from pre-Brexit stockpiling
Britain’s economy has held up better than many economists expected since the 2016 Brexit referendum although it has slowed ahead of its departure from the European Union and as the world economy loses momentum. Britain’s economy unexpectedly grew in February, helped by clients of manufacturers rushing to stockpile goods ahead of Brexit, official data showed on Wednesday. Gross domestic product grew by 0.2 percent from January, the Office for National Statistics said. Economists taking part in a Reuters poll had expected zero growth.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0825 5.0875
Pound Sterling GBPGHS 6.6377 6.6463
Swiss Franc CHFGHS 5.0907 5.0953
Canadian Dollar CADGHS 3.8163 3.8202
Euro EURGHS 5.7336 5.7380
Chinese Reminbi CNYGHS 0.7571 0.7580
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Carbon pricing
It is the method used by many Economists for reducing global-warming emissions (Charges for those who emit Carbon dioxide (CO2). The charge called a carbon price is the amount that must be paid for the right to emit one tonne of CO2 into the atmosphere. Carbon pricing usually takes the form of a carbon tax or a requirement to purchase permits to emit, generally known as cap-and-trade, but also called "allowances".
🤔 What is the difference between carbon pricing and carbon taxing?
_________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Tuesday, April 9, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭9th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Ghana risks losing top cocoa producer slot - Lecturer warns
The Dean of Students the Bunso University College of Agriculture and Environmental Studies, Dr. Francis Awotwe says Ghana is likely to lose its place as the top cocoa producer in Africa if government does not show more commitment to improving the sector. He said the continued use of mercury soaked lands for cocoa cultivation may affect Ghana's prestigious position on the world market. He added that majority of cocoa farmers are cutting down their cocoa plantations for rubber and palm tree, which according to the farmers are more productive and lucrative.
📡 Revised benchmark values: Importers access actual figures on goods
Calculation and payment of new benchmark values on imports have been made easier following the publication of detailed documents by the valuation agencies at Ghana's ports. This comes after Vice President Bawumia announced on April 3, 2019 cabinet's decision to slash the benchmark values by 50% for all imports and 30% for vehicles. The Ghana Revenue Authority (GRA) commenced its implementation subsequently with a directive to the valuation agencies to adjust their valuation figures following the announcement.
📡 Peasant farmers association welcomes Planting for Export Policy
The Peasant Farmers Association of Ghana has welcomed government's new Planting for Exports and Rural Development policy. The programme, according to the Agricultural Ministry is to increase the export volumes of six tree crops including rubber, coffee, cashew, coconut and palm oil. The Head of Programmes and Advocacy at the Ghana, Charles Nyaaba says the government must do well to make the plan succeed. He however wants the government to extend its new policy of planting for exports and rural development to other agricultural areas. He's optimistic there are farm produce that qualify for export with little push from government.
📡 BoG justifies introduction of upgraded cedi notes
The Bank of Ghana (BoG) says the introduction of the upgraded cedi note is a normal exercise it undertakes to fight counterfeiting of the currency. According to the bank, both old and new note will be used together until the old ones phase out. The last time such an exercise was done was in 2007 when all notes were redenominated. The two cedis and five cedis notes were also upgraded in 2010 and 2016 respectively.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖Goldman Says for a Peek Into Oil's Future, Go Back to 1990s
The future of the oil market may resemble the past -- specifically the 1990s -- according to Goldman Sachs Group Inc. That’s when prices remained steadily in backwardation, a market structure where near-term futures are costlier than later contracts -- reflecting tight supplies in the present and ample barrels further out, analysts including Damien Courvalin wrote in a April 8 report. The phenomenon may persist as OPEC exits its current output cuts aimed at averting a global glut, adding supply back to the market in a move that would weigh on long-dated prices, Goldman said. That will maintain backwardation and lead U.S. shale drillers to limit activity, according to the bank.
⚖Foreigners Are Stocking Up Again on South African Bonds
Foreign investors increased their share of South African government bonds for the second time in February to 38.9 percent, according to National Treasury data, boosting inflows this year's to $867 million after a record sell-off in 2018 pushed non-resident holdings to the lowest in almost two years. Demand has been spurred by a more dovish Federal Reserve and relatively high yields. The debt has returned 7.1 percent this year in dollar terms, compared with the emerging-market average of 2.9 percent.
⚖London Housing Market Shows Early Signs of Life, UBS Says
UBS Group AG says there are tentative signs of life emerging in London’s Brexit-battered housing market, even if the overall picture remains pretty bleak. The bank’s London Residential Monitor showed the proportion of home listings where the price had been falling somewhat since its last report in January, to 36 percent from 39 percent. The average reduction where the price has been cut has also declined, supply has tightened since the turn of the year and discounts are narrowing in cheaper boroughs, the bank said.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0825 5.0875
Pound Sterling GBPGHS 6.6301 6.6387
Swiss Franc CHFGHS 5.0852 5.0898
Canadian Dollar CADGHS 3.8161 3.8199
Euro EURGHS 5.7235 5.7284
Chinese Reminbi CNYGHS 0.7568 0.7577
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Coupon
A coupon is the annual interest rate paid on a bond, expressed as a percentage of the face value. It is also referred to as the "coupon rate," "coupon percent rate" and "nominal yield."
🤔 What is a coupon in terms of investment?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭9th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 Ghana risks losing top cocoa producer slot - Lecturer warns
The Dean of Students the Bunso University College of Agriculture and Environmental Studies, Dr. Francis Awotwe says Ghana is likely to lose its place as the top cocoa producer in Africa if government does not show more commitment to improving the sector. He said the continued use of mercury soaked lands for cocoa cultivation may affect Ghana's prestigious position on the world market. He added that majority of cocoa farmers are cutting down their cocoa plantations for rubber and palm tree, which according to the farmers are more productive and lucrative.
📡 Revised benchmark values: Importers access actual figures on goods
Calculation and payment of new benchmark values on imports have been made easier following the publication of detailed documents by the valuation agencies at Ghana's ports. This comes after Vice President Bawumia announced on April 3, 2019 cabinet's decision to slash the benchmark values by 50% for all imports and 30% for vehicles. The Ghana Revenue Authority (GRA) commenced its implementation subsequently with a directive to the valuation agencies to adjust their valuation figures following the announcement.
📡 Peasant farmers association welcomes Planting for Export Policy
The Peasant Farmers Association of Ghana has welcomed government's new Planting for Exports and Rural Development policy. The programme, according to the Agricultural Ministry is to increase the export volumes of six tree crops including rubber, coffee, cashew, coconut and palm oil. The Head of Programmes and Advocacy at the Ghana, Charles Nyaaba says the government must do well to make the plan succeed. He however wants the government to extend its new policy of planting for exports and rural development to other agricultural areas. He's optimistic there are farm produce that qualify for export with little push from government.
📡 BoG justifies introduction of upgraded cedi notes
The Bank of Ghana (BoG) says the introduction of the upgraded cedi note is a normal exercise it undertakes to fight counterfeiting of the currency. According to the bank, both old and new note will be used together until the old ones phase out. The last time such an exercise was done was in 2007 when all notes were redenominated. The two cedis and five cedis notes were also upgraded in 2010 and 2016 respectively.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖Goldman Says for a Peek Into Oil's Future, Go Back to 1990s
The future of the oil market may resemble the past -- specifically the 1990s -- according to Goldman Sachs Group Inc. That’s when prices remained steadily in backwardation, a market structure where near-term futures are costlier than later contracts -- reflecting tight supplies in the present and ample barrels further out, analysts including Damien Courvalin wrote in a April 8 report. The phenomenon may persist as OPEC exits its current output cuts aimed at averting a global glut, adding supply back to the market in a move that would weigh on long-dated prices, Goldman said. That will maintain backwardation and lead U.S. shale drillers to limit activity, according to the bank.
⚖Foreigners Are Stocking Up Again on South African Bonds
Foreign investors increased their share of South African government bonds for the second time in February to 38.9 percent, according to National Treasury data, boosting inflows this year's to $867 million after a record sell-off in 2018 pushed non-resident holdings to the lowest in almost two years. Demand has been spurred by a more dovish Federal Reserve and relatively high yields. The debt has returned 7.1 percent this year in dollar terms, compared with the emerging-market average of 2.9 percent.
⚖London Housing Market Shows Early Signs of Life, UBS Says
UBS Group AG says there are tentative signs of life emerging in London’s Brexit-battered housing market, even if the overall picture remains pretty bleak. The bank’s London Residential Monitor showed the proportion of home listings where the price had been falling somewhat since its last report in January, to 36 percent from 39 percent. The average reduction where the price has been cut has also declined, supply has tightened since the turn of the year and discounts are narrowing in cheaper boroughs, the bank said.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0825 5.0875
Pound Sterling GBPGHS 6.6301 6.6387
Swiss Franc CHFGHS 5.0852 5.0898
Canadian Dollar CADGHS 3.8161 3.8199
Euro EURGHS 5.7235 5.7284
Chinese Reminbi CNYGHS 0.7568 0.7577
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Coupon
A coupon is the annual interest rate paid on a bond, expressed as a percentage of the face value. It is also referred to as the "coupon rate," "coupon percent rate" and "nominal yield."
🤔 What is a coupon in terms of investment?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Monday, April 8, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭8th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Banks must prioritize fight against cyber fraud—Zenith Bank CEO
The Managing Director and CEO of Zenith Bank Henry Oroh has called on stakeholders in the banking sector to prioritize investment into systems and structures that will give them utmost protection from the rising incidence of cyber fraud in the country. Ghana lost over $220 million dollars to recorded cybercrime cases between 2016 and 2018, according to figures available at the Cybercrime Unit of the Criminal Investigation Department (CID) of the Ghana Police Service. In an interview with Citi Business News, Mr. Oroh said banks need to ensure that as they roll out new digital products they make the needed investment to ensure customers are safe when using such products.
📡Informal sector to pay taxes through Mobile Money—GRA
The Ghana Revenue Authority (GRA) has announced that small scale self employed tax payers including commercial transport operators will soon pay taxes through mobile money. The authority says it is ready to launch an electronic payment platform for operators in the informal sector to improve tax collection. Currently only 200,000 taxable people in the informal sector pay taxes.
📡Aker Energy announces $4.5m support for capacity-building in oil & gas sector
Aker Energy, operator of the Deepwater Tano Cape Three Point (DWT/CTP) Block offshore Ghana, has announced a $4.5 million support for the Accelerated Oil and Gas Capacity-building (AOGC) Programme, a Ghana government scheme designed to enhance the competencies and expertise of Ghanaians in the oil and gas sector.
📡Gov't lures investors as deal is reached with 10 countries on double taxation
The Government has signed double taxation agreements with 10 countries towards giving investors a stable and conducive tax scheme. The Government expressed the hope of signing more of such agreements to encourage investments and in turn, facilitate the transfer of skills and technology. The countries are Belgium, Denmark, France, United Kingdom, Switzerland, Mauritius, South Africa, Italy, Netherlands and Germany.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖ Oil climbs to 5-month high amid OPEC cuts, US sanctions and Libya fighting
Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC's ongoing supply cuts, US sanctions against Iran and Venezuela, fighting in Libya as well as strong US jobs data. International benchmark Brent futures were at $70.62 per barrel at 07:16 GMT on Monday, up 28 cents, or 0.4% from their close. US West Texas Intermediate (WTI) crude were up 30 cents, or 0.5%, at $63.39 per barrel. Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel, respectively, early on Monday.
⚖ Big-time investors snapping up China's bonds
Global Investors are snapping up high-risk bonds in Asia - especially those in a sign that investors are increasingly more willing to take bigger bets. Those debt securities, known as high-yield or junk bonds, fell out of favour for much of last year amid an escalating tariff fight between Washington and Beijing. In a sign that investors have a greater risk appetite this year, many high-yield bonds issued by Chinese developers in the first quarter come with two to three year maturities - longer than the less than one-year notes commonly seen a year ago.
⚖ Saudi energy ministers expects Aramco bond demand at 'north of' $30bn
Saudi Arabia Energy Minister Khalid al Falih expects robust demand for state oil giant Saudi Aramco's first-ever bond issuance, the deal for which is expected to close on Wednesday. Demand for the bond should should be "north of" $30bn, al Falih said while speaking at the inaugural Gulf Intelligence Saudi Arabia Energy Forum in Riyadh on Monday.
⚖ Carlyle Group to buy up to 40% in Spanish oil company from Mubadala
Private equity firm Carlyle Group is set to acquire a significant minority stake in Europe's largest privately-owned oil and gas company, Cepsa, from Abu Dhabi sovereign wealth fund Mubadala. Mubadala will still remain the majority shareholder, and the transaction's completion is expected by the end of 2019, subject to regulatory approvals.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0827 5.0877
Pound Sterling GBPGHS 6.6131 6.6216
Swiss Franc CHFGHS 5.0804 5.0865
Canadian Dollar CADGHS 3.7993 3.8031
Euro EURGHS 5.7044 5.7088
Chinese Reminbi CNYGHS 0.7573 0.7582
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.investopedia.com
****
Term of the day📚
🤔 Double Taxation
Double taxation is a taxation principle referring to income taxes paid twice on the same source of earned income. It can occur when income is taxed at both the corporate level and personal level. Double taxation also occurs in international trade when the same income is taxed in two different countries.
🤔 What are the problems of double taxation?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭8th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Banks must prioritize fight against cyber fraud—Zenith Bank CEO
The Managing Director and CEO of Zenith Bank Henry Oroh has called on stakeholders in the banking sector to prioritize investment into systems and structures that will give them utmost protection from the rising incidence of cyber fraud in the country. Ghana lost over $220 million dollars to recorded cybercrime cases between 2016 and 2018, according to figures available at the Cybercrime Unit of the Criminal Investigation Department (CID) of the Ghana Police Service. In an interview with Citi Business News, Mr. Oroh said banks need to ensure that as they roll out new digital products they make the needed investment to ensure customers are safe when using such products.
📡Informal sector to pay taxes through Mobile Money—GRA
The Ghana Revenue Authority (GRA) has announced that small scale self employed tax payers including commercial transport operators will soon pay taxes through mobile money. The authority says it is ready to launch an electronic payment platform for operators in the informal sector to improve tax collection. Currently only 200,000 taxable people in the informal sector pay taxes.
📡Aker Energy announces $4.5m support for capacity-building in oil & gas sector
Aker Energy, operator of the Deepwater Tano Cape Three Point (DWT/CTP) Block offshore Ghana, has announced a $4.5 million support for the Accelerated Oil and Gas Capacity-building (AOGC) Programme, a Ghana government scheme designed to enhance the competencies and expertise of Ghanaians in the oil and gas sector.
📡Gov't lures investors as deal is reached with 10 countries on double taxation
The Government has signed double taxation agreements with 10 countries towards giving investors a stable and conducive tax scheme. The Government expressed the hope of signing more of such agreements to encourage investments and in turn, facilitate the transfer of skills and technology. The countries are Belgium, Denmark, France, United Kingdom, Switzerland, Mauritius, South Africa, Italy, Netherlands and Germany.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1887% 14.7105%
182 - Day 14.0566% 15.1192%
Foreign News💤
⚖ Oil climbs to 5-month high amid OPEC cuts, US sanctions and Libya fighting
Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC's ongoing supply cuts, US sanctions against Iran and Venezuela, fighting in Libya as well as strong US jobs data. International benchmark Brent futures were at $70.62 per barrel at 07:16 GMT on Monday, up 28 cents, or 0.4% from their close. US West Texas Intermediate (WTI) crude were up 30 cents, or 0.5%, at $63.39 per barrel. Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel, respectively, early on Monday.
⚖ Big-time investors snapping up China's bonds
Global Investors are snapping up high-risk bonds in Asia - especially those in a sign that investors are increasingly more willing to take bigger bets. Those debt securities, known as high-yield or junk bonds, fell out of favour for much of last year amid an escalating tariff fight between Washington and Beijing. In a sign that investors have a greater risk appetite this year, many high-yield bonds issued by Chinese developers in the first quarter come with two to three year maturities - longer than the less than one-year notes commonly seen a year ago.
⚖ Saudi energy ministers expects Aramco bond demand at 'north of' $30bn
Saudi Arabia Energy Minister Khalid al Falih expects robust demand for state oil giant Saudi Aramco's first-ever bond issuance, the deal for which is expected to close on Wednesday. Demand for the bond should should be "north of" $30bn, al Falih said while speaking at the inaugural Gulf Intelligence Saudi Arabia Energy Forum in Riyadh on Monday.
⚖ Carlyle Group to buy up to 40% in Spanish oil company from Mubadala
Private equity firm Carlyle Group is set to acquire a significant minority stake in Europe's largest privately-owned oil and gas company, Cepsa, from Abu Dhabi sovereign wealth fund Mubadala. Mubadala will still remain the majority shareholder, and the transaction's completion is expected by the end of 2019, subject to regulatory approvals.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0827 5.0877
Pound Sterling GBPGHS 6.6131 6.6216
Swiss Franc CHFGHS 5.0804 5.0865
Canadian Dollar CADGHS 3.7993 3.8031
Euro EURGHS 5.7044 5.7088
Chinese Reminbi CNYGHS 0.7573 0.7582
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.investopedia.com
****
Term of the day📚
🤔 Double Taxation
Double taxation is a taxation principle referring to income taxes paid twice on the same source of earned income. It can occur when income is taxed at both the corporate level and personal level. Double taxation also occurs in international trade when the same income is taxed in two different countries.
🤔 What are the problems of double taxation?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Friday, April 5, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭5th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 GRA starts implementation of 50% slash on import values
The Ghana Revenue Authority (GRA) has directed valuating agencies at the ports to effect changes in their valuation for imports effective Thursday (4/04/2019). A memo signed by the Commission General of Customs, Isaac Crentsil to the agencies asked them to adjust the mechanism in accordance with the new directives from the government. The slash on import values is aimed at making clearing at Ghana's ports less costly and improve the government's revenue. This is because, the high costs have resulted in smuggling of goods into the country as some importers are compelled to clear their goods at neighboring countries who offer competitive pricing for the same exercise.
📡 State of Economy: Decide on the facts, not the politics - Economist admonishes
Associate Professor of Economics, Eric Osei Assibey has said there seems to be some turnaround on the macroeconomic front. He has urged politicians to focus on their economic choices, not the political rhetoric following varied political verdicts on the state of the economy. He says it is obvious to even the disinterested observer that the facts of Ghana's economy points to s state of macroeconomic recovery, a situation he insists the IMF has attested to.
📡 Daystar Power expands to Ghana
The solar energy company Daystar Power has opened its second branch in West Africa with an office in the Ghanaian capital, Accra. The fundamental factor for the expansion of the energy business in Ghana is the great potential that Daystar Power attributes to solar energy in Ghana. The company will be led by Olaedo Osoka, who has held a leading position for the African Venture Builder Sunray Ventures at various locations since Daystar Power was founded in 2017.
📡 GCB records GH¢323m profit
Ghana Commercial Bank (GCB) Limited posted a significantly improved bottom line with net profit of GH¢323.13 million for the year ended 2018. This translates into growth of GH¢110.42 million over the GH¢212.72 million recorded in the 2017 financial year. The bank's growth increased despite the instability in the banking industry with 2018 recording GH¢1,260m as total income compared to GH¢1,113m recorded in 2017.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1953% 14.7176%
182 - Day 14.0914% 15.1595%
Foreign News💤
⚖Samsung warns first-quarter profits fell by 60 percent
Samsung Electronics' first-quarter profits likely fell almost 60 percent from a year ago due to weakness in its display and memory business. The South Korean tech giant said on Friday its operating profit for the three months ended March would be around 6.2 trillion Korean won ($5.5 billion), a sharp decline from the 15.64 trillion won seen in the first quarter of 2018. Friday's number also missed analysts' estimate of 6.8 trillion won. Samsung is set to release full earnings for the first quarter later this month.
⚖ Job market bounces back in March with 196,000 gain in payrolls
Job creation in the US posted a solid rebound in March, with nonfarm payrolls expanding by 196,000 and the unemployment rate holding steady at 3.8%, the Bureau of Labor Statistics reported Friday. That was better than the 175,000 Dow Jones estimate and comes after a dismal February that had economists wondering whether the decade-old economic expansion was nearing an end. The unemployment rate met expectations.
⚖ ECB will reportedly ask Deutsche Bank to raise fresh funds for merger
The European Central Bank will ask Deutsche Bank to raise fresh funds before it gives the go-ahead for a merger with a state-backed rival, a person with direct knowledge of the matter said. The official said that Deutsche would be required to have the buffer, which has yet to be calculated, to cope should it experience setbacks while integrating Commerzbank if a deal is agreed.
⚖ Treasury yields rise after strong jobs gains
U.S. government debt yields rose on Friday after the U.S. government said that job creation was stronger than expected in March, but wages grew at a sluggish pace. The yield on the benchmark 10-year Treasury note rose to 2.538%, while the yield on the 30-year Treasury bond climbed to 2.947%. Bond yields move inversely to prices. Job creation snapped higher in March after an anemic February print, with nonfarm payrolls expanding by 196,000, according to a Bureau of Labor Statistics report released Friday. The unemployment rate held steady at 3.8%, meeting expectations.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0829 5.0879
Pound Sterling GBPGHS 6.6434 6.6519
Swiss Franc CHFGHS 5.0856 5.0918
Canadian Dollar CADGHS 3.8964 3.8226
Euro EURGHS 5.7054 5.7098
Chinese Reminbi CNYGHS 0.7574 0.7583
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Treasury yield
Treasury yield refers to the return on an investment in a U.S. government debt obligation, such as a bill, note or bond.Think of it as the interest rate the government pays to borrow money for different lengths of time. For example, say an investor buys a $10,000 Treasury bond with a three percent yield. It will provide a $300 annual return on investment. Treasuries are considered a low-risk investment because they’re backed by the U.S. government. But that low risk typically means smaller returns compared to other investments.
🤔 What can you say about the yield on a long term treasury security and a short term one?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭5th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 GRA starts implementation of 50% slash on import values
The Ghana Revenue Authority (GRA) has directed valuating agencies at the ports to effect changes in their valuation for imports effective Thursday (4/04/2019). A memo signed by the Commission General of Customs, Isaac Crentsil to the agencies asked them to adjust the mechanism in accordance with the new directives from the government. The slash on import values is aimed at making clearing at Ghana's ports less costly and improve the government's revenue. This is because, the high costs have resulted in smuggling of goods into the country as some importers are compelled to clear their goods at neighboring countries who offer competitive pricing for the same exercise.
📡 State of Economy: Decide on the facts, not the politics - Economist admonishes
Associate Professor of Economics, Eric Osei Assibey has said there seems to be some turnaround on the macroeconomic front. He has urged politicians to focus on their economic choices, not the political rhetoric following varied political verdicts on the state of the economy. He says it is obvious to even the disinterested observer that the facts of Ghana's economy points to s state of macroeconomic recovery, a situation he insists the IMF has attested to.
📡 Daystar Power expands to Ghana
The solar energy company Daystar Power has opened its second branch in West Africa with an office in the Ghanaian capital, Accra. The fundamental factor for the expansion of the energy business in Ghana is the great potential that Daystar Power attributes to solar energy in Ghana. The company will be led by Olaedo Osoka, who has held a leading position for the African Venture Builder Sunray Ventures at various locations since Daystar Power was founded in 2017.
📡 GCB records GH¢323m profit
Ghana Commercial Bank (GCB) Limited posted a significantly improved bottom line with net profit of GH¢323.13 million for the year ended 2018. This translates into growth of GH¢110.42 million over the GH¢212.72 million recorded in the 2017 financial year. The bank's growth increased despite the instability in the banking industry with 2018 recording GH¢1,260m as total income compared to GH¢1,113m recorded in 2017.
|Policy Rate in Ghana - 16.0%|
|Inflation Rate in Ghana - 9.20%|
|Treasury bills rates|
Period Discount Rates Interest Rates
91 - Day 14.1953% 14.7176%
182 - Day 14.0914% 15.1595%
Foreign News💤
⚖Samsung warns first-quarter profits fell by 60 percent
Samsung Electronics' first-quarter profits likely fell almost 60 percent from a year ago due to weakness in its display and memory business. The South Korean tech giant said on Friday its operating profit for the three months ended March would be around 6.2 trillion Korean won ($5.5 billion), a sharp decline from the 15.64 trillion won seen in the first quarter of 2018. Friday's number also missed analysts' estimate of 6.8 trillion won. Samsung is set to release full earnings for the first quarter later this month.
⚖ Job market bounces back in March with 196,000 gain in payrolls
Job creation in the US posted a solid rebound in March, with nonfarm payrolls expanding by 196,000 and the unemployment rate holding steady at 3.8%, the Bureau of Labor Statistics reported Friday. That was better than the 175,000 Dow Jones estimate and comes after a dismal February that had economists wondering whether the decade-old economic expansion was nearing an end. The unemployment rate met expectations.
⚖ ECB will reportedly ask Deutsche Bank to raise fresh funds for merger
The European Central Bank will ask Deutsche Bank to raise fresh funds before it gives the go-ahead for a merger with a state-backed rival, a person with direct knowledge of the matter said. The official said that Deutsche would be required to have the buffer, which has yet to be calculated, to cope should it experience setbacks while integrating Commerzbank if a deal is agreed.
⚖ Treasury yields rise after strong jobs gains
U.S. government debt yields rose on Friday after the U.S. government said that job creation was stronger than expected in March, but wages grew at a sluggish pace. The yield on the benchmark 10-year Treasury note rose to 2.538%, while the yield on the 30-year Treasury bond climbed to 2.947%. Bond yields move inversely to prices. Job creation snapped higher in March after an anemic February print, with nonfarm payrolls expanding by 196,000, according to a Bureau of Labor Statistics report released Friday. The unemployment rate held steady at 3.8%, meeting expectations.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0829 5.0879
Pound Sterling GBPGHS 6.6434 6.6519
Swiss Franc CHFGHS 5.0856 5.0918
Canadian Dollar CADGHS 3.8964 3.8226
Euro EURGHS 5.7054 5.7098
Chinese Reminbi CNYGHS 0.7574 0.7583
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Treasury yield
Treasury yield refers to the return on an investment in a U.S. government debt obligation, such as a bill, note or bond.Think of it as the interest rate the government pays to borrow money for different lengths of time. For example, say an investor buys a $10,000 Treasury bond with a three percent yield. It will provide a $300 annual return on investment. Treasuries are considered a low-risk investment because they’re backed by the U.S. government. But that low risk typically means smaller returns compared to other investments.
🤔 What can you say about the yield on a long term treasury security and a short term one?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Thursday, April 4, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭4th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 IMF exit conditions caused exchange rate spikes in March - Bawumia
Vice President, Dr. Bawumia has blamed the depreciation of the cedi the country experienced in March 2019 on some of the exit conditions by the International Monetary Fund (IMF) programme. He says the Bank of Ghana had to implement reforms to ensure an increase in the country's international reserves in a bid to end the IMF's extended credit facility arrangement by April. In March this year, there was widespread concern about the depreciation of the Cedi and it's impact on livelihoods. At the same time, critics lashed out at Dr Bawumia for not being able to save the cedi from a free fall especially when he promised the NPP government will turn such a situation around when in opposition.
📡 Go beyond recapitalising insurance sector - Robert Dzato to NIC
Senior Manager at the audit firm, KPMG Robert Dzato, has challenged the National Insurance Commission (NIC) to go beyond just raising the minimum capital requirement for the insurance industry. According to him, in order for the insurance sector to grow, the need for the introduction of innovative products cannot be overemphasized. He also noted some flaws in the sector and has called for a gradual drift to a risk-based approach by the industry's regulator. He explains that insurers should be made to up their capital depending on risks they are exposed to.
📡 'Supporting' cedi damages Agric sector - Ken Thompson
CEO of Dalex Finance, Ken Thompson has said that supporting the Cedi prevents the right investment decisions from being made. He says it prevents Ghanaians from changing their consumption habits and puts their food security at risk by reducing the price of imported food and making our local food production expensive and uncompetitive. He says the fall of the cedi should reflect it's true value. And this will promote local food crop farming and exports. Agriculture according to him is the silver bullet that can help address the phenomenon in the long-term. He wants government to make agriculture more attractive by providing rural areas with WiFi, roads, health facilities, potable water, good schools, extension services and other things to make life comfortable for people who want to live there.
📡 MTN to acquire two remaining 4G spectrum lots
MTN Ghana is gearing up to acquire the two remaining 2xMHz spectrum lots in the 800MHz band. The spectrums were left after Vodafone Ghana bought one for $30m December last year. When the National Communications Authority (NCA) auctioned three separate 2x5MHz spectrum lots in the 800MHz band, it excluded MTN from the process because MTN already had 2x10MHz lot in the same band in December 2015. The NCA did indicate that other holders of the spectrum would have a chance to buy the spectrum in case it was not allocated at the end of the process.
|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💤
⚖ MIT terminates funding and research links with Huawei and ZTE
The Massachusetts Institute of Technology (MIT) is terminating all research and funding links with Chinese tech companies, Huawei and ZTE in light of recent U.S. federal probes. MIT joins Stanford University, University of California, Berkeley and University of Minnesota in cutting all future research collaborations with the Chinese telecom company. MIT was cited as a collaborator in the Huawei Research Program. The program is a global initiative "to identify and support world-class, full-time faculty members pursuing innovation of mutual interest," during a presentation in 2017.
⚖ Amazon removes promotional spots that gave special treatment to their products as scrutiny of tech giants
Amazon has quietly removed some of the most aggressive promotional spots for so-called private label products on its website as tech giants are facing growing scrutiny over their market power. Private label products are created by Amazon or partners and are sold only on Amazon's website under an exclusive brand name. However, Amazon has in recent weeks significantly scaled down or relocated on-site promotions for its private label products, according to multiple Amazon sellers and consultants. The change comes as a result of an increase in regulatory scrutiny of tech giants.
⚖ India Central bank cuts rates by 0.25%, sees need to spur growth
India's central bank has cut its benchmark interest rate by 25 basis points on Thursday, in a widely expected move to boost the economy, while keeping its monetary policy stance neutral despite subdued inflation. The Reserve Bank of India (RBI) highlighted the need to boost domestic growth due to headwinds on the global front. In a policy statement, the RBI wrote that the need to strengthen domestic growth impulses by spurring private investment which has remained sluggish.
⚖ Tencent sells $6bn in bonds to become Asia's biggest this year
According to Reuters, Refinitiv data showed Tencent's sale was Asia's largest this year. The Chinese tech giant, Tencent announced today that it would issues bonds worth $6bn. The notes are expected to be issued on April 11, 2019. The company's board in a statement said they will bring in net proceeds of about $5.98bn. The company had a rough 2018 after the Chinese government halted approvals of new games early in the year. The company reported a 35% year-on-year decline in profit. The freeze also caused over $127bn to be wiped off its shares in the last quarter of 2018.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0832 5.0882
Pound Sterling GBPGHS 6.6920 6.7007
Swiss Franc CHFGHS 5.0983 5.1041
Canadian Dollar CADGHS 3.8188 3.8226
Euro EURGHS 5.7177 5.7222
Chinese Reminbi CNYGHS 0.7563 0.7574
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Artificial Intelligence (AI)
Artificial intelligence is an area of computer science that emphasizes the creation of intelligent machines that work and react like humans. Some of the activities computers with artificial intelligence are designed for include: speech recognition,learning,planning, problem solving.
🤔 Can you name the forms of AI there are?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭4th April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 IMF exit conditions caused exchange rate spikes in March - Bawumia
Vice President, Dr. Bawumia has blamed the depreciation of the cedi the country experienced in March 2019 on some of the exit conditions by the International Monetary Fund (IMF) programme. He says the Bank of Ghana had to implement reforms to ensure an increase in the country's international reserves in a bid to end the IMF's extended credit facility arrangement by April. In March this year, there was widespread concern about the depreciation of the Cedi and it's impact on livelihoods. At the same time, critics lashed out at Dr Bawumia for not being able to save the cedi from a free fall especially when he promised the NPP government will turn such a situation around when in opposition.
📡 Go beyond recapitalising insurance sector - Robert Dzato to NIC
Senior Manager at the audit firm, KPMG Robert Dzato, has challenged the National Insurance Commission (NIC) to go beyond just raising the minimum capital requirement for the insurance industry. According to him, in order for the insurance sector to grow, the need for the introduction of innovative products cannot be overemphasized. He also noted some flaws in the sector and has called for a gradual drift to a risk-based approach by the industry's regulator. He explains that insurers should be made to up their capital depending on risks they are exposed to.
📡 'Supporting' cedi damages Agric sector - Ken Thompson
CEO of Dalex Finance, Ken Thompson has said that supporting the Cedi prevents the right investment decisions from being made. He says it prevents Ghanaians from changing their consumption habits and puts their food security at risk by reducing the price of imported food and making our local food production expensive and uncompetitive. He says the fall of the cedi should reflect it's true value. And this will promote local food crop farming and exports. Agriculture according to him is the silver bullet that can help address the phenomenon in the long-term. He wants government to make agriculture more attractive by providing rural areas with WiFi, roads, health facilities, potable water, good schools, extension services and other things to make life comfortable for people who want to live there.
📡 MTN to acquire two remaining 4G spectrum lots
MTN Ghana is gearing up to acquire the two remaining 2xMHz spectrum lots in the 800MHz band. The spectrums were left after Vodafone Ghana bought one for $30m December last year. When the National Communications Authority (NCA) auctioned three separate 2x5MHz spectrum lots in the 800MHz band, it excluded MTN from the process because MTN already had 2x10MHz lot in the same band in December 2015. The NCA did indicate that other holders of the spectrum would have a chance to buy the spectrum in case it was not allocated at the end of the process.
|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💤
⚖ MIT terminates funding and research links with Huawei and ZTE
The Massachusetts Institute of Technology (MIT) is terminating all research and funding links with Chinese tech companies, Huawei and ZTE in light of recent U.S. federal probes. MIT joins Stanford University, University of California, Berkeley and University of Minnesota in cutting all future research collaborations with the Chinese telecom company. MIT was cited as a collaborator in the Huawei Research Program. The program is a global initiative "to identify and support world-class, full-time faculty members pursuing innovation of mutual interest," during a presentation in 2017.
⚖ Amazon removes promotional spots that gave special treatment to their products as scrutiny of tech giants
Amazon has quietly removed some of the most aggressive promotional spots for so-called private label products on its website as tech giants are facing growing scrutiny over their market power. Private label products are created by Amazon or partners and are sold only on Amazon's website under an exclusive brand name. However, Amazon has in recent weeks significantly scaled down or relocated on-site promotions for its private label products, according to multiple Amazon sellers and consultants. The change comes as a result of an increase in regulatory scrutiny of tech giants.
⚖ India Central bank cuts rates by 0.25%, sees need to spur growth
India's central bank has cut its benchmark interest rate by 25 basis points on Thursday, in a widely expected move to boost the economy, while keeping its monetary policy stance neutral despite subdued inflation. The Reserve Bank of India (RBI) highlighted the need to boost domestic growth due to headwinds on the global front. In a policy statement, the RBI wrote that the need to strengthen domestic growth impulses by spurring private investment which has remained sluggish.
⚖ Tencent sells $6bn in bonds to become Asia's biggest this year
According to Reuters, Refinitiv data showed Tencent's sale was Asia's largest this year. The Chinese tech giant, Tencent announced today that it would issues bonds worth $6bn. The notes are expected to be issued on April 11, 2019. The company's board in a statement said they will bring in net proceeds of about $5.98bn. The company had a rough 2018 after the Chinese government halted approvals of new games early in the year. The company reported a 35% year-on-year decline in profit. The freeze also caused over $127bn to be wiped off its shares in the last quarter of 2018.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0832 5.0882
Pound Sterling GBPGHS 6.6920 6.7007
Swiss Franc CHFGHS 5.0983 5.1041
Canadian Dollar CADGHS 3.8188 3.8226
Euro EURGHS 5.7177 5.7222
Chinese Reminbi CNYGHS 0.7563 0.7574
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Artificial Intelligence (AI)
Artificial intelligence is an area of computer science that emphasizes the creation of intelligent machines that work and react like humans. Some of the activities computers with artificial intelligence are designed for include: speech recognition,learning,planning, problem solving.
🤔 Can you name the forms of AI there are?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Wednesday, April 3, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭3rd April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡SEC increases capital requirement for capital market operators
The Securities and Exchange Commission (SEC) has indicated that it will increase the minimum capital requirement for companies operating within the Capital Market by end of year. The companies include Fund managers, mutual funds, unit trusts, broker dealers and custodians. Fund Managers for instance will have their present minimum capital of Ghc100,000 increased to Ghc2 million. The move is to help sanitize and strengthen the capital market.
📡COCOBOD denies using vegetable oil to control pests
The Quality Control Company Limited (QCC) of COCOBOD has dismissed claims that it used vegetable oil for pest control on some cocoa farms. There were media reports suggesting that the company has bought off-the-shelf vegetable oil at an overpriced cost compared to what is commonly found in local shops. But a statement issued by the Ghana COCOBOD which has supervisory role over the QCC said the assertions are untrue. The QCC maintained that it is cautious about the health of consumers hence will not jeopardize the system to reduce the quality of cocoa beans produced in Ghana.
📡GIPC leads business delegation to AIM 2019 in Dubai
The Ghana Investment Promotion Centre (GIPC) in collaboration with the Dubai Chamber of Commerce is organizing an investment promotion mission to the United Arab Emirates (UAE). Partnered by the Ghana Free Zones Authority (GFZA) and the Ghana Export Promotion Authority (GEPA) the mission is being held on the sidelines of the 9th Annual Investment Meeting (AIM 2019). The objective of the mission is to build on Ghana’s reputation as an attractive foreign direct Investment (FDI) friendly destination in West Africa.
📡ADB gets 146.6 million cedis from shareholders
ADB bank has raised an additional 146.6 million cedis from shareholders to shore up the bank’s capital level. The move also follows the bank’s renounceable rights issue that it embarked on in March. According to the statement released by ADB, the amount raised represents over sixty percent of the subscription offer. This adds up to the bank’s existing 425 million cedis capital. As a result, adb’s capital will stand at 571 million cedis when the process is completed.
|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💤
⚖Commerzbank to decide on April 9 on merger talks with Deutsche: WiWo
Commerzbank's executive board is due to decide whether to intensify merger talks with Deutsche Bank or back away from a deal, German business weekly Wirtschaftswoche said on Wednesday. The magazine said Commerzbank's management is scheduled to discuss how to proceed in the merger talks during its next regular session, Wirtschaftswoche added, citing company sources and an internal memo.
⚖Germany could enter a recession but this would actually be good for Europe, economist says
Germany could enter a recession by the fourth quarter of 2019, but this could prompt a key period in the continent's economic evolution that could ultimately benefit the region, according to one investment bank. Seen as the traditional growth engine of Europe, German politicians called for strict austerity measures in southern Europe after the euro zone debt crisis of 2011. But with the country now experiencing its own economic woes, Denmark's Saxo Bank believes that Berlin could kick start spending and investment and radically change Europe's economic environment.
⚖Clean energy and climate change are helping Big Oil, Goldman Sachs says
The push towards decarbonization is creating barriers to entry in the oil industry, making major oil players – known as "Big Oils" -- more profitable, Goldman Sachs' head of EMEA Natural Resources Research, told CNBC. "The decarbonization push, the push from the market to adapt to climate change, is tightening the financial conditions in the sector so much that the barriers to entry are being recreated and the market structure that was lost at the beginning of the 2000s is being reconsolidated.
⚖US and China are reportedly drawing closer to a final trade agreement
American and Chinese officials negotiating a trade deal have resolved most of the outstanding issues but are still haggling over how to implement and enforce such an agreement, the Financial Times reported late Tuesday.Both countries have yet to agree on a number of important issues.Beijing wants Washington to remove existing U.S. tariffs on Chinese goods and, for its part, the United States wants China to agree to terms of an enforcement mechanism ensuring it abides by the deal, the FT said.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0832 5.0882
Pound Sterling GBPGHS 6.6356 6.6401
Swiss Franc CHFGHS 5.0867 5.0913
Canadian Dollar CADGHS 3.8128 3.8166
Euro EURGHS 5.6908 5.6953
Chinese Reminbi CNYGHS 0.7560 0.7566
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Takeover
A takeover occurs when one company makes a bid to assume control of or acquire another, often by purchasing a majority stake in the target firm. In the takeover process, the company making the bid is the acquirer while the company it wishes to take control of is called the target. Takeovers are typically initiated by a larger company for a smaller one. They can be voluntary, meaning they are the result of a mutual decision between the two companies. In other cases, they may be unwelcome, in which case the larger company goes after the target without its knowledge.
🤔Can you state some causes of a takeover?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭3rd April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡SEC increases capital requirement for capital market operators
The Securities and Exchange Commission (SEC) has indicated that it will increase the minimum capital requirement for companies operating within the Capital Market by end of year. The companies include Fund managers, mutual funds, unit trusts, broker dealers and custodians. Fund Managers for instance will have their present minimum capital of Ghc100,000 increased to Ghc2 million. The move is to help sanitize and strengthen the capital market.
📡COCOBOD denies using vegetable oil to control pests
The Quality Control Company Limited (QCC) of COCOBOD has dismissed claims that it used vegetable oil for pest control on some cocoa farms. There were media reports suggesting that the company has bought off-the-shelf vegetable oil at an overpriced cost compared to what is commonly found in local shops. But a statement issued by the Ghana COCOBOD which has supervisory role over the QCC said the assertions are untrue. The QCC maintained that it is cautious about the health of consumers hence will not jeopardize the system to reduce the quality of cocoa beans produced in Ghana.
📡GIPC leads business delegation to AIM 2019 in Dubai
The Ghana Investment Promotion Centre (GIPC) in collaboration with the Dubai Chamber of Commerce is organizing an investment promotion mission to the United Arab Emirates (UAE). Partnered by the Ghana Free Zones Authority (GFZA) and the Ghana Export Promotion Authority (GEPA) the mission is being held on the sidelines of the 9th Annual Investment Meeting (AIM 2019). The objective of the mission is to build on Ghana’s reputation as an attractive foreign direct Investment (FDI) friendly destination in West Africa.
📡ADB gets 146.6 million cedis from shareholders
ADB bank has raised an additional 146.6 million cedis from shareholders to shore up the bank’s capital level. The move also follows the bank’s renounceable rights issue that it embarked on in March. According to the statement released by ADB, the amount raised represents over sixty percent of the subscription offer. This adds up to the bank’s existing 425 million cedis capital. As a result, adb’s capital will stand at 571 million cedis when the process is completed.
|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💤
⚖Commerzbank to decide on April 9 on merger talks with Deutsche: WiWo
Commerzbank's executive board is due to decide whether to intensify merger talks with Deutsche Bank or back away from a deal, German business weekly Wirtschaftswoche said on Wednesday. The magazine said Commerzbank's management is scheduled to discuss how to proceed in the merger talks during its next regular session, Wirtschaftswoche added, citing company sources and an internal memo.
⚖Germany could enter a recession but this would actually be good for Europe, economist says
Germany could enter a recession by the fourth quarter of 2019, but this could prompt a key period in the continent's economic evolution that could ultimately benefit the region, according to one investment bank. Seen as the traditional growth engine of Europe, German politicians called for strict austerity measures in southern Europe after the euro zone debt crisis of 2011. But with the country now experiencing its own economic woes, Denmark's Saxo Bank believes that Berlin could kick start spending and investment and radically change Europe's economic environment.
⚖Clean energy and climate change are helping Big Oil, Goldman Sachs says
The push towards decarbonization is creating barriers to entry in the oil industry, making major oil players – known as "Big Oils" -- more profitable, Goldman Sachs' head of EMEA Natural Resources Research, told CNBC. "The decarbonization push, the push from the market to adapt to climate change, is tightening the financial conditions in the sector so much that the barriers to entry are being recreated and the market structure that was lost at the beginning of the 2000s is being reconsolidated.
⚖US and China are reportedly drawing closer to a final trade agreement
American and Chinese officials negotiating a trade deal have resolved most of the outstanding issues but are still haggling over how to implement and enforce such an agreement, the Financial Times reported late Tuesday.Both countries have yet to agree on a number of important issues.Beijing wants Washington to remove existing U.S. tariffs on Chinese goods and, for its part, the United States wants China to agree to terms of an enforcement mechanism ensuring it abides by the deal, the FT said.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0832 5.0882
Pound Sterling GBPGHS 6.6356 6.6401
Swiss Franc CHFGHS 5.0867 5.0913
Canadian Dollar CADGHS 3.8128 3.8166
Euro EURGHS 5.6908 5.6953
Chinese Reminbi CNYGHS 0.7560 0.7566
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Takeover
A takeover occurs when one company makes a bid to assume control of or acquire another, often by purchasing a majority stake in the target firm. In the takeover process, the company making the bid is the acquirer while the company it wishes to take control of is called the target. Takeovers are typically initiated by a larger company for a smaller one. They can be voluntary, meaning they are the result of a mutual decision between the two companies. In other cases, they may be unwelcome, in which case the larger company goes after the target without its knowledge.
🤔Can you state some causes of a takeover?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Tuesday, April 2, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭2nd April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 GN Savings and Ecobank Ghana sign 'mutually beneficial' partnership
Ecobank Ghana and GN Savings have signed an agreement for the establishment of a partnership between the two financial institutions. The agreement was signed on Friday, March 29, 2019 at the offices of GN Savings and will see the two institutions work together in areas that will be mutually beneficial to both entities a statement on the deal said. The agreement became necessary due to the reclassification of GN Bank as a Savings and Look company, now called GN Savings. The CEO of GN Savings, Mr Issah Adam has urged clients and the Ghanaian by banking public to however continue doing business with them.
📡 Clean-up of microfinance sector starts in Q2 of 2019 - BoG
The Governor of the Bank of Ghana, Dr. Ernest Addison says the clean-up of the microfinance sector is going to start in the second quarter of this year. He says the clean-up is expected to cost about GH¢700m. He added that they are working with the Ministry of Finance to raise the necessary resources to do that. There are about 319 microfinance institutions across the country that have the license to operate and are in general compliance with the central bank's guidelines.
📡 Switch to gas to reduce cost of power in Ghana again - Ministry
The Ministry of Energy is anticipating a further drop in the electricity tariffs as the country works to increase the use of gas by power generation by plants. The Ministry believes this should bring respite to consumers. Although the Public Utilities Regulatory Commission was expected to announce tariffs adjustments in March, the Commission delayed it's announcement to May which is expected to take effect in June, 2019. The Deputy Energy Minister in charge of Finance, Joseph Cudjoe stated hopes of a drop in electricity tariffs as part of assurances to the public in the wake or recent power outages and the impact on users electricity.
📡 Docutech introduces Xerox Iridesse Production Press to Ghana's printing industry
Docutech Limited, the authorized distributor of Xerox Products in Ghana, hosted the West Africa unveiling of the Xerox Iridesse Production Press, an innovation that is revolutionizing the digital print industry. The Iridesse Production Press is the only digital press that can print metallic gold or silver dry ink, CYMK and clear dry ink in a single pass, giving print providerd an immediate competitive edge in the growing digital print enhancement market. The General Manager of Docutech, Jean Louis believes that the introduction of Xerox Iridesse will truly give customers unlimited printing possibilities in regard to greater efficiencies, reduced complexity and faster time-to-market capabilities.
|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💤
⚖ Uganda withdraws cash from oil fund before producing any oil
Uganda withdrew from its nascent Petroleum Fund for a second time before it starts producing oil, as the East African nation struggles to narrow its budget gap while increasing infrastructure investments. A sum of 200bn Shillings ($54m) was removed from the fund to help finance spending plans for the year through June, leaving 288.7bn Shillings in the account, the Finance Ministry said in a report on its website. This follows a 125.3bn Shillings withdrawal the previous year.
⚖ Bitcoin rallies 15% to it's highest level since November
Bitcoin jumped suddenly on Tuesday, following months of relatively low volatility in an asset once known for its wild price swings. The price of the world's largest cryptocurrency bounced more than 15% higher to almost $4,800, according to CoinDesk data, reaching its highest level since late November. The digital asset has added over $14bn to it's market value in the last 24 hours, according to CoinMarketCap.
⚖ Global recession is highly likely if there is no US-China trade deal within months
According to Moody's Analytics Chief Economist Mark Zandi, the global economy is "highly likely" to go into a recession if the U.S. and China don't reach a trade deal within three months. His prediction is based on current "extraordinary fragile" business sentiment that was a result of a protracted tariff fight between the two largest economies in the world that started last year.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0834 5.0884
Pound Sterling GBPGHS 6.6638 6.6724
Swiss Franc CHFGHS 5.0939 5.0997
Canadian Dollar CADGHS 3.8044 3.8080
Euro EURGHS 5.7058 5.7102
Chinese Reminbi CNYGHS 0.7573 0.7580
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Microfinance
Microfinance is a category of financial services targeted at individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings and checking accounts; microinsurance; and payment systems. Microfinance services are designed to be more affordable to poor and socially marginalized customers and to help them become self-sufficient.
🤔 Can you list some of the challenges faced by Microfinance institutions in Ghana?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
🇬🇭2nd April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡 GN Savings and Ecobank Ghana sign 'mutually beneficial' partnership
Ecobank Ghana and GN Savings have signed an agreement for the establishment of a partnership between the two financial institutions. The agreement was signed on Friday, March 29, 2019 at the offices of GN Savings and will see the two institutions work together in areas that will be mutually beneficial to both entities a statement on the deal said. The agreement became necessary due to the reclassification of GN Bank as a Savings and Look company, now called GN Savings. The CEO of GN Savings, Mr Issah Adam has urged clients and the Ghanaian by banking public to however continue doing business with them.
📡 Clean-up of microfinance sector starts in Q2 of 2019 - BoG
The Governor of the Bank of Ghana, Dr. Ernest Addison says the clean-up of the microfinance sector is going to start in the second quarter of this year. He says the clean-up is expected to cost about GH¢700m. He added that they are working with the Ministry of Finance to raise the necessary resources to do that. There are about 319 microfinance institutions across the country that have the license to operate and are in general compliance with the central bank's guidelines.
📡 Switch to gas to reduce cost of power in Ghana again - Ministry
The Ministry of Energy is anticipating a further drop in the electricity tariffs as the country works to increase the use of gas by power generation by plants. The Ministry believes this should bring respite to consumers. Although the Public Utilities Regulatory Commission was expected to announce tariffs adjustments in March, the Commission delayed it's announcement to May which is expected to take effect in June, 2019. The Deputy Energy Minister in charge of Finance, Joseph Cudjoe stated hopes of a drop in electricity tariffs as part of assurances to the public in the wake or recent power outages and the impact on users electricity.
📡 Docutech introduces Xerox Iridesse Production Press to Ghana's printing industry
Docutech Limited, the authorized distributor of Xerox Products in Ghana, hosted the West Africa unveiling of the Xerox Iridesse Production Press, an innovation that is revolutionizing the digital print industry. The Iridesse Production Press is the only digital press that can print metallic gold or silver dry ink, CYMK and clear dry ink in a single pass, giving print providerd an immediate competitive edge in the growing digital print enhancement market. The General Manager of Docutech, Jean Louis believes that the introduction of Xerox Iridesse will truly give customers unlimited printing possibilities in regard to greater efficiencies, reduced complexity and faster time-to-market capabilities.
|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💤
⚖ Uganda withdraws cash from oil fund before producing any oil
Uganda withdrew from its nascent Petroleum Fund for a second time before it starts producing oil, as the East African nation struggles to narrow its budget gap while increasing infrastructure investments. A sum of 200bn Shillings ($54m) was removed from the fund to help finance spending plans for the year through June, leaving 288.7bn Shillings in the account, the Finance Ministry said in a report on its website. This follows a 125.3bn Shillings withdrawal the previous year.
⚖ Bitcoin rallies 15% to it's highest level since November
Bitcoin jumped suddenly on Tuesday, following months of relatively low volatility in an asset once known for its wild price swings. The price of the world's largest cryptocurrency bounced more than 15% higher to almost $4,800, according to CoinDesk data, reaching its highest level since late November. The digital asset has added over $14bn to it's market value in the last 24 hours, according to CoinMarketCap.
⚖ Global recession is highly likely if there is no US-China trade deal within months
According to Moody's Analytics Chief Economist Mark Zandi, the global economy is "highly likely" to go into a recession if the U.S. and China don't reach a trade deal within three months. His prediction is based on current "extraordinary fragile" business sentiment that was a result of a protracted tariff fight between the two largest economies in the world that started last year.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0834 5.0884
Pound Sterling GBPGHS 6.6638 6.6724
Swiss Franc CHFGHS 5.0939 5.0997
Canadian Dollar CADGHS 3.8044 3.8080
Euro EURGHS 5.7058 5.7102
Chinese Reminbi CNYGHS 0.7573 0.7580
🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.wikipedia.com
****
Term of the day📚
🤔 Microfinance
Microfinance is a category of financial services targeted at individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings and checking accounts; microinsurance; and payment systems. Microfinance services are designed to be more affordable to poor and socially marginalized customers and to help them become self-sufficient.
🤔 Can you list some of the challenges faced by Microfinance institutions in Ghana?
__________________________________
📍Compiled & edited by:
Philip Elike Gagah
Agnes Boatemaa Appiadu
Monday, April 1, 2019
Finance Students & Associates-FINSA (UGBS)♨
🇬🇭1st April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Visa outlines strategies for Ghana as new country manager is unveiled
Payments technology company, Visa, has set up a dedicated office in Ghana in a bid to build stronger relationships with its partners in the country. Country Manager for Visa Ghana, Adoma Peprah, said although the payments solution provider has been operating in Ghana for over ten years, it has done so from its Nigeria office. She explained that the growing sophistication of Ghana’s financial market underscores the need to have a dedicated establishment in the country.
📡Govt signs €34m agreement with EU, UNIDO
Government has signed an agreement worth 34 million Euros with the United Nations Industrial Development Organization (UNIDO) and the European Union to boost the country’s industrial development, trade and exports. The agreement will enable Ghana benefit from the UNIDO’s new Country Program for Ghana and the EU’s West Africa Competitiveness Programme.
📡Over 119 thousand Ghanaians duped in Ponzi schemes in 2018
Data from the Bank of Ghana has revealed that nearly 119, 300 people lost their investments to four Ponzi schemes in 2018. That excludes victims of Menzgold. The victims lost a total of GHS59,568,000. The companies that were used to dupe the unsuspecting customers include, Savannah Brokerage Investment Limited, Bitworld Investments Limited, FX Crypto Trading and Global Coin Community Help (GCCH). Based on the data, Global Coin Community Help Scheme recorded the highest number of victims with 110, 000 people. The victims lost GHS46,869, 043.49.
📡CalBank receives Most Improved and Compliant Taxpayer Award
The Ghana Revenue Authority has named CalBank the Most Improved and Compliant Taxpayer for the year 2018 under the Large Taxpayer Office Silver Category at its Annual GRA Staff and Stakeholders awards night. The award is in recognition of the Bank’s remarkable contribution to domestic revenue mobilization, compliance with tax laws and employment generation. Speaking on the recognition, the Managing Director of the Bank, Frank Adu Jnr, affirmed that CalBank has always remained a good corporate citizen and will continue to meet its tax and other regulatory obligations as a commitment to its stakeholders.
|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💤
⚖China's $13 trillion bond market marks a milestone today. Here's what it means.
Starting today, 364 onshore Chinese bonds will be added to the Bloomberg Barclays Global Aggregate Index over the next 20 months. Analysts estimate that the full inclusion will attract around $150 billion of foreign inflows into China's roughly $13 trillion bond market — the third-largest in the world after the U.S. and Japan. The inflows will help support the Chinese yuan at a time when China's current account surplus is shrinking, said Khoon Goh, the head of Asia research at ANZ Bank.
⚖South Africa Yields Fall and Rand Rallies After Moody’s Forgoes Action
South African benchmark bond yields fell to the lowest in 10 months and the rand extended gains after Moody’s Investors Service chose not to update its investment grade rating on the country’s sovereign debt or the outlook. Yields on rand-denominated securities due December 2026 fell five basis points to 8.55 percent by 8:09 a.m. in Johannesburg, the lowest since May 30. The rand led gains in emerging-market currencies, advancing for a second day to trade 1.3 percent stronger at 14.3077 per dollar.
⚖Erdogan Loses Key Cities as Turkey Feels Recession's Sting
The capital, Ankara, and cities along the Mediterranean coast slipped from the grasp of Erdogan’s nationalist alliance in a municipal election upended by a raging recession and a recent run on the currency. And after hours of competing victory declarations in Turkey’s largest city and commercial hub Istanbul, the election board said the opposition candidate had inched ahead in official counting. Erdogan’s ruling bloc largely stood its ground across much of the country’s rural interior.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0809 5.0859
Pound Sterling GBPGHS 6.6123 6.6208
Swiss Franc CHFGHS 5.0985 5.1031
Canadian Dollar CADGHS 3.8030 3.8068
Euro EURGHS 5.7052 5.7115
Chinese Reminbi CNYGHS 0.7566 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📚
🤔 Ponzi Scheme
A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own. The scheme is named after Charles Ponzi who became notorious for using the technique in the 1920s.
🤔 What are the defining characteristics of a Ponzi scheme?
__________________________________
📍Compiled & edited by:
Agnes Boatemaa Appiadu
Philip Elike Gagah
🇬🇭1st April, 2019
⏰6:00pm
BUSINESS SPACE📈
_________________________________
📡Visa outlines strategies for Ghana as new country manager is unveiled
Payments technology company, Visa, has set up a dedicated office in Ghana in a bid to build stronger relationships with its partners in the country. Country Manager for Visa Ghana, Adoma Peprah, said although the payments solution provider has been operating in Ghana for over ten years, it has done so from its Nigeria office. She explained that the growing sophistication of Ghana’s financial market underscores the need to have a dedicated establishment in the country.
📡Govt signs €34m agreement with EU, UNIDO
Government has signed an agreement worth 34 million Euros with the United Nations Industrial Development Organization (UNIDO) and the European Union to boost the country’s industrial development, trade and exports. The agreement will enable Ghana benefit from the UNIDO’s new Country Program for Ghana and the EU’s West Africa Competitiveness Programme.
📡Over 119 thousand Ghanaians duped in Ponzi schemes in 2018
Data from the Bank of Ghana has revealed that nearly 119, 300 people lost their investments to four Ponzi schemes in 2018. That excludes victims of Menzgold. The victims lost a total of GHS59,568,000. The companies that were used to dupe the unsuspecting customers include, Savannah Brokerage Investment Limited, Bitworld Investments Limited, FX Crypto Trading and Global Coin Community Help (GCCH). Based on the data, Global Coin Community Help Scheme recorded the highest number of victims with 110, 000 people. The victims lost GHS46,869, 043.49.
📡CalBank receives Most Improved and Compliant Taxpayer Award
The Ghana Revenue Authority has named CalBank the Most Improved and Compliant Taxpayer for the year 2018 under the Large Taxpayer Office Silver Category at its Annual GRA Staff and Stakeholders awards night. The award is in recognition of the Bank’s remarkable contribution to domestic revenue mobilization, compliance with tax laws and employment generation. Speaking on the recognition, the Managing Director of the Bank, Frank Adu Jnr, affirmed that CalBank has always remained a good corporate citizen and will continue to meet its tax and other regulatory obligations as a commitment to its stakeholders.
|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💤
⚖China's $13 trillion bond market marks a milestone today. Here's what it means.
Starting today, 364 onshore Chinese bonds will be added to the Bloomberg Barclays Global Aggregate Index over the next 20 months. Analysts estimate that the full inclusion will attract around $150 billion of foreign inflows into China's roughly $13 trillion bond market — the third-largest in the world after the U.S. and Japan. The inflows will help support the Chinese yuan at a time when China's current account surplus is shrinking, said Khoon Goh, the head of Asia research at ANZ Bank.
⚖South Africa Yields Fall and Rand Rallies After Moody’s Forgoes Action
South African benchmark bond yields fell to the lowest in 10 months and the rand extended gains after Moody’s Investors Service chose not to update its investment grade rating on the country’s sovereign debt or the outlook. Yields on rand-denominated securities due December 2026 fell five basis points to 8.55 percent by 8:09 a.m. in Johannesburg, the lowest since May 30. The rand led gains in emerging-market currencies, advancing for a second day to trade 1.3 percent stronger at 14.3077 per dollar.
⚖Erdogan Loses Key Cities as Turkey Feels Recession's Sting
The capital, Ankara, and cities along the Mediterranean coast slipped from the grasp of Erdogan’s nationalist alliance in a municipal election upended by a raging recession and a recent run on the currency. And after hours of competing victory declarations in Turkey’s largest city and commercial hub Istanbul, the election board said the opposition candidate had inched ahead in official counting. Erdogan’s ruling bloc largely stood its ground across much of the country’s rural interior.
|Daily Interbank FX Rates|
Currency Pairs Code Buying Selling
U.S Dollar USDGHS 5.0809 5.0859
Pound Sterling GBPGHS 6.6123 6.6208
Swiss Franc CHFGHS 5.0985 5.1031
Canadian Dollar CADGHS 3.8030 3.8068
Euro EURGHS 5.7052 5.7115
Chinese Reminbi CNYGHS 0.7566 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📚
🤔 Ponzi Scheme
A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own. The scheme is named after Charles Ponzi who became notorious for using the technique in the 1920s.
🤔 What are the defining characteristics of a Ponzi scheme?
__________________________________
📍Compiled & edited by:
Agnes Boatemaa Appiadu
Philip Elike Gagah
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