BUSINESS/ FINANCIAL NEWS | GHANA AND BEYOND 🌍 09/01/2019
 
 

BUSINESS/ FINANCIAL NEWS | GHANA AND BEYOND 🌍 09/01/2019

  • Jan 9, 2019
  • g/Business
  • Aiphay
BUSINESS/ FINANCIAL NEWS | GHANA AND BEYOND 🌍 09/01/2019


🚩 The Social Security and National Insurance Trust (SSNIT) has increased the benefits of pensioners by 11 percent. The decision, according to SSNIT was taken after considering the rate of increase of prices of goods and services, adjustment in public sector salaries, as well as available funds with the company. Speaking at a press conference, the Director-General of SSNIT, John Ofori-Tenkorang explained that low pension beneficiaries will get some relief due to the increase.

🚩The Public Interest and Accountability Committee (PIAC) has revealed that although Ghana National Gas Company (GNGC) made proceeds to the tune of over $46 million in 2018, this did not reflect in the Petroleum Holding Fund (PHF). PIAC in its semi-annual report on the management of petroleum revenues for the first half of 2018 revealed that despite the proceeds, GNGC made “no payment to GNPC in respect of gas supplied, for which reason no gas receipts were realised in the Petroleum Holding Fund (PHF).”

🚩Management of Groupe Nduom has reacted to claims on social media that the company made investments with embattled gold dealership company, MenzGold. A press release signed by the Head of Corporate Affairs at Groupe Nduom, Frank Owusu-Ofori argued that ‘neither Groupe Nduom nor any of its subsidiaries made any investment with MenzGold Ghana Limited.’

🚩The Bank of Ghana says it does not have the power to intervene in the Menzgold saga. Speaking on the Super Morning Show on Joy 99.7 FM Tuesday, Second Deputy Governor of BoG, Mrs Elsie Awadzi said “we don’t even have the power to intervene; we didn’t regulate it, there is no way we are going to do anything. We don’t have anything to do with Menzgold unfortunately.” She said the Bank of Ghana “has been very clear for a long while about the fact this was an unlicensed operation.”

🚩The 23rd Ghana International Trade Fair is scheduled to take place at the Trade Fair Centre La, Accra from the 28th February through to 11th March 2019. The fair is under the theme: “Made in Ghana, Globally Accepted”. The trade Expo is under the auspices of the ministry of Trade & Industry and partnered by Ministry of Business Development, Ghana Export Promotion Authority, Rural Enterprises Program, GIPC, GICCL, AGI and others.

🚩The local textile industry has received a boost following the government’s decision to zero-rate Value-Added Tax on the supply of locally manufactured textiles for a period of three years. The move is to help reduce their cost build up, make the local textile industry price-competitive and help them compete with the influx of cheap textile products from other parts of the world. Although the policy is expected to cost the government an estimated revenue of GH¢40.1 million annually, it comes as a huge relief to the industry who have for a long time now been appealing to the government for tax exemptions on their products.

🚩World Bank Group President Jim Yong Kim today announced that he will be stepping down from his position after more than six years in which the institution’s shareholders provided strong support to multiple initiatives to ensure that the Bank Group retains strong leadership in the world of global development.

✴INTERBANK FOREX RATES 💴💰
US$Gh¢ Buy 4.8341 Sell 4.8389
GB£Gh¢ Buy 6.1538 Sell 6.1614
CAD$Gh¢ Buy 3.6383 Sell 3.6417
JP¥Gh¢ Buy 0.0444 Sell 0.0445
ZARGh¢ Buy 0.3468 Sell 0.3471
EU€Gh¢ Buy 5.5295 Sell 5.5338
CHN¥Gh¢ Buy 0.7061 Sell 0.7069
Gh¢CFA Buy 118.54 Sell 118.63
Gh¢NG₦ Buy 63.50 Sell 63.56
BITCOIN Trading Price $4,008.64 ▲$193.31 ▲13.54%
ETHEREUM Trading Price $147.37 ▲$9.52 ▲8.10%
RIPPLE Trading Price $0.36 ▲ $0.01 ▲0.92%

〽️Inflation rate in Ghana ➡️ 9.30% (-2.11%)

✳Policy Rate in Ghana ➡️ 17.00% (0.00%)

¶ TREASURY BILLS RATE💸
91 - Day Discount Rate 14.0824% Interest Rate 14.5963%
182 - Day Discount Rate 13.9921% Interest Rate 15.0446%
1 Year Fixed Note Interest Rate 15.0000%
2 Year Fixed Note Interest Rate 19.5000%
3 Year Bond Interest Rate 18.0000%
5 Year Bond Interest Rate 17.0000%
10 Year Bond Interest Rate 17.5000%



💧MUTUAL FUNDS IN GHANA♠️
📈EQUITY FUNDS ➰
Dalex Vision 🔼+26.33%
Gold Fund 🔼+19.87%
Legacy Trust 🔼+16.89%
Omega Equity 🔼+10.26%
Anidaso Fund 🔼+7.96%
SAS Fortune 🔼+8.87%
Republic Equity 🔼+1.01%
NTHC Horizon 🔻 -0.35%
HeritageFund 🔻-5.56%
EPAcK 🔻-7.00%
SEM All-Africa 🔻-5.33%

⚖BALANCED FUNDS ⏸
CM Fund 🔼+20.89%
CDH Balanced 🔼+17.97%
UMB Balanced 🔼+18.09%
MyWealth Trust 🔼+11.89%
Republic F Plan 🔼+11.61%
EdiFund T2 🔼+8.37%
CCMF 🔼+8.16%
Bfund 🔼+6.83%
GalaxyBfund 🔼+5.56%

⚙FIXED INCOME FUNDS 🛡
TTL IncomeHaven 🔼+25.53%
FirstFund 🔼+19.84%
Galaxy Mfund 🔼+18.87%
Omega Income 🔼+17.99%
SEM Income 🔼+17.55%
EDC Fixed Income 🔼+16.85%
Mfund 🔼+15.99%
SEM MoneyPlus 🔼+15.01%
Republic Unit 🔼+15.22%
STANLIB Income 🔼+16.79%
Gold Money 🔼+14.92%



Sources: Bank of Ghana, Bloomberg, GSE, Reuters, Citifm, Myjoyonline, Ghanaweb, Doobia, BBC, Graphic Business, B&FT, StarFmonline, Prince Henry
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1 Comment

Simons Abochie

Jan 10, 2019

Good to know. Its my hope that the increment improves on the livelihood of pensioners. Right way to go

 
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