BUSINESS/ FINANCIAL NEWS | GHANA AND BEYOND 🌍 14/01/2019
 
 

BUSINESS/ FINANCIAL NEWS | GHANA AND BEYOND 🌍 14/01/2019

  • Jan 14, 2019
  • g/Business
  • Aiphay
BUSINESS/ FINANCIAL NEWS | GHANA AND BEYOND 🌍 14/01/2019

🚩 The now-defunct Heritage Bank is being wound down as fast as possible following the revocation of its licence by the Bank of Ghana and the subsequent transfer of its assets and liabilities by the central bank to the state-owned Consolidated Bank Ghana Limited, staff of the bank have been told. The workers have had a series of meetings with the Receiver over their fate and the winding down process since the Bank of Ghana announced the revocation of the licence a week ago.

🚩The Madina Institute of Science and Technology (MIST), a tertiary educational institution, has hinted at a long-term goal of setting up an Islamic bank to cater to the unbanked population in its catchment area. Its president, Prof. Abdullai Salifu Asuro said: “It is an alternative that is missing in this part of the world; we can’t gloss over the fact that there are people who are not very comfortable with our traditional banking system because Islam frowns on anything that charges interest.

🚩The Jospong Group of Companies has debunked media publication that its contract with government to supply 1,000,000 bins and 900,000 pieces of biodegradable bin liners at the cost of US$74,040,000 was terminated by the state. A statement issued on Thursday by the management of Jospong Group whose subsidiaries won the bid to execute the contract called the publication a misrepresentation of issues.

🚩Ghana could be earning about 640 million dollars or (15%) in oil revenue by next the next two years with the coming on board of Aker Energy’s new production wells. The oil company has announced that its oil exploration works in the Deepwater Cape Three Points block has been successful as it shows oil quantities estimated between 450 and 550 million barrels. For this year, the government is expecting to rake in daily oil revenue of 11.6 million dollars. This is expected to translate into yearly revenue of 4.23 billion dollars.

🚩Ghana has been nominated for a Third Power Compact under the Millennium Challenge Account (MCA) alongside four other West African countries, including Burkina Faso, Ivory Coast, Benin and Niger. Mr Martin Eson-Benjamin, the Chief Executive Officer (CEO) of the Millennium Development Authority (MiDA), announced this at a media stakeholders’ engagement in Accra. He said out of the five countries two would be selected and Ghana stands a good chance of being selected, only if she successfully implemented the ongoing Power Compact II.

🚩The Coalition of Textile Workers reckons they can now compete fairly in the market given government’s decision to exclude local textile manufacturers from paying certain taxes and VAT. John Ackon of the coalition says the burdensome payment of Value Added Tax (VAT) was further pounding the textile companies into an inevitable death. He stated the tax component meant the cost was passed done to the depots, wholesalers, retailers and ultimately the customers who complained of the high cost the locally made fabrics.

🚩The Receiver of Heritage Bank, Mr Vish Ashiagbor, has given the staff of the now-defunct Heritage Bank a three-month contract. The bank’s licence was recently revoked by the Bank of Ghana and added to the state-owned Consolidated Bank Ghana Limited. In a letter to the inherited staff of Heritage Bank, the Receiver said: “As you may be aware, pursuant to section 16(1)(a)(7) and (8) of the Bank and Specialised Deposit-Taking Institutions Act, 2016 (Act930), the Bank of Ghana (BoG), on 4 January 2019 revoked the operating licence of Heritage Bank and has appointed Mr Vish Ashiagbor, a Director of PricewaterhouseCoopers (Ghana) Limited (PwC), as the Receiver for the purposes of winding down the affairs of Heritage Bank.

〽️Inflation rate in Ghana ➡️ 9.40% (+1.08%)

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

¶ TREASURY BILLS RATE💸
91 - Day Discount Rate 14.1103% Interest Rate 14.6263%
182 - Day Discount Rate 14.0283% Interest Rate 15.0865%
1 Year Fixed Note Interest Rate 16.5672%
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%

Average Petrol & Diesel Price Per Litre - Gh¢4.94 (-3.30%)


💧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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