• Jan 21, 2019
  • g/Business
  • Aiphay
🚩 The Securities and Exchange Commission (SEC) has told Citi Business News, it is working with the Economic and Organized Crime Office (EOCO) and the Attorney General to speed up investigations into the operations of Menzgold. It follows the dismissal of a suit filed against the SEC and Bank of Ghana by gold dealership firm, Menzgold to prevent the two institutions from investigating its operations.

🚩Former workers of the five consolidated banks, Unibank, Beige, Royal, Construction and Sovereign banks may be heaving a sigh of relief as Citi Business News has gathered the workers can now access their tier 3 pension contributions, and Provident Funds. The Provident Fund is money the workers voluntarily contributed personally to a scheme which was managed by privately owned insurance companies.

🚩Tullow Oil is gearing up to drill seven oil wells in the Jubilee and TEN Oil fields this year. Managing Director, Kweku Awotwi stated the new wells will fetch it more proceeds than the US$2bn secured last year. With the activation of the new wells, Tullow expects to generate 180,000 barrels of oil a day raising its overall gross oil production per 2019 production forecast.

🚩The Ghana Cocoa Board (COCOBOD} will require Gh¢1.5 billion to address its financing gap for the 2018/2019 crop season, a parliamentary report has revealed. This was contained in the Finance Committee report on the terms of a medium-term receivables-backed trade finance facility between Ghana Cocoa Board (as borrower) and a consortium of banks and financial institutions (lenders), with government (as guarantor) for an amount of US$300 million to refinance cocoa bills for the 2018/2019 crop season. Additionally, US$1.5m was waived as stamp duty on the loan facility.

🚩The Customs Division of the Ghana Revenue Authority (GRA) fell short of its 2018 revenue target by more than GH¢2 billion, and almost 70 percent of that loss is attributed to the transit trade sector according to the Commissioner of Customs, Isaac Crentsil. He said unfair practices, including the diversion of goods and the non-declaration of goods that are originally meant for transit but eventually find their way onto the domestic market, accounted for that loss.

🚩The Managing Director of the Ghana Airport Company Limited, Mr. John Dekyem Attafuah, has been sacked from his position with immediate effect. According to sources, the dismissal letter dated 16th January 2019, was signed by the Aviation Minister, Joseph Kofi Adda, and addressed to the Board Chairman. Mr. John Dekyem Attafuah has been directed to hand over to his Deputy, Mr. Yaw Kwakwa, who is expected to act until a substantive appointment of a new Managing Director is made by government.

🚩Malaysia would consider dropping charges against Goldman Sachs (NYSE:GS) if it was compensated for the full amount raised for the 1MDB fund. That's according to Malaysian finance minister Lim Guan Eng, who added that an appropriate figure would be $7.5B. "Goldman Sachs was lied to by certain members of the former Malaysian government and 1MDB," an investment bank spokesman declared. "We intend to vigorously contest the charges brought against us."

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

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

91 - Day Discount Rate 14.1704% Interest Rate 14.6908%
182 - Day Discount Rate 14.0505% Interest Rate 15.1122%
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%)

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%

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%

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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