🚩 Ghana has signed a €40 million facility grant with the European Union aimed at promoting investments and job creation. This was announced by the Information Minister at a press briefing on Sunday. This financing agreement is the last programme to be signed from Ghana’s indicative allocation of 323 million Euros under the 11th European Development Fund and National Indicative Programme. These programmes span between 2014 and 2020.
🚩 Rating agency, Standards and Poor's (S&P) Global has maintained its 'B/B' long- and short-term foreign and local sovereign credit ratings on Ghana following pressure on public finances, with interest payments representing over 30% of government revenues. S&P Global also assigned a stable outlook in a statement issued on Friday, 15 March 2019 due to what it described as fairly strong growth prospects. This comes in the wake of government eyeing a US$3 billion Eurobond, in the coming weeks, as a stopgap measure for the weakening Ghana Cedi which strengthened by 0.2 percent within the week to 5.6452 per the US Dollar, the first weekly gain since 15 February 2019.
🚩 Fuel prices are likely to hit an all-time high by close of March, according to the Institute for Energy Security (IES). IES said the expected increment is due to external shocks. Princes of fuel have crossed the GhC5 mark at the pumps. “The expected increment is not only informed by the marginal rise in finished product prices on the International Market, but largely attributable to the 4.29 percent depreciation of the Cedi against the Dollar over the period. It has not escaped the attention of IES that whereas Ghanaians are complaining of the high cost of fuel, Oil Marketing Companies (OMCs) are also complaining of squeezed margins even as NPA touts its ‘studious’ application of the PRSL,” the IES said in a statement.
🚩 Directors of Gold Coast Fund Management (GCFM) has informed customers and the general public that it is observing the commitments made to deliver regular disbursements to clients on a quarterly basis. In addition to the GHS60 million disbursed prior to March, the company made disbursements last week and are on course to continue to meet the needs of more customers this coming week. Priorities this month going forward according to GCFM are clear are: to clear arrears from 2018, money due to those whose requests for redemptions and interest were processed and approved; and payments due for emergencies and to pensioners. Payments will be made from the domicile branches throughout the country and not from our Head Office.
🚩 A Shea Butter Processing Facility and Warehouse have been inaugurated at Gizza-Gunda, a community in the Kumbungu District, to help women shea collectors and processors in the area to improve on their operations for increased income. The United States Government, through the United States Agency for International Development (USAID), supported the construction of the processing facility and warehouse, which will benefit 600 women involved in the sector in the area.
🚩 The Cabinet of the Republic of Ghana has approved a Policy on Ghanaian content and Participation in the Downstream Petroleum Industry in Ghana. Kojo Oppong Nkrumah, Information Minister, said the policy is intended to ensure a Ghanaian-driven and Ghanaian owned petroleum downstream industry capable of attracting increased local value-added investments.
🚩 Nvidia announced it would acquire Mellanox (NASDAQ:MLNX) for $125 per share in cash, or a total enterprise value of about $6.9B. The deal, which was sought after by several bidders including Intel (NASDAQ:INTC), would be Nvidia's (NASDAQ:NVDA) biggest-ever acquisition and bolster its business of making chips for data centers. The company expects to close the acquisition by the end of 2019.
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