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Bank of Ghana forecast supply deficit for the cocoa market

The Bank of Ghana is forecasting a supply deficit for the cocoa market in the ongoing 2021/22 season with cocoa prices forecast to average about $2,450 in 2022, before increasing to $2,500 in 2023. The outlook, it said, stems from some production challenges in Ghana notwithstanding good production prospects in the largest grower, Côte d’Ivoire. In its July 2022 Monetary Policy Report, the Central Bank said crude oil price will average $108 per barrel.

“Analysts project crude oil prices to average about $108 per barrel for the second half of 2022, lower than current prices.”

🚩The Bank of Ghana has given strong indication that the recently approved $750 million Afriexim loan facility by Parliament once disbursed, among other measures, will boost the foreign exchange position of the country and help restore confidence in the cedi. The additional measures include the cocoa syndication loan which is expected in the last quarter of 2022 and expected to provide more foreign currency to help address the cedi depreciation, the Gold Purchase Programme to increase foreign exchange reserves and the Special Foreign Exchange Auction for the Bulk Distribution Company’s (BDCs) to help with the importation of petroleum products. The rest are a cooperation agreement with the mining companies to provide the Central Bank with the opportunity to buy gold as when it becomes available and foreign currency liquidity support to the banking sector to help meet demand for external payments.

🚩Genser Energy has successfully secured a loan of $425 million to develop a gas pipeline project in Ghana. The loan will be paid within a period of 8-years. The fund, which comprises of a syndicated loan facility of $325 million and a $100 million mezzanine loan facility, will be used to refinance existing debt and finance the next phase of expansion projects by the company. The projects to be financed with the facility includes a 100 kilometer natural gas pipeline to Ghana’s second largest city, Kumasi from the Western region; a 200mmscfd gas conditioning plant at Prestea, Ghana and a Natural Gas Liquid (‘NGL’) storage terminal at Takoradi Port as a major step in Genser’s decarbonization strategy to achieve net zero carbon by 2035.

🚩Ghana Gas is set to construct a 290-kilometre gas pipeline in the country.
The Majority Chief Whip, Frank Annoh-Dompreh, made the revelation in a tweet on Thursday. According to the Nsawam-Adoagyiri legislator, the project will pass through four regions – Western, Central, Eastern and Greater Accra. “Eight distribution stations will be built, and one will be stationed in Nsawam (a mini-plant),” parts of his tweet read.

 

INTERBANK FOREX RATES 💴💰
US$GH¢ Buy 8.0531 Sell 8.0611
GB£GH¢ Buy 9.7788 Sell 9.7894
CHFGH¢ Buy 8.5524 Sell 8.5602
AUD$GH¢ Buy 5.7343 Sell 5.7425
CAD$GH¢ Buy 6.3032 Sell 6.3093
JP¥GH¢ Buy 0.0603 Sell 0.0604
NZDGH¢ Buy 5.1935 Sell 5.2011
ZARGH¢ Buy 0.4981 Sell 0.4982
EU€GH¢ Buy 8.2668 Sell 8.2751
CHN¥GH¢ Buy 1.1967 Sell 1.1976
GH¢CFA Buy 79.2688 Sell 79.3484
GH¢NG₦ Buy 53.1109 Sell 53.1109

CRYPTOCURRENCY MARKET
Bitcoin $24,848.61 🔼0.37%
Ethereum $$1,983.75 🔼0.11%
Binance Coin $323.71 🔼0.15%
Ripple $0.5734 🔼0.36%
Cardano $0.3828 🔼0.32%
Solana $46.40 🔼0.18%
Dogecoin $0.07985 🔼0.16%

💵Bloomberg USDGHS Cross Rate – *9.0599* (YTD -🔺️46.50%)

💰STANBIC BANK FX RATES💵
US$GH¢ Buy 8.5000 Sell 9.2000
GB£GH¢ Buy 10.3343 Sell 11.2442
EU€GH¢ Buy 8.7312 Sell 9.5091
CH¥GH¢ Buy 1.2583 Sell 1.3742

🔼GSE DAILY GAINERS ➖ PRICE ➖ %CHANGE
MTNGH ➡Gh¢0.95 🔼+7.95%
SOGEGH ➡Gh¢1.00 🔼+4.17%

🔻GSE DAILY LOSERS ➖ PRICE ➖ %CHANGE
GCB ➡Gh¢4.99 🔻-0.20%

〽Inflation rate in Ghana ➡ 31.70% (🔺️+6.38%)

🏦Ghana Reference Rate ➡ 24.22% (🔺️+2.37%)

✳Policy Rate in Ghana ➡ 19.00% (🔺️+11.76%)

¶ TREASURY RATES💸
91 – Day Discount Rate 25.5923% Interest Rate 27.3416%
182 – Day Discount Rate 25.1245% Interest Rate 28.7342%
364 – Day Discount Rate 22.3755% Interest Rate 28.8253%

📄IC SECURITIES GOG BOND RUNS – YIELDS TO MATURITY
1 Year Note – Bid 30.70% Ask 29.50%
2 Year Bond – Bid 31.00% Ask 29.70%
3 Year Bond – Bid 31.40% Ask 30.00%
5 Year Bond – Bid 32.00% Ask 30.50%
7 Year Bond – Bid 32.80% Ask 31.00%
10 Year Bond – Bid 33.00% Ask 31.50%
20 Year Bond – Bid 33.00% Ask 31.50%

🛢Petroleum Products – Average Price
🏗Petrol – Gh¢11.30/ltr (YTD-🔺️+67.40%)
🛢Diesel – Gh¢13.11/ltr (YTD-🔺️+94.22%)

🏧MARKET INDEXES
*Dow Jones Index🚂⛽ 33,761.05 +424.38 +1.27%
*S&P 500 🏦 4,280.15 +72.88 +1.73%
*Nasdaq Index📲💻 13,047.19 +267.28 +2.09%
* NYSE Composite Index 15,804.38 +201.45 +1.29%
*London FTSE 7,500.89 +34.98 +0.47%
*Germany DAX 13,795.85 +101.34 +0.74%
*Japan NIKKEI 225 28,546.98 +727.65 +2.62%
*Tokyo TOPIX Index 1,973.18 +39.53 +2.04%
*Hong Kong HANG SENG 20,175.62 +93.19 +0.46%
*Shanghai Shenzhen 300 4,191.15 -2.39 -0.06%
*S&P/ASX 200 Index 7,032.51 -38.45 -0.54%
*Bloomsberg EU 500 288.43 +0.29 +0.10%
*France CAC All-Tradable 4,973.49 +4.83
+0.10%
*Dubai DFM General Index 3,395.01 +9.41 +0.28%
*MOEX Russia Index 2,147.33 +14.22 +0.67%
*FTSE/JSE South Africa 63,996.11 -620.57 -0.96%
*Nairobi SE 20 Share 1,799.46 +3.26 +0.18%
*Nigeria SE Main 49,664.07 -350.53 -0.70%
*BBG EMEA World Index 144.78 -0.94 -0.65%
*GSE Composite Index 2,560.49 +84.9 +3.43%
*GSE Financial Index 2,085.40 +4.46 +0.21%

GSE INDEXES ⏸ 2022 YTD RETURNS%
*GSE Composite Index 2,560.49 🔻-8.20%
*GSE Financial Index 2,085.40 🔻-3.09%

🔼GSE 2022 GAINERS ➖ PRICE ➖ YTD%
SIC ➡Gh¢0.32 🔼+300.00%
TBL ➡Gh¢0.48 🔼+41.18%
GGBL ➡Gh¢2.25 🔼+25.00%
EGL ➡Gh¢3.30 🔼+18.28%
POP ➡Gh¢0.68 🔼+4.62%

🔻GSE 2022 LOSERS ➖ PRICE ➖ YTD%
PBC ➡Gh¢0.02 🔻-33.33%
FML ➡Gh¢3.00 🔻-25.00%
IIL ➡Gh¢0.04 🔻-20.00%
TOTAL ➡Gh¢4.09 🔻-18.53%
SOGEGH ➡Gh¢1.00 🔻-16.67%

💧MUTUAL FUNDS IN GHANA♣
📈EQUITY FUNDS ➰YTD%
Databank EPAcK 🔼+6.13%
Republic Equity Trust 🔼+2.84%
Heritage Fund 🔻-3.11%
SAS Fortune Fund 🔼+4.12%

⚖BALANCED FUNDS ⏸ YTD%
EDC Balanced 🔼+4.64%
Databank Bfund 🔼+7.25%
Fidelity Balanced Trust 🔼+8.30%
Enhanced Equity Beta Fund 🔼+31.04%
CCMF 🔼+13.56%
CDH Balanced Fund 🔼+4.23%
CM Fund 🔼+8.74%
Dalex Vision Fund 🔼+7.02%
Plus Balanced Fund 🔼+17.91%
Elite Mutual Fund 🔼+7.92%
Republic Future Plan Trust 🔼+4.35%
Databank EdiFund Tier 2 🔼+7.13%
UMB Balanced Fund 🔼+8.46%

⚙FIXED INCOME FUNDS 🛡YTD%
EDC Fixed Income 🔼+9.33%
Databank Mfund 🔼+10.55%
Fidelity Fixed Income Trust 🔼+6.57%
Financial Independence Fund 🔼+10.10%
Fixed Income Alpha Plus 🔼+13.72%
Nimed Fixed Income Fund Tier 1 🔼+9.23%
Nimed Fixed Income Fund Tier 2 🔼+9.63%
OctaneDC Bond Fund 🔼+9.71%
Plus Income Fund 🔼+10.04%
Stanlib Income Fund Trust 🔼+10.76%
Databank EdiFund T1 🔼+10.77%

MONEY MARKET FUNDS ⏱YTD%
SAS Midas Fund 🔼+9.25%
Octane DC Money Market Fund 🔼+8.34%
First Fund 🔼+8.30%
Stanlib Cash Trust 🔼+9.76%
EDC Money Market Fund 🔼+9.87%
Republic Unit Trust 🔼+8.27%

COMMODITIES MARKET
*Brent Crude $/barrel⛽ $98.15 -1.45 -1.46%
*Natural Gas 🏭 $/million BTUS $8.77 -0.11 -1.19%
*Gold 👑 $/troy ounce $1,815.50 +8.30 +0.46%
*Silver 💍 $/troy ounce $20.85 +0.35 +1.69%
*Corn 🌽 $/bushel $642.25 +14.50 +2.31%
*Cocoa 🍫 $/metric ton $2,394.00 -57.00
-2.33%
*Coffee ☕ $/pound $222.40 +2.85 +1.30%
*Sugar🎂 $/pound $18.60 +0.11 +0.59%
*Lumber $/1000 board feet $588.70 -6.90 -1.16%
Rubber USd/100kg $149.70 -0.40 -0.27%

Sources: Bank of Ghana, Bloomberg, GSE, Reuters, Citifm, Myjoyonline, Ghanaweb, Doobia, BBC, Graphic Business, B&FT, StarFmonline, Ghana News Agency.

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