Business

Business Today and Exchange rate: Government injects US$300m from IMF to support 2022 budget

Business Today: Government injects US$300m to support 2022 budget

The Bank of Ghana has disclosed an injection of about US$300 million from the International Monetary Fund’s Special Drawing Rights allocation would go towards supporting the 2022 budget of government. According to a Graphic Business report, central bank Governor, Dr Ernest Addison , said the budgetary support which translates to GH¢1.7 billion is expected to enhance government spending to hasten post COVID-19 economic recovery and reduce government borrowing. Addressing journalists on how the funds would be expended at the 102nd meeting of the Monetary Policy Committee of the central bank, the BoG Governor explained though the funds are meant to go towards balance of payment supports, the Bretton Woods Institution was preparing to allow member countries to use part of the funds for budget support.

Ghana’s banking sector still remains strong and well capitalised, according to Governor of the Bank of Ghana , Dr Ernest Addison. The sector, the governor said, has recorded stronger growth in total assets, investments and deposits as at the end of August 2021. Speaking at the 102nd meeting of the Monetary Policy Committee of the central bank, Dr Addison said total assets of the banking sector increased by 16.7 percent to GH¢166.4 billion as at end-August 2021, driven mainly by a 28.0 percent year-on-year growth in investments to GH¢80.3 billion. For August 2021, the industry’s Capital Adequacy Ratio was 20.7 percent well-above the regulatory minimum threshold of 11.5 percent.

The Ghanaian Cedi has been rated the strongest currency in the West African sub-region and the third strongest in Africa. In an analysis of the strength of all African currencies against the United States Dollar, published by multiple African economic journals, including Pan African news outlet, Africanews.com, the Cedis came out top in the sub-region and was also rated the third strongest currency in Africa against the US Dollar. On the African continent, the Cedi was ranked only behind Libya and Tunisia’s Dinar. Morocco’s Dirham and Botswana’s Pula followed Ghana’s Cedis at 4th and 5th respectively, to complete Africa’s top 5 strongest currencies.

The United States Department of Agriculture has invested about $2 million in the poultry sector through the just ended Ghana Poultry Project. According to Technical Lead of the project, Raymond Denteh, the investment was given out as grant to modernise the poultry industry. Speaking on the sidelines of Ghana Chicken Regulatory Forum, he disclosed that the funds were used to improve egg processing, digitise trading, along the value chain, amongst others. The Ghana Chicken Regulatory Forum organised by USDA’s Ghana Poultry Project seeks to educate industry players on regulatory activities.

The Millennium Challenge Corporation has extended the completion of projects under the Ghana Power Compact II programme to June 2022. The initiative is a partnership between the MCC and the Government of Ghana to strengthen the country’s power sector. According to Steve Marma, Country Director for the corporation, the extension is as a result of a delay in the completion of some projects under the compact which stalled due to the coronavirus pandemic. Speaking at the inauguration of the Meter Management System established by the Millennium Development Authority (MiDA), Marma pointed that despite the extension period not being part of the MCC’s policy, it deemed it necessary to do so in order to allow for projects to be completed.

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✴INTERBANK FOREX RATES 💴💰
US$GH¢ Buy 5.8624 Sell 5.8682
GB£GH¢ Buy 7.9376 Sell 7.9462
CHFGH¢ Buy 6.3143 Sell 6.3205
AUD$GH¢ Buy 4.2435 Sell 4.2480
CAD$GH¢ Buy 4.6179 Sell 4.6223
JP¥GH¢ Buy 0.0526 Sell 0.0527
NZDGH¢ Buy 4.0776 Sell 4.0827
ZARGH¢ Buy 0.3891 Sell 0.3894
EU€GH¢ Buy 6.8446 Sell 6.8513
CHN¥GH¢ Buy 0.9075 Sell 0.9082
GH¢CFA Buy 95.7420 Sell 95.8357
GH¢NG₦ Buy 70.4192 Sell 70.5335

CRYPTOCURRENCY MARKET
Bitcoin $42,210.57 🔻0.58%
Ethereum $2,907.14 🔻1.39%
Binance Coin $343.19 🔼1.16%
Cardano $2.08 🔻3.43%
Ripple $0.9193 🔻1.60%
Dogecoin $0.1997 🔻1.09%
Polkadot $27.49 🔻1.87%
Avalanche $64.84 🔻5.25%
Uniswap $23.83 🔼4.60%
Solana $138.91 🔻5.33%
LUNA $34.86 🔻4.83%
Chainlink $23.27 🔻0.20%
Bitcoin Cash $485.91 🔻1.30%
Algorand $1.72 🔼0.20%
Litecoin $144.75 🔻1.52%
MATIC $1.09 🔻0.59%
Internet Computer $42.57 🔻1.16%
Filecoin $57.41 🔻1.66%
Cosmos $36.17 🔻1.49%
Ethereum Classic $46.05 🔼0.42%
Stellar $0.2667 🔼0.01%
THETA $4.94 🔻0.22%
Vechain $0.08608 🔻0.85%
TRON $0.08582 🔻1.59%
PancakeSwap $18.59 🔼0.75%

💵Bloomberg USDGHS Cross Rate – 6.0450 (YTD – 🔺️+3.04%)

💰STANBIC BANK FX RATES💵
US$GH¢ Buy 5.9000 Sell 6.1200
GB£GH¢ Buy 8.0790 Sell 8.3954
EU€GH¢ Buy 6.8944 Sell 7.1757

🔼GSE DAILY GAINERS➖%CHANGE➖PRICE
MTNGH ➡Gh¢1.23 🔼+7.89%
GOIL ➡Gh¢1.70 🔼+6.25%

🔻GSE DAILY LOSERS➖%CHANGE➖PRICE
No losers for today

〽Inflation rate in Ghana ➡ 9.70% (🔺️+7.78%)

🏦Ghana Reference Rate ➡ 13.46% (🔽-0.37%)

✳Policy Rate in Ghana ➡ 13.50% (🔽-7.41%)

¶ TREASURY RATES💸
14 – Day Discount Rate 14.4196% Interest Rate 14.5000%
56 – Day Discount Rate 14.1836% Interest Rate 14.5000%
91 – Day Discount Rate 12.1142% Interest Rate 12.4925%
182 – Day Discount Rate 12.3964% Interest Rate 13.2155%
364 – Day Discount Rate 13.8939% Interest Rate 16.1358%
1 Year Fixed Note Interest Rate 16.5672%
2 Year Fixed Note Interest Rate 17.5000%
3 Year Bond Interest Rate 17.7000%
5 Year Bond Interest Rate 18.8000%
6 Year Bond Interest Rate 18.8000%
7 Year Bond Interest Rate 18.1000%
10 Year Bond Interest Rate 19.7500%
20 Year Fixed Rate Bond 20.2000%

🐂GHANA GOV’T EUROBOND RATES 🏦
7 Year Bond Coupon Rate 7.7500%
12 Year Bond Coupon Rate 8.6250%
20 Year Bond Coupon Rate 8.8750%

🛢Average Petrol & Diesel Price Per Litre – Gh¢6.38 (🔺️+2.41%)

🏧 MARKET INDEXES
*Dow Jones Index🚂⛽ 34,299.99 -569.38
-1.63%
*S&P 500 🏦 4,352.63 -90.48
-2.04%
*Nasdaq Index📲💻 14,546.68 -423.29
-2.83%
* NYSE Composite Index 16,328.79 -271.00
-1.63%
*London FTSE 7,028.10 -35.30
-0.50%
*Germany DAX 15,248.56 -325.32
-2.09%
*Japan NIKKEI 225 30,183.96 -56.10
-0.19%
*Tokyo TOPIX Index 2,081.77 -5.97
-0.29%
*Hong Kong HANG SENG 24,500.39 +291.61
+1.20%
*Shanghai Shenzhen 300 4,883.83 +6.46
+0.13%
*S&P/ASX 200 Index 7,275.55 -108.62
-1.47%
*Bloomsberg EU 500 296.74 -6.23
-2.06%
*France CAC All-Tradable 5,011.66 -106.22
-2.08%
*Dubai DFM General Index 2,830.71 +13.44
+0.48%
*MOEX Russia Index 4,109.66 +40.11
+0.99%
*FTSE/JSE South Africa 57,462.19 -322.08
-0.56%
*Nairobi SE 20 Share 2,047.82 -7.58
-0.37%
*Nigeria SE Main 38,858.99 -5.34
-0.01%
*BBG EMEA World Index 158.26 -2.43
-1.51%
*GSE Composite Index 2,812.66 +109.44
+4.05%
*GSE Financial Index 2,008.97 0.00 0.00%

🔼GSE 2021 GAINERS ➖ PRICE ➖ YTD%
FML ➡Gh¢2.74 🔼+153.70%
SOGEGH ➡Gh¢1.25 🔼+95.31%
MTNGH ➡Gh¢1.23 🔼+92.19%
GGBL ➡Gh¢1.65 🔼+83.33%
TOTAL ➡Gh¢4.65 🔼+64.31%

🔻GSE 2021 LOSERS ➖ PRICE ➖ YTD%
CPC ➡Gh¢0.02 🔻-33.33%
UNIL ➡Gh¢5.90 🔻-28.83%
ACCESS ➡Gh¢3.49 🔻-20.50%
SIC ➡Gh¢0.07 🔻-12.50%
ALW ➡Gh¢0.10 🔻-9.09%

GSE INDEXES ⏸ 2021 YTD RETURNS%
*GSE Composite Index 2,812.76 🔼+44.87%
*GSE Financial Index 2,008.97 🔼+12.69%

💧MUTUAL FUNDS IN GHANA♣
📈EQUITY FUNDS ➰YTD%
Databank EPAcK 🔼+20.72%
Republic Equity Trust 🔼+15.87%
SAS Fortune Fund 🔼+18.50%

⚖BALANCED FUNDS ⏸ YTD%
EDC Balanced 🔼+23.53%
Databank Bfund 🔼+19.36%
Elite Mutual Fund 🔼+9.76%
Fidelity Balanced Trust 🔼+16.28%
CCMF 🔼+14.06%
CDH Balanced Fund 🔼+11.18%
CM Fund 🔼+11.31%
Dalex Vision 🔼+9.00%
Plus Balanced Fund 🔼+14.44%
Republic Future Plan Trust 🔼+13.05%
UMB Balanced Fund 🔼+8.03%
Databank EdiFund Tier 2 🔼+17.12%

⚙FIXED INCOME FUNDS 🛡YTD%
EDC Fixed Income 🔼+11.83%
Databank Mfund 🔼+13.73%
Fidelity Fixed Income Trust 🔼+13.25%
Financial Independence Fund 🔼+10.75%
Fixed Income Alpha Plus 🔼+13.18%
Nimed Fixed Income Fund Tier 1 🔼+11.18%
Nimed Fixed Income Fund Tier 2 🔼+11.81%
Plus Income Fund 🔼+12.87%
STANLIB Income Fund Trust 🔼+12.33%
Databank EdiFund T1 🔼+14.69%

MONEY MARKET FUNDS ⏱YTD%
SAS Midas Fund 🔼+11.01%
Stanlib Cash Trust 🔼+9.57%
EDC Money Market Fund 🔼+10.72%
Republic Unit Trust 🔼+11.05%

COMMODITIES MARKET
*Brent Crude $/barrel⛽ $78.15 -1.38 -1.74%
*Natural Gas 🏭 $/million BTUS $5.84 +0.14 +2.37%
*Gold 👑 $/troy ounce $1,733.40 -18.60 -1.06%
*Silver 💍 $/troy ounce $22.46 -0.23 -1.03%
*Corn 🌽 $/bushel $532.75 -6.75 -1.25%
*Cocoa 🍫 $/metric ton $2,555.00 +9.00 +0.35%
*Coffee ☕ $/pound $198.60 +4.95 +2.56%
*Sugar🎂 $/pound $19.84 +0.16 +0.81%
*Lumber $/1000 board feet $615.70 -26.30 -4.10%
Rubber USd/kg $164.30 +1.00 +0.61%

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

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