Business

Government to reduce fuel prices by 15 pesewas

 

The cedi appears to be responding positively to the recent increment in the Policy Rate by 2.5 percentage points to 17% and other actions taken by the Bank of Ghana to address its depreciation. The local currency traded below GH¢8 to the US dollar at most forex bureaus and banks, yesterday, March 23rd, 2022. Same were said of the British pound and the euro. In actual fact, the cedi appreciated by 1.20% to the dollar, 0.47% to the pound and 1.52% to the euro respectively on March 23rd, 2022. However, in terms of the year-to-date, the local currency has lost about 15% in value to the dollar.

🚩Finance Minister, Ken Ofori-Atta , has announced that as part of the government’s efforts to reduce expenditure in the country, all fuel coupon allocations will be slashed by 50 percent. The Minister made this revelation whiles addressing journalists at a press briefing in Accra, on March 24, 2022. “Discretionary spending is to be further cut by an additional 10%. The Ministry of Finance is currently meeting with MDAs to review their spending plans for the rest of the three (3) quarters to achieve the discretionary expenditure cuts; these times call for very efficient use of energy resources. In line with this, there will be a 50% cut in fuel coupon allocations for all political appointees and Heads of government institutions, including SOEs, effective 1st April 2022,” Ken Ofori-Atta said.

🚩Government has announced a reduction in the margin for petroleum price-build up by a total of 15 pesewas per litre effective April 1, 2022. The move, according to the Finance Minister, Ken Ofori-Atta is expected to mitigate the impact of rising petroleum prices at the pump covering a three-month period.
Speaking at a press briefing in Accra on March 24, 2022 the minister said, “To mitigate the rising price of petroleum products at the pumps for the next three months, government has decided to reduce margins in petroleum price build-up by a total of 15 pesewas per litre with effect from 1st of April,” he said.

 

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💵Bloomberg USDGHS Cross Rate – *7.5250* (YTD – 21.68🔺️%)

💰STANBIC BANK FX RATES💵
US$GH¢ Buy 7.4000 Sell 7.8500
GB£GH¢ Buy 9.7325 Sell 10.3785
EU€GH¢ Buy 8.1060 Sell 8.6483
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🔼GSE DAILY GAINERS ➖ PRICE ➖ %CHANGE
No gainers for today

🔻GSE DAILY LOSERS ➖ PRICE ➖ %CHANGE
GCB ➡Gh¢5.16 🔻-0.39%

〽Inflation rate in Ghana ➡ 15.70% (🔺️+12.95%)

🏦Ghana Reference Rate ➡ 14.18% (🔺️+1.21%)

✳Policy Rate in Ghana ➡ 17.00% (🔽+17.24%)

¶ 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 12.9799% Interest Rate 13.4152%
182 – Day Discount Rate 12.7424% Interest Rate 13.6095%
364 – Day Discount Rate 14.4980% Interest Rate 16.9563%
1 Year Fixed Note Interest Rate 16.5672%
2 Year Fixed Note Interest Rate 19.7500%
3 Year Bond Interest Rate 20.5000%
5 Year Bond Interest Rate 20.7500%
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%

🛢Petroleum Products – Average Price
🏗Petrol – Gh¢9.70/ltr (YTD -🔺️+43.70%)
🛢Diesel – Gh¢9.99/ltr (YTD -🔺️+48.00%)
⛽LPG – Gh¢10.25/kg (YTD -🔺️+26.23%)

🏧MARKET INDEXES
*Dow Jones Index🚂⛽ 34,707.94 +349.44 +1.02%
*S&P 500 🏦 4,520.16 +63.92 +1.43%
*Nasdaq Index📲💻 14,191.84 +269.24 +1.93%
* NYSE Composite Index 16,701.82 +143.29 +0.87%
*London FTSE 7,467.38 +6.75 +0.09%
*Germany DAX 14,273.79 -9.86 -0.07%
*Japan NIKKEI 225 28,110.39 +70.23 +0.25%
*Tokyo TOPIX Index 1,981.56 +2.86 +0.14%
*Hong Kong HANG SENG 21,945.95 -208.13 -0.94%
*Shanghai Shenzhen 300 4,251.31 -25.21 -0.59%
*S&P/ASX 200 Index 7,387.07 +9.20 +0.12%
*Bloomsberg EU 500 296.06 -0.53 -0.18%
*France CAC All-Tradable 4,985.04 -22.93 -0.46%
*Dubai DFM General Index 3,379.48 +18.28 +0.54%
*MOEX Russia Index 2,578.51 +108.03 +4.37%
*FTSE/JSE South Africa 67,690.25 -545.17 -0.80%
*Nairobi SE 20 Share 1,860.75 +1.95 +0.10%
*Nigeria SE Main 46,961.62 -202.32 -0.43%
*BBG EMEA World Index 153.29 -0.16 -0.10%
*GSE Composite Index 2,742.06 -0.51 -0.02%
*GSE Financial Index 2,173.53 -0.92 -0.04%

GSE INDEXES ⏸ 2022 YTD RETURNS%
*GSE Composite Index 2,742.06 🔻-1.70%
*GSE Financial Index 2,173.53 🔼+1.01%

🔼GSE 2022 GAINERS ➖ PRICE ➖ YTD%
SIC ➡Gh¢0.21 🔼+162.50%
GGBL ➡Gh¢2.25 🔼+25.00%
ETI ➡Gh¢0.17 🔼+21.43%
EGL ➡Gh¢3.30 🔼+18.28%
TBL ➡Gh¢0.40 🔼+17.65%

🔻GSE 2022 LOSERS ➖ PRICE ➖ YTD%
ACCESS ➡Gh¢2.09 🔻-33.65%
PBC ➡Gh¢0.02 🔻-33.33%
FML ➡Gh¢3.00 🔻-25.00%
BOPP ➡Gh¢6.00 🔻-9.77%
MTNGH ➡Gh¢1.06 🔻-4.50%

💧MUTUAL FUNDS IN GHANA♣
📈EQUITY FUNDS ➰YTD%
Databank EPAcK 🔼+4.75%
Republic Equity Trust 🔼+1.34%
Heritage Fund 🔻-0.16%
SAS Fortune Fund 🔻-1.16%

⚖BALANCED FUNDS ⏸ YTD%
EDC Balanced 🔼+0.74%
Databank Bfund 🔼+2.61%
CDH Balanced Fund 🔼+2.34%
Fidelity Balanced Trust 🔼+3.43%
CCMF 🔼+4.74%
CM Fund 🔼+2.56%
Dalex Vision Fund 🔼+4.78%
Plus Balanced Fund 🔼+6.90%
Elite Mutual Fund 🔼+2.97%
Republic Future Plan Trust 🔼+1.72%
UMB Balanced Fund 🔼+1.84%
Databank EdiFund Tier 2 🔼+2.99%

⚙FIXED INCOME FUNDS 🛡YTD%
EDC Fixed Income 🔼+3.42%
Databank Mfund 🔼+3.98%
Fidelity Fixed Income Trust 🔼+3.38%
Financial Independence Fund 🔼+2.99%
Fixed Income Alpha Plus 🔼+4.68%
Nimed Fixed Income Fund Tier 1 🔼+3.11%
Nimed Fixed Income Fund Tier 2 🔼+3.46%
Plus Income Fund 🔼+5.46%
STANLIB Income Fund Trust 🔼+3.88%
Databank EdiFund T1 🔼+3.82%

MONEY MARKET FUNDS ⏱YTD%
SAS Midas Fund 🔼+3.19%
Octane DC Money Market Fund 🔼+3.11%
First Fund 🔼2.45%
Stanlib Cash Trust 🔼+3.22%
EDC Money Market Fund 🔼+3.18%
Republic Unit Trust 🔼+2.70%

COMMODITIES MARKET
*Brent Crude $/barrel⛽ $118.04 -3.56 -2.93%
*Natural Gas 🏭 $/million BTUS $5.40 +0.17 +3.23%
*Gold 👑 $/troy ounce $1,967.70 +25.10 +1.29%
*Silver 💍 $/troy ounce $25.92 +0.73 +2.90%
*Corn 🌽 $/bushel $748.25 -9.50 -1.25%
*Cocoa 🍫 $/metric ton $2,583.00 -48.00 -1.82%
*Coffee ☕ $/pound $221.85 -3.45 -1.53%
*Sugar🎂 $/pound $19.26 +0.02 +0.10%
*Lumber $/1000 board feet $1,020.00 -34.30-3.25%
Rubber USd/100kg $171.00 0.00 0.00%

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

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