Business

How the cedi is performing as GRA assured to reverse all dubious E-levy deductions

 

Ghana’s revenue governing body, Ghana Revenue Authority (GRA) has assured people who have been wrongly charged as part of the implementation of the Electronic Levy popularly known as E-levy that all wrongful charges will be reversed. According to the GRA, it is using a modified approach to validate claims of wrongful charges to be able to reverse the wrongful charges on transactions done on May 1, as a result of the full implementation of the E-levy. A member of the E-levy Committee of the Ghana Revenue Authority (GRA), Mr. Isaac Kwabena Amoako gave this assurance after the rollout of the E-levy on Sunday.

Kinross Gold is selling its 90 percent interest in the Chirano mine in Ghana to fellow Canadian Asante Gold in a cash and shares deal worth $225 million. The open-pit and underground mining operation in southwestern Ghana produced 154,668 gold-equivalent ounces in 2021, compared to 166,590 in 2020 and is located immediately south of Asante Gold’s Bibiani gold mine. The government of Ghana holds a 10% interest. The Toronto-based company will receive $115 million in cash and Asante common shares with a value of $50 million based on the 30-day average price of the buying company prior to closing.

The board of Twitter has agreed to a $44bn (£34.5bn) takeover offer from the billionaire Elon Musk. Mr Musk, who made the shock bid less than two weeks ago, said Twitter had “tremendous potential” that he would unlock. He also called for a series of changes from relaxing its content restrictions to eradicating fake accounts. The firm initially rebuffed Mr Musk’s bid, but it will now ask shareholders to vote to approve the deal. Elon Musk is the world’s richest person, according to Forbes magazine, with an estimated net worth of $273.6bn mostly due to his shareholding in electric vehicle maker Tesla which he runs. He also leads the aerospace firm SpaceX.

Panways Ghana has signed a joint venture agreement with Sapori Dicasa and Fidtrade SA of Italy and Lugano Switzerland to process organic products. Headquartered in Takoradi, the new venture, dubbed “ Panways Made in Nature”, is aimed at distributing in Whole Foods Market, Vitamin Cottage and independent grocers in western and local markets. Mr Patrick Kwesie, the Managing Partner of Panways Ghana and Dr. Luigi Brescia, President of Panways Group, represented the Panways Ghana, while the Sapori Dicasa was represented by a renowned food processing technologist, Dr. Claudio Lacoponi with Professor Maurizio Zadra, representing the Fidtrade SA of Lugano Switzerland.

Government of Ghana through the Ministry of Energy is anticipating a significant utilization of renewable energy sources towards attaining the UN Sustainable Development Goal 7 by 2030. The Ministry targets to harness 10 percent of Ghana’s renewable energy resources in consolidating the country’s energy security. Deputy Minister of Energy, William Owuraku Aidoo, indicated the Ministry is in the process of fully harnessing and including renewable energy in Ghana’s electricity mix. He spoke at the official commissioning of a 400Kw hybrid waste-to-energy power plant at Gyankobaa in the Ashanti region.

🚩The 2nd edition of Access Bank and ScaleUp Africa’s Pan-African Women’s Conference convened and celebrated women in Business. 30 outstanding women were also awarded for excelling in their various pursuits. The hybrid event was hosted at Labadi Beach Resort in Accra with broad participation from East and West Africa. The keynote address was delivered by CEO of The Chair Centre Group, Dr Ibukun Awosika, who advised women to champion their personal development and self-confidence. Other notable speakers included Pearl Nkrumah, Beryl Agyekum, Joana Bannerman, Miishe Addy, Irene Ochem, Justina Mutale, Amma Gyampo and Roselyn Ngissah.

INTERBANK FOREX RATES 💴💰
US$GH¢ Buy 7.1092 Sell 7.1164
GB£GH¢ Buy 8.9285 Sell 8.9381
CHFGH¢ Buy 7.3071 Sell 7.3144
AUD$GH¢ Buy 5.0482 Sell 5.0545
CAD$GH¢ Buy 5.5522 Sell 5.5572
JP¥GH¢ Buy 0.0548 Sell 0.0548
NZDGH¢ Buy 4.6089 Sell 4.6148
ZARGH¢ Buy 0.4493 Sell 0.4498
EU€GH¢ Buy 7.4929 Sell 7.4997
CHN¥GH¢ Buy 1.0757 Sell 1.0768
GH¢CFA Buy 87.4644 Sell 87.5438
GH¢NG₦ Buy 58.4496 Sell 58.5367

CRYPTOCURRENCY MARKET
Bitcoin $38,064.04 🔻1.17%
Ethereum $2,796.11 🔻1.63%
Binance Coin $385.01 🔻1.30%
Ripple $0.608 🔻1.81%
Cardano $0.779 🔻1.46%
Terra $83.41 🔻1.11%
Solana $85.84 🔻2.92%
Avalanche $59.75 🔻2.98%
Polkadot $15.00 🔻0.84%
Dogecoin $0.1294 🔻1.47%

💵Bloomberg USDGHS Cross Rate – *7.5333* (YTD – 21.82🔺️%)

💰STANBIC BANK FX RATES💵
US$GH¢ Buy 7.2000 Sell 7.8000
GB£GH¢ Buy 9.0180 Sell 9.8186
EU€GH¢ Buy 7.5816 Sell 8.2625
CH¥GH¢ Buy 1.0890 Sell 1.1911

🔼GSE DAILY GAINERS ➖ PRICE ➖ %CHANGE
POP ➡Gh¢0.68 🔼+3.03%

🔻GSE DAILY LOSERS ➖ PRICE ➖ %CHANGE
GLD ➡Gh¢142.50 🔻-11.30%

〽Inflation rate in Ghana ➡ 19.40% (🔺️+23.57%)

🏦Ghana Reference Rate ➡ 16.58% (🔺️+16.93%)

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

¶ TREASURY RATES💸
91 – Day Discount Rate 16.6825% Interest Rate 17.4085%
182 – Day Discount Rate 16.9561% Interest Rate 18.5268%
364 – Day Discount Rate 16.4393% Interest Rate 19.6735%
1 Year Fixed Note Interest Rate 16.5672%
2 Year Fixed Note Interest Rate 19.7500%
3 Year Bond Interest Rate 20.8500%
5 Year Bond Interest Rate 20.7500%
6 Year Bond Interest Rate 21.7500%
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¢9.35/ltr (YTD -🔺️+38.52%)
🛢Diesel – Gh¢9.99/ltr (YTD -🔺️+48.00%)
⛽LPG – Gh¢10.25/kg (YTD -🔺️+26.23%)

🏧MARKET INDEXES
*Dow Jones Index🚂⛽ 33,061.50 +84.29 +0.26%
*S&P 500 🏦 4,155.38 +23.45 +0.57%
*Nasdaq Index📲💻 12,536.02 +201.38 +1.63%
* NYSE Composite Index 15,609.28 -5.97 -0.04%
*London FTSE 7,544.55 +35.36 +0.47%
*Germany DAX 13,939.07 -158.81 -1.13%
*Japan NIKKEI 225 26,818.53 -29.37 -0.11%
*Tokyo TOPIX Index 1,898.35 -1.27 -0.07%
*Hong Kong HANG SENG 21,136.00 +46.61 +0.22%
*Shanghai Shenzhen 300 4,016.24 +95.13 +2.43%
*S&P/ASX 200 Index 7,316.20 -30.79 -0.42%
*Bloomsberg EU 500 292.23 +1.67 +0.57%
*France CAC All-Tradable 4,891.83 -81.77 -1.64%
*Dubai DFM General Index 3,719.63 -1.00 -0.03%
*MOEX Russia Index 2,445.17 +61.51 +2.58%
*FTSE/JSE South Africa 65,475.55 +923.56 +1.43%
*Nairobi SE 20 Share 1,800.64 -14.39 -0.79%
*Nigeria SE Main 49,638.94 +801.18 +1.64%
*BBG EMEA World Index 149.19 +0.47 +0.32%
*GSE Composite Index 2,691.53 0.00 0.00%
*GSE Financial Index 2,209.70 0.00 0.00%

GSE INDEXES ⏸ 2022 YTD RETURNS%
*GSE Composite Index 2,691.53 🔻-3.51%
*GSE Financial Index 2,209.70 🔼+2.69%

🔼GSE 2022 GAINERS ➖ PRICE ➖ YTD%
SIC ➡Gh¢0.25 🔼+212.50%
ETI ➡Gh¢0.19 🔼+35.71%
GGBL ➡Gh¢2.25 🔼+25.00%
EGL ➡Gh¢3.30 🔼+18.28%
TBL ➡Gh¢0.40 🔼+17.65%

🔻GSE 2022 LOSERS ➖ PRICE ➖ YTD%
PBC ➡Gh¢0.02 🔻-33.33%
ACCESS ➡Gh¢2.29 🔻-27.30%
FML ➡Gh¢3.00 🔻-25.00%
IIL ➡Gh¢0.04 🔻-20.00%
MTNGH ➡Gh¢1.00 🔻-9.91%

💧MUTUAL FUNDS IN GHANA♣
📈EQUITY FUNDS ➰YTD%
Databank EPAcK 🔼+4.67%
Republic Equity Trust 🔼+1.99%
Heritage Fund 🔻-0.32%
SAS Fortune Fund 🔻-0.31%

⚖BALANCED FUNDS ⏸ YTD%
EDC Balanced 🔼+3.92%
Databank Bfund 🔼+3.55%
CDH Balanced Fund 🔼+3.06%
Fidelity Balanced Trust 🔼+4.29%
CCMF 🔼+5.74%
CM Fund 🔼+3.94%
Dalex Vision Fund 🔼+5.53%
Plus Balanced Fund 🔼+6.23%
Elite Mutual Fund 🔼+4.56%
Republic Future Plan Trust 🔼+2.50%
UMB Balanced Fund 🔼+3.46%
Databank EdiFund Tier 2 🔼+4.03%

⚙FIXED INCOME FUNDS 🛡YTD%
EDC Fixed Income 🔼+5.09%
Databank Mfund 🔼+5.69%
Fidelity Fixed Income Trust 🔼+5.18%
Financial Independence Fund 🔼+4.97%
Fixed Income Alpha Plus 🔼+5.75%
Nimed Fixed Income Fund Tier 1 🔼+4.66%
Nimed Fixed Income Fund Tier 2 🔼+5.10%
Plus Income Fund 🔼+5.87%
STANLIB Income Fund Trust 🔼+5.63%
Databank EdiFund T1 🔼+5.48%

MONEY MARKET FUNDS ⏱YTD%
SAS Midas Fund 🔼+4.64%
Octane DC Money Market Fund 🔼+4.43%
First Fund 🔼+3.85%
Stanlib Cash Trust 🔼+4.76%
EDC Money Market Fund 🔼+4.73%
Republic Unit Trust 🔼+3.98%

COMMODITIES MARKET
*Brent Crude $/barrel⛽ $106.98 -0.60 -0.56%
*Natural Gas 🏭 $/million BTUS $7.65 +0.18 +2.39%
*Gold 👑 $/troy ounce $1,856.60 -7.00 -0.38%
*Silver 💍 $/troy ounce $22.54 -0.04 -0.19%
*Corn 🌽 $/bushel $805.25 +1.75 +0.22%
*Cocoa 🍫 $/metric ton $2,604.00 +37.00 +1.44%
*Coffee ☕ $/pound $215.90 -6.20 -2.79%
*Sugar🎂 $/pound $18.85 -0.30 -1.57%
*Lumber $/1000 board feet $918.00 +3.00 +0.33%
Rubber USd/100kg $163.40 +4.20 +2.64%

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