BusinessHeadlines

Power consumers owe Volta River Authority over Gh¢4.7 billion

The Controller and Accountant General’s Department (CAGD) has made payment of GH¢485 million as Cost of Living Allowance (COLA) for public workers for the months of July and August. This was disclosed in a press release dated August 29, 2022, signed by the Controller and Accountant General, Kwasi Kwaning-Bosompem in Accra. The payment follows agreement between government and Organized Labour on July 14, 2022 after the latter embarked on a strike action which pushed the former to agree to a 15 percent increase on basic salaries of public sector workers as COLA to cushion them on the loss in the value of their incomes due to rising inflation and high cost of living.

Some power customers owe the Volta River Authority (VRA) more than ¢4.7 billion. This was revealed by the 2021 report of the Auditor-General. “Our review of the Authority’s ledgers and reconciliations on receivables disclosed that a total amount of GH¢4,764,760,731.41 was due from power customers as of 31 December 2020”, the report noted. “This contravenes Section 91(1) of Public Financial Management Act, 2016 (Act 921)” the report added.
“We recommended that the Management of the Authority should intensify its efforts to recover the outstanding receivables”.

Lawyers for two major trading groups at the Kumasi Kejetia Market in the Ashanti Region have officially filed a lawsuit against the Kumasi City Market Limited (KCML), managers of the facility over the destruction of wares. The two groups, Concerned Central Market Traders Association and the Eleven Member Steering Committee of the Kumasi Central Market, are seeking to guarantee Gh¢104, 850 compensation for damages caused by a pipe burst in the market. OTEC News’ Kwame Agyenim Boateng gathered that the writ of summons was on Friday, August 26, 2022, served to the managers of KCLM and they have eight days to respond to the suit. In the lawsuit, the plaintiffs have asked a Kumasi High court to force authorities at the market to compensate traders who have consistently lost their goods to pipe bursts and flooding in the market.

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Bloomberg USDGHS Cross Rate – *9.9689* (YTD -️61.20%)

STANBIC BANK FX RATES
US$GH¢ Buy 9.2000 Sell 9.9500
GB£GH¢ Buy 10.7787 Sell 11.7211
EU€GH¢ Buy 9.1991 Sell 10.0107
CH¥GH¢ Buy 1.3282 Sell 1.4493

GSE DAILY GAINERS ➖ PRICE ➖ %CHANGE
ACCESS ➡Gh¢3.63 +10.00%
SOGEGH ➡Gh¢1.09 +9.00%
ETI ➡Gh¢0.14 +7.69%
TOTAL ➡Gh¢4.18 +4.50%
EGH ➡Gh¢6.76 +4.00%

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

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

Ghana Reference Rate ➡ 24.22% (️+2.37%)

✳Policy Rate in Ghana ➡ 22.00% (️+15.79%)

¶ TREASURY RATES
91 – Day Discount Rate 26.7039% Interest Rate 28.6142%
182 – Day Discount Rate 26.0427% Interest Rate 29.9415%
364 – Day Discount Rate 22.7934% Interest Rate 29.5226%

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
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* NYSE Composite Index 14,931.42 -187.43 -1.24%
*London FTSE 7,361.63 -65.68 -0.88%
*Germany DAX 12,961.14 +68.15 +0.53%
*Japan NIKKEI 225 28,195.58 +316.62 +1.14%
*Tokyo TOPIX Index 1,968.38 +24.28 +1.25%
*Hong Kong HANG SENG 19,949.03 -74.19 -0.37%
*Shanghai Shenzhen 300 4,075.79 -13.73 -0.34%
*S&P/ASX 200 Index 6,998.33 +32.85 +0.47%
*Bloomsberg EU 500 274.84 -1.92 -0.69%
*France CAC All-Tradable 4,708.33 -10.00 -0.21%
*Dubai DFM General Index 3,463.59 +27.16 +0.79%
*MOEX Russia Index 2,306.62 +10.29 +0.45%
*FTSE/JSE South Africa 61,321.55 -1,225.23 -1.96%
*Nairobi SE 20 Share 1,750.05 -0.49 -0.03%
*Nigeria SE Main 49,642.69 -34.06 -0.07%
*BBG EMEA World Index 135.94 -0.65 -0.48%
*GSE Composite Index 2,501.79 +28.79 +1.16%
*GSE Financial Index 2,066.89 +48.64 +2.41%

GSE INDEXES ⏸ 2022 YTD RETURNS%
*GSE Composite Index 2,501.79 -10.31%
*GSE Financial Index 2,066.89 -3.95%

GSE 2022 GAINERS ➖ PRICE ➖ YTD%
SIC ➡Gh¢0.31 +287.50%
TBL ➡Gh¢0.48 +41.18%
GGBL ➡Gh¢2.25 +25.00%
EGL ➡Gh¢3.30 +18.28%
ACCESS ➡Gh¢3.63 +15.24%

GSE 2022 LOSERS ➖ PRICE ➖ YTD%
PBC ➡Gh¢0.02 -33.33%
FML ➡Gh¢3.00 -25.00%
GCB ➡Gh¢4.05 -22.71%
IIL ➡Gh¢0.04 -20.00%
MTNGH ➡Gh¢0.91 -18.02%

MUTUAL FUNDS IN GHANA♣
EQUITY FUNDS ➰YTD%
Databank EPAcK +6.75%
Republic Equity Trust +2.14%
Heritage Fund -4.42%
SAS Fortune Fund +4.91%

⚖BALANCED FUNDS ⏸ YTD%
EDC Balanced +5.40%
Databank Bfund +7.46%
Fidelity Balanced Trust +8.79%
Enhanced Equity Beta Fund +32.32%
CCMF +16.85%
CDH Balanced Fund +4.23%
CM Fund +9.08%
Dalex Vision Fund +7.09%
Plus Balanced Fund +22.46%
Elite Mutual Fund +8.58%
Republic Future Plan Trust +4.17%
Databank EdiFund Tier 2 +8.39%
UMB Balanced Fund +8.46%

⚙FIXED INCOME FUNDS YTD%
EDC Fixed Income +9.58%
Databank Mfund +11.18%
Fidelity Fixed Income Trust +7.88%
Financial Independence Fund +11.12%
Fixed Income Alpha Plus +18.42%
Nimed Fixed Income Fund Tier 1 +12.83%
Nimed Fixed Income Fund Tier 2 +10.60%
OctaneDC Bond Fund +10.60%
Plus Income Fund +11.07%
Stanlib Income Fund Trust +11.24%
Databank EdiFund T1 +11.85%

MONEY MARKET FUNDS ⏱YTD%
SAS Midas Fund +9.82%
Octane DC Money Market Fund +9.29%
First Fund +9.56%
Stanlib Cash Trust +10.77%
EDC Money Market Fund +10.82%
Republic Unit Trust +8.88%

COMMODITIES MARKET
*Brent Crude $/barrel⛽ $100.06 -5.03 -4.79%
*Natural Gas $/million BTUS $9.04 -0.29 -3.15%
*Gold $/troy ounce $1,736.30 -13.40 -0.77%
*Silver $/troy ounce $18.29 -0.38 -2.05%
*Corn $/bushel $235.20 -1.40 -0.59%
*Cocoa $/metric ton $2,408.00 -2.00 -0.08%
*Coffee ☕ $/pound $677.25 -5.75 -0.84%
*Sugar $/pound $18.10 -0.34 -1.84%
*Lumber $/1000 board feet $476.70 -8.30 -1.71%
Rubber USd/100kg $137.80 -2.80 -1.99%

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

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