*BUSINESS NEWS | GHANA AND BEYOND 🌍 10/06/2016*

*BUSINESS NEWS | GHANA AND BEYOND 🌍 10/06/2016*
¶ A report by the International Monetary Fund (IMF) on the 2016 World Economic Outlook indicates Ghana’s Gross Domestic Product (GDP) per capital for the year 2015 rose to $1,340.4 from $1,266.1 in 2008 representing an increase of 5.9% over the period. Our current per capita income is also higher than that of Cote d’Ivoire ($1,314.7), Senegal ($913.0) and Kenya ($1,338.5). Ghana achieved the Millennium Development Goal 1 target of reducing the proportion of poor people by half by 2015 in 2013- a clear two years ahead of the deadline," the report further stated.

*¶FOREIGN EXCHANGE 💴💰*
US$Gh¢ Buy 3.8672 Sell 3.8710
GB£Gh¢ Buy 5.5889 Sell 5.5967
EU€Gh¢ Buy 4.3783 Sell 4.3813
Gh¢NG₦ Buy 51.38 Sell 51.43

¶ Figures released by Esoko Ghana showed that the market prices of some commodities have declined over the past month. The prices of cassava and tomato recorded the second highest drop in price for the second week in June. Three to four tubers of cassava are now selling at Gh¢7.80 compared to the Gh¢8.00 price for the same quantity last week. Tomato, whose price dropped for the second consecutive week in June recorded the highest drop in price. A medium size tin of the produce is now selling at Gh¢12.30 from the Gh¢12.90.
Prices of gari and groundnut also dropped 2% each to sell at Gh¢6.30 and Gh¢14.00 per medium size tin respectively. The price of local rice increased by 3% closing the week at Gh¢7.60 per medium size tin.

*¶ Inflation rate in Ghana - 18.7% (-2.60%)*

*¶ TREASURY BILLS RATE💸*
91 - Day Discount Rate 21.5651% Interest Rate 22.7939%
182 - Day Discount Rate 21.9594% Interest Rate 24.6678%

¶ International carriers may follow the example of United Airlines and Iberia and halt operations in Nigeria or cut flights as they struggle to move revenue out of the country because the oil-price slump has depleted the West African nation’s foreign exchange reserves. More airlines will probably cancel routes to Nigeria, due to an inability to repatriate profit, passengers are also reducing because the economy is going down. Nigeria is on the verge of a recession, oil production has fallen to about a 3-decade low, and the budget deficit has swelled to a record. The economy contracted for the first time since 2004 in the first quarter, and foreign-currency reserves have slipped to $26.4 billion, the lowest in more than a decade.

*¶ MARKET INDEXES*
*Dow Jones Index🚂⛽ 17,985.19 / -19.86(-0.11%)
*Nasdaq Index📲💻 4,958.62 / -16.03(-0.32%)
*S&P 500 🏦 2,115.48 / -3.64(-0.17%)
*Japan NIKKEI 225 16,601.36 -66.78(-0.40%)
*Hong Kong HANG SENG 21,148.22 -148.61(-0.70%)
*Bloomsberg Europe 230.02 -0.91(-2.12%)
*London FTSE 100
6,231.89 -68.86(-1.10%)
*Germany DAX 10,088.87 -126.55(-1.25%)
* GSE - Ghana 1,760.32 +0.50(+0.03%)

¶ The Ghana Water Company Limited (GWCL) spends about GH¢8 on every cubic metre (1000 litres) of the 200 million gallons of water it treats daily, but sells the same volume at GH¢4 to consumers, Head of Communications at GWCL, Mr Stanley Martey has disclosed. Mr Martey said the company produces water at a loss, with government and the company making up for the shortfall. He lamented the rising cost of water treatment in the country, a situation he blamed on pollution of rivers from alluvial mining.

*¶ COMMODITIES MARKET*
*Oil ⛽$50.20 -0.71%
*Gas $2.58 -1.30%
*Gold 👑 $1,268.80 -0.31%
*Silver 💍$17.28 +0.04%
*Corn 🌽$4.26 -0.23%
*Cocoa 🍫 $3094.00 +0.06%
*Coffee ☕ $133.95 -4.08%

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BUSINESS NEWS | GHANA AND BEYOND 🌍 07/04/2016

BUSINESS NEWS | GHANA AND BEYOND 🌍 07/04/2016
BUSINESS NEWS | GHANA AND BEYOND 🌍 07/04/2016

¶ Momentum Global Investment Management (MGIM) and the Eris Property Group have allocated over $308 million for real estate investments in West Africa in the 1st Quarter of 2016. The companies will make their investments through the Momentum Africa Real Estate Fund, which is targeting an 18% minimum return over its eight year life. The Momentum Africa Real Estate Fund has confirmed that it will be making two investments in Ghana and two investments in Nigeria .

¶FOREIGN EXCHANGE 💴💰
 US$Gh¢ Buy 3.8281    Sell 3.8319
GB£Gh¢  Buy  5.3969   Sell 5.4034
EU€Gh¢  Buy  4.3562    Sell 4.3597

¶ As part of efforts to strengthen surveillance to check the possible cross-border transmission of avian influenza from neighbouring countries into Ghana, the Ministry of Food and Agriculture (MOFA), has banned the importation of day old chicks, eggs and other poultry products.  

TREASURY BILLS RATES💸
91 - Day   Discount Rate 21.4477%    Interest Rate  22.6628%
182 - Day   Discount Rate   21.9314%      Interest Rate  24.635%

¶ Ghana's crude exports witnessed a substantial decline for last year. The share of the total exports was 6.7 million barrels of crude which earned the state getting $37.4 million. This is slightly lower than the $691 million it got for 2014. According to the reconciliation report on the petroleum holing fund, the drop is attributed the recent sharp decline in prices of crude oil.

¶ TOP 5 BANK🏦 BASE RATES 💸
*Sahel-Sahara Bank - 33.70%
*UNIBANK - 33.00%
* Fidelity Bank - 30.50%
* Cal Bank - 28.50%
* Stanbic Bank - 28.50%

¶ The last 18 months have been damaging for Nigeria’s economy . Already battered by a drop in the price of oil—its main export and source of earnings—the country has also seen its currency, the naira, lose almost half of its value against the dollar. Nigeria’s foreign cash reserves sharply declined as the country—largely dependent on imports from refined petroleum to toothpicks—was spending quicker than it was earning.
US$NGN      199.05 -0.08%

¶ MARKET INDEXES 
*Dow Jones Index🚂⛽ 17,716.05 / +112.73(+0.64%) 
*Nasdaq Index📲💻 4,920.72 / +76.78(+1.59%) 
*S&P 500 🏦  2,066.66 / +21.49(+1.05%)
*Japan NIKKEI 225 15,749.84 +34.56(0.22%) 
*Hong Kong HANG SENG 20,272.98 +66.53(+0.33%) 
*London FTSE 100 
6,161.63 +71.21(+1.16%) 
*Germany DAX 9,624.51 +61.54(+0.64%)
* GSE - Ghana 1,907.44  -1.64(-0.09%)

¶ South Korea's Samsung Electronics is forecasting a 10% jump in operating profit for the first quarter. The world's largest smartphone producer has said its operating profit in the January to March period is expected to reach 6.6 trillion Korean won ($5.6bn; £3.9bn). The improved outlook comes amid reports of strong sales of its latest flagship smartphone models, the Galaxy S7. 
¶ COMMODITIES MARKET 
*Oil ⛽$38.10 +0.93% 
*Gas  $1.90 -0.37% 
*Gold 👑  $1,229.90 +0.50%
*Silver 💍 $15.12 +0.47% 
*Corn 🌽 $3.60 +0.70%
*Cocoa 🍩 $2912.00  +0.59%

¶ Vodafone Ghana has voluntarily decided to hand over close to 18 of its prime assets to the Government and people of Ghana. Steps are currently underway to formally transfer the assets, among which is the Ghana Telecom University, to the government. Vodafone acquired a 70% stake in Ghana Telecom in 2008 for an amount of US$900million.

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