BUSINESS NEWS | GHANA AND BEYOND ๐ŸŒ 07/04/2016

BUSINESS NEWS | GHANA AND BEYOND ๐ŸŒ 07/04/2016
BUSINESS NEWS | GHANA AND BEYOND ๐ŸŒ 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 ๐Ÿ’ด๐Ÿ’ฐ
 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 RATES๐Ÿ’ธ
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 BANK๐Ÿฆ BASE RATES ๐Ÿ’ธ
*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 Index๐Ÿš‚⛽ 17,716.05 / +112.73(+0.64%) 
*Nasdaq Index๐Ÿ“ฒ๐Ÿ’ป 4,920.72 / +76.78(+1.59%) 
*S&P 500 ๐Ÿฆ  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 ๐Ÿ‘‘  $1,229.90 +0.50%
*Silver ๐Ÿ’ $15.12 +0.47% 
*Corn ๐ŸŒฝ $3.60 +0.70%
*Cocoa ๐Ÿฉ $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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