*BUSINESS NEWS | GHANA AND BEYOND ๐ŸŒ 10/06/2016*

*BUSINESS NEWS | GHANA AND BEYOND ๐ŸŒ 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 ๐Ÿ’ด๐Ÿ’ฐ*
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 RATE๐Ÿ’ธ*
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 Index๐Ÿš‚⛽ 17,985.19 / -19.86(-0.11%)
*Nasdaq Index๐Ÿ“ฒ๐Ÿ’ป 4,958.62 / -16.03(-0.32%)
*S&P 500 ๐Ÿฆ 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 ๐Ÿ‘‘ $1,268.80 -0.31%
*Silver ๐Ÿ’$17.28 +0.04%
*Corn ๐ŸŒฝ$4.26 -0.23%
*Cocoa ๐Ÿซ $3094.00 +0.06%
*Coffee ☕ $133.95 -4.08%

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