Daily Market Report December 18, 2014 (1)

T
THE DAILY MARKET REPORT
Dcember 18, 2014
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Gov't still owes BDCs over $250m despite fall in crude oil prices
GhIPSS lauds decision to pay workers via e-zwich
Benso Oil Palm Plantation attains Int’l Certification
Govt’s online services go live
The Cedi Appreciates to the Pound,Euro and CFA
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Enterprise Group Limited (EGL) – Additional listing
Treasury Securities Rates
Starwin Products Limited renounceable
rights
Previous
Yieldissue
The
Cedi
appreciates
to
the
Pound,
Euro
and
Security
Current Yield %
% the CFA Change (%)
Gov't still owes BDCs over $250m despite fall in crude oil prices
Government still owes Bulk Oil Distributors as much as $250 million in forex losses incurred due to
the depreciation of the cedi this year. That’s not all. Government also owes additional 175 million
cedis as subsidy on refined products. Despite the falling prices of oil on the international market,
prices of petroleum products remain the same in the country. Last month, Parliament passed a
special petroleum tax with the assurance that monies accrued from the over recovery on fuel will be
paid to bulk oil distributing companies which import refined fuel.
THE DAILY
Daily Market Outlook
91 Day
182 Day
1yr Note
25.80%
26.40%
22.50%
25.79%
26.40%
22.50%
0.03%
-0.01%
0.00%
2yr Fixed Note
23.00%
23.00%
0.00%
Currency
Buying
Selling
Midrate
Currency
USDGHS
3.1962
3.1992
3.1977
GBPGHS
5.0137
5.0179
5.0158
EURGHS
3.9709
3.9721
3.9715
GHSXOF
165.14
165.19
165.17
Gold Coast Fund Management Cedi Index
Previous Level
Current Level
Change
Year to Date
308.86
307.86
1.08
41.95%
Interest Rates & Inflation
BOG Policy Rate
21.00%
Ghana Interbank interest Rate
23.95%
Inflation (CPI) for October
17.00%
Inflation target for 2014
(13.5+/-2)%
Commodities (Prices as at 9:00 GMT)
Current
Previous
Change
Price
Price
(%)
Commodities
Oil Brent Crude
(USD/bbl)
Gold (USD/t oz)
Cocoa (USD/MT)
61.13
1,198.31
2,915.00
55.16
1,197.42
2,914.00
10.82%
0.07%
0.03%
Coffee (USD/lb)
Sugar (USD/lb)
171.85
14.72
177.70
14.67
-3.29%
0.34%
Credits:
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Bloomberg
Reuters
Graphic/GBN
Joy Business News
Gold Coast Fund Management Ltd Research
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MARKET REPORT
GhIPSS lauds decision to pay workers via e-zwich
The Chief Executive Officer of Ghana Interbank Payment and Settlement Systems, (GhIPSS), Archie
Hesse has lauded government’s decision to pay public sector workers via the biometric e-zwich
card.President John Mahama at the opening of a two day High Level Conference on National Anticorruption Action Plan announced that the National Service Secretariat would start paying
allowances of services personnel on the e-zwich card.This initiative, he said, would subsequently be
extended to cover all government subvented organizations in effort to fight corruption. Speaking in
an interview, the GhIPSS Chief Executive Officer commended the President for the decision and said
GhIPSS is ready and able to accomplish the task.
Benso Oil Palm Plantation attains Int’l Certification
Benso Oil Palm Plantation (BOPP) Limited has attained certification from the Round Table on
Sustainable Palm Oil (RSPO), a multi-stakeholder International Organisation.This places BOPP among
the world class oil palm plantations worldwide and guarantees that the plantation is doing its
business in an ecologically, socially and economically responsible manner.BOPP is the first in Ghana
and West Africa, and the second in Africa to attain such certification.Mr. Santosh Pillai, Managing
Director of BOPP, made this announcement in a speech read on his behalf at a durbar held to
honour workers, smallholder and independent oil palm farmers of the company. He said: “BOPP had
to demonstrate in auditable terms its commitment and adherence to principles of transparency,
legal compliance with both national and international conventions, long term viability and the use
of best practices to achieve this feat.”
Govt’s online services go live
The Government Online Services Project “e-Services and e-Payment” portals has officially gone live
with effect from yesterday. The project forms part of the e-Government initiatives under the eGhana project and it’s being implemented by the National Information Technology Agency (NITA) to
support operations of government services online. Under the project, a portal infrastructure has
been deployed to provide a platform for online submission of application of services through the
use of e-Forms, an e-Payment interface for payment of the services, postal and delivery services and
application security for various government agencies. A Deputy Minister of Communications, Mr
Ato Sarpong, who launched the portals at a ceremony yesterday, enumerated a number of benefits
to the project to include the time savings in transacting business in the country
The Cedi Appreciates to the Pound,Euro and CFA
The tables turned on the interbank today as the Cedi appreciated to the Pound, Euro and CFA but
continued its depreciation against the Dollar.
The Cedi depreciated by 0.05 Pesewas to the American Dollar to clock a YTD depreciation of 47.95
percent. The local currency gained 2.195 Pesewas and 3.405 Pesewas to the Pound and Euro
reducing their YTD declines to 40.40 percent and 33.00 percent respectively. The CFA lost CFA 1.41
to the Cedi to peg its YTD depreciation at 24.81 percent. The GC Cedi Index which measures the
accumulated average performance of the Cedi against its major trading partners scaled down its
YTD depreciation to 41.95 percent. Currently, on the interbank market, the Dollar buys and sells at
GHS 3.1967 and GHS 3.1992. The Pound trades at GHS 5.0137 and GHS 5.0179 and the Euro
exchanges for GHS 3.9709 and GHS 3.9721. The CFA bids CFA 165.14 and CFA 165.19.
Disclaimer: This is published solely for informational purposes. All expressions of opinion are subject to change without notice. The information is obtained from internal and
external sources which Gold Coast Fund Management (GC) considers reliable but GC has not independently verified such information and GC does not guarantee that it is accurate
or complete.