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THE DAILY MARKET REPORT
January 16, 2015
 Chamber of Commerce and Industry calls on businesses to
unite
 IMF bailout programme will cushion Cedi more
 Gov’t doesn’t owe GHc1billion pension money – SSNIT
 SEC Clears Republic Bank Of Concert Party Allegations
 The Cedi appreciates to the Pound,Euro and CFA
Chamber of Commerce and Industry calls on businesses to unite
The Western Regional Chairman of the Ghana Chamber of Commerce and Industry, Mr. Issa
Ouedraogo, has reiterated the need for the business community to work together in harnessing the
numerous emerging business opportunities in the Region.We must remember that job creation;
wealth creation; economic empowerment; and nation building are all led by business communities
and the private sector and that is why it is so important that we come together as a business
community and make the best use of the enormous emerging opportunities around us,” he said in a
statement.Mr. Ouedraogo appealed to the business community to join the Chamber and help it
grow in order to promote and protect local business interests and bring positive change and
improvement to the Region that has so much potential. He said the Sekondi/Takoradi chapter of the
Chamber would embark on programmes aimed at making the business community efficient,
effective and profitable
THE DAILY
Daily Market Outlook
Treasury Securities Rates
Current Yield
Previous Yield
%
%
Security
Change (%)
91 Day
182 Day
1yr Note
25.83%
26.38%
22.50%
25.84%
26.41%
22.50%
-0.02%
-0.10%
0.00%
2yr Fixed Note
23.00%
23.00%
0.00%
MARKET REPORT
IMF bailout programme will cushion Cedi more
Currency
Buying
Selling
Midrate
USDGHS
3.2179
3.2211
3.2195
GBPGHS
4.8800
4.8941
4.88705
EURGHS
3.7450
3.7480
3.7465
An Economic Analyst with Databank has expressed optimism that an anticipated programme from
the International Monetary Fund (IMF) will help cushion the Ghana Cedi against fluctuations on the
currency market.Courage Martey told Starr Business that the implementation of the three-year IMF
programme which is still being negotiated between the Bretton Wood Institution and the
Government of Ghana will help stabilise the Cedi against the major international currencies of trade
such as the Dollar.Last year the Cedi was reported by Bloomberg as the world’s worst-performing
currency.Its value consistently fell by about 40 percent by the third quarter of the 2014.The trend
caused the Government to roll out some forex control measures to rein in the fall and infuse
confidence in the economy.
GHSXOF
175.02
175.15
175.09
Gov’t doesn’t owe GHc1 billion pension money – SSNIT
Currency
Gold Coast Fund Management Cedi Index
Previous Level
Current Level
Change
Year to Date
303.31
302.20
-1.11
-1.17%
Interest Rates & Inflation
BOG Policy Rate
21.00%
Ghana Interbank interest Rate
23.91%
Inflation (CPI) for November(2014)
Inflation target for 2015
17.00%
(11.5+/-2)%
Commodities (Prices as at 9:00 GMT)
Current
Previous
Change
Commodities
Price
Price
(%)
Oil Brent Crude
(USD/bbl)
48.52
47.45
2.26%
▲
Gold (USD/t oz)
1,260.20
1,228.40
2.59%
Cocoa (USD/MT)
2,977.00
2,992.00
-0.50%
▲
▼
Coffee (USD/lb)
176.65
179.85
-1.78%
▼
Sugar (USD/lb)
15.35
14.97
2.54%
▲
Credits:





Bloomberg
Reuters
Graphic/GBN
Joy Business News
Gold Coast Fund Management Ltd Research
The Social Security and National Insurance Trust (SSNIT) has denied reports that government has
failed to pay contributions of public sector workers under the Tier-1 scheme.An operational
performance report of SSNIT between September 2013 to September 2014 secured by Joy News
revealed that government has defaulted in the payment of almost 1 billion Ghana cedis.The
Accountant General was said to be in "arrears of 15 months of unpaid contributions," the report
indicated.What this meant was that within the 15 months, government collected SSNIT
contributions from workers, especially in the public and civil service and yet failed to remit same to
SSNIT. But Director General of the state pension trust, Ernest Thompson told Joy Business
government has issued bonds to clear these debts.
SEC Clears Republic Bank Of Concert Party Allegations
Republic Bank Limited (RBL) has expressed its satisfaction, having been cleared by the Securities and
Exchange Commission (SEC) of recently made concert party allegations.Mr. Robert Le Hunte,
Director of African Operations of Republic Bank, said “We are pleased with the results of the
investigations published by the SEC in the January 12, 2015, issue of the Daily Graphic. It states,
categorically, that “the Commission did not find a concert party relationship between Yellow Tide
and Republic Bank with the intent of cooperating to consolidate control of HFC Bank”.This confirms
Republic Bank’s commitment to abide by the laws, rules and regulations that govern the territories
in which they operate.
The Cedi appreciates to the Pound,Euro and CFA
The local currency on the interbank market saw the Pound, Euro and CFA, appreciate to the Cedi.
But recorded a decline to the American Dollar.The Cedi lost 0.135 Pesewas to the Dollar to register
a YTD depreciation of 0.61 percent. It however gained 0.585 Pesewas and 4.585 Pesewas to the
Pound and Euro to peg a YTD appreciation of 1.77 percent and 3.83 percent respectively. The CFA
lost 2.12 to the Cedi to measure its YTD at 3.99 percent.The GC Cedi Index which measures the
accumulated average performance of the Cedi against its major trading partners measured its YTD
depreciation to -1.17 percent.On the interbank market today, the Dollar now trades at GHS 3.2179
and GHS 3.2211. The Pound exchanges for GHS 4.8880 and GHS 4.8941 and the Euro buys and sells
at GHS 3.7450and GHS 3.7480. The CFA bids CFA 175.02 and CFA 175.15.This is the performance of
the Cedi today on the interbank market.
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.