Government’s Issuance calendar for the first quarter of this year (January to March) has revealed that it intends to borrow an amount of GHC17,400.00 million to rollover forecast maturities of GH¢15,504.43 million. The Ministry of Finance’s monthly fiscal forecast and provisional medium-term debt management strategy (MTDS) for 2017, which disclosed this, said the new administration … Read more
SIC Insurance, Ghana’s largest general insurer, has provided insights into a deal it entered into with Ivory Finance for the construction of affordable houses in the country about three years ago. On 28th March, 2013, following an application for a credit guarantee by ItalConstruct International Limited, and in consideration of a letter of intent dated … Read more
The dollar slipped to a two-week low against the yen on Thursday, mirroring a fall in U. S. bond yields as weaker-than-expected economic data weighed on the greenback and waning risk appetite boosted Japan’s safe-haven currency. Japan’s Nikkei stock index .N225 – which tends to move in the opposite direction to the yen – shed … Read more
A week after Ghana’s Electoral Commission (EC) declared the presidential nominee of the New Patriotic Party (NPP), Nana Akufo-Addo as the country’s president elect, activities at the Ghana Stock Exchange (GSE) remain stable. The GSE which provides market information on equities and bonds, regulations, listed companies among others, said that it was yet to experience … Read more
The local currency has come under intense pressure in the run-up to the elections, recording about 0.13 percent fall since November 30 and bringing the year-to-date depreciation rate to six percent. The cedi has had a fairly stable year in which, as at end of November, it had depreciated just by a 4.7 percent, bringing … Read more
Total bills and bonds auctioned this year, from January to October, by the government, Bank of Ghana, and COCOBOD including already issued longer-term bonds that matured this year, have hit GH¢145billion, data from the Central Securities Depository has shown. The successful issue of over GH¢145 billion debt securities “may be partly attributed to the attractive … Read more
Total bills and bonds auctioned this year, from January to October, by the government, Bank of Ghana, and COCOBOD including already issued longer-term bonds that matured this year, have hit GH¢145 billion, data from the Central Securities Depository has shown. The successful issue of over GH¢145 billion debt securities “may be partly attributed to the … Read more
The Bank of Ghana(BoG) has refuted claims that the issuance of dollar denominated bond in the country will drain dollar accounts of banks. Government recently raised a total of 94.62 million dollars in its first local dollar denominated bond at a rate of 6.0 percent. Reacting to the move, the Managing Director of CAL Bank, … Read more
The Bank of Ghana(BoG) has refuted claims that the issuance of dollar denominated bond in the country will drain dollar accounts of banks. Government recently raised a total of 94.62 million dollars in its first local dollar denominated bond at a rate of 6.0 percent. Reacting to the move, the Managing Director of CAL Bank, … Read more
The Savannah Accelerated Development Authority (SADA) has said it is exploring the possibility of setting up a legally autonomous Land Bank that will help make land easily accessible to investors. Currently, SADA acquires land from land-owners, have them properly registered and uses them as share equity. In addition to that, the Authority also helps investors … Read more
As the Monitory Policy Committee of the central bank meets today, expectations of a policy rate cut are high, as the IMF programme appears to have impelled a modicum of prudence in macroeconomic management, with inflation and the cedi sliding less than it was feared when the year begun. The MPC will either maintain the … Read more
The Ghana Stock Exchange (GSE) is impressing on companies to utilize the Ghana Fixed Income Market (GFIM) to raise funds for their operations. According to the managers of the GSE, the ready market for bonds should make it easier for businesses to adopt the platform to raise corporate bonds and meet the demand. “The market … Read more
Investors resumed the post-U. S. election trade of selling bonds and buying stocks on Wednesday after a pause earlier this week, albeit less aggressively, with Japan’s 10-year bond yield hitting its highest since February. The dollar was in demand again too, rising to a one year-high against a basket of currencies as the euro hit … Read more
The Finance Minister, Mr Seth Terkper, has defended the government’s decision to raise a GH¢438-million bond at a rate of 19 per cent, explaining that interest on the 10-year loan is the second lowest in the history of such borrowings. Apart from 2011, when stable macroeconomic conditions forced interest on a similar bond to drop … Read more
The Minister of Finance Seth Terpker has disclosed that the government will soon complete the payment of the country’s first 750 million dollar Eurobond which was issued in 2007. According to Seth Terpker the outstanding balance to be paid was 200 million dollars which has the redemption fully funded. Ghana sold a 750 million dollars … Read more
The U. S. dollar hit an 11-month peak on Monday as the risk of faster domestic inflation and wider budget deficits if Donald Trump goes on a U.S. spending binge sent Treasury and other benchmark global bond yields ever higher. It was a painful mix for assets in many emerging market countries. Currencies from the … Read more
Donald Trump’s promises to unleash massive infrastructure spending and gigantic tax cuts seem to be spooking the bond market. Lost in the post-election stock market euphoria is the fact that the bond market has suffered a dramatic wave of selling that is rare in recent history. It’s sent interest rates on U. S. bonds spiking, … Read more
A wave of selling sweeping across bond markets resumed on Monday as investors continued to digest the impact of a Donald Trump presidency. US and European bond prices have sunk in expectation that he will enact inflationary policies that speed the pace of interest rate rises. On Monday, some bond yields – which rise as … Read more
The decision by managers of Ghana’s economy to issue both dollar and cedi denominated bonds has been commended by the Chief Investment Strategist at Standard Chartered Bank. According to Steve Brice, the decision by the Bank of Ghana which is mainly to deal with maturing debts, would provide the needed liquidity to shore up the … Read more
The Chief Investment Strategist of Standard Chartered Bank Group, Steve Brice, has backed government’s recent decision to turn to the domestic capital market to raise capital by issuing its debut dollar-denominated bond considering it as a necessary move that will not harm the economy. The position of the Standard Chartered boss contrast with that of … Read more