T THE DAILY MARKET REPORT Dcember 18, 2014 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 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: Bloomberg Reuters Graphic/GBN Joy Business News Gold Coast Fund Management Ltd Research ▲ ▲ ▲ ▼ ▲ 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.
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