1. Ingeniería

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THE DAILY MARKET REPORT
January 30,2015
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BoG to issue GHȻ630million bond in February
Gov’t to decouple Economic Planning from Finance Ministry
‘Deepen relations beyond trade and diplomacy’
Tullow-led TEN project 'more than 50% complete
The Cedi Appreciates to the Pound
BoG to issue GHȻ630million bond in February
The Bank of Ghana has scheduled February 19 next month to auction government's 3- year fixed
rate bond to raise GHȻ630 million from the capital market to refinance government's debts
maturing in the first half of this year. The amount to be raised next month is the first of two 3-year
fixed rate bonds government has planned to issue this year. The coupon rate for the bond is
expected to reflect the highest competitive bid accepted at the auction for the security. Aside from
paying its maturing debts, the funds raised from the bond issuance next month will also be used to
finance government's liquidity challenges. The Bank of Ghana further explained that raising the
GHȻ630 million has become necessary because of the need to "roll-over maturities, restructure
government debts, and also for liquidity management.
THE DAILY
Daily Market Outlook
Treasury Securities Rates
Previous Yield
Current Yield %
%
25.83%
25.84%
26.41%
26.41%
22.50%
22.50%
Security
91 Day
182 Day
1yr Note
2yr Fixed Note
23.00%
Currency
Buying
Change (%)
-0.04%
-0.01%
0.00%
23.00%
0.00%
Selling
Midrate
Currency
USDGHS
3.2385
3.2417
3.2401
GBPGHS
4.8950
4.9021
4.89855
EURGHS
3.6689
3.6720
3.67045
GHSXOF
178.64
178.79
178.72
Gold Coast Fund Management Cedi Index
Previous Level
Current Level
Change
Year to Date
300.91
301.41
0.50
-1.43%
Interest Rates & Inflation
BOG Policy Rate
21.00%
Ghana Interbank interest Rate
23.49%
Inflation (CPI) for December(2014)
17.00%
Inflation target for 2015
(11.5+/-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)
48.83
1,262.29
2,686.00
48.53
1,280.30
2,715.00
0.62%
-1.41%
-1.07%
Coffee (USD/lb)
Sugar (USD/lb)
160.00
14.85
167.70
15.16
-4.59%
-2.04%
Credits:
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Bloomberg
Reuters
Graphic/GBN
Joy Business News
Gold Coast Fund Management Ltd Research
MARKET REPORT
Gov’t to decouple Economic Planning from Finance Ministry
The Government is to decouple Economic Planning functions from the Ministry of Finance and
Economic Planning, to strengthen development management by more closely linking plans with
budgets.The decoupling will ensure that the National Development Planning Commission (NDPC)
takes over the economic planning functions of the State.The transfer of functions, according to Dr
Nii Moi Thompson, NDPC Director-General, will also ensure that ultimately all Ministries,
Departments and Agencies (MDAs), as well as Municipal, Metropolitan, and District Assemblies
(MMDAs), will work with the Commission, to align their plans with national development priorities
before they are funded to the Ministry of Finance.NDPC statement signed by Mr David OwusuAmoah, Head of Public Affairs, and copied to the Ghana News Agency in Accra on Wednesday,
explained that President John Dramani Mahama had already given directives for the decoupling.
‘Deepen relations beyond trade and diplomacy’
Mr Ibrahim Murtala Mohammed, a Deputy Minister of Trade and Industry, said Ghana and Nigeria
should deepen relations beyond trade and diplomacy.He said the two countries, who have good
trade and diplomatic relations, could look further in areas of culture and social ties.Mr Mohammed
made the call at the second edition of the Ghana Nigeria Business Council (GNBC) forum on the
theme: “Doing Business in Ghana II” in Accra on Thursday. The forum is to further improve trade
ties which underpin both countries' mutual effort to grow their economies. The GNBC was formed
to provide a platform for stimulating economic development, social and business interaction among
members. It is also to promote trade relations for the purpose of national development between
both countries through a regular exchange of information among members.
Tullow-led TEN project 'more than 50% complete'
Ghana’s second major oil development, the Tullow Oil-led TEN Project has passed the 50% overall
completion stage, according to release by the oil exploration giant. The project, which is developing
the Tweneboa, Enyenra and Ntomme (TEN) oil fields off the coast of Ghana’s Western Region, is on
track for First Oil in mid-2016.The floating production, storage and offloading (FPSO) vessel, which
will receive and store the oil, is under construction in Singapore and remains on schedule to arrive
in Ghanaian waters in February 2016.Key parts of the FPSO were fabricated by various Ghanaian
companies and have been installed on the FPSO. The TEN fields are expected to produce oil for
around 20 years.The project achieved another significant milestone in the second week of January
with the drilling of the 10th well.
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The Cedi Appreciates to the Pound
On the interbank market today, the Ghana Cedi depreciated to the Dollar, Euro and CFA but
appreciated to the Pound. The local currency lost 0.73 Pesewas to the Dollar to increase its YTD
depreciation to 1.25 percent. The Cedi gained 0.835 Pesewas to the Pound to register a YTD
appreciation of 1.62 percent. However, the Cedi lost 0.94 Pesewas to the Euro to peg its YTD
depreciation at 5.79 percent. The Cedi lost CFA 0.46 to measure a YTD appreciation of 6.14 percent.
The GC Cedi Index which measures the accumulated average performance of the Cedi against its
major trading partners reduced its YTD appreciation to 1.43 percent.On the interbank market, the
Dollar now buys and sells at GHS 3.2385 and GHS 3.2417. The Pound exchanges for GHS 4.8950 and
GHS 4.9021 and the Euro trades at GHS 3.6689 and GHS 3.6720. The CFA bids 178.64 and 178.79.
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.