Ghana | - Part 36

African Market Watch: Thurs, 26th February 2015

Egypt: Egyptian stocks fell to the lowest level in more than five weeks on the back of intensive profit taking operations. The benchmark index EGX30 lost 1.43% to close at 9334pts. The index resumed its sharp decline for the second session in row to hit its lowest level since the middle of last January. The EGX70, which measures small and mid-cap stocks, went down 0.88% to close at 558pts and the broader index lost 0.86% at…

Ghana govt, IMF agrees on $940milion support reform plan

Posted on by The Editorial Team

The loan, which could receive final approval in early April, would back a program aimed at boosting economic growth and tightening fiscal discipline. Ghana would implement its reform program under a three-year Extended Credit Facility arrangement from the IMF, which is still subject to approval by the IMF’s management and Executive Board. One of the priorities of Ghana’s program is to restore debt sustainability through a sustained fiscal consolidation. Offshore oil production came on stream…

African Market Watch: Wed, 25th February 2015

Posted on by The Editorial Team

Egypt: The Egyptian Exchange (EGX) indices have plummeted on Wednesday, as the market capitalization lost around EGP6.4bn. Today, EGX indices have pulled down on the back of strong selling pressures from both local institutions and Arab retail traders. The benchmark EGX30 has slipped 1.48% or 142 pts to 9469.08pts. The benchmark has major support zone at level of 9433 pts on the short-term and upon crossing it the index will re-test levels of 9780 and…

African Market Watch: Tuesday, 24th February 2015

Posted on by The Editorial Team

Egypt: The Egyptian Exchange (EGX) indices have closed on mixed note today, as the market capitalization added EGP71mn amid lack of new economic catalysts. Today’s trades came to approve that resistance level of 9675 pts is considered a strong barrier, as the benchmark halted in breaking above it for the second session in row. The benchmark EGX30 (30 well-capitalised companies) inched up 0.11% to close at 9,611.66pts. The EGX70, which measures small and mid-cap stocks,…

What significant non-mining infrastructure projects are underway in Africa?

Posted on by The Editorial Team

A well-worn argument postulates that infrastructure spending in Africa is focused on resources due to many countries remaining very dependent on the export of minerals and hydrocarbons. But this is no longer the case. GDP per capita levels in many African countries have climbed past the critical US$1,000 level – enabling consumers to purchase more than just the basics. Urbanization has also been an important factor to contend with: Africa had 22 cities with more than…

Ghana: Bank of Ghana Maintains Policy Rate at 21%

Posted on by The Editorial Team

In line with our expectation, the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) maintained the policy rate at 21%, continuing the tight monetary stance. Inflation for Jan-15 eased for the first time in 16 months by 60bps to 16.4%, weighed down by the declining crude oil price and a relative stability in exchange rate and utility prices. Despite the downward pressure from the low crude oil price and improved inflation expectations, the…

Ghana to grow by 5.8% in 2015

Posted on by The Editorial Team

Business Monitor International anticipated that the Ghanaian cedi would resume its depreciation in the coming three to six months after stabilizing during the last months of 2014. It attributed the expected depreciation of the cedi to the strengthening US dollar, wide current account deficit and uncertainty about an agreement between the International Monetary Fund and the Ghanaian authorities. It forecast the current account deficit to widen from 9.2% of GDP in 2014 to 11.9% of…

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