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Cocoa Rebounds As Climate Conditions Dwindle



Cocoa recovered some of its previous week’s losses, as favourable climatic conditions in top grower Cote d’Ivoire appear to have faded.

With less rains recorded in recent times in Cote d’Ivoire, the availability of the soft crop on the international commodities market was suppressed.

Cocoa thus advanced by US$79.50 to close the trading week at US$2,119 per metric tonne.

Coffee, however, declined, as signs of a bumper harvest in top growers Brazil and Vietnam forced market participants to roll out of the September contract into the December contract.

Brent crude also trimmed as investors worried that ongoing global trade disputes are likely to halt economic activities, thereby reducing the demand for energy commodities.

According to analysts, the US dollar, which appears to be the sole gainer from the ongoing uncertainties, was likely to make the commodity relatively expensive for non-dollar holders, as a result reducing its demand.

Brent crude oil thus dropped by 35 cents to settle at US$72.86 per barrel.

Gold dipped after the week’s trading, despite a strong rebound on the last trading session of the week.

Last-minute gains of the yellow metal, on the back of investors’ risk aversion towards the unceasing attempt by the US President in imposing tariffs on advanced and emerging countries, failed to fully cancel losses.

Gold thus lost US$4.80 to trade at US$1,219.50 per ounce.

Treasury securities

The week’s auction ended with the yield on the 91-Day T-Bill trimming by a basis point to 13.30 per cent.

The yield on the 182-Day T-Bill, on the other hand, rose by four basis points to settle at 13.86 per cent.

However, interest rates on other treasury securities remained the same.

The government accepted all the GH¢456.75 million bids tendered at the week’s auction. That fell below the intended target of GH¢528 million, with the 91-Day T-Bill dominating the government’s purchase with 83.95 per cent share.

Scheduled for August 17, the government anticipates raising GH¢621 million from the sale of the 91-Day and the 182-Day T-Bills and GH¢23 million from the issuance of the 1-year note.

The yield curve sustained its normality, despite the rate adjustment on the short-dated treasury securities and the relative higher yield of the three-year bond over the five-year bond.

Ghana Stock Exchange

The Ghana Stock Exchange (GSE) logged another positive weekly closure, amid elements of uncertainties steaming from the banking sector.

The collapse of five domestic banks being consolidated as one, as well as the revocation of the licences of the UT and the Capital banks by the central bank in the space of one year, raised red flags among investors.

The market indices, however, closed positive on the back of strong earnings report posted by most listed companies on the local bourse.

At the end of the trading week, the GSE Composite Index thus rose by 0.29 per cent to settle at an index point of 2,944.38, representing a year-to-date return of 14.14 per cent.

The GSE Financial Stocks Index also increased by 1.08 per cent to an index level of 2,694.69 points, corresponding to a year-to-date return of 16.62 per cent.

The week’s trading realised a total volume of 1.79 million shares, valued at GH¢7.06 million.

This represents a 31.11 per cent decline over the previous week’s total traded volume.

CAL Bank was the most actively traded stock, as it accounted for 23.18 per cent of the total traded volume.

The market capitalisation also increased by 1.18 per cent to settle at GH¢56,402.30 million.

Source: Ghana Web

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AirtelTigo Launches Discount Offer For Hajj Pilgrims.



Telecom operator, AirtelTigo, has launched a discounted offer for its new and existing pre-paid customers travelling to Saudi Arabia for this year’s Hajj pilgrimage, aimed to enable them stay in touch with family and friends.
Under the “Hajj Offer”, customers will enjoy free incoming calls and discounted rates on voice, SMS and data for browsing the internet when they subscribe the offer.

Announcing the offer in Accra, the Director of Marketing Operations at AirtelTigo, Pius Owusu-Tuffour, said customers will have to recharge their account with a scratch card or AirtelTigo Money (ATM) with GHS50 or GHS100.

He explained that customers can sign-up by dialling 1115*3# to enjoy the offer which is valid for 30-days, adding that pilgrims can subscribe to this offer either in Ghana before travelling for the Hajj or in Saudi Arabia while roaming on Zain or STC networks.

“Our goal has always been to serve our customers better with valuable offerings and make their lives simple. Our pre-paid customers on the holy journey to perform Hajj now have an affordable option to stay connected with their loved ones back home,” he said.

He added this offer shows the company’s continues innovation for its customers. “We will continue to innovate offerings that make it easy for our customers to stay in touch at an affordable cost.

“It is a great time to be on AirtelTigo and we are delighted to meet the communication needs of our customers with great offerings and experience. “

Source: Ghana Web.

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World Bank To Support Ghana On Jobs And Skills In The Next 5-Yrs.



The Government of Ghana with the support of the World Bank has designed a Ghana Jobs and Skills Project (GJSP) to support jobs and skills for individuals in the country.

This is expected to be implemented over a period of five years, according to a Jobs and Skills final report by the Ministry of Finance.

The objective of the project is to support skills development, upgrade human capacity for Ghanaians and it also aims at helping the government to better respond to the imperative of creating more decent jobs for the youth and rapidly growing labour force.

The project comprises multiple activities that promote the employment and productivity of workers, as well as initiatives to strengthen the efficiency and capacity of government agencies for the various activities to be implemented under the project.

The project encompasses four components for skills development and job generation.

The first component deals with the provision of apprenticeship and entrepreneurship support to individuals for jobs while the second component has to do with the provision of competitive grants to private enterprises for expanded employment. The third deals with Operationalization of the Ghana Labor Market Information System , Upgrade of District Public Employment and Skills Development Program ; and the final component is for Capacity Development , Technical Assistance and Project Management Support to Coordinating, Implementing, and Partnering Agencies for Enhanced Skills and Jobs Impact.

Implementation of the Project will trigger World Bank Environmental Assessment Policy (OP 4.01), which has resulted in the preparation of an Environmental and Social Management Framework (ESMF) to provide guiding principles for assessment and management of environmental and social aspects of all project delivery processes and activities.

The ESMF will also help to systematically identify, predict and evaluate beneficial and adverse environmental and social impacts of sub-projects and other activities to be financed under the Project. The framework also sets out mitigation, monitoring and institutional measures to be undertaken during implementation and operation of the project to eliminate, off set or reduce any potentially adverse environmental and social impacts.

Source: Ghana Web.

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Bank Of Ghana Not In A Hurry To Collapse Savings And Loans Companies – Governor



The Governor of the Bank of Ghana, Dr. Ernest Addison has said the central bank will first explore options of rescuing savings and loans companies that have the potential of surviving in the long run rather than revoke their licenses.

After its clean-up of the banking and the microfinance sectors, the central bank served notice of an impending clean up in the savings and loans sector.

But speaking at the monetary policy committee’s press conference to announce that policy rate, Dr. Ernest Addison said the central bank’s first option is to rescue savings and loans companies that are solvent but rather having liquidity challenges.

“We are always very careful about making decisions on license revocations. Without clear data which suggest the institution is insolvent, the bank of ghana does not act. we don’t take license revocation on the basis of liquidity shortages; no institution which is solvent but illiquid has had its license revoked.

We will start to look at that sector on the basis of whether the institutions are solvent and be effectively run in the long-term,” he said.

According to the central bank, it is waiting to receive funds from the Fiance Ministry to enable it undertake the clean up of the savings and loans sector.

There are currently over 30 savings and loans companies; a good number of which are unable to meet customers’ demands for deposits.

Source: Ghana Web

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Ghana’s Corporate Female Icon Angela Kyerematen-Jimoh Of IBM Takes A Bow.



IBM’s first female Country Director in Africa, Angela Kyeremanten-Jimoh has taken a leave of her position as country director of IBM Ghana to take on a new role at IBM's corporate headquarters located in New York, United States of America.

In a letter sent to clients and stakeholders of IBM Ghana, IBM stated that Angela will be taking on a senior role described by IBM as "a great recognition for her hardwork and an exceptional opportunity for her to further hone her skills and provide a deep perspective on Africa at a global level".

As Angela was unavailable to comment on her departure, I got the opportunity to speak to some esteemed clients and associates of IBM who shared their working experience with the company under her leadership.
Speaking to Chief Information Officer of a leading bank in Ghana, he noted that, under Angela’s leadership and supervision for the past 4 years, services rendered to his bank, which include branch network, POS & ATM services have become stronger and reliable across the country.

Theresa Ayaode, CEO of Charterhouse also remarked that Angela has been an extraordinary corporate success story in Africa and it's a testament to her strong work ethics, hardwork, strong faith in God and above all the goodness of her heart!

Speaking to another CEO of a leading business partner of IBM in Ghana, he described Angela as an excellent representative to the IBM brand and the dedication and commitment she shows towards her business partners and customers is a positive example for young and upcoming ladies in business.
Angela joined IBM in 2015 after making a dramatic switch from banking to tech after holding various positions at UBS Investment Bank London, ABN AMRO and GT Bank in Ghana.

In her absence, country director of IBM Nigeria, Dipo Faulker has been appointed to act in the interim as the company waits to make an official announcement on Angela's successor.

Angela has been an inspiration to many young girls on the continent and we are certain she will make Ghana and Africa proud. We wish her great success and await her return to the continent.

Source: Prince Akpah

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