Market Watch
Today’s market session saw activity across 07 tickers.
Total trade volume and value was 51,545 and GHS 37,472.33 (~USD 7,038.93) respectively.
There were neither gainers nor losers today. The highest volume and value of shares traded today was 18,000 of MTNGH shares valued at GHS 12,060.00 (~USD 2,265.39). MTNGH currently trades at GHS 0.67 per share.
Indices
The GSE-CI (remained flat) and the GSE-FSI (remained flat) closed at 2,216.97 and 2,037.40 respectively.
YTD of the GSE-CI and GSE-FSI are recorded at -1.78% and 0.88% respectively.
Receivers of collapsed MFI, S&L to start paying depositors on February 24 - Akufo-Addo
President Nana Addo Dankwa Akuffo-Addo says that the Receivers of collapsed microfinance institutions, savings and loans companies will from Monday, February 24 start paying depositors who have had their monies locked up due to the financial sector clean-up. According to him, GH¢5 billion will be released by the government to settle all depositors of the defunct microfinance and savings & loans companies. This is expected to increase the cost of servicing locked-up funds as a result of the financial services sector crisis, to GHS 18 billion. “All depositors of savings and loans and microfinance institutions including DKM, which collapsed in 2015, will receive 100 percent of their deposits once the validation exercise is concluded”. “I’m informed that the Receiver of the savings and loans and microfinance institutions will begin, on Monday 24 February 2020, making payments to their customers of these monies totaling GHS5 billion being an addition to the GHS13 billion being paid to customers of the failed banks.”
According to the President, his government took the right decision with regard to the reforms undertaken in the financial services sector. "We inherited a collapsing financial sector. The government is having to conjure up to GH¢13 billion to pay the customers of those institutions. This is money we can ill-afford" "We will hold all those responsible for the collapse of the financial institutions to account, a process that has already started," Akufo-Addo said. President Akufo-Addo said this on the floor of parliament when he made the State of the Nation Address in Accra on February 20.
(https://www.ghanaweb.com/GhanaHomePage/business/Receivers-of-collapsed-MFI-S-L-to-start-paying-depositors-on-February-24-Akufo-Addo-872071)
Currency News
The local unit closed at 5.2853/5.2905 against the US Dollar on the interbank market.
Average Open: 5.2876
Average Close:5.2879
Day % Ch GHS/USD: -0.01%
1-Month %Ch GHS/USD: +4.66%
3-Month %Ch GHS/USD: +1.70%
YTD Cedi Depreciation Against USD: +4.65%
52 Week Range: 5.0117– 5.5405