Bussiness
Government accepts all bids worth ¢1.68bn for 2-yr bond; gets favourable yield
Government accepted all bids worth about ¢1.68 billion for the 2-year bond auctioned on Thursday 2 December, 2021 at a favourable price.
This came after the 2022 Budget and Economic Policy was approved by Parliament.
The interest rate or yield of the debt instrument was however pegged at the upper band of 19.75%, but is a rate many analysts consider as encouraging.
This is because the interest rates on the secondary market are presently going for more than 20%.
Senior Economic Analyst at Databank Research, Courage Martey said “within the context of prevailing market conditions, it is satisfactory to see that the Treasury was able to cover its calendar target. On the pricing side, it’s also very impressive to note that the Treasury was able to price this transaction below where the secondary market was trading for similar tenors [periods].”
“Currently on the secondary market, the 2023 tenors are going for above the 20% handle. So it’s quite impressive to see the Treasury clearing a new 2-year tenor (2023 maturity) below 20%”, he added.
He however asked questions such as “what is not clear is how the secondary market would react to this new trade, in terms of pricing. Are we going to see a downward correction in the secondary levels from the 20% area to converge with the 19.75% area?”
In recent times, the market has been encountering liquidity challenges, as analysts attributed the financial challenges to a combination of factors including the sustainability of the rising debt, inflation, and the fiscal deficit.
This is manifested from Treasury bills sale which has been undersubscribed.
It’s therefore unclear how the month of December, which apparently is the last month of 2021 will pan out with regard to the sale of T-Bills.
Source: www.myjoyonline.com
Ghanaian dancehall artiste Charles Nii Armah Mensah, known as Shatta Wale, has won two awards at the 43rd International Reggae and World Music Awards (IRAWMA) held in Florida over the weekend.
He picked up the Best African Dancehall Entertainer award as well as Concert of the Year for ShattaFest.
In a statement, Shatta Wale’s management expressed appreciation to the organisers and supporters of the awards.
“Management would like to sincerely appreciate the organisers of the IRAWMA awards for the recognition and continuous support for African music on the global stage.
“We also extend our deepest gratitude to fans across the world, especially the Shatta Movement fraternity, for their unwavering support, votes, and dedication throughout the years,” the statement said.
The statement added that the latest wins reaffirm the artiste’s position as one of Africa’s leading musical exports and a prominent figure in global dancehall culture.
The awards bring Shatta Wale’s total haul at the IRAWMA to 11, highlighting his continued presence on the international reggae and dancehall scene.
At last year’s edition, he won three awards: Best African Dancehall Entertainer, Best Music Video for “Killa Ji Mi”, and Best Crossover Song for “Commando” featuring Bounty Killer. -GNA
Bussiness
Global Market Volatility: Gov’t absorb GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol
Effective Thursday, April 16, 2026, which is the next pricing window, the Government will absorb GH¢2.00 per litre on diesel and GH¢ 0.36 per litre on petrol.
This intervention is intended to cushion customers and ease the cost burden on households, transport operators, and businesses.
The measure, approved by Cabinet, is in response to rising prices of petroleum products on the international market, which have significantly impacted ex-pump prices in Ghana.
This temporary intervention will remain in force for a period of one (1) month.
During this period government will continue to closely monitor developments in the global oil market and assess the need for further policy adjustments.
A statement signed by Minister of Government Communications, Felix Ofosu Kwakye noted that they remain commited to maintaining price stability, protecting livelihoods, and supporting Ghana’s economic recovery in the face of external shocks.
