The Response of the Ghana Stock Exchange Composite-Index to Domestic and Foreign Monetary Policy Shocks
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22 March 2019 FINAL TERMS the REPUBLIC of GHANA Legal Entity Identifier (LEI): 213800PP4399SNNXZ126 Issue of U.S.$1,000,000,000
22 March 2019 FINAL TERMS THE REPUBLIC OF GHANA Legal entity identifier (LEI): 213800PP4399SNNXZ126 Issue of U.S.$1,000,000,000 8.950 per cent. Amortising Notes due 2051 under the Global Medium Term Note Programme PART A – CONTRACTUAL TERMS MIFID II product governance / Professional investors and ECPs only target market – Solely for the purposes of each manufacturer’s product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, “MiFID II”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a “distributor”) should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels. In connection with Section 309B of the Securities and Futures Act (Chapter 289) of Singapore (the “SFA”) and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the “CMP Regulations 2018”), the Issuer has determined the classification of the Notes as prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products). -
Macroeconomic Performance Report 2019
Macroeconomic Performance Report 2019 Economic Strategy and Research Division AUGUST 2020 Acronyms and Abbreviations ABFA Annual Budget Funding Amount BoG Bank of Ghana CAPI Carried and Participating Interest CAR Capital Adequacy Ratio CARES Coronavirus Alleviation, Revitalisation, and Enterprise Support CSOs Civil Society Organizations CST Communication Service Tax DACF District Assemblies Common Fund DMBs Deposit Money Banks ECF Extended Credit Facility EMDEs Emerging Market and Developing Economies ESPV Electronic Salary Payment Voucher EU European Union FDI Foreign Direct Investment GCX Ghana Commodity Exchange GDP Gross Domestic Product GETFUND Ghana Education Trust Fund GFIM Ghana Fixed Income Market GIFMIS Ghana Integrated Financial Management Information System GNPC Ghana National Petroleum Corporation GNGC Ghana National Gas Company GoG Government of Ghana GPFs Ghana Petroleum Funds GRA Ghana Revenue Authority ii GSE Ghana Stock Exchange GSE-CI Ghana Stock Exchange Composite Index GSE-FSI Ghana Stock Exchange Financial Stocks Index GSF Ghana Stabilisation Fund GSS Ghana Statistical Service ICM International Capital Market IGF Internally Generated Fund IMF International Monetary Fund IPP Independent Power Producers M2+ Broad Money Supply MDBS Multi Donor Budget Support MFIs Microfinance Institutions MoF Ministry of Finance MPR Macroeconomic Performance Report MTDS Medium-Term Debt Management Strategy NBFIs Non-Bank Financial Institutions NDA Net Domestic Assets NDF Net Domestic Financing NFA Net Foreign Assets NHIF National Health -
Ghana's Constitution of 1992 with Amendments Through 1996
PDF generated: 26 Aug 2021, 16:30 constituteproject.org Ghana's Constitution of 1992 with Amendments through 1996 This complete constitution has been generated from excerpts of texts from the repository of the Comparative Constitutions Project, and distributed on constituteproject.org. constituteproject.org PDF generated: 26 Aug 2021, 16:30 Table of contents Preamble . 14 CHAPTER 1: THE CONSTITUTION . 14 1. SUPREMACY OF THE CONSTITUTION . 14 2. ENFORCEMENT OF THE CONSTITUTION . 14 3. DEFENCE OF THE CONSTITUTION . 15 CHAPTER 2: TERRITORIES OF GHANA . 16 4. TERRITORIES OF GHANA . 16 5. CREATION, ALTERATION OR MERGER OF REGIONS . 16 CHAPTER 3: CITIZENSHIP . 17 6. CITIZENSHIP OF GHANA . 17 7. PERSONS ENTITLED TO BE REGISTERED AS CITIZENS . 17 8. DUAL CITIZENSHIP . 18 9. CITIZENSHIP LAWS BY PARLIAMENT . 18 10. INTERPRETATION . 19 CHAPTER 4: THE LAWS OF GHANA . 19 11. THE LAWS OF GHANA . 19 CHAPTER 5: FUNDAMENTAL HUMAN RIGHTS AND FREEDOMS . 20 Part I: General . 20 12. PROTECTION OF FUNDAMENTAL HUMAN RIGHTS AND FREEDOMS . 20 13. PROTECTION OF RIGHT TO LIFE . 20 14. PROTECTION OF PERSONAL LIBERTY . 21 15. RESPECT FOR HUMAN DIGNITY . 22 16. PROTECTION FROM SLAVERY AND FORCED LABOUR . 22 17. EQUALITY AND FREEDOM FROM DISCRIMINATION . 23 18. PROTECTION OF PRIVACY OF HOME AND OTHER PROPERTY . 23 19. FAIR TRIAL . 23 20. PROTECTION FROM DEPRIVATION OF PROPERTY . 26 21. GENERAL FUNDAMENTAL FREEDOMS . 27 22. PROPERTY RIGHTS OF SPOUSES . 29 23. ADMINISTRATIVE JUSTICE . 29 24. ECONOMIC RIGHTS . 29 25. EDUCATIONAL RIGHTS . 29 26. CULTURAL RIGHTS AND PRACTICES . 30 27. WOMEN'S RIGHTS . 30 28. CHILDREN'S RIGHTS . 30 29. RIGHTS OF DISABLED PERSONS . -
The State of the Economy: a Foundation of Concrete Or Straw?
THE STATE OF THE ECONOMY: A FOUNDATION OF CONCRETE OR STRAW? Speech Delivered by: Dr. Mahamudu Bawumia 2016 NPP Vice-Presidential Candidate At the: National Theatre September 8th, 2016 Accra 1 Mr. Chairman, H.E. John Agyekum Kufuor, Former President of the Republic of Ghana Presidential Candidate of the New Patriotic Party, Nana Addo Dankwa Akufo-Addo Honourable Members of Parliament Chiefs and Traditional Leaders Members of the Diplomatic Corps Representatives of other Political Parties Students Members of the Media Distinguished Invited Guests Fellow Ghanaians Ladies and Gentlemen Good evening! 2 I would like to thank all of you for taking the time out of your busy schedules to attend or listen to this lecture on the current state of our economy. First of all, I would like to assure all Ghanaians that this lecture, as has been the case with all my lectures, will be based on an objective analysis of the data that we have on the economy. Ultimately the data and the facts will speak for themselves. So what does the data say about the state of our economy after eight years of economic management under the NDC, with President John Mahama in charge as head of the economic management team for four years and as President for another four years. RESOURCE INFLOWS Mr. Chairman, any assessment of the state of the economy and the performance of the government must be against the background of the amount of resources at the disposal of the government. At a public lecture in September 2008, then Vice-Presidential candidate John Mahama said: "To whom much is given much is expected." I would like, with his permission, to borrow his exact words to describe his government’s exact performance in the last 8 years. -
Strong Ghanaian Growth Ignites Interest March 2018
STRONG GHANAIAN GROWTH IGNITES INTEREST MARCH 2018 Ghana has undoubtedly been through a difficult period in recent years – with the economy having faced a currency crisis, double-digit inflation, sky-high interest rates and increasing levels of government debt. However, growth has now rebounded and the economy has entered a transition phase. We noted this positive development during a recent visit to the country and returned with renewed confidence in the potential of Ghana. Oliver Bell KEY TAKEAWAYS Portfolio Manager, . The IMF expects GDP growth in Ghana to rebound to 8.6% in 2018, far in Frontier Markets Equity excess of 3.4% for the wider Sub-Saharan region. Higher oil prices and Strategy increased production are key drivers of the improved outlook, while the downward trend in inflation has led a recovery in domestic demand . A peaceful political situation has also improved the broader outlook. President Nana Akufo-Addo’s government, which successfully transitioned to power in January 2017, has made tangible progress towards reducing expenditure and meeting budget targets . Sustained fiscal discipline will be vital to Ghana’s turnaround, especially Iona Dent Associate Analyst, considering its debt/GDP ratio of almost 70% and the likely end of its 16th IMF Frontier Markets program in December . The country’s banks have encountered difficulties surrounding asset quality, with loan books impacted by the lower oil prices and exposure to struggling state- owned energy businesses. While non-performing loans (NPLs) remain elevated, ratios have been coming down from the 2017 peaks A CLOSER LOOK Ghana has the second-largest economy in West Africa, driven by commodity exports of oil, gold, cocoa and timber. -
Smes and Public Equity Financing: a New Dataset of SME Boards in Emerging-Market and Developing Economies
SMEs and Public Equity Financing: A New Dataset of SME Boards in Emerging-Market and Developing Economies John Schellhase and Jim Woodsome August 2017 Introduction In recent years, a number of stock exchanges in emerging-market and developing economies have established dedicated market segments for small and medium-sized enterprises (SMEs). The main purpose of these SME boards, as they are often called, is to expand access to equity finance for relatively small but growing firms with the potential, as a group, to significantly contribute to economic growth and employment. In some cases, SME boards also serve as feeder exchanges, incubating firms for later graduation to a stock exchange’s main board. Today, there around 30 dedicated SME boards in emerging-market and developing economies, the majority of which have been established in the last decade or so. Due to the role these firms can play in creating jobs and diversifying economies, improving access to finance for SMEs is a long-standing policy goal in developed and developing countries alike. As banks have curbed their lending to SMEs in the wake of the global financial crisis, policymakers and industry bodies are now increasingly emphasizing non-bank financing alternatives for SMEs. Public equity financing is one option that may be suitable for fast-growing SMEs with the capacity to meet the listing requirements. SME boards may contribute to expanding financial access for SMEs both directly, by facilitating access to public equity financing, and indirectly, by incentivizing listing firms to improve their financial reporting and corporate governance practices, which may, in turn, make them more appealing to credit-based lenders. -
ASHESI UNIVERSITY COLLEGE HOW the GHANA STOCK EXCHANGE (GSE) CAN BE IMPROVED by CHARLES ANTWI AGYEMAN Dissertation Submitted To
ASHESI UNIVERSITY COLLEGE HOW THE GHANA STOCK EXCHANGE (GSE) CAN BE IMPROVED By CHARLES ANTWI AGYEMAN Dissertation submitted to the Department of Business Administration Ashesi University College In partial fulfillment of the requirements for the award of Bachelor of Science degree in Business Administration APRIL 2010 DECLARATION I hereby declare that this dissertation is the result of my own original work and that no part of it has been presented for another degree in this university or elsewhere. Candidate‟s Signature: ……………………………….……………………………………………………… Candidate‟s Name: ……………………………………………………………………………………………. Date: …………………………………………………………………………………………………………………… I hereby declare that the preparation and presentation of the thesis were supervised in accordance with the guidelines on supervision of thesis laid down by Ashesi University College. Supervisor‟s Signature: ……………………………………………………………………………………… Supervisor‟s Name: …………………………………………………………………………………………… Date: …………………………………………………………………………………………………………………… i ACKNOWLEDGEMENTS My profound gratitude goes to God Almighty, most gracious, most merciful, who gives wisdom, knowledge and understanding and makes all things beautiful in His time. I would like to thank my supervisor, Mr. Anthony Essel-Anderson, who made it possible for me to finish my research work. I am also grateful to the Head of Department, Dr. Esi Ansah for her valuable help and support throughout this thesis. I dedicate this work to my mum, Margaret Ofosua and my dad, Maxwell Agyeman for their love and unwavering support both financially and emotionally throughout my years of education to this level. I express my heartfelt gratitude to all my siblings- Augustine, Mavis, Isaac and Prince Agyeman for their love, unflinching support and prayers. I will also like to acknowledge Miss Joyce R. Aryee, Mr. J. D. Mpere, Rev. Isaac Akyirefi, Edem Dewotor and Pastor Joshua Amissah for being my coaches, mentors and spiritual parents. -
Bank Recapitalization and Market Concentration in Ghana's Banking
GLOBAL JOURNAL OF BUSINESS RESEARCH ♦ VOLUME 7 ♦ NUMBER 3 ♦ 2013 BANK RECAPITALIZATION AND MARKET CONCENTRATION IN GHANA’S BANKING INDUSTRY: A HERFINDAHL-HIRSCHMAN INDEX ANALYSIS Samuel Yaw Akomea, Kwame Nkrumah University of Science and Technology, Ghana Michael Adusei, Kwame Nkrumah University of Science and Technology, Ghana ABSTRACT Using Concentration Ratio and Herfindahl-Hirschman Index techniques, the paper investigates the concentration levels of the banking industry in Ghana and forecasts the future concentration levels of the industry should consolidations triggered by the new bank recapitalization policy occur in the industry. The study finds that the HHI indices provide evidence for the contention that for the past eight years the banking industry in Ghana has been highly competitive with no signs of concentration. Evidence also exists to underpin the conclusion that any consolidation of four banks or less stimulated by the new bank recapitalization policy will not upset the existing market concentration. However, consolidation of five or more banks will culminate in high concentration which will be inimical to the interest of customers. The paper, therefore, recommends that, all things being equal, policy makers should permit consolidation of four or less banks if that is the only way the banks will meet the new bank recapitalization requirement. JEL: D40, D41, E02, G21 KEYWORDS: Banking, Market Concentration, Herfindahl-Hirschman Index, Ghana INTRODUCTION riven, ostensibly, by the desire to promote prudent management of banks in Ghana, the Bank of Ghana introduced a bank recapitalization policy in 2007. In this policy, universal banks operating D in Ghana were required to recapitalize from GH¢ 7 million to GH¢ 60 million (approximately US$ 60 million at the time) by the end of 2012. -
African Markets Review
AFRICAN MARKETS REVIEW Tuesday, July 07, 2020 Exchange rates, as of Highlights Monday July 6th, 2020 Exchange rates Currency Last Market Data in USD USD EUR 1 MAD 0.10365 0.09163 Data in USD Market 1 TND 0.35348 0.31247 Volume (in m) Market Cap. (in bn) 1 XOF 0.00172 0.00152 Morocco 7.0 54.4 1 EGP 0.06227 0.05505 Tunisia 1.5 8.0 1 TZS 0.00043 0.00038 West Africa 0.2 6.9 1 MUR 0.02515 0.02223 Egypt 27.5 37.7 1 KES 0.00938 0.00829 Tanzania 0.6 6.5 1 NGN 0.00259 0.00229 Mauritius 0.7 8.5 1 GHS 0.17212 0.15215 Kenya 5.2 19.8 Nigeria 4.8 32.8 Source: Six Financial Information Ghana 0.0 9.1 Cryptocurrency, as of Source: Six Financial Information Monday July 6th, 2020 Exchange rates Bitcoin In Morocco, overall compensation expense down 6% to MAD 5.6bn at the end of May Rate Day ch. 2020 year-on-year; USD 9,125 0.7% In Tunisia, THE COMMONWEALTH DEVELOPMENT CORPORATION and FINFUND have injected USD 70m into the Fund, bringing its present value to USD 202m; Egypt’s state-owned automotive manufacturing company and China’s DONGFENG Source: Six Financial Information MOTOR signed an agreement on June 18 to produce electric cars for the first time in Egypt; Commodities, as of Poor performances all around among the covered African markets, except for the Monday July 6th, 2020 Kenyan Stock Exchange which recorded an increase of 1.13%. -
Accepted Version
Citation for published version: Agyei, YA, Kumi, E & Yeboah, T 2016, 'Is better to be a kayayei than to be unemployed: reflecting on the role of head portering in Ghana’s informal economy', GeoJournal, vol. 81, no. 2, pp. 293-318. https://doi.org/10.1007/s10708-015-9620-z DOI: 10.1007/s10708-015-9620-z Publication date: 2016 Document Version Peer reviewed version Link to publication University of Bath Alternative formats If you require this document in an alternative format, please contact: [email protected] General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. Take down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim. Download date: 06. Oct. 2021 GeoJournal DOI 10.1007/s10708-015-9620-z Is better to be a kayayei than to be unemployed: reflecting on the role of head portering in ghana’s informal economy Yaa Ankomaa Agyei • Emmanuel Kumi • Thomas Yeboah Ó Springer Science+Business Media Dordrecht 2015 Abstract The implementation of neoliberal eco- standard of living of these young girls through nomic reforms with its resultant effects on rural improved access to income, health care and asset agricultural economies has facilitated the migration of accumulation while their families benefit from remit- young girls from northern to southern Ghana to seek tances. -
Ghana (Country Report)
Country report GHANA Summary Ghana’s main economic risk is the country’s persisting twin deficit on the current account balance (of 9.4% in 2011) and fiscal balance (of 4% of GDP in 2011). The fiscal deficit is expected to widen to above 5% of GDP this year, as the December 2012 presidential and parliamentary elections have led to a spending spree. Both deficits are expected to remain substantial in the foreseeable future, as oil exports remain subdued and the upcoming elections do not allow austerity measures. However, large net foreign direct investments, which cover over 80% of the current account deficit, give some comfort. Although the outcome of the elections is highly unsure and tensions within and between the main political parties are expected to continue, we expect the country to remain a politically stable country. Ghana’s cedi has depreciated by 19% since January 2012. The cedi and inflation will therefore remain of concern in the coming year. Foreign-exchange reserves cover about 3 months of imports, which is below comfort levels. Foreign debt is increasing steadily after debt relief in 2005/06, but remains acceptable at an expected 24% of GDP this year. Things to watch: • Persistent twin deficit on current account balance and fiscal balance • Weak currency • Presidential and parliamentary elections of December 2012 • Oil output Author: Reinier Meijer Country Risk Research Economic Research Department Rabobank Nederland Contact details: P.O.Box 17100, 3500 HG Utrecht, The Netherlands +31-(0)30-21-31568 [email protected] -
Doing Data Differently
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