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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete a fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

    KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

    IMF team arrives in Accra on Wednesday to begin bailout talks with gov’t

    Fuel prices to go up as NPA announces restoration of UPPF margin

    GHASALC laments drop on number of digital transactions following e-levy

    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete a fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

    KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

    IMF team arrives in Accra on Wednesday to begin bailout talks with gov’t

    Fuel prices to go up as NPA announces restoration of UPPF margin

    GHASALC laments drop on number of digital transactions following e-levy

    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

  • INTERNATIONAL
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    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Ghana’s stock market records 17% drop from Jan. to June due to impact of COVID-19

byBobbie Osei
July 13, 2020
in Local Economy, Markets, Top Stories
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The novel Coronavirus pandemic, which has claimed over half a million lives globally, has devastated economies and businesses, aside from revealing weaknesses in global health systems and supply chains, especially in Africa.

While its spread has benefited some businesses, it has left many others in jeopardy, hitting listed companies on the stock market in Ghana.

The pandemic has affected manufacturing, trade and investment in Ghana and around the world, leaving an impact on the prices of global commodities such as crude oil, gold, and cocoa, which Ghana depends on.

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The impact on tourism, people and the fiscal economy is also visible, as government budget has been thrown out of gear due to reduced revenue generation and tax collection.

A look at the impact on stock markets around the world, where shares in companies are bought and sold, shows that big shifts were experienced as the FTSE, Dow Jones Industrial Average, the Nikkei and Ghana’s own local bourse, huge drops as the number of Covid-19 cases grow.

In Ghana, the composite index (GSE CI) which reflects the average performance of shares of listed companies witnessed a significant drop of about 17 percent from January to early June of 2020. The composite index, however witnessed a drop of about 8 percent within the same period in 2019.

The General Manager of UMB Stockbrokers, Ben Ackah, explained the dynamics of the market and the reason for the significant drop.

“The stock market index is just a measurement of the performance of the market. The composite index in Ghana here measures the index of the market as a whole, while the financial stocks index, measures that of the financial stocks on the market. Now, in general when the market or the index is going up it means that the average prices of the stocks in the market are also going up. Now, the index has gone down this year generally due to the impact of the Coronavirus pandemic on the market and the economy as a whole. Basically the market is a reflection of what’s going on all around us including the economy,” he said.

Among the many reasons why share prices are dropping, Mr. Ackah says the difficult times people are experiencing due to the Coronavirus could also be a factor.

“Let’s be clear, there are companies that are going through challenges, and some of those companies are laying off people while others are reducing salaries. People’s livelihoods are being affected in one way or the other. Some may have invested originally for long-term purposes, but have decided that they badly need the money at this time to shore up some of their expenditures. So based on that, they will be willing to offer it even if it’s a discount at the price at which they purchased it before. And based on that, that is why prices are falling. Until the Coronavirus is handled in a way, we will continue to see some dropping of prices,” he said.

It’s not all gloom and doom as the market has also witnessed some significant activity on the trading front as more than 260 million shares valued at GHC 194 million have been traded in the first six months of 2020, a performance which represents a 107.9 percent growth in volumes, and 87.7 percent growth in value traded when compared to the same period in 2019.

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We did no wrong in sale of 260 metric tonnes of slop oil – TOR

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President and Board Chairman of Afreximbank, Prof Benedict Oramah

Plans are underway to complete a fertilizer, railway projects in Ghana – Afreximbank

Free SHS and other programs must be redesigned now – Seth Terkper

IMF team arrives in Accra on Wednesday to begin bailout talks with gov’t

Fuel prices to go up as NPA announces restoration of UPPF margin

GHASALC laments drop on number of digital transactions following e-levy

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