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    Ghana is the best destination for investment in West Africa – Bawumia

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    Modify old trade conventions to favor local printing firms – AGI tells govt

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    Ghana is the best destination for investment in West Africa – Bawumia

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    Modify old trade conventions to favor local printing firms – AGI tells govt

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    Ghana sends debt restructuring proposal to official creditors

    IMF mission staff arrive in Ghana today to assess implementation of economic recovery programme

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    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Citi Business Festival 2023: Takeaways from reimagining digital economy forum

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    Ghana is the best destination for investment in West Africa – Bawumia

    African leaders urged to push for electronic cars over combustible automobiles 

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Re-consider computation of VAT for local industries- AGI tells govt

    IMF proposes acquisition, mergers of banks to mitigate financial sector instability

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

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    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Citi Business Festival: Forum on Digital Economy comes off today

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

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    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

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COVID-19: Gold and less volatile currencies growing in attractiveness – Economist

byBobbie Osei
August 26, 2020
in Banking And Finance, Markets, Top Stories
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A lot of investors the world over have been shaken by the Coronavirus pandemic and the associated fear has compelled individuals to move their funds from one investment option to the other in order to protect their gains.

As the world deals with the Coronavirus pandemic, investors are increasingly moving their funds from stocks, bonds and even real estate into safer investment vehicles like gold, less volatile currencies, and stocks that will help them benefit from the crisis like health-related stocks during the current pandemic.

Courage Boti is an Economist with Databank and he explains the impact of the coronavirus on investor decisions in Ghana and around the world saying: “There is so much uncertainty, no one knows how long COVID-19 is going to stay and how it’s going to affect supply chain. So under such uncertain circumstances, they will want to move into safe-haven assets.”

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“So we saw in the early stages, foreign investors in Ghana repatriating their investments and they would ordinarily do so, sell-out from markets they consider risky and then lock themselves in a position they consider relatively safer that will preserve the value of their investments. And so the GSE I think, year to date is down 17.54% on the composite index and you look across the globe, markets like the British FTSE 100 is down 20% and Japan’s Nikkei is down by 6.5%, Australia’s S&P/ASX 200  is down 15%. So it’s widespread.”

Gold for example which lost its lustre during some parts of last year has rallied in recent months.

It began 2019 at around $1,300 an ounce and ended the year at around $1,500.

Eight months into 2020, however, gold has surged to around $1,900 an ounce making it a safe haven.

On the currency front, less volatile examples like the Swiss Franc and the Japanese Yen have also become favourites for most investors.

Here is Courage Boti again breaking down why local and international investors will opt for such safe havens:

“Normally when investors are moving, they will move into gold, they will move into the most stable currencies, they will move into the defensive stocks. Defensive stocks are stocks like pharmaceutical stocks, something like the consumer goods stocks and things like that. Gold has an intrinsic value, it’s not like a printed currency that can fluctuate and so gold is considered a safe haven. Swiss Franc because, you know Switzerland, they have a well-functioning capital market that is resistant to volatilities and it applies to Japanese Yen also.”

 

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