FBNBank ended 2022 on a thankful and hopeful note
THURSDAY 19 January 2023 Issue No. 4
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A NEW THINKING
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Vodafone Cash customers to benefit from new mobile money transaction limits Pg
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Did Zenith Bank leave capital market over domestic debt exchange program? ted to ensuring rigorous enforcement of all the rules for operators in the capital market in order to promote the growth and development of an efficient, fair and transparent securities The bank becomes the first to market in which investors and leave the stock market after gov- the integrity of the market are ernment announced last year its protected.” controversial policy --domestic debt exchange--that seeks to re- Ghana, which is going through store debt and financial sustain- its worst economic crisis in a generation, in December last ability. year launched a plan to exAccording to the SEC, Zenith change its local bonds for new Bank is no longer required to ones with fresh maturity dates carry out trustee functions for and coupon rates to help restore macroeconomic stability. the securities sector. The Securities and Exchange Commission (SEC) has announced Zenith Bank’s decision to voluntarily leave the capital markets.
“Zenith Bank Ghana Limited, a licenced trustee that engaged in trustee services in the securities industry and capital market, has voluntarily requested to suspend operations,” the Securities and Exchange Commission (SEC) announced in a statement. “The SEC has, after a thorough assessment of the circumstances, approved the voluntary cessation of business of Zenith Bank Ghana Limited as a licensed Trustee. Zenith Bank Ghana Limited. is no longer mandated to carry out any Trustee activities within the securities industry,” it added. SEC continued, “all investors, market operators, and the general and investing public are hereby assured that the SEC is commit-
But some groups representing the financial institutions that hold Ghana's debt have raised concerns that the restructuring as presented by the finance ministry would not work. Parliament’s Ranking on Finance, Dr. Ato Forson has disclosed that about five banks are likely to go bust following government’s impending domestic debt exchange programme (DDE) if the latter fails to engage further. Speaking to journalists during a minority press conference on DDE on Monday at parliament house, he cautioned government to engage extensively or things could get to its head.
PURC assumptions on energy mix generation for tariff review is baseless - IES 2
Ethiopian Airlines increases flight frequencies in China Ethiopian Airlines, the leading airline in Africa, has announced that the frequency of its flights to Chinese cities will increase as of February 6, this year. It is an indication of a return to the pre-COVID-19 levels following the lifting of restrictions by the Government of China. From February 6, 2023, Ethio2
pian Airlines will operate daily flights to Guangzhou while increasing its weekly flights to Beijing and Shanghai to four each and maintaining the thrice weekly operation to Chengdu. Likewise, from March 1, 2023, the flights will surge back to the pre-COVID-19 levels, with daily flights to Beijing and Shanghai, as well as ten and
Producer Price Inflation for December falls to 52.2%
The Producer Price Inflation (PPI) rate for December 2022 was 52.2 per cent, down from 78.1 per cent the previous month. This rate indicates that between December 2021 and December 2022 (year-on-year), the PPI increased by 52.2 percent, representing a 25.9 percentage point decrease in producer inflation relative to the rate recorded in November 2022 (78.1 per cent). In a statement, the Ghana Statistical Service said the month-on-month change in the PPI between November and December 2022 was negative 13.3 percent. 2
Guinness Ghana, FanMilk yet to file unaudited accounts
The Ghana Stock Exchange (GSE) has extended the dates for the filing of unaudited financial statements for two listed companies. They are Guinness Ghana Breweries PLC and Fan Milk PLC. A press release issued in Accra today ( January 18, 2023) by the GSE said Guinness Ghana Breweries PLC has February 14, 2023 to file while Fan Milk PLC has up to February 15, to do same. It said the two companies have been granted extension for the submission of their Unaudited Financial Statements for the period ending December 31, 2022.