As traders responded to the data, shares climbed in the US and Asia. On Friday morning, stock markets in the UK and Europe also increased.
According to the Labor Department, the US consumer price index increased 7.7% in October compared to the same month last year.
Since the beginning of the year, that is the smallest annual increase.
The figure, which is down from 8.2 per cent the previous month, means the US central bank may ease its aggressive approach to raising interest rates to tackle inflation.
On Friday Hong Kong’s Hang Seng index jumped by 7.7 per cent, while the Nikkei in Japan ended the day three per cent higher and South Korea’s Kospi gained 3.4 per cent.
That came after the benchmark S&P 500 index in New York rose by more than 5.5 per cent, while the Dow Jones Industrial Average gained 3.7 per cent. At the same time the technology-heavy Nasdaq soared by 7.35 per cent.
Shares in US technology companies saw some of the strongest gains with Amazon up by over 12 per cent, while Apple and Microsoft rose more than eight per cent.
European share prices edged higher on Friday too, although they didn’t match the large gains seen in the US and Asia.
In London, the FTSE 100 index was up by 0.4 per cent in early trading after official figures showed the UK appears to be heading into recession.
The economy contracted by 0.2 per cent between July and September, according to the Office for National Statistics.
Meanwhile the US dollar, which has jumped in value this year, weakened against major currencies including the pound and the yen.
Earlier this month the US Federal Reserve raised its key interest rate to a fresh 14-year high.
The move took the central bank’s benchmark lending rate to 3.75 per cent-4 per cent, the highest since January 2008.
Also this month, the Bank of England lifted interest rates to three per cent from 2.25 per cent, the biggest jump since 1989, and warned that the UK is facing its longest recession since records began.
A recession is defined as when a country’s economy shrinks for two three-month periods – or quarters – in a row.
Higher interest rates make it less likely that people will spend on big ticket items, such as homes, cars or expanding their businesses. That fall in demand is, in turn, expected to curb price increases.
Food and energy prices have jumped, in part because of the Ukraine war, which has left many households around the world facing hardship and started to drag on the global economy.
But some economists are concerned that higher rates could also trigger slowdown in the global economy.
The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has indicated that financial indiscipline is what is causing high inflation and also drop in the strength of the Cedi.
He noted that as the Central Bank continues to monetize the deficit through direct advances to government and takeover of maturing Treasury Bills, it must ensure that it is not breaching the lending ceiling and fiduciary currency issue.
“Fiscal and monetary indiscipline is fueling inflation and cedi depreciation. While we expect the Treasury and the Central Bank to collaborate positively, they are rather collaborating negatively as the former has been compelling the latter to monetize the deficit,” he tweeted.
His comments come at a time Bolga Central MP Isaac Adongo has accused Governor of the Bank of Ghana (BoG) of illegally giving an amount of ¢70 billion to the government to finance matured debts.
The Deputy Ranking Member on the Finance Committee has served notice to sue Dr Addison over the matter.
Addressing a press conference in Parliament on Tuesday November 8, he said “Ask yourself why the same taxes that we imposed on petroleum products two years ago to deliver a liter of 4. 50 pesewas.
“So essentially, now the problem is not even about the taxes, it is about the exchange rate. Who is supposed to manage the exchange rate? It is the Governor of the central bank Dr Addison.”
He added “Another big problem we have now is inflation. The Bank of Ghana manages the inflationary target framework whiles the Ghana Statistical service reports actually but the man who is in charge of managing our inflation targeting framework and ensuring that inflation expectations are anchored, is the Governor of the Central Bank.
“The inflationary targeting framework within the confines of the Bank of Ghana provided very strict rules on what we call fiscal governance over monetary policy, in other words there are strict rules on the government of Ghana can borrow from the Bank of Ghana.
“Those restricted rules are quite clearly stated that the BoG at any point in time should not have lent more than five percent of the previous revenue cumulatively. If you consider last year ‘s revenue then the government cannot even borrow five million Cedis from the BoG.
“But by the end of the year 2021, Dr Addison has illegally lent to government ¢35billion, and by May this year he had added an additional ¢22billion when the Minister came at Mid year review. As we speak today, Dr Addison has been financing government and paying maturing debt obligations the domestic market that the government cannot find, we are currently looking at something in excess of 7billion of illegally borrowing by the Government of Ghana from the BoG.
“If you have a corrupt government such as Akufo-Addo and Dr Bawumia and you pump 70billion to the economy that does not belong to the economy, they steal them and they put them in their rooms under their beds.
“Under the current circumstance, the best storage of money is Dollars and not Cedis. So Dr Addison’s 70 billion are now in the homes and beds of government functionaries, is what is chasing the Dollar.
“How can Dr Addison still be the Governor of the Central bank? I call on Dr Addison as a matter of urgency, to exit BoG and give Ghana the chance to clear the mess. Today, I have instructed my lawyers to serve him notice and to remind him again of a letter I served him, that if by the end of the third meeting of the second sitting of the 8th Parliament, he has not complied with his obligation to parliament for us to exercise our oversight role, I will sue him and I will proceed to court.”
“… The current inflation rate is 7.6 percent, and we anticipate that it will at least continue to trend lower and stay below the medium-term target of 8 percent.
We also address other factors, and we hope that the outside climate will remain favorable “Dr. Addison made this statement during a panel discussion on Wednesday, October 30, 2019 at the 8th Ghana Economic Forum in Accra.
The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has projected a downward inflationary trend in the next economic year, barring any external pressures.
Inflation over the past few months has witnessed a marginal decrease to its current state of 7. 6 percent.
“… We’re currently at 7.6 percent; we expect that inflation will continue to trend downwards, at least, below the medium-term target of 8 percent… We also talk of the external factors and we’re hoping that the external environment will continue to be conducive,” Dr. Addison stated at a panel discussion at the 8th edition of the Ghana Economic Forum in Accra on Wednesday, October 30 2019.
According to Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Central Bank, the current SIM Card registration activity aims to assure the centralization of KYC data to enhance the supply of financial services free from fraud.
He claims that in order to prevent theft, potential for money laundering, and the financing of terrorists, the exercise has become vital.
Dr. Opoku-Afari stated, “The consumer should be at the center of our joint efforts,” at the Standard Chartered Bank-organized 2022 Digital Banking, Innovation, and Fintech event. As a result, the Bank will not give up trying to safeguard them.
“It is in this vain that the Bank of Ghana has developed an artificial intelligence-powered automated customer complaint system, I believe this community refers to it as a chatbot; dubbed ‘Akushika’,” he disclosed.
“The chatbot is currently in its pilot phase and I would like to use this opportunity to encourage you all to interact with it to ensure that it becomes fit for its purpose,” the Deputy BoG Governor added.
Touching on the introduction of the central bank digital currency known as the eCedi, Dr. Opoku Afari said the comprehensive pilot testing process has been completed.
He noted that the pilot process saw the testing of online and offline versions of the eCedi in Accra, Tarkwa and Sefwi Asafo.
“The pilot has unearthed useful insights on the impact of the initiative of the Bank which will prove instrumental in the event of a full-scale deployment of the eCedi.”
The deputy central bank governor in his conclusion said as part of the effort to build stronger collaboration and cooperation with industry, the regulator has embarked on an engagement drive through the FinTech and Innovation Office.
He further said the central bank remains resolute in its commitment toward a cash-lite agenda in Ghana.
Abebe Selassie, the African Director at the IMF, claims that Ghana is one of the nations where internal forces are mostly to blame for inflation.
As of September 2022, Ghana’s inflation rate—which has been rising since the year’s beginning—was 37.2%.
However, the government has stated that the COVID-19 epidemic and the Russia-Ukraine war are just two examples of the global events that have contributed to the inflation.
Speaking at a press conference at the recent IMF/World Bank Spring Meetings, Abebe Selassie, said “on inflation, I mean, again, there are always trade-offs when you’re doing policy calibration, and so in our regional economic outlook, we are very careful to flag that there are some countries where inflation has clearly been driven more by domestic factors than exogenous factors. I think Ghana would fall in that camp.”
“But there are also quite a lot of other countries where the inflation we are seeing is more important, so the scope and the space and the ability of monetary policy to address that is limited. So again, it depends on country-specific circumstances, and on time,” he is quoted by myjoyonline.com.
The IMF added that the adjustments of the monetary policy must be done swiftly because the adjustments affect how inflation is driven in the economy.
He said, “exchange rates are moving, commodity prices are moving, so it’s an area where calibration must be very, looked at again and again and again, as the months proceed.”
“That’s why, Central Bank can say you have to be forward-looking, data-driven, so our advice is also, very much, subject to those considerations,” he added.
According to the GSS, the factors that influenced inflation were, Housing, Water, Electricity, Gas and Other fuels (68.8%); Furnishings, Household Equipment, and Routine Household Maintenance (51.1%); Transport (48.6%); Personal Care, Social Protection and Miscellaneous Goods and Services (42.6%) as well as Food and Non-Alcoholic Beverages (37.8%).
In Zambia, the abolition of customs tariffs and a combination of stricter fiscal and monetary measures have reduced inflation from 21% over the previous year to 9.9%.
The Kwacha has been Africa’s best performing currency, rallying around 18% year to date, after Zambia secured a $1.3bn bailout package from the IMF. Prospects remain positive given the debt restructuring plans to be concluded this year in addition to improved global consumption for the copper producing country.
Debt restructuring should also help spur recovery for Chad amid a pick-up in oil and agricultural output. In other news from the IMF meetings, the Fund is seeking to include clauses in future debt contracts that will allow borrowers to suspend debt servicing commitments in the event of a climate shock.
Meanwhile, Rwanda is set to become the first African country to benefit from a $40bn Resilience and Sustainability trust fund set up by the IMF to help countries deal with the impact of climate change.
The Rwandan franc has contracted by about 5% in the past year to RWF 1065 per dollar, against a backdrop of inflation soaring to 23.9% this year amid continued dependence on Russian wheat and fertilizer. A combination of the country’s economic reforms and an agreed IMF climate change related support programme could be a long-term boost for the currency.
Naira weakens as Nigeria considers debt restructuring
The Naira continued its slide against the dollar this week, trading at 734 from 722 at last week’s close, as Nigeria’s government said it was considering options to restructure its debt.
Nigeria’s oil output continues to decline amid rising oil theft and vandalism, with the country now Africa’s fourth biggest crude producer behind Angola, Libya and Algeria, having started the year as the continent’s largest.
That is piling further pressure on the Naira given that oil revenues are by far the biggest source of FX for the central bank. We expect further depreciation in the unofficial market in the short term as demand pressures continue to weigh heavily on the local currency.
Cedi touches new low amid record 37% inflation
The Cedi depreciated against the dollar again this week, trading at 10.58 from 10.45 at last week’s close, having briefly touched a record low of 10.63 on Tuesday. Annual inflation hit a record high 37.2% in September, up from 33.9% in August.
Ghana’s interest rate is currently at 24.5%, its highest level since 2017 following last week’s 250 basis point hike. Given that inflation is being driven mainly by the supply side, the bank’s rate hikes are not proving as effective in curbing rising prices.
Fitch Ratings has warned that a sovereign debt default is a real possibility, with any kind of domestic restructuring likely to severely impact the local banking sector. Against that backdrop, we [AZA Finance] expect the Cedi to continue weakening towards the 11 level in the near term.
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Risk-off drives Rand lower as planned power cuts ease
The Rand weakened against the dollar, trading at 18.18 from 18.04 at Friday’s close as risk-on sentiment of last week was snuffed out amid concerns about global growth and an escalation of Russia’s war in Ukraine. On the domestic front, planned power cuts are expected to ease this week.
A workers’ strike at freight company Transnet has seen South African coal exports slow to the lowest level in a year, causing coal prices to jump higher.
Europe’s increased dependence on South African coal amid the ongoing energy crisis is likely to provide some support to the Rand in the months ahead. For the near term, we expect the Rand to continue trading in line with global risk sentiment.
Egypt Pound at record low as banks limit FX withdrawals
The Pound edged to a fresh low against the dollar, trading at 19.69 from 19.66 at last week’s close.
Egyptian banks have been taking steps in recent days to limit the withdrawal of foreign currency to protect against a scarcity of dollars in the country. The central bank is also considering allowing non-deliverable forwards so companies and investors can hedge exposure to large swings in the Pound.
Meantime, annual inflation climbed to 15% in September from 14.6% a month earlier, pushed higher by rising food and transportation costs.
We expect the Pound to weaken further in the coming days, although Egypt’s hosting of next month’s UN climate change conference COP 27 could help drive FX inflows with increased visitors.
Shilling slides as Kenya reserves hit 7-year low
The Shilling depreciated against the dollar, trading at 120.80/121.00 from 120.70/120.90 at last week’s close—just shy of a record low—due to increased dollar demand by importers in the oil, energy and manufacturing sectors.
Economic growth slowed for a fourth consecutive quarter, hitting 5.2% in Q2 of the financial year from 6.8% in the previous three-month period as election-related uncertainty and the worst drought in 40 years weighed on activity. To support the Shilling, the central bank sold an unspecified amount of dollars.
Kenya’s FX reserves fell to $7.3bn last week from $7.4bn a week earlier—the lowest level in seven years—amid lower foreign funding, faster import growth and a slowdown in remittances. We expect the Shilling to stabilise in the coming week as the central bank continues to dip into reserves to cushion against volatility.
Ugandan Shilling weakens amid rate hikes
The Shilling weakened against the dollar, slipping to 3831 from 3817 at last week’s close. Uganda said it was working with China, the US and Russia to find potential investors to help develop East Africa’s first nuclear power plant, which the government hopes to have operational by 2031.
Meantime, Uganda’s purchasing manager’s index climbed to 51.6 in September from 50.5 in August, the strongest level in five months. The central bank said more rate rises could be on the cards following last week’s 100 basis point hike.
Uganda’s benchmark interest rate has increased by 350 basis points since June, now at a three-year high of 10%. We expect the Shilling to weaken further in the near term due amid higher import costs.
Tanzania outlook raised at Moody’s as exports soar
The Shilling appreciated marginally against the dollar, trading at 2331 from 2332 at last week’s close.
Moody’s upgraded Tanzania’s credit outlook to positive from stable, affirming its B2 rating, five levels below investment grade, based on lower political risk given the government’s new approach to promoting economic development and engagement with the international community.
Tanzanian exports hit $1.4bn during the 12-months to August, a 75% increase on the previous 12-month period. We expect the Shilling to continue strengthening modestly against the dollar in the week ahead.
Jobs growth in the US has slowed for a second month, in a sign that the labour market in the world’s largest economy may be starting to cool.
US employers added 263,000 new jobs in September, the fewest since April 2021.
Despite the lower figure, analysts said the US central bank will need to do more to slow the economy if it wants to rein in rapidly rising prices.
The dollar strengthened following the report, as investors expect interest rates to continue to rise.
This strengthening pushed the pound down to $1.11, having been above $1.12 before the jobs figures were released.
The labour market in the US is being closely watched, as the US central bank raises borrowing costs sharply.
Officials hope the higher interest rates will cool demand for big-ticket items such as homes and cars, and ease the pressures that are pushing up prices at the fastest pace since the 1980s.
They have warned that the slowdown in activity is likely to lead to some job loss, but say they hope to avoid a sharp economic downturn.
Analysts said that Friday’s report from the US Labor Department showed the jobs market remains relatively tight, as a backlog of unfilled positions pushes companies to continue to hire despite fears of wider economic slowdown.
Restaurants, bars and health care firms led the job gains last month, while the unemployment rate fell from 3.7% in August to 3.5%, returning to a 50-year low.
The average hourly wage in September was also 5% higher than a year earlier.
While that lags the inflation rate, analysts said the gains still put upward pressure on prices, especially as the pool of workers with jobs or looking for work has remained stubbornly below pre-pandemic levels.
“Although this month’s jobs report is weaker than the figures recorded last month, the labour market remains relatively strong,” said Richard Flynn, managing director at Charles Schwab UK.
“The Fed has been increasingly clear that substantial weakness in the economy may be the expense for a return to lower inflation. As rate hikes feed through to the real economy in the months ahead, the labour market may weaken further, reflecting investors’ recessionary concerns.”
Consumer spending – the main driver of the US economy – has held up in recent months, despite the spike in prices eroding purchasing power.
But anecdotal reports of job losses are rising, as firms announce job cuts or hiring freezes, especially those in the housing and tech sector. Peloton this week announced its fourth round of job cuts this year, shedding another 500 positions – or roughly 12% of its workforce.
Some retailers have also scaled back hiring plans. Walmart, for example, has said it is hiring 40,000 workers for the holiday season, after taking on 150,000 last year.
Ghana’s public debt stands at GH¢402.4 billion as of July 2022, 68% of the country’s Gross Domestic Product.
The debt stock which stood at GH¢392.1 billion in March 2022 dropped to GH¢388.1 billion in April 2022, and later went up marginally to GH¢389.2 billion in May 2022 and to GH¢393.4 billion in June 2022.
But according to the Central Bank, the country’s debt dropped marginally in dollar terms from $54.4 billion in June 2022 to $53.2 billion in July 2022.
This was contained in the October 2022 Bank of Ghana Summary of Economic and Financial Data.
The data showed that Ghana did not borrow fresh funds from the global market in recent times.
The external debt remained unchanged at $28 billion, equivalent to 35.8% of GDP.
However, the domestic debt increased from GH¢190.1 billion in June 2022 to GH¢190.3 billion in July 2022.
The domestic debt stood at GH¢181.9 billion in January 2022, went up to GH¢185.4 billion in February 2022, and GH¢190.1 billion in March 2022. It subsequently shot up to GH¢189.2 in April 2022 and GH¢188.5 billion in May 2022.
The increase in domestic debt can be attributed to the government’s excessive borrowing from the domestic market.
Ghana’s debt will, however, see some increases due to the receipt of the $750 million Afrieximbank loan that came in August 2022.
The Central Bank decided to raise the Monetary Policy Rate by 250 basis points to 24.5%, the highest level since 2017.
The country’s soaring inflation, which is currently 33.9%, is to blame for the increase, according to the Bank of Ghana.
Dr. Daniel Amarteye Anim, who is also the executive director of the Policy Initiative for Economic Development, said in an interview with Starr News that new enterprises won’t be given money to increase their output.
“Certainly, what it means is that the cost of borrowing, the cost of capital will increase, and as capital increases, startups or young businesses will not be in a better position. Because it will not make economic sense for you to go and borrow at a very high rate when money that comes to the business will not be able to pay for that particular facility. So, a lot of people will be denied capital and as they are denied, they will not be in a better position to expand production.”
He added: “As production declines, jobs will not be created, it will even affect revenue and the government will not get its share of revenue in terms of taxation. So, these are the implications of this particular policy in terms of consistently increasing policy rate and its implication on businesses. I believe that it is not the way to go and that we should find a better approach to ensuring that we minimize the cost of living in the country in terms of increases in the price of goods and services.”
He questioned why the government’s budget would still be funded by the central bank.
“Why should the central bank maintain its support of government spending? Doesn’t that just fuel the decline of the cedi and inflation?
Why doesn’t the central bank compel the government to negotiate a fair price and secure outside financing for the budget?
“So this is what we had to wait for IMF input for?” Dr Kwakye tweeted after the Governor Dr Ernest Addison said that financing of the government’s budget so far has predominantly been from the banking sector.
Dr Addison said these at the 108th Monetary Policy Committee (MPC) press conference in Accra on Thursday October 6.
Dr Addison told the press that on the fiscal situation, while expenditures have been broadly on target, revenue performance has been below expectations, complicating fiscal policy implementation.
“Financing of the budget so far has predominantly been from the banking sector with the central bank absorbing a larger share. Persistent uncovered auctions and portfolio reversals by non-resident investors continue to pose risks to financing of the budget, resulting in monetization of the budget deficit by the central bank.
“The Monetary Policy Committee recognizes the fact that the current condition is sub-optimal and will be interim until agreements are reached on an IMF-supported programme.
“The Committee assesses that the engagement with IMF has been positive and early
conclusion of the programme discussions will help re-anchor stability,” he said.
He stressed “The outlook for the Ghana Cedi has improved, aided by the recent disbursement of the loan from Afreximbank of US$750 million, the signing of the syndicated Cocoa Loan of US$1.13 billion, and the agreement with gold and oil companies to purchase the repatriated foreign exchange earnings of about US$83.9 million so far, will help stabilise the exchange rate.”
Inflation, he said, remains elevated and the balance of risks is on the upside. Although the forecasts are for monthly inflation to continue to slow down, the risks are on the upside, emanating largely from pass-through effects of the currency depreciation, the recent upward adjustment in utility tariffs, and rising inflation expectations. The Committee remains committed to re-anchoring inflation expectations and returning to
a disinflation path.
The Bank of Ghana has provided advice to those who have obtained loans using mobile money platforms but have consciously chosen not to register their SIM cards as part of the ongoing national SIM Card registration drive in an effort to avoid making loan repayments.
The Central Bank in a statement indicated that data of all mobile money loan customers are domiciled in the databases of credit bureaus.
BoG cautioned that failure torepay such loanswill attract “negative repercussions on borrowers’ credit reports/history and could subsequently adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in the future.”
The Central Bank advised all borrowers who have discarded theirSIM cardsto contact their telecommunication service providers or respective lenders, to discuss repayment arrangements to avoid adverse information on their credit reports, that could deny them access to future credit facilities.
The Bank of Ghana (BoG) has granted permission for Chipper Cash, a cross-border payments app used by over five million individuals in Africa and its diaspora, to offer remittance services from the US to the nation.
After receiving an Enhanced Payment Service Provider License from the BoG to launch its commercial operations in Ghana last August, the fintech received permission shortly after.
In an interview, the Chief Executive Officer of Chipper Cash in Ghana, Mr Dion Jon Taylor Samson said his outfit was delighted to have received the approval.
He added that Chipper Cash would comply with all the regulations associated with providing the inward remittance service which was a major contributor to national income.
He said: “It is important for us fintechs to continuously work with the Central Bank not only to fully comply but also to make them aware of all our activities so that they may share in our vision and also provide advice and guidance”.
Ghana entry
The company’s entry into Ghana was forged in Spring 2019 when its then 27-year-old co-founder Majid Moujaled and 28-year-old Dion Jon Taylor Samson reconnected in Spring 2019 after not seeing each other for close to 13 years since their last day of high school together.
Majid shared what he had begun working on with Dion who was also keen on bringing Chipper Cash’s excellent service to Ghana. He suggested they set up the Ghanaian entity properly and put measures in place for an effective rollout.
The rollout led by the efficient Dion who is the Chief Executive Officer of Chipper Cash in Ghana involved setting up aggregators, getting a partner bank, forming a fully-fledged corporate body – Critical Ideas Ghana Limited to operate Chipper Cash in Ghana and getting licensed by regulators.
Why Ghana?
According to Mr Taylor Samson, the rapid adoption of digital payment platforms in the country falls in line with its goal to accelerate financial inclusion across Africa.
The Bank of Ghana’s (BoG) Monetary Policy Committee (MPC) will not be holding its routine quarterly meeting today, Monday, September 26, 2022, as scheduled.
A statement from the Central Bank last Thursday said the rescheduled meeting will now coincide with Government’s next round of engagements with the International Monetary Fund (IMF).
The Fund is scheduled to begin these rounds from September 26 to October 7, on Government’s policies and reforms that could be supported by its lending arrangement.
The team, which will be led by its Mission Chief for Ghana, Stephane Roudet, is also expected to further engage with other stakeholders in the course of the visit.
Following the development, the Monetary Policy Committee says it will announce the next monetary policies on October 7, the day the engagements with the IMF will be concluded.
The last IMF mission to Ghana was between July 6 and July 13, 2022. The team used the opportunity to assess Ghana’s economic situation and discussed the broad lines of the government’s Enhanced Domestic Program that could be supported by an IMF lending arrangement.
The IMF team met with Vice President Bawumia, Finance Minister Ofori-Atta, and the Governor of the Bank of Ghana.
The team also met with the Parliament’s Finance Committee, civil society organizations, and development partners, including UNICEF and the World Bank, to engage on social spending.
Ghana is currently looking to secure a $3 billion loan from the IMF.
After successfully raising US$3 billion Eurobond last week which was heavily oversubscribed 5-fold, the Government of Ghana through the Bank of Ghana will rollover a 2-year Government of Ghana bond which is expected to mature in 2022.
It is however unclear how much the government is seeking to raise, but that will depend on the amount of bids and the demand yield.
The bond issuance which is cedi-denominated and opened to both resident and non-resident investors is expected to be used largely to retire maturing debts.
Each bond is expected to have a face value of GHC1 with a minimum bid of GHC50,000 and multiples of GHC1,000 thereafter.
Class Business believes the bond will attract a favorable yield based on the fundamentals of the economy and the current investor confidence.
Barclays, Databank, Fidelity, IC Securities and Stanbic are the joint book runners of this deal.
The bond will be listed on the Ghana Stock Exchange thereafter.
