“Harnessing international skills for national development"
Insurance leader, SIC Insurance Company continued its recent performance, following an appreciable outing last year. The company registered a profit of GH¢5.8 million in 2020, down from the GH¢9.3 million recorded in 2019. This has subsequently impacted positively on its share price though still below its market value. According to its 2020 unaudited financial statement, the insurance giant performance was affected by covid-19 pandemic, largely due to claims from customers which almost doubled to GH¢36 million in 2020, from GH¢18.4 million in 2019. Nonetheless, net premium written went up by 14.5% to GH¢122 million in 2020. At the same time, underwriting loss also inched up by 55% to GH¢9 million. Its shareholder funds however stood at GH¢273.1 million in 2020, compared with GH¢269 million in 2019.
Senior Economic Analyst with Databank, Courage Kingsley Martey, is confident the Cedi will sustain its stability against other major currencies throughout the year 2021. The Cedi, which began the year selling at GH¢5.76, has remained strong so far against the US dollar. However, there are concerns that it could come under pressure when the global economy fully recovers from COVID-19 and imports pick up. Speaking at the Pension Strategy Conference organized by AXIS pensions, Mr. Martey noted that his projections about the cedi are based on measures implemented so far by the Bank of Ghana.
The construction of a new Air Traffic Control Tower (ATC) for the Kotoka International Airport (KIA) is expected to start in June 2021, Kwaku Ofori Asiamah , Transport Minister designate has revealed. “ICAO has issued a warning to us that we should change the tower. We have no option. I have just informed the Minister for Finance that by June we have to start the construction of a new air traffic control tower and government must provide the funding for it,” Mr. Asiamah told Parliament’s Vetting Committee. The current ATC tower is located on top of the Ghana Civil Aviation Authority’s offices adjacent the Terminal 2 of the KIA. AviationGhana sources say a site within the KIA enclave has already been selected for the project.
Bitcoin (BTC) fell 5.4% to about $43,000, the lowest in three weeks. Price move appears to be a continuation of last week’s trend, when bitcoin fell amid concerns that rising U.S. Treasury bond yields might prompt the Federal Reserve to tighten monetary policy sooner rather than later to keep inflation from rising out of control; analysts have said such a move could prompt a sell-off in risky assets including stocks and bitcoin. Bitcoin failed to get a lift last week from ostensibly bullish news including Coinbase’s march toward a public stock listing and a report from JPMorgan, the biggest U.S. bank, arguing that investors could allocate 1% of their portfolios to the largest cryptocurrency. Bitcoin was down 24% in the seven days through Sunday before recovering to close the weekend at $45,300. It’s the worst weekly performance since March 2020. Prices have declined on six of the past seven days.
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