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BUSINESS NEWS | GHANA AND BEYOND

The Ghana cedi ended last year with a depreciation rate of 3.93 percent to the US dollar, making it one of the best-performing currencies in Sub Saharan Africa. The impressive performance also makes it the best since 2017 when it depreciated by only 4.88 percent. At the forex bureau, the rate of depreciation was even lower at 2.2 percent. Joy Business learnt the local currency actually appreciated in the final two weeks of December 2020 at the forex bureau, from a depreciation rate of 3.1 percent. Analysts believe that the cedi has benefited from a myriad of factors including the Bank of Ghana ’s Forex Forward Auction and the diversified exports.

The government expended GH¢21 billion to clean up the banking sector, the President, Nana Akufo-Addo has announced. Delivering his final ‘State of the Nation’ address to the 7th Parliament , he said “an amount of GH¢21 billion was used to fund the cleaning up exercise. These are painful lessons we all have to imbibe”. The Bank of Ghana embarked on a banking sector clean-up, recapitalization, and other regulatory reforms from mid-2017 to end-December 2018 in line with its mandate to promote the safety, soundness, and stability of the financial system to support economic growth.

The management of the Social Security and National Insurance Trust (SSNIT) has increased monthly pension by 10 per cent for the year 2021. A statement issued and signed by SSNIT indicated that the increment was in accordance with Section 80 of the National Pensions Act 2008 (Act766). This means that current pensioners on SSNIT Pension as of December 2020 will have their pensions increased by a fixed rate of 9.34 percent. An additional flat amount of GH¢6.47 would also be paid per pensioner. Accordingly, pensioners on the current minimum monthly pension of GH¢300.00 will have their pensions increased to GH¢334.49, the statement said. It added that all fresh pensioners from January 2021 will receive a new minimum monthly pension of GH¢300.00. SSNIT is a Statutory Public Trust charged with the administration of the First-Tier Contributory Basic National Social Security Pension Scheme under the National Pensions Act, 2008 Act 766.

A floating regasification unit (FRU) that will allow Ghanaian customers to access Liquified Natural Gas (LNG) in the first quarter of 2021 is expected to arrive in the country on Thursday. The purpose-built FRU, which was built by Jiangnan Shipbuilding, a subsidiary of China State Shipbuilding Corporation, left the Jiangnan shipyard at the end of November. It is being delivered to the Tema LNG Terminal Company (TLTC), the first offshore LNG receiving terminal in sub-Saharan Africa, which is backed by two UK-based Africa-focused investment firms, Helios Investment Partners, and Africa Infrastructure Investment Managers (AIIM).

Bitcoin traded above $35,000 for the first time in Asia on Thursday, rising to a high of $38,000 and extending a rally that has seen the digital currency rise more than 800% since mid-March. The world’s most popular cryptocurrency crossed $20,000 for the first time ever on December 16, 2020. Bitcoin set a fresh all-time high for the period of December after rising 6.5% to $22,765 by 0833 GMT, just a day after smashing the US$20,000 milestone for the first time. The world’s highest-profile crypto-currency has gained more than 175% this year, buoyed by demand from larger investors attracted to its potential for quick gains and perceived inflation-hedging qualities.

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INTERBANK FOREX RATES
US$GH¢ Buy 5.7578 Sell 5.7636
GB£GH¢ Buy 7.8220 Sell 7.8310
CHFGH¢ Buy 6.5467 Sell 6.5531
AUD$GH¢ Buy 4.4812 Sell 4.4871
CAD$GH¢ Buy 4.5392 Sell 4.5439
JP¥GH¢ Buy 0.0558 Sell 0.0558
NZDGH¢ Buy 4.1926 Sell 4.1990
ZARGH¢ Buy 0.3827 Sell 0.3830
EU€GH¢ Buy 7.0903 Sell 7.0978
CHN¥GH¢ Buy 0.8912 Sell 0.8919
GH¢CFA Buy 92.4169 Sell 92.5147
GH¢NG₦ Buy 66.4589 Sell 66.7193

CRYPTOCURRENCY MARKET
Bitcoin $38,541.62