EDITION B24 | 28
WEDNESDAY APRIL 8, 2020
THEBUSINESS24ONLINE.NET
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Ghana aims to set up regional financial services hub enhancing public financial regulations through effective treasury and credit risk management, improving system efficiency for non-tax and aid coordination, and project management – will be supported with a US$7.4m facility from the ADF, made up of a concessional loan and a grant component. According to a report by Parliament’s Finance Committee, first component of the project will assist government to put together a comprehensive strategic plan and a business roadmap to realise the establishment of an international financial services centre (IFSC) in the country. The work involved includes preparation of a legal framework for the IFSC. The approach is to have a dedicated enclave along the lines of the Singaporean model. There will also be the development of a risk-based supervision framework and a regulatory compliance portal for capital markets.
• Inspired by Singaporean model • Second attempt since 2007 BY EUGENE DAVIS The Government of Ghana has set its sights on establishing a financial services hub in the country under the auspices of the African Development Fund (ADF), the concessional financing window of the African Development Bank Group. This forms part of a threeyear project to strengthen institutional capacity for domestic resource mobilisation and economic management. The project, which has four components – supporting the financial system and capital market development, MORE ON PAGE 2
ECONOMIC INDICATORS
MASTERCARD, NBSSI RAISE GH¢90M TO SUPPORT SMALL BUSINESSES MORE ON PAGE 05
UNIONS WARN OVER PRE-TERTIARY EDUCATION BILL
USD$1 =GH¢5.6896*
EXCHANGE RATE (BANK RATE)
USD$1 =GH¢5900.*
*POLICY RATE
14%*
BRENT CRUDE $/BARREL NATURAL GAS $/MILLION BTUS GOLD $/TROY OUNCE
GHANA REFERENCE RATE
15.12%
CORN $/BUSHEL
OVERALL FISCAL DEFICIT
7.8%*
COCOA $/METRIC TON
PROJECTED GDP GROWTH RATE
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INTERNATIONAL MARKET
*EXCHANGE RATE (INT. RATE)
PRIMARY BALANCE. AVERAGE PETROL & DIESEL PRICE:
32.50 11.91 1,679.70 329.50 2,392
2.6
COFFEE $/POUND:
+5.70 ($108.30)
1.4% OF GDP
COPPER USD/T OZ.
220.15
GHc 5.13*
SILVER $/TROY OUNCE:
15.31