Government to introduce automatic adjustment formula for petroleum tax and others

The Government of Ghana has announced plans to introduce an automatic adjustment formula for the rates of the Special Petroleum Tax, Energy Sector Levies, and Excise Duty.

This is in a bid to streamline and enhance the efficiency of its tax system. These significant changes are outlined in the Medium Term Revenue Strategy for the years 2024-2027. The proposed automatic adjustment formula aims to create a more dynamic and responsive tax structure, ensuring that these key indirect taxes keep pace with economic changes and fluctuations. This would help maintain government revenue while reducing the need for frequent manual adjustments.

🚩Trading on the secondary bond market was upbeat last week. This is partly on the back of positive remarks from the International Monetary Fund, following the first review of Ghana’s $3 billion Economic Credit Facility. Investors exchanged a total volume of GH¢582.64 million, representing a 45.26% increase week-on-week in Government of Ghana bonds. The February 2027 and February 2028 papers jointly dominated trading activity, contributing 84% out of 107 trades recorded during the week and over 90% of the market turnover. Bond yields at the front of the LCY curve declined 187 basis points to 12.47%.

INTERBANK FOREX RATES 💴💰

US$GH¢ Buy 11.3057 Sell 11.3171
GB£GH¢ Buy 13.7252 Sell 13.7400
CHFGH¢ Buy 12.5390 Sell 12.5514
AUD$GH¢ Buy 7.1138 Sell 7.1228
CAD$GH¢ Buy 8.2816 Sell 8.2891
JP¥GH¢ Buy 0.0756 Sell 0.0756
NZDGH¢ Buy 6.6595 Sell 6.6680
ZARGH¢ Buy 0.5950 Sell 0.5955
EU€GH¢ Buy 11.8843 Sell 11.8951
CHN¥GH¢ Buy 1.5476 Sell 1.5486
GH¢CFA Buy 55.1451 Sell 55.1953
GH¢NG₦ Buy 68.0296 Sell 68.1180

CRYPTOCURRENCY MARKET
Bitcoin $27,929.59 🔼3.81%
Ethereum $1,586.83 🔼2.07%
Binance Coin $213.80 🔼3.11%
Ripple $0.4953 🔼1.87%
Solana $22.68 🔼3.44%
Cardano $0.2526 🔼2.10%
Dogecoin $0.06016 🔼1.18%

💵Bloomberg USDGHS Cross Rate – *11.7697* (YTD -🔺️13.34%)

💰STANBIC BANKFOREX RATES💵
US$GH¢ Buy 11.3800 Sell 11.8200
GB£GH¢ Buy 13.8324 Sell 14.4547
EU€GH¢ Buy 11.9490 Sell 12.5056
CH¥GH¢ Buy 1.5530 Sell 1.6264

🔼GSE DAILY GAINERS ➖ PRICE ➖ %CHANGE
BOPP ➡️Gh¢19.00 🔼+1.99%
EGH ➡️Gh¢5.40 🔼+1.89%

🔻GSE DAILY LOSERS ➖ PRICE ➖ %CHANGE
No losers for today

〽Inflation rate in Ghana ➡️38.10%

🏦Ghana Reference Rate ➡️ 31.09%

✳Policy Rate in Ghana ➡️ 30.00%

¶ TREASURY RATES💸
91 – Day Discount Rate 27.4589% Interest Rate 29.4828%
182 – Day Discount Rate 27.1585% Interest Rate 31.4259%
364 – Day Discount Rate 24.9329% Interest Rate 33.2142%

🛢Petroleum Products – Average Price
🏗Petrol – Gh¢13.49/ltr (YTD 🔺️+8.79%)
🛢Diesel – Gh¢13.95/ltr (YTD 🔼-4.45%)
⛽LPG – Gh¢12.45/kg (YTD-🔺️+35.33%)

🏧MARKET INDEXES
*Dow Jones Index🚂⛽ 33,604.65 +197.07 +0.59%
*S&P 500 🏦 4,335.66 +27.16 +0.63%
*Nasdaq Index📲💻 13,484.24 +52.90 +0.39%
* NYSE Composite Index 15,318.08 +104.06 +0.68%
*London FTSE 7,492.21 -2.37 -0.03%
*Germany DAX 15,128.11 -101.66 -0.67%
*Japan NIKKEI 225 30,994.67 -80.69 -0.26%
*Tokyo TOPIX Index 2,264.08 +0.32 +0.01%
*Hong Kong HANG SENG 17,517.40 +31.42 +0.18%
*Shanghai Shenzhen 300 3,684.73 -4.79 -0.13%
*S&P/ASX 200 Index 6,970.16 +15.99 +0.23%
*Bloomsberg EU 500 285.52 -0.92 -0.32%
*France CAC All-Tradable 5,216.26 -29.72 -0.57%
*Dubai DFM General Index 4,056.04 -108.57 -2.61%
*MOEX Russia Index 3,174.02 +29.13 +0.93%
*FTSE/JSE South Africa 65,967.35 +40.94 +0.06%
*Nairobi SE 20 Share 1,496.14 +5.16 +0.35%
*Nigeria SE Main 67,101.31 +646.74 +0.97%
*BBG EMEA World Index 194.72 -1.59 -0.81%
*GSE Composite Index 3,145.33 +4.15 +0.13%
*GSE Financial Index 1,953.13 +5.60 +0.29%

GSE INDEXES ⏸ 2023 YTD RETURNS%
*GSE Composite Index 3,145.33 🔼+28.70%
*GSE Financial Index 1,953.13 🔻-4.85%

🔼GSE 2023 GAINERS ➖ PRICE ➖ YTD%
BOPP ➡️Gh¢19.00 🔼+148.37%
TOTAL ➡️Gh¢9.00 🔼+125.00%
UNIL ➡️Gh¢8.10 🔼+108.76%
GGBL ➡️Gh¢3.40 🔼+65.85%
MTNGH ➡️Gh¢1.40 🔼+59.09%

🔻GSE 2023 LOSERS ➖ PRICE ➖ YTD%
EGL ➡️Gh¢2.41 🔻-24.69%
CAL ➡️Gh¢0.50 🔻-23.08%
SIC ➡️Gh¢0.24 🔻-22.58%
EGH ➡️Gh¢5.40 🔻-18.67%
ACCESS ➡️Gh¢3.40 🔻-15.21%

COMMODITIES MARKET
*Brent Crude USD/barrel⛽87.90 +0.25 +0.29%
*Natural Gas 🏭 USD/millon BTUS 3.43 +0.05 +1.36%
*Gold 👑 USD/troy ounce 1,872.30 -3.00 -0.16%
*Silver 💍 USD/troy ounce 21.97 +0.02 +0.08%
*Corn 🌽 USd/bushel 486.00 +0.50 +0.10%
*Cocoa 🍫 USD/metric ton 3,474.00 +39.00 +1.14%
*Coffee ☕ USd/pound 146.35 -2.40 -1.61%
*Sugar🎂 USd/pound 25.93 +0.26 +1.01%
Rubber USd/100kg 140.90 -0.20 -0.14%

Sources: Bank of Ghana, Bloomberg, GSE, Reuters, Citifm, Myjoyonline, Ghanaweb, Doobia, BBC, Graphic Business, B&FT, StarFmonline, Ghana News Agency.