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After over three decades in Ghana's police force, Emmanuel Amey-Wemegah has outlined his retirement strategy. He plans to invest part of his pension in government bonds, finish building his house, and purchase a car.
Ghana's parliament is unlikely to approve a provisional budget before the December 7 general election, according to former officials and experts. This situation poses the risk of an unprecedented government shutdown early next year.
The Bank of Ghana has decided to maintain its benchmark interest rate at 27%, citing improvements in domestic economic activity alongside a slow pace of disinflation. Governor Ernest Addison announced the decision, which aligns with the expectations of half of the economists surveyed by Bloomberg.
Ghanaians will head to the polls on December 7 to elect a new president and parliament. Investors are closely monitoring the election, as the outcome will significantly influence the direction of an economy that is recovering from a debt default.
Geopolitical tensions, including the Russia-Ukraine war and the Israel-Hamas conflict, are reshaping markets, with the IMF warning of a potential decline in global growth by 2025. Gold has emerged as a safe-haven asset, while oil prices stabilize amid supply concerns. Australian stocks like GrainCorp and DroneShield show varied performance, with analysts maintaining positive outlooks despite recent challenges.
Cocoa prices have surged over 40% since a low in October, leaving chocolatiers who anticipated lower costs in a difficult position. Those who depleted their stockpiles now face high prices to rebuild, while others lacking adequate hedges are exposed to increased market risks, with coverage reduced to about five and a half months.
Switzerland celebrated new carbon offset rules established at COP29 in Baku, which aim to restore trust in carbon markets amid concerns over greenwashing. The country, heavily reliant on offsets, is now positioned to define its agreements under Article 6.4, crucial for meeting its climate goals. However, critics warn of potential transparency issues and the risk of double counting in the offsetting process.
Junk bonds in emerging markets are experiencing a significant rally, with a Bloomberg index indicating a 15% surge this year, the largest since 2016. Countries like Argentina, Sri Lanka, and Ghana are being rewarded for their economic reforms and recovery from defaults. However, this rally may be a temporary phase before potential new distress as 'Trumponomics' unfolds.
Dr. Ernest Addison, Governor of the Bank of Ghana, highlighted the threats climate change poses to the country's financial stability, particularly through disruptions to infrastructure and agriculture that could lead to increased non-performing loans. He emphasized the need for banks to prioritize sustainability and enhance cybersecurity measures amid the rapid digital transformation in the sector. Collaboration between banking institutions and the Central Bank is essential to address ethical issues and improve credit risk assessments.
Emkay Global Financial has maintained a BUY rating for Varun Beverages, setting a target price of Rs 750. The company has acquired a 100% stake in SBCT/SBCG, enhancing its presence in Tanzania and Ghana, which are key markets for non-alcoholic beverages. This strategic move is expected to boost VBL's revenue by 9-10% and improve earnings through scale leverage, with the Tanzanian acquisition valued attractively at 1.2x EV/sales.
GHA
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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