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The Bank of Ghana's Governor, Dr. Ernest Addison, asserts that a resilient banking industry foundation has been established, bolstered by measures to address emerging risks like technological disruptions and climate vulnerabilities. Despite improvements in asset growth and capital adequacy, challenges such as rising non-performing loans and financial fraud persist, necessitating stronger internal controls and ethical practices. Industry leaders emphasize the need for collaboration and ongoing education to navigate the evolving financial landscape effectively.
Varun Beverages Limited has acquired full ownership of SBC Tanzania and SBC Beverages Ghana for INR 13,040 Mn and INR 1,270 Mn, respectively, enhancing its presence in Africa. Following these acquisitions, the EPS estimate for CY26E has been raised by 4.0% to INR 13.4, leading to an upgraded target price of INR 770 while maintaining a "BUY" rating. The strategic expansions are expected to contribute approximately 5.0% to EBITDA and 4.0% to EPS growth in CY26E.
Ghana"s financial authorities are reviewing restrictions on pension fund investments in offshore assets. The National Pensions Regulatory Authority had previously mandated that pension funds obtain authorization for foreign asset purchases to safeguard foreign exchange, a measure introduced amid the country"s debt restructuring efforts.
A €350 million program aimed at assisting vulnerable nations with climate disaster costs has only disbursed €5.2 million in two years. Launched at the 2022 UN climate talks, the Global Shield has faced delays, with only Ghana receiving funding for drought insurance, raising concerns about developed nations" commitment to climate finance.
The global economy is struggling to meet its commitment to improve energy efficiency, with only a 2% gain in 2022, despite a goal to double this rate by 2030. Two-thirds of energy supply is wasted, costing $4.6 trillion annually, highlighting the urgent need for better efficiency practices. Countries like Ghana are leading by implementing efficiency policies that have significantly reduced energy consumption and carbon emissions.
Ghana's cedi appreciated for the second consecutive day, gaining 0.2% to 16.3302 per dollar in Accra. This rise follows the Bank of Ghana's sale of $214 million to the market through two- and seven-day contracts, aimed at strengthening the currency.
Ghana's presidential favorite, Mahama, has expressed intentions to renegotiate the $3 billion IMF deal. He emphasized the need to explore refinancing options to ease the burden of debt repayments, aiming for a smoother financial trajectory for the country. [Source](https://www.bloomberg.com)
Ghana's annual inflation rate surged to 22.1% in October, up from 21.5% in September, marking a four-month high. This increase diminishes the likelihood of an interest-rate cut by the central bank later this month, according to Government Statistician Samuel Kobina Annim.
The recent IMF-World Bank meetings highlighted a consensus on a soft landing for the economy, with inflation nearing target levels, allowing for potential aggressive easing by the Federal Reserve. Emerging market countries like Kenya and El Salvador have shown significant recovery, successfully refinancing debts and implementing reforms, while concerns about fiscal sustainability in developed markets grow. Investor sentiment towards emerging market debt is improving, with expectations of no near-term defaults and a cautious outlook on distressed sovereigns like Ecuador and Lebanon.
The recent IMF-World Bank meetings highlighted a consensus on a soft landing for the economy, with inflation nearing targets and expectations of aggressive easing from the Federal Reserve. Emerging market countries like Kenya and El Salvador have shown significant recovery, successfully refinancing debts and implementing reforms, while concerns about fiscal sustainability in developed markets grow. Investor sentiment towards emerging market debt is improving, with a notable shift in debt risks from emerging to developed markets.
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