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NEWS FEED 30TH JANUARY, 2017

Telcos kick against mobile money intermediary

Telecom operators in the country are unhappy about moves by the central bank to impose on them a third-party company which will intermediate in mobile money transactions across different networks.

The BoG is said to have contracted a private company to act as the switch for across-network mobile money transactions, with additional cost implications for both consumers and the telcos.

2016 cash withdrawals on E-zwich increases by 182%

Management of the Ghana Interbank Payments and Settlement System (GhIPSS) has announced a 182 percent increase in withdrawal of cash on its E-zwich platform in 2016.

By this, cash withdrawals was among the activities on the platform that recorded high growth, increasing from GHS900,000 to GHS2.6 million in 2016.

Finance Minister must reduce appetite for borrowing- Dr. Lord Mensah

As the Finance Minister, Ken Ofori Atta officially assumes his office today; some financial observers have charged him to immediately reduce the appetite for borrowing.

According to some public finance experts, it is time for government to move away from directly growing the economy to allow the private sector to lead in economic growth while government creates a conducive environment for the private sector

Registrar General To Register Businesses In 24 hours

The Registrar General Department is going through series of restructuring to automate its system to support a twenty four-hour business registration.

The move is one of the topmost aims of the agency this year.

A number of requirements needed for business registration are being cut to facilitate the move. The payment system of the department and that of the domestic tax unit of the GRA are being converged.

Third quarter GDP growth rises to 4% year-on-year

Ghana’s Gross Domestic Product (GDP) growth in the third quarter of 2016 GDP rose to 4.0 percent year-on-year.

It was up from 3.6 percent a year ago due to increased oil production, the statistics office said on Wednesday.

For years Ghana’s economy grew at 8 percent annually on the back of its gold, oil and cocoa exports. But it has slowed sharply since 2013, in part because of lower global commodities prices.

GLOBAL NEWS

Silicon Valley lashes out at Trump ban

For months, Silicon Valley seemed to be heeding the advice of one of its most powerful figures, billionaire investor Peter Thiel, who said President Trump should be taken “seriously, but not literally”.

But at the international arrivals gate at San Francisco airport at the weekend, things were getting very literal, very quickly. What the tech industry had feared might happen, was happening.

Volkswagen overtakes Toyota as the world’s biggest carmaker

Volkswagen has overtaken Toyota to become the world’s best-selling carmaker, the first time the German company has held the position.

Japan’s Toyota, which had topped sales for the past four years, sold 10.175 million vehicles globally in 2016.

That fell short of the 10.31 million sales which VW reported last week.

Vodafone’s Indian unit in merger talks

Vodafone has said its Indian business is holding talks about a major merger which would create the country’s largest telecoms firm.

It said Vodafone India, the country’s second biggest mobile operator, was in negotiations with Idea Cellular, India’s third largest network.

There was “no certainty” a deal would be agreed, Vodafone added.

India is planning to give free WiFi to more than 1,000 villages

Tech giants like Facebook and Google have been puzzling how to get hundreds of millions of rural Indians online.

Now, the Indian government is stepping up its own efforts.

It plans to provide free WiFi to 1,050 villages across the vast country under a new pilot project known as Digital Village.

GLOBAL MARKETS

Asian share markets and U.S. stock futures fell on Monday after President Donald Trump introduced immigration curbs that sparked criticism at home and abroad, adding to fears that his ‘America First’ policy may prove destabilizing for the rest of the world.

 

WORLD OIL PRICES

Oil prices extended declines on Monday, dragged down by signs of growing output in the United States that could partly offset output cuts by OPEC and other producers.

 

EMERGING MARKETS

 

SOUTH AFRICA MARKETS

South Africa’s rand weakened on Friday, hurt by a stronger dollar and by media reports that President Jacob Zuma was considering firing ministers who opposed him and backed calls for his resignation.

 

NIGERIA MARKETS

Nigeria’s interbank lending rate dropped 6.5 percentage points on Friday to 5 percent on average as the money market was awash with cash from budgetary disbursal and coupon payment on matured bonds, traders said.

 

GHANA MARKETS

The Bank of Ghana said the yield on its weekly 91-day bill rose to 15.9376 percent at an auction on Friday from 15.7952 percent at the last sale, on Jan. 20.

 

 

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