- There was some respite on the local bourse at the close of trading last week as the GSE-CI and GSE-FSI closed with gains of 13.58 and 3.40 points respectively.
- Government could only raise GHS 1,797.45m out of the GHS 2,504.00m it sought to raise at last week’s auction, falling short of its target by 28.22%.
ECONOMIC SCOOP
Ghana’s economy contracts by 3.20% in the second quarter of 2020
- The latest release by the Ghana Statistical Service shows that Ghana’s economy contracted by 3.20% in Q2 2020 as against growth of 5.70% in Q2 2019.
- The Industry and Services sectors recorded contractions of 5.70% and 2.60% respectively, while the Agriculture sector recorded growth of 2.50%.
- The impact of the restrictive measures put in place to stop the spread of COVID-19 was telling for the Hotel & Restaurants sub-sector which contracted by 79.40%.
- On the other hand, the Information & Communication sub-sector expanded by 74.20% in Q2 2020.
Monetary Policy Committee (MPC) to commence its 96th meeting today
- The MPC of the BoG is scheduled to start its monetary policy meeting today Tuesday 22nd September 2020 and conclude on Friday 25th September 2020.
- The Committee will subsequently announce its decision on Monday 28th September 2020.
- We expect the Policy Rate to be maintained at 14.50% as the Central Bank looks to create an enabling environment to spur economic activity.
