The week opened on a bearish note as investors continue on a selling spree sending both indices dipping; the benchmark GSE-CI thus shed 0.3% to close at 3,236.4. The laggards for the session were led by Ecobank Transnational Inc. which lost 4.5% to close at GHS0.21 per share.

The others were CAL (-0.8%), GOIL (-0.7%), GCB (-0.6%) and Standard Chartered (-0.2%).Guinness Ghana Brewery Ltd rose by 1.2% to close at GHS 2.55 per share, to emerge as the only gainer for the session. A total of 330,215 shares were traded which were valued at GHS 1,309,563.74

Ghana may struggle to repay USD 1.3bn cocoa loan

Ghana Cocoa Board may struggle to fully pay back loans of USD1.3 billion as this season’s harvest will likely be smaller than first anticipated, according to the head of the industry regulator. The world’s second-biggest grower signed for the loans with lenders such as Credit Agricole SA and Natixis SA prior to the start of the annual harvest in October 2017 to pay farmers for their beans. Ghana will probably not meet its target of 850,000 metric tons due to dry weather and plant disease, Joseph Boahen Aidoo, Chief Executive Officer of COCOBOD has stated in Accra.

Credit: Bloomberg