Parkstone Capital

Parkstone Capital

Parkstone Capital is a private investment and wealth management company incorporated in Ghana. We provide customized, client focused and quality service.

Parkstone provides tailored services to suit each Investor’s needs, and provides a range of services for individuals and corporate bodies. Parkstone is licensed by the Securities and Exchange Commission in Ghana. Our team has experience in investment management and investment advisory, private equity/venture capital, and uses experienced legal and accounting associates and support staff. This ensu

[06/20/18]   CURRENCY NEWS FOR JUNE 18TH, 2018

The Ghanaian Cedi at the start of the week began to show signs of recovery against its three major trading partner currencies after weeks of worsening performance. The Cedi however, failed to post any sign of recovery against the US Dollar on the Bank of Ghana (BoG) inter-bank trading platform extending its week-on-week depreciation to 9 weeks. However, despite the Cedi’s continuous worsening performance against the Dollar, it regained some momentum to post gains against the British Pound Sterling and the Euro to end 2 weeks of consecutive week-on-week losses on the BoG inter-bank trading platform. On the Open Forex Market, the local currency impressively recorded an appreciation against all three major trading partner currencies.

The Cedi’s performance this week comes after consumer prices for the month of May rose marginally by 20 basis points (bps) from a reported figure of 9.6% in April to 9.8%. According to the Ghana Statistical Service, the rise is as a result of marginal increases in the prices of some food and non-food inflation items buoyed by a deteriorating Cedi in the month of May and rising crude oil prices. As the risk to Ghana’s inflation outlook becomes more pronounced, it is expected that the Monetary Policy Committee (MPC) of the BoG holds steady or reverse their monetary policy easing cycle which could attract more foreign investors. The Cedi’s deprecation is believed by analysts to be on the back of both international and domestic events. On the international front, recent US rate hikes have led to capital flights from the local market. On the Domestic front, speculative activities by players in the local currency market as well as rising demand by multinational corporate institutions to repatriate dividends and other entitlements to their parent companies and offshore investors have led to sharp rise in demand for forex. This event has also been met with the issuance of Ghana’s biggest Initial Public Offering (IPO) where about half of the proceeds from the IPO would be used to pay off holdings and accrued dividends due offshore shareholders.

On the BoG inter-bank trading platform, the Cedi remained under pressure against the US Dollar building on previous week’s losses, but resiliently posted gains against the Pound and the Euro. The Cedi depreciated by 0.24% week-on-week to trade at GHC 4.4580 from previous week’s trading value of GHC 4.4475. The Dollar rose to its highest trading point since late March, 2017 following a broad strengthening of the US Dollar against many trading pairs on the back of the US Fed’s policy rate decision which saw US benchmark rate rise by 25 bps. It is also expected that if the trade dispute between the US and China escalates any further, the Dollar would be the ultimate beneficiary since costlier imports would push inflationary pressures higher, forcing the U.S. Fed to raise interest rates quicker than expected. Against the British Pound Sterling and the Euro, the Cedi gained 0.79% and 1.48% to trade at GHC 5.9055 and GHC 5.1739 at the start of the week from previous week’s trading values of GHC 5.9525 and GHC 5.2515 respectively.

On the Open Forex Market (oanda.com), the Cedi added to previous week’s gain against the US Dollar and ended 5 and 3 weeks of consecutive weekly losses against the British Pound Sterling and the Euro respectively. The Cedi appreciated by 0.12%, 1.15% and 1.72% to trade at GHC 4.7184, GHC 6.2532 and GHC 5.4751 at the start of the week from previous week’s trading figures of GHC 4.7240, GHC 6.3261 and GHC 5.5711 against the Dollar, the Pound and the Euro respectively. The Pound slipped against the Cedi as inflation figures released by the UK’s Office for National Statistics (ONS) failed to boost investor confidence towards UK’s August rate decision. UK inflation came in at 2.4% in May, the lowest since March last year, narrowly missing economist polled forecast of 2.5%.

According to the Bank of Ghana inter-bank rates, the Ghanaian Cedi began 2018 at GHC 4.4189 [January 2nd, 2018] against the US Dollar and is currently selling at GHC 4.4580 [June 18th, 2018] indicating a 0.88% year-to-date depreciation. Similarly, on the Open Forex Market (oanda.com), the Ghanaian Cedi traded at GHC 4.5429 [January 2nd, 2018] and is currently trading at GHC 4.7184 [June 18th, 2018], representing a 3.86% year-to-date depreciation of the Cedi against the US Dollar.

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20/06/2018

Parkstone Capital New Website

TREASURY RATES FOR JUNE 18TH, 2018

This week, short-term Government of Ghana (GoG) Treasury bill rates strengthened after posting a mixed performance the previous week. The surge in the 91-day and the 182-day bill comes following a marginal rise in consumer prices. According to the Ghana Statistical Services (GSS), the inflation rate for May, 2018 rose from previous month’s rate at 9.6% to 9.8%. The GSS explained that the rise was due to some increases in both food and non-food inflations items.

The yield on the 91-day bill built on previous week’s recovery to rise to a 3-week high while the yield on the182-day bill recovered from previous week’s low to its highest since 19th March, 2018. The yield on the 91-day bill tightened by 3 basis points (bps) from 13.3045% last week to 13.3376%, this week. There was also an 8 bps rise in the yield of the 182-day bill from 13.8189% last week to 13.8940%, this week.

The auction results from Bank of Ghana tender 1594 further showed that there was an uptick in the demand for the short term GoG Treasury bills as demand rose sharply to beat the government’s target amount. Tender results showed that the short-term bills was oversubscribed by a little over 50.0%. Total bids tendered and accepted for the 91-day and the 182-day bill came in at GHC 974.72 million against a target amount of GHC 641.00 million.

The yield on the 1-year term note stayed at 15.0000% for the 23rd consecutive time this week. However, demand for the 1-year term note beat the government’s target amount of GHC 100.00 million as bids tendered and accepted came in at GHC 120.03 million.

This week’s uptick in treasury performance is believed to be attributed to waning performance on the Ghana Stock Exchange as investors shift their focus to the money market.

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[06/07/18]   CURRENCY NEWS FOR JUNE 4TH, 2018

The Ghanaian Cedi, at the start of the week, continued to remain under pressure failing to gain momentum to post a comeback against its three major trading partner currencies on both the Bank of Ghana (BoG) inter-bank trading platform and on the Open Forex Market. After posting a mixed performance last week, the Cedi fell against the US Dollar, the British Pound Sterling and the Euro this week, affirming the Cedi’s general weakness in the second quarter of the year. The Cedi’s general weakness against the Dollar in the second quarter of the year has largely been on the back of recent strengthening of the Dollar against many of its trading partner currencies. The local currency has so extended its losing streak against the Dollar to 9 consecutive weeks of losses.

The Cedi’s depreciation across the board against its three major trading partner currencies comes at a time when an upsurge in crude oil prices on the international market has begun to take a toll on the local market. Prices at the pump have seen a rise in the first pricing window in the month of June following Brent crude futures trading at USD 75.51 per barrel. Analysts have warned that the rise in crude oil price could translate into a higher production costs for locally manufactured products which could lead to cheaper imports with its resultant effect of increase in forex demand.

On the BoG inter-bank market, the Cedi depreciated by 0.21%, 0.30% and 0.82% against the Dollar, the Pound and the Euro to trade at GHC 4.4288, GHC 5.8969 and GHC 5.1782 at the start of the week from previous week’s trade values of GHC 4.4193, GHC 5.8790 and GHC 5.1363 respectively. The Dollar’s recent gains against the Cedi soared the Dollar to trade at its highest since March, 2017 as the greenback’s performance was buoyed by a strong US jobs report. The US Nonfarm Payrolls data showed that the US economy added 223,000 jobs in May driving the US unemployment rate to an 18-year low at 3.8%. The data also showed US wages rose by 0.3%, which many believe could mount pressure on the Fed to come up with more rate hikes this year.

On the Open Forex Market (oanda.com), the Cedi repeated its performance recorded last week where the local currency depreciated against all three of its major trading partner currencies. The Cedi traded at GHC 4.7371, GHC 6.3247 and GHC 5.5427 at the start of the week from previous week’s trade figures of GHC 4.6710, GHC 6.2208 and GHC 5.4466 to record a depreciation of 1.42%, 1.67% and 1.76% against the Dollar, the Pound and the Euro respectively. The Cedi touched a 15 week low against the European single unit, building on previous week’s loss as political uncertainties in the Eurozone’s third largest economy, Italy begin to settle. The single currency also got a boost after May’s inflation data in the zone came in stronger than expected at 1.9% beating an earlier expectation of 1.6%.

According to the Bank of Ghana inter-bank rates, the Ghanaian Cedi began 2018 at GHC 4.4189 [January 2nd, 2018] against the US Dollar and is currently selling at GHC 4.4288 [June 4th, 2018] indicating a 0.22% year-to-date depreciation. Similarly, on the Open Forex Market (oanda.com), the Ghanaian Cedi traded at GHC 4.5429 [January 2nd, 2018] and is currently trading at GHC 4.7371 [June 4th, 2018], representing a 4.27% year-to-date depreciation of the Cedi against the US Dollar.

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parkstonecap.com 04/06/2018

Parkstone - Capital

TREASURY RATES FOR JUNE 4TH, 2018

Short-term Government of Ghana (GoG) Treasury bill rates weakened this week in line with a downward trajectory in the policy rate and the inflation outlook. Overall, the policy rate has slowed down from 20% at the start of the year to 17% in May whilst consumer prices has also seen a steady decline from 10.3% in January to close April at 9.6%.

This week’s weakened performance comes after the 91-day and 182-day Treasury bill rates posted a mixed performance last week. The 91-day bill recorded a sharp dip this week, extending its downward streak to 3 consecutive weeks. The yield on the 91-day bill fell to 13.2370%, its lowest since 23rd October, 2017 from previous week’s low of 13.3382% representing a 10 basis points (bps) drop. The 182-day bill failed to build on previous week’s gains as it softened by 2 bps from 13.8721% last week to 13.8509% this week.

The auction results from BoG tender 1592 further showed that there was an uptick in the demand for the 91-day and 182-day bill this week where demand rose sharply to beat the government’s intended target amount. Total bids tendered and accepted for the GoG short-term Treasury bill stood at GHC 644.12 million against a target of GHC 567.00 million.

The government also raised a total of GHC 74.37 million, well below the government’s intended target amount of GHC 200. 00 million, from its 1-year term note. The yield on the 1-year term note stayed at 15.00% for the 22nd time consecutive this week.

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parkstonecap.com TREASURY RATES FOR APRIL 9TH, 2018 Posted by Michael Addo / April 9, 2018 Short-term Government of Ghana (GoG) Treasury bill rates recovered marginally this week after recording a dip last week. The uptick in government treasury yields this week comes ahead of the...Read More....

parkstonecap.com 28/05/2018

News

CURRENCY NEWS FOR MAY 21ST, 2018

The Ghanaian Cedi at the start of the week posted a mixed performance against its three major trading partner currencies on both the Bank of Ghana (BoG) inter-bank trading platform and on the Open Forex Market after it recorded losses against the US Dollar, the British Pound Sterling and the Euro last week. The Cedi impressively recovered from last week’s dip against the Pound and the Euro, rising to this year’s highest trading value on the BoG inter-bank trading platform. The Cedi’s mixed perform at the start of the week comes after the Monetary Policy Committee (MPC) of the BoG further reduced the policy rate by a 100 basis points from 18.0% to 17.0%, the lowest since November, 2014. Informing their decision to cut the policy rate, the MPC of the BoG stated that “both headline and core inflation have broadly trended downloads, indicating easing underlying inflation pressures”. The committee, however, added that “while global and domestic developments do not yet pose a threat to inflation in the near term, recent changes in global financing conditions and its impact on emerging market assets requires some vigilance”.

Despite the local currency’s recent worsening performance against its three major trading partner currencies, the Cedi remains bullish on the back of the country keeping a strong Gross International Reserves (GIR) of a little over USD 8.0 billion (4.4 months of import cover) as at current date compared with a GIR of near USD 7.0 billion as of mid-March, 2018. According to the BoG, Ghana also recorded positive trade and current account balances following a pick-up in the prices of Ghana’s major exports; crude oil, gold and cocoa. The higher export receipts led to a provisional trade surplus of USD 1.1 billion (2.2% of GDP) for the first four months of the year. It is expected that the central bank will capitalise on the strong figures to occasionally auction forex on the currency market to give support to the local currency.

On the BoG inter-bank trading platform, the Cedi extended its losing streak against the US Dollar to 5 weeks, but rose sharply to recover from previous week’s dip against the British Pound Sterling and the Euro. The Cedi lost 0.06% week-on-week, falling to a 2-month low against the Dollar. It traded at GHC 4.4180 at the start of the week from previous week’s trade value of GHC 4.4153. The greenback added to its recent rally this week as US 10-year yields broke through the psychological 3% level, attracting investors to the US economy at the expense of emerging markets such as Ghana. Strong US consumer spending numbers sent US 10-year Treasury yields to a 7-year high peaking at 3.095%. Against the Pound and the Euro, the Cedi gained 1.30% and 1.79% to trade at GHC 5.9250 and GHC 5.1887 at the start of the week from previous week’s trade values of GHC 6.0030 and GHC 5.2834 respectively.

On the Open Forex Market (oanda.com), the Cedi remained under pressure for the fifth consecutive time this week against the Dollar depreciating 1.54% to trade at GHC 4.6218 from previous week’s trade figure of GHC 4.5518. The Cedi also remained weak against the Pound building on last week’s loss. It lost 0.43% against the Pound to trade at GHC 6.2054 from previous week’s trade value of GHC 6.1789. Against the Euro, however, the Cedi recovered parts of the losses recorded last week. The local currency gained 0.17% to trade at GHC 5.4360 from previous week’s trade value of GHC 5.4453. The single currency lost to the Cedi at the start of the week as political uncertainty in Italy coupled with a slowdown in Eurozone’s inflation continued to raise concerns for investors.

According to the Bank of Ghana inter-bank rates, the Ghanaian Cedi began 2018 at GHC 4.4189 [January 2nd, 2018] against the US Dollar and is currently selling at GHC 4.4180 [May 21st, 2018] indicating a 0.02% year-to-date appreciation. Similarly, on the Open Forex Market (oanda.com), the Ghanaian Cedi traded at GHC 4.5429 [January 2nd, 2018] and is currently trading at GHC 4.6218 [May 14th, 2018], representing a 1.74% year-to-date depreciation of the Cedi against the US Dollar.

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parkstonecap.com News TREASURY RATES FOR APRIL 9TH, 2018 Posted by Michael Addo / April 9, 2018 Short-term Government of Ghana (GoG) Treasury bill rates recovered marginally this week after recording...Read More.... CURRENCY NEWS FOR APRIL 3RD, 2018 Posted by Michael Addo / April 5, 2018 In a week shortened by the E...

parkstonecap.com 03/05/2018

CURRENCY NEWS FOR APRIL 30TH, 2018

CURRENCY NEWS FOR APRIL 30TH, 2018

The Ghanaian Cedi began the week posting a mixed performance against its three major trading partner currencies on both the Bank of Ghana inter-bank trading platform and on the Open Forex Market. The Cedi’s mixed performance this week repeated similar trading pattern last week where the Cedi fell to the US Dollar but gained against the British Pound Sterling and the Euro on both trading platforms. The local currency remained particularly resilient against the Pound and the Euro on the BoG inter-bank trading platform where the Cedi touched its highest since 12th January, 2018 and 11th January, 2018 respectively.

The Cedi’s mixed performance this week comes ahead of the disbursement of USD 191 million from the International Monetary Fund (IMF) following the completion of the 5th and 6th review of Ghana’s performance under the Extended Credit (ECF) agreement. Ghana has so far received a little over USD 550 million under the ECF agreement out of USD 918 million to be disbursed under the program, since it entered into the agreement in April, 2015. The program aims to restore debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation, while protecting social spending. It is expected that the disbursement will strengthen the local currency in the short to medium term against its three major trading partner currencies.

On the BoG inter-bank trading platform, the Cedi lost to the US Dollar but remained steady trading atop of its 15-week highs against the British Pound Sterling and the Euro. The Cedi depreciated 0.06% week-on-week against the Dollar to trade at GHC 4.4100 from previous week’s trading value of GHC 4.4074. The Dollar’s recent strengthening against the Cedi comes on the back of the release of US gross domestic product (GDP) figure for the first quarter of the year which came in at 2.3% beating market expectations of 2.0%. The strong GDP data has put three more rate hikes in view according to analysts and further strengthened the greenback against many trading pairs. Against the Pound and the Euro, the Cedi added to the gains of last week appreciating by 1.27% and 1.01% to trade at GHC 6.0712 and GHC 5.3327 this week from previous week’s trading figures of GHC 6.1496 and GHC 5.3873.

On the Open Forex Market, the Cedi posted similar trading performance as experienced on the BoG inter-bank trading platform. It depreciated 0.72% week-on-week against the US Dollar while appreciating 0.82% and 0.42% against the British Pound Sterling and the Euro respectively. The Cedi traded at GHC 4.4912, GHC 6.1806 and GHC 5.4347 from previous week’s trade values of GHC 4.4593, GHC 6.2316 and GHC 5.4579 against the Dollar, the Pound and the Euro respectively. The Pound lost to the Cedi as the investors rapidly unwound their bullish bets on the Pound following weak economic growth data and recent comments from the Bank of England (BoE) that have led traders to reduce their bets on a UK rate hike next week. Britain’s economy grew at its weakest pace since the fourth quarter of 2012 in the first quarter of 2018, expanding by just 0.1%, well below the BoE’s prediction of 0.3%.

According to the Bank of Ghana inter-bank rates, the Ghanaian Cedi began 2018 at GHC 4.4189 [January 2nd, 2018] against the US Dollar and is currently selling at GHC 4.4100 [April 30th, 2018] indicating a 0.20% year-to-date appreciation. Similarly, on the Open Forex Market (oanda.com), the Ghanaian Cedi traded at GHC 4.5429 [January 2nd, 2018] and is currently trading at GHC 4.4912 [April 30th, 2018], representing a 1.14% year-to-date appreciation of the Cedi against the US Dollar.

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parkstonecap.com CURRENCY NEWS FOR APRIL 30TH, 2018 Posted by Michael Addo / May 2, 2018 / Leave a comment  The Ghanaian Cedi began the week posting a mixed performance against its three major trading partner currencies on both the Bank of Ghana inter-bank trading platform and on the Open Forex Market. The Cedis ...

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