IC Asset Managers (Ghana) Limited

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CIO Letter 1Q2018

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CIO Letter 1Q2018

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The Bull Run
How we have repositioned your portfolio
In summary

  • Above-trend growth is set to continue into 2Q2018 before easing
    back in line with expectations by the close of year. Growth is expected
    to be driven mainly by increased oil production.
  • The government’s revenue is constrained as the real sector of the
    economy remains stagnated and the tax bracket remains narrow.
    Nonetheless, efficient management of the country’s debt profile has
    seen increased participation of foreign investors in our local currency
    bonds. This has steadied the local currency against the greenback.
  • Inflation is on a downward trend, with the potential risk of rising
    sharply as public expenditure and oil prices remain a real threat to
    fiscal consolidation.

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