Gambian airline makes first touch down at Kotoka Airport

Bank to pre-finance contractors on market project

Sluggish trading at the exchange

Let Africa benefit for the exploitation of its resources – Veep

Accra (Greater Accra) 27 April ’99

Air Dabia, a Gambian-registered private airline on Monday organised its maiden flight to Accra to operate a commercial flight on the West Coast.

The inaugural flight, operated with a Fokker 28 aircraft, will fly twice a week on the Monrovia-Accra route.

At the Kotoka International Airport, Mr Seth Anku, an official of the Air Dabia office in Accra, described the inaugural flight as a milestone in the air transport business between Ghana and the Gambia.

This development attests to Dr Kwame Nkrumah's philosophy that the independence of Ghana is meaningless unless linked up with the total development of Africa, he said. The director of air traffic control of the Ghana Civil Aviation Authority

(GCAA) Mr Edwin Addo, said Air Dabia's operation in Ghana is a manifestation of the wish of the signatories to the Yamoussoukro Declaration and the Banjul Accord, which are aimed at the promotion of safe and efficient air services among countries within the West African sub-region.

Mr Addo said the GCAA would not relent in its efforts at assisting commercial airlines that operate to and from Accra airport.

This will ensure that the government's vision of making Kotoka International Airport the gateway to other destinations in Africa and other parts of the world becomes a reality.

Mr Addo congratulated the management and staff of Air Dabia for the "bold initiative".

Mr B.S. Sallah, Acting Managing Director of Air Dabia, gave the assurance that the company will fully co-operate with other airlines to ensure excellence.

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Wa (Upper West) 27^th April ‘99 –

The Wa District Assembly has arranged with the Social Security Bank (SSB) Limited to pre-finance contractors rebuilding demolished structures at the Wa central market.

The bank will give credit to the contractors under a guarantee by the assembly to enable them to carry out the projects, which are behind schedule for more than a year.

Alhaji Ali Seidu Pelpuo, Wa District Chief Executive, said at the weekend that "the assembly may also involve other private sector interest groups in a co-financing arrangement for the assembly's projects.

"These groups would provide capital for the type of facility they would want to undertake".

The amount would then be used to off-set rent under an agreement between the owners and the assembly. Ownership reverts to the assembly when the cost of the project has been paid.

The structures which are mainly stalls and stores were demolished to pave way for the construction of drains and walkways through the market under the Urban Three project.

Traders in the market were relocated to allow room for constructional works. Some of the stalls are now at a standstill following the termination of the contracts for non-performance.

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Accra (Greater Accra) 27^th April, 99 –

Trading on the stock market was sluggish on Monday as no price change was recorded and the Ghana Stock Exchange (GSE) All-Share index marked time AT 820.63 points.

The main market indicator (all-share index), which has been experiencing a slide for the past several weeks, and the market capitalisation registered no change. Market capitalisation remained at 3,323 billion cedis.

Offers were, however, higher at 2.7 million, compared to the previous 2.4 million shares; but the volume of shares traded ended lower at 103,000, down from 253,950. Bids also finished lower at 557,100 down from 717,050.

The following are the last prices of listed equities in cedis:

ABL 650

AGC 18,700

ALW 2,800

BAT 400

CFAO 56

EIC 2,010

FML 1,250

GBL 1,900

GCB 1,000

GGL 910

HFC 750

MGL 225

MLC 245

MOGL 16,350

PAF 348

PZ 850

SCB 24,000

SPPC 244

SSB 1,690

UNIL 1,750

UTC-E 125

Accra (Greater Accra), 27^th April ‘99 –

Vice-President John Atta Mills on Monday opened an international conference and exhibition on oil and gas with a call on those in the industry to ensure that resources from its operations go into the continent's development.

"Some of us find it a striking paradox that the natural resources of our continent, which have been the basis for tremendous wealth for companies and individuals on other continents, have not secured for us in Africa better living conditions."

He noted that many leading oil and gas companies have significant reserves in Africa with increasing values. However, little attention is given the communities where they operate which often experience declining fortunes and impoverishment.

Prof. Mills, therefore, tasked participants of the conference to reflect on what can be done to improve Africa's stake in the oil and gas industry.

The three-day conference, the third since 1997, is dubbed "Oil and Gas Africa '99".

It seeks to bring together key opinion leaders, top management and other stakeholders from multi-national and African corporations, to review the performance of the industry and discuss opportunities for linking exploration and production to other sectors of national economies.

The conference is jointly organised by the Ghana National Petroleum Corporation (GNPC) and FSG Medi Media, a British consultancy, under the theme: "Fuelling Africa's Development - Opportunities and Challenges."

Prof. Mills said Africa clearly matters to the world, adding that she must take hold of opportunities from the current partnership with major oil and gas companies and ensure that she derives the most benefits.

He noted that Africa had seen some positive developments, especially after the visit of US President Bill Clinton last year had whipped up private investor interest in many sectors of the economy, including energy.

Vice-President Mills urged the participants to pursue investments in infrastructure on the continent in order to open up its huge market potential and ensure that Africa's hydro carbon production meets the needs of the continent.

The Vice-President said governments in the region still remain committed to the West African Gas Pipeline Project.

A consortium of Shell, Chevron, Nigeria Gas Company and gas companies from Togo and Benin and Ghana National Petroleum Company have completed feasibility studies.

Prof. Mills said there was no doubt that such a project would give substance to the ECOWAS treaty adding "by the first oil and gas conference of the new millennium, we would actually have begun to see some steel pipes in the ground."

Thirteen exhibitors involved in exploration, drilling, mining and distribution are participating in Oil and Gas Africa '99.

Some of them are Sonangol from Cote d' Ivoire, Engen, Total, Western Power Company, a subsidiary of GNPC, and the Ministry of Mines and Energy of Equatorial Guinea, the country of the latest oil find.

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