GRi BEF News Ghana 25 - 04 - 2001
Banking sector
still a blue chip on stock exchange
Kingdom Transport appeals for tax relief for
transport operators
Turkish trade delegation in town
Banking sector
still a blue chip on stock exchange
Accra (Greater Accra) 25 April
2001
The banking sector maintained
their blue chip status as the most active by value on the Ghana Stock Exchange
(GSE), trading a total of 197,028 million cedis by the end of February, 2001.
The banks - Standard Chartered
Bank (SCB), SSB Bank and Ghana Commercial
Bank (GCB) - hold 75.68 per cent,
11.42 per cent and 5.44 per cent of the market each respectively.
According to the market statistics
for February released by the GSE, SCB in the period under review traded stocks
to the tune of 161,304 million cedis while SSB Bank traded 24,329 million cedis
and GCB 11,594 million cedis.
The next sector was the
manufacturing sector with Super Paper Products Company (SPPC) trading 8,999
million cedis representing 4.22 per cent and British American Tobacco (BAT)
4,780 million cedis, 2.24 per cent.
Aluworks and Pioneer Aluminium
Factory (PAF), two major aluminium companies traded 1,710 million cedis (0.80
per cent) and 259.7 million cedis respectively.
Guinness Ghana Limited (GGL)
dropped from its usual place as one the first five to the eighth, trading 47,76
million cedis to capture only 0.02 per cent of the market.
Fan Milk Ghana Limited (FML) and
Unilever were named the least active, trading 30.51 million cedis and 25.47
million cedis each.
PAF, however, led the pack trading
the biggest volume of equities of 1,076,700 stocks to capture 36.53 per cent of
the total market.
SSB Bank, SCB and GCB came next in
that order trading a total volume of 1,075,300 stocks.
Aluworks, SPPC, BAT, GGL, PZ and
Accra Brewery Limited (ABL) followed in the above order.
The GSE currently has 22 listed
companies from a humble number of five in 1990 and a market capitalisation of
3,695.11 billion cedis.
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Kingdom Transport appeals for tax relief
for transport operators
Accra (Greater Accra) 25 April 2001
Mr. Felix Semevor, Chief Executive of Kingdom Transport Services Limited, operators of public transport, has called on the government to motivate private sector businesses by granting them tax relief to enable them to contribute their quota to the economic development of the nation.
He said with transport fares now being regulated public transport operators are faced with daunting challenges that could have negative effects on their performances.
Addressing the second annual staff durbar of the company in Accra at the weekend, Mr. Semevor called on the workers to adopt cost-saving practices, be committed to duty and ensure regular maintenance of company property.
"We should resolve to consolidate our market share with customer service as our clarion call", he stressed.
The durbar was held to review the seven-year operation of the company with a labour force of 400. It also outlined strategies to maximise profit and progress.
He said the company's 170 fleet of coaches could soon be increased if sound practices were employed.
Mr. William Dellor, Union chairman urged the workers to reciprocate the existing congenial management-worker relations by increasing productivity.
Representatives from the regions attended the durbar.
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Turkish trade delegation in town
Accra (Greater Accra) 25 April 2001
A 40-member trade and business delegation from Turkey led by Mr. Nuvit Becan, Co-ordinator for Turkish Trade Fair Organisation, is in the country to explore investment opportunities.
The delegation would also hold an exhibition of Turkish products at the Ghana International Trade Fair.
Speaking to journalists, Mr. Becan said the delegation, which represents 110 companies that produce about 20 per cent of Turkish products would also look for trade representatives in Ghana.
The companies manufacture goods such as textiles, footwear, pharmaceuticals, cosmetics and power generators.
Mr Becan said a lot of opportunities abound in Ghana for Turkish businessmen to explore and that they are looking forward to successful joint ventures.
Mr Benjamin Osei Kufuor, member of the parliamentary sub-committee on trade, said Ghana has opened her doors to business and what it needs is trade and not aid.
He expressed the hope that Ghana's goods would also find market in Turkey and urged Ghanaian businessmen to take the opportunity of the fair and enter into joint partnerships.
At the Airport to meet the delegation was the Minister of Tourism, Madam Hawa Yakubu.
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Accra (Greater Accra) 25 April 2001
The Minister of Trade and Industry on Tuesday reiterated the government's commitment to encourage value addition to raw export products to enable Ghana to compete on the global market for more foreign exchange.
In a speech read for him by Mr Boniface Abubakar Sadik, Deputy Minister- designate, Dr Kofi Konadu Apraku said the thrust of the government's export policy is aimed at encouraging the addition of value to products.
"It is the wish of government, therefore, to encourage more Ghanaian firms to develop a culture and orientation for exporting quality products in order to achieve this objective," he said at the launch of the 12th national awards for export achievement for the year 2000 in non-traditional exports.
The award was instituted by the Ghana Export Promotion Council (GEPC) to encourage non-traditional exporters.
Dr Apraku said the award scheme has gained momentum but "we are launching this year's awards programme against the background of reduced earnings in the non-traditional export sector."
Provisional estimates indicate a decline in earnings from 404 million dollars in 1999 to 400 million dollars in 2000.
"This poses a great challenge to both government and the exporting community and the private sector as a whole to work hard and turn the sector around," he said.
Dr Apraku said the modest achievements of the non-traditional sector initially gave the nation the hope of closing the gap between the traditional and non-traditional export sectors and to help arrest the decline in the prices of cocoa and gold.
"Unfortunately, the current performance of the non-traditional sector leaves much to be desired," he stated.
He said it is to address this problem that government has furthermore, indicated in this year's budget that it will provide attractive incentive packages to encourage the processing of gold and cocoa into finished products.
Government has now instituted the export development and investment fund to provide the needed financial resources for the development and promotion of Ghanaian exports.
Monies from the fund would be used for the provision of special financial schemes through which credit facilities may be offered. It would also be used to address supply-side constraints including research, infrastructure, capacity building and other entrepreneurial activities in relation to export trade.
Dr Apraku said government intends to pursue enhanced trade relations with the United States within the context of the African Growth and Opportunities Act and the Trade and Investment Framework as part of efforts to encourage non-traditional exporters.
"We will also intensify efforts to derive more trade benefits through active participation in the activities of the multilateral trade organisations, especially, the World Trade Organisation and the Economic Community of West African States."
Mr Tawiah Akyea, Executive Secretary of the GEPC, acknowledged sponsors of this year's awards and appealed to other corporate bodies to assist the council in organising the programme.
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Accra (Greater Accra) 25 April
2001
Currency Buying Selling
US Dollar 7,022.00
7,232.45
Pound Sterling 10,115.89 10,419.79
French Franc
962.80 991.33
Swiss Franc 4,134.17
4,256.97
Deutsche Mark 3,229.03 3,324.97
Canadian Dollar 4,538.31
4,671.30
Japanese Yen
57.86 59.56
Dutch Guilder
2,865.85 2,950.78
S/African Rand 863.06 887.46
Euro 6,315.72
6,501.40
CFA Franc 9.63 9.91
Naira 64.80 66.74
Ecowas/WAUA 8,930.53 --------
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