GSE index remains active, but in low patronage
Kumasi (Ashanti Region) 13 April 2002- The government is sourcing a 100 million-dollar loan from the African Development Bank to rehabilitate some viable companies. The objective is not only to create jobs but also to resuscitate industries that have the potential to produce some of the goods that are currently imported.
The Minister of Trade and Industry, Dr Kofi Konadu Apraku announced this at the closing of the three-day Ashanti Region Economic Forum in Kumasi. The forum, under the theme: "Maximising Ashanti Region's contribution to the economic development of Ghana", was organised by the Manhyia Palace and the Ashanti Region Co-ordinating Council.
It was aimed at identifying investment opportunities in Ashanti and to evolve measures to strengthen the operational capacity of economic operators in the region. Dr Apraku cited the Kumasi shoe factory which is operating efficiently with limited financial support from the government and said there were a number of similar ones scattered all over the country which, when given a little push, could perform well.
He, however, expressed concern about the over liberalisation of the country's economy, making it difficult for local industries to compete effectively on the market and said the government was taking measures to reverse the trend.
The Minister said the government would this year provide 500,000 dollars to 80 businesses under the Export Development Assistance Fund to assist private entrepreneurs to export their goods. He said the government had also passed the Ghana Investment Fund bill to assist the private sector and urged operators to take advantage of the funds to expand their businesses.
Dr Apraku expressed regret that over the years the country could not utilise the tremendous economic potentials of the northern sector of the country. He said the government was, therefore, determined to tap the economic opportunities in the northern sector, adding that, the Ghana Trade Fair Company had acquired a piece of land in Kumasi to build a permanent trade fair centre to boost trade in the region.
The Trade Minister further announced that the government was reviewing the free zone programme to speed up work on the free zone enclave in Kumasi and expand the facilities at the Takoradi port.
The government would also establish a cocoa processing plant in Kumasi to serve the Ashanti and Brong-Ahafo regions. Dr Apraku, however, expressed concern about the spate of smuggling in the country as well as the sale of unwholesome products in the market and said the ministry had empowered the Ghana Standards Board and Customs, Excise and Prevention Service (CEPS) to seize such goods.
The Ashanti Regional Minister, Mr Sampson Kwaku Boafo, said the forum had unearthed the economic potential of the region. He said a special technical committee would be set up to implement all the recommendations at the forum to speed up economic development of the region.
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Manso-Nkran (Ashanti Region) 13 April 2002 - A group of illegal miners opened fire on some workers of Midras Mining Company at the company's concession atTakorase in the Amansie West District of Ashanti and killed one of them.
The body of the deceased, Solomon Abu, 30, has been deposited at the Komfo Anokye Teaching Hospital (KATH) mortuary for autopsy. A source at the Midras Mining Company told the Ghana News Agency that on 7 April the deceased was asked to take six new security personnel round the company's concession.
During the rounds, the deceased and the security men bumped into the illegal operators, who immediately opened fire on them. The source said Abu was hit in the head and died instantly. Takorase community had succeeded in arresting two of the illegal operators whose names were not given and are in police custody at Obuasi-Tutuka. Chief Superintendent K. A. Boateng, the Obuasi Divisional Police Commander, confirmed the incident and said the Police were searching for the other culprits.
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Accra (Greater Accra) 13 April 2002
Currency Buying Selling
US Dollar 7,567.00 7,755.82
Pound Sterling 10,863.94 11,138.91
Swiss Franc 4,549.39 4,660.05
Canadian Dollar 4,765.72 4,883.13
Japanese Yen 57.33 58.74
S/African Rand 675.22 690.22
Euro 6,671.54 6,832.43
CFA Franc 10.17 10.42
Naira 64.84 66.46
Ecowas/WAUA 9,359.44 -----------
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GSE index remains active, but in low
patronage
Accra (Greater Accra) 13 April 2002- The GSE All-Share Index remained active on Friday, moving up by 1.02 points, but in low patronage. Only 36,000 shares changed hands during trading although six of the 22 equities saw price changes. Total number of shares traded on Tuesday was 24,000. The Index ended at 1,021.63 points from Wednesday's close of 1,020.61 points. Change for the year rose to 6.87 per cent from 6.76 per cent.
On the broader market, there were six price changes, all positive. Enterprise Insurance Company led the way with 75-cedi gain at 3,201 cedis, British American Tobacco gained eight cedis at 645 cedis, Ghana Commercial Bank was up by two cedis at 1,703, Super Paper Products Company was four cedis richer at 365, SSB Bank added one cedi to end at 2,706 while Unilever ended nine cedis better at 2,910 cedis.
The following are the closing prices of the equities in cedis:
ABL 327
AGC 18,800
ALW 4,300
BAT 645 +8
CFAO 60
EIC 3,201 +75
FML 1,000
GBL 1,000
GCB 1,703 +2
GGL 910
HFC 950
MGL 250
MLC 147
MOGL 18,805
PAF 750
PBC 450
PZ 1,200
SCB 20,500
SPPC 365 +4
SSB 2,706 +1
UNIL 2,910 +9
CMLT 430
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