GRi BEF News Ghana 01 08 2000
US delegation
visits Ghana Stock exchange
US delegation visits Ghana Stock exchange
Accra
(Greater Accra) 01 August 2000
Mr.
Kwame Pianim, an Economic Consultant, on Monday urged the African-American
members of the United States Congress to play an advocacy role in building
partnerships with the continent to enable it to attract the necessary
investment for growth.
He
said a long-term relationship would help boost the fragile economies of the
countries and put them on the path of development.
Mr.
Pianim made the call when a five-member U.S. delegation visited the Ghana Stock
Exchange to acquaint itself with its operations.
The
delegation, which included two members of the U.S. Congress, Gregory Mitz Meeks
and Barbara Lee, are in the country to explore areas of co-operation between
Ghana and the U.S.
Mr.
Pianim said most of the countries on the continent have suffered from unfair
trade terms, adding that fair trading relationship would go a long way in
reversing some of the problems currently plaguing the continent.
He
said the continent has all it takes to improve growth but noted that these
potentials have not been marketed well enough.
Mr.
Mitz noted that Africa has seen an improved relationship between it and the
U.S. and all was being done to improve trade with the continent.
He
said the Congressional Black Caucus is devoted to an enhanced trade
relationship, adding that the African Growth and Opportunity Act is a fraction
of the efforts that the members are making to help the continent.
He
praised the effort of Ghana and Nigeria towards the establishment of a single
currency, saying it would help stabilise their economies.
Mr.
Yoofi Grant, Executive Director of Databank, briefed the delegation on the
operations of the exchange.
He
said a harmonisation of the operations of the Exchanges in the sub-region would
create a pool of investment opportunities for both foreign and local investors.
He
hinted that the government was in the process of divesting its ownership in
companies such as Ghana Airways and Ghana Telecom, and expressed the hope that
these companies would list on the bourse.
Mr.
Yoofi said a low price-earning ratio of four per cent creates many investment
opportunities for investors who wish to buy shares on the exchange.
GRi
/