GRi BEF News Ghana 04 – 08 - 2000

Stanchart, best foreign bank in Ghana- Euromoney Magazine

Accra (Greater Accra) 04 August 2000

Standard Chartered Bank (SCB) has been adjudged 'best foreign bank in Ghana' by the UK based Euromoney Magazine.

This is the third time the bank has won the award. It also won the 2000 Euromoney Best Foreign Bank in Botswana, Kenya, Zimbabwe and Cameroun, a statement signed by Mr Willing Vanderpuye, Public and Corporate Affairs Manager of SCB, said.

According to the July 2000 edition of the Magazine, SCB upgraded its technology and continued to invest in it's transaction processing infrastructure last year.

The magazine said by March this year, all customers had access to the bank's real time on-line banking system and in terms of profitability SCB remains the leader after tax profits increased by 18 per cent, adding that, it is the largest lender and deposit taker in Ghana.

The magazine said SCB is one of the few institutions willing to operate in Africa and continues to invest heavily in its African operations.

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VAT Service takes action against Secaps Hotel for defaulting

Accra (Greater Accra) 04 August 2000

Business activity at Secaps Hotel in Accra, nearly came to a halt on Thursday when a team of officials from the VAT Service and the police moved in to confiscate movable property as penalty for evading tax of over 90 million cedis.

The amount is the hotel, situated near the Tetteh Quarshie Roundabout, tax arrears

from May 1999 to February 2000.

The team had started removing air conditioners, refrigerators and television sets from the hotel rooms when the Managing Director, Mr. Smart Binitie, called for settlement.

Mr. James Benuyena Benson, Head of the Legal Department of the VAT Service and leader of the team, some officials of the Service and Mr. Binitie, went to the VAT Service Secretariat where they met the commissioner and worked out the settlement terms.

Mr. Benson said the amount would be paid in two instalments, the first on August 17 and the second by the end of September. According to him, cheques covering the amount have been issued.

Before Thursday's action, Mr. Benson said several letters had been written to the Management of the hotel, reminding it of its obligation to the Service, adding that the last one was on June 22.

Mr. Della Helloh, Co-ordinator of Field Operations of the VAT Service, said the action, which will be extended to other companies soon, "is not to destroy anybody's business but to collect what is due to the government".

Mr. Binitie said he was not "aware of what was happening".

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Market indices on the Accra bourse marked-time

Accra (Greater Accra) 04 August 2000

All major market indices marked time for the second time in the week on Wednesday as the market continued its downward trend under dominant bearish sentiments.

The benchmark GSE All-Share Index was unchanged at 821.90 points same as on Monday.

Total market capitalisation and the change year to date also maintained their previous levels of 3,574.12 billion cedis and 11.65 per cent respectively.

Generally, trading was low with offers exceeding bids with larger margins, indicating the absence of institutional investors.

On the broader market, there were no price changes. No equity returned a positive pressure, with 12 others having no pressure.

Traded volumes plummeted from a high of 213,200 on Monday to close trading down at 30,300.

Aluworks continued its impressive run, selling all 6,100 bids posted. However, Enterprise Insurance Company made the highest sales of 15,800.

Total shares offered closed lower at 2.2 million from 2.4 at the previous close.

Bids equally slipped from 236,100 to end trading at 55,100.

Below are the closing prices of listed equities in cedis:

ABL 620

AGC 18,600

ALW 2,600

BAT 440

CFAO 38

EIC 1,880

FML 1,200

GBL 1,400

GCB 1,000

GGL 990

HFC 950

MGL 200

MLC 150

MOGL 17,500

PAF 300

PBC 520

PZ 800

SCB 22,000

SPPC 155

SSB 1,990

UNIL 1,845

UTCE 125

CMLT 425

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