Ghanaians must pay economic rates - Adviser
Prices of foodstuffs go down in Koforidua market
GSE All-Share Index makes slim gain
Accra (Greater Accra) 26 August 2001
The first deputy governor of the Bank of Ghana, Emmanuel Asiedu-Mantey is to act as governor until a substantive head of the Central Bank is appointed.
A statement signed by James Odei, Secretary of the Bank said this followed the voluntary retirement of the Governor, Dr Kwabena Duffuor with effect from August 20.
The Minister of Finance, Yaw Osafo-Maafo said on August 15 that the government was in the process of appointing a new Governor because Dr Duffuor had decided to quit.
Dr Duffour, whose four-year term expired on July 16, informed President John Agyekum Kufuor of his decision not to renew his contract in a letter last month.
Osafo-Maafo said President Kufuor has already made nominations for consideration by the Council of State and expressed the hope that a new Central Bank Chief would be appointed soon.
Several names, including Dr Paul Acquah who works with the International
Monetary Fund, have come up as front-runners.
GRi../
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Accra (Greater Accra) 26 August 2001
Ghanaians must learn to accept petroleum taxes as a universal means of raising critically needed revenue for development, Dr Charles Wereko-Brobby, Chief Executive of the Volta River Authority (VRA) and Presidential Adviser said on Friday.
They must be prepared to pay economic rates for fuel because the days of government subsidies were over, he told a forum on utility pricing organised by the Ghana Institute of Management and Public Administration (GIMPA).
Dr Wereko-Brobby said petroleum taxes constituted an important means by which developed countries generated revenue and it was that money which was used to extend assistance to developing countries.
He said as much as 30 per cent of the country's hard earned foreign exchange was spent on fuel imports, which went to benefit only private cars that constituted about 70 per cent of vehicles in the system, he said.
Dr Wereko-Brobby said only a small proportion of fuel was used in productive activities to the benefit of the economy.
"The people who contribute the foreign exchange, live in the rural areas and those in the cities who use it must be prepared to pay economic rates," the adviser said.
Dr Wereko-Brobby said the misconception that increase in fuel prices automatically leads to a hike in food prices must change, adding if there was any link at all it was minimal.
Dr Wereko-Brobby's comments came barely a day after government announced the re-introduction of 15 per cent ad-valorem excise duty on fuel with effect from last Friday, August 17, five months after abolishing it.
GRi../
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Koforidua (Greater Accra) 26 August 2001
A Ghana News Agency (GNA) survey at the Koforidua market on Friday revealed that prices of vegetables have dropped considerably while those of other staples have come down marginally.
A basketful of tomatoes that sold for 35,000 cedis three weeks ago was down to 20,000 cedis.
A tuber of new yam (pona) was sold in the market for between 4,000 cedis and 6,500 cedis whereas two weeks ago they were sold for between 5,500 cedis and 8,000 cedis.
The price of plantain (Apentum) was down to three fingers for 2,000 cedis from between 1,000 cedis and 1,500 cedis per finger two weeks ago.
A bunch of plantain (Apem) was also down to between 35,000 cedis and 45,000 cedis from between 50,000 cedis and 65,000 cedis during the same period.
The prices of legumes and cereals were down. An 'Olonka' of groundnut which sold for 10,000 cedis was down to 7,800 cedis and maize was down to 3,500 cedis per 'olonka' from 6,000 cedis.
A mini bag of rice was sold at 108,000 cedis as against 110,000 cedis, with the maxi bag selling at 210,000 cedis as against 220,000 cedis.
The prices of gari and beans were, however, still high, being sold for 9,000 cedis and 9,600 cedis per 'olonka', respectively.
The market women told the Ghana News Agency that the prices would have come
down drastically were the local farmers not in the habit of sending their produce to Accra where they get cash payment instead of selling to them on credit.
GRi../
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Accra (Greater Accra) 26 August 2001
The GSE All-Share Index of the Accra bourse on Friday made a slim 0.81 points gain to close the week up at 947.46 points.
Total traded volumes fell sharply from 136,700 shares at the previous session to close at a mere 13,500 shares and the market was still dominated by heavy bearish sentiments.
In all, eight equities sold shares, with Unilever (UNIL) selling the highest of 4,400 shares.
The only price change also stood in the name of UNIL to close the week at 1,825 cedis. It made 25 cedis.
The total market capitalisation went up marginally to close at 3,847.76 billion cedis from 3,846.20 billion cedis on Wednesday.
Below are the closing prices of the listed equities in cedis:
ABL 630
AGC 18,500
ALW 4,300
BAT 600
CFAO 60
EIC 2,890
FML 1,000
GBL 1,300
GCB 1,550
GGL 900
HFC 952
MGL 240
MLC 130
MOGL 20,000
PAF 700
PBC 450
PZ 700
SCB 21,000
SPPC 356
SSB 2,300
UNIL 1,850 +25
CMLT 430
GRi../
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