Accra (Greater Accra) 15 Dec. '99
A government delegation led by Vice-President John Evans Ata Mills on Tuesday held discussions with representatives of Ashanti Goldfields Company Limited in Accra on how the company can move ahead as a viable public company in a manner that would benefit all shareholders.
A statement issued by the Minister of Communications, Mr John Mahama, in Accra said both parties described the meeting as "very constructive".
Mr Kwame Peprah, Minister of Finance and chairman of the board, led the AGC team.
The statement said Prof. Mills stressed that, as a major shareholder and regulator, the government will continue to support efforts to restore financial stability and enhance shareholder value.
The AGC, assisted by its advisers, had earlier made a presentation on the company's finance, operational and strategic plans that had been structured to contain its liquidity problems.
The statement said the company made a similar presentation to its lenders and hedge counter parties in London recently.
Among the government representatives were Alhaji Iddrisu Mahama, Presidential Adviser for governmental affairs, Mr Kofi Totobi Quakyi, Minister for National Security, Dr. Tony Aidoo, Deputy Minister of Defence, Dr. Kwabena Duffour, Governor of the Bank of Ghana, and Mr Alex Ashiagbor, a former Governor of the Central Bank.
The Government's advisers at the meeting were Mr Kofi Bucknor, Managing Director of CAL Merchant Bank, Mr Frank Adu, General Manager of CAL Merchant Bank, Mr Yoofi Grant of Databank and Mr Ekow Awoonor, a company law practitioner.
Other members of the AGC delegation were Mr Andy Quinn, a Managing Director of CIBC World Markets, advisers to AGC and a subsidiary of the Canadian Imperial Bank of Commerce, Mr Kweku Awortwi, Managing Director, Strategic Planning and
New Business, and Mr James Anaman, General Manager, Corporate Affairs, AGC.
The statement said another meeting had taken place in Accra between the government's advisors and Mr Jean Claude Gandur, Chairman of Addax & Oryx Group, representing a group of SGC shareholders.
It said the meeting, which was at the request of the group, was to discuss their proposals on assisting in the restoration of the fortunes of AGC.
Dr. M.P. Martineau, President and Chief Executive, accompanied Mr Gandur, Mining Division of the group, paid a courtesy call on Prof. Mills.
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Ghana Club 100 to be launched
Accra (Greater Accra) 15 Dec. '99
The membership of 1999 Ghana Club 100 will be launched on 21 December, the Ghana Investment Promotion Centre said on Tuesday.
In said in a statement that this year's edition of the club's magazine published by the centre would also be launched on that day.
The statement said listed members would be formally admitted and presented with their membership plaques.
Ghana Club 100 is the nation's prestigious multi-sectoral grouping of the top 100 companies and enterprises selected on the basis of analysis of turnover and performance.
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PBC relaunches shares
Koforidua (Eastern Region) 15 Dec. '99
All licensed cocoa buying companies can export 30 per cent of their purchase as from next year while the remaining 70 per cent are to be exported through the Ghana Cocoa Board, Mr Paul K. Owusu, financial Controller of the Produce Buying Company, made this known in response to a question at the launching of PBC shares at Koforidua on Monday.
This facility is aimed at cutting down on the fixed cost of the company and to ensure that "PBC becomes a profitable company" which could pay higher dividends to shareholders despite the falling world market price of cocoa, he said.
The direct exportation of the cocoa purchased by PBC will enable it to have access to foreign currencies to pay for its import requirements without "going through the fluctuating foreign exchange market".
PBC has proposed to its workers to allow it to use their monthly deductions of the provident fund to purchase 24 million shares or five per cent of the total share of the company owned by the government at 400 cedis a share with effect from January next year for the next 24 months.
Mr Owusu said PBC staff who would be retrenched as a result of the privatisation would be required to use 10 per cent of their retrenched compensation to purchase shares if they so wish.
By the proposal, management staff will be required to use not less than 25 per cent of their basic salary to finance the purchase of the shares offered to PBC workers.
Any worker who could raise funds from other sources apart from the proposed sources would be allowed to buy extra shares, Mr Owusu said.
Marketing clerks would be made commissioned officers after the privatisation of the Company and would be paid commission on the value of the total amount of cocoa beans purchased.
They will, therefore, not be on PBC salary.
Management have decided that the purchase of shares in the company would be a condition for the engagement of any of the marketing clerks continuing to work with the PBC.
Mr Ato Amponsah-Dadzie, Chief Deputy Manager of Operations of the National Trust Holding Company, who relaunched the shares, called on the workers of PBC to change their attitude to work.
He urged them to offer constructive criticisms and suggestions that could move the company forward into the next millennium.
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