GRi BEF News Ghana 07 – 12- 2000

 

Business slows as Accra votes

 

Index makes another gain, brokers expect economic turn around

 

Ministry bans importation of beef products

 

 

Business slows as Accra votes

Accra (Greater Accra) 07 December 2000

 

Central Accra was practically empty on Thursday morning. Many shops and offices closed. Traffic usually jammed with noisy streets, was sparse, creating a holiday mood as Ghanaians shifted the day's business to polling stations to elect their rulers.

Feelings of elation at another opportunity to tell their leaders their "piece of mind" and anxiety brought on by signs of violence in the last days preceding the election combined to place voters in a high state of alert.

This anxiety translated into impatience as polling places failed to open at the scheduled 0700. Some of the voting stations were at Sakaman, Odorkor, Abossey-Okai, Kaneshie, Kwame Nkrumah Circle and Asylum Down. Election officials turned up with election materials at an hour or a half- hour later.

With long, winding queues at the stations early in the morning, the polls promise a high turn- out. In most of the queues, female voters outnumber the men.

Other voters, especially the elderly, opted to stay at home until later in the day when the crowd might have reduced.

Skirmishes were reported at stations in Bubuashie and Kaneshie. The skirmishes were caused mainly by some voters trying to jump the long queues. Other voters demanded that polling officials be visible to everyone.

Such incidents appeared to be limited. Voting at stations around Circle and Asylum Down were peaceful and orderly.

In passenger vehicles and side walks the arguments still rage on among voters 48 hours after their candidates had made their last statements.

Some passengers on a bus unable to control their emotions slandered each other so abusively it almost led to a fight. The soothing words of a few elderly women cooled off the emotions.

Police in riot gear tightly secured the offices of the Electoral Commission. Police wore full riot gear and had a riot van stationed in front of the Commission's offices.

Within the Commission's premises mounted police stationed their horses at vantage points, truncheons and canes in hand.

But for junior officers assisting the police and visitors, none of the senior staff of the Commission was on hand at 0815 when the GNA got there. All of them, it was learnt, had gone on rounds to monitor the conduct of the polls.

GRi../

 

 

Index makes another gain, brokers expect economic turn around

Accra (Greater Accra) 07 December 2000

 

The Ghana Stock Exchange (GSE) on Wednesday recorded another gain of 0.38 points to lift the All-Share Index to 866.66 points from 866.28 points.

Mr. David Abbey, a broker with Data Bank Limited, said the gain was on the back of high bids in Aluworks Ghana Limited (ALW) that saw the equity making

50 cedis to sell all 1,700 shares posted on the bourse. Investors bid for 2,400 shares.

He said ALW is able to make an impact on the market index because of the effect of the price gain on its 13.89 million shares on the market.

He said the equity's recent performance has earned it the name "a star boy", which can also be attributed to the high exchange gains it has been making through exports.

Mr. Abbey explained that ALW's main competitor, a Nigerian smelter company, has been closed down and this has widened ALW's share of the international market.

"Analysts believe the quality of products from ALW will leave a sterling impact on the international market and the re-opening of the Nigerian company will not affect production," he added.

On the recent performance of the All-Share Index of the GSE, Mr Abbey noted that political risks, exchange risks and treasury bill competition with dividends, have contributed to the recent unimpressive performance of the market index.

"As a result, investors in the offshore market who hold about 60 per cent of investments on the GSE have off-loaded most of their shares," he said.

Lack of patronage by indigenes and low-income levels also continue to be a major setback to investment on the bourse.

Mr. Abbey expressed the hope that political leaders will keep their promises of turning the economy around to have a good impact on the bourse.

"Either way, we expect the ruling party or any other party who wins the elections to honour their promises."

Other market indicators recorded some gains but were on the low level.

Shares traded on the market increased by a small margin to 57,600 from 51,600. Demand went up to 98,500 from 67,200 while offers finished up at 631,010 from 627,150.

Market capitalisation closed up at 3,650.52 billion cedis as against 3,649.83 billion cedis.

In the broader market, there was only one price change.

ALW gained 50 cedis to finish trading at 4,150 cedis.

The following are the last prices of listed equities in cedis:

ABL                    630

AGC                18,600

ALW               4,150              +50          

BAT                    400

CFAO             51

EIC                  2,400

FML                   950              

GBL                 1,350

GCB                1,500                                     

GGL                   990         

HFC                   952

MGL                   200

MLC                   145

MOGL         18,600

PAF                    268

PBC                    503

PZ                       400  

SCB                 21,500

SPPC                  255

SSB                 2,100             

UNIL               1,670             

CMLT            425

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Ministry bans importation of beef products

Accra (Greater Accra) 07 December 2000

 

The Ministry of Trade and Industry has banned the importation of beef products, including corned beef, from Germany, France and Spain.

This follows the outbreak of bovine spongiform encephalopathy (BSE), also known as madcow disease in these countries.

This was contained in a statement issued in Accra on Wednesday and signed by  Mr J.S. Dalrymple-Hayfron, Chief Director at the ministry.

"The ministry is monitoring the crisis in Europe regarding the 'madcow disease', and will  review the ban as and when necessary."

The statement said that the ban was temporary and importers and the public should take note.

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