Accra
bourse makes marginal gains
400
billion cedis new notes go into circulation
Rural
banking sector makes progress
Benso
Plantation begins expansion programme
Accra
bourse makes marginal gains
Accra (Greater Accra)
17 December 2002- The GSE-All Share Index, the main gauge of the Accra bourse,
made a marginal gain of 0.28 points to close slightly higher at 1,376.66 points
from 1,376.38 points on Friday with only seven of the 24 listed equities making
sales.
Traded volumes rose
to 322,100 shares from 136,500 shares on Friday as institutional buyers
remained quiet. Aluworks (ALW) sold 312,500 shares, Guinness Ghana Limited sold
5,400 shares and Ghana Commercial Bank sold 2,800 shares. The remaining four
equities sold between 100 and 700 shares.
On the broader
market, there were three price changes - all positive. SSB Bank and Guinness
Ghana Limited gained three cedis each at 3,966 cedis and 1,046 cedis
respectively while Fan Milk Limited was up one cedi at 1,785 cedis. Market
capitalisation now stands at 5,137.26 billion cedis from 5,136.66 billion cedis
on Friday.
The following are the
last prices of listed equities in cedis:
ABL
390
AGC 18,807
ALW 3,700
BAT 1,001
CFAO 67
EIC
4,600
FML
1,785
+1
GBL 500
GCB 3,516
GGL 1,046
+3
HFC 955
MGL 254
MLC 270
MOGL
19,730
PAF 750
PBC 390
PZ 2,001
SCB
28,002
SPPC 387
SSB
3,966 +3
SWL 285
TBL
4,850
UNIL
4,802
CMLT
460
GRi…/
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400
billion cedis new notes go into circulation
Accra (Greater Accra)
17 December 2002- The Bank of Ghana (BoG) on Monday put more than 400 billion
cedis of the new 10,000 and 20,000 cedi notes into circulation. The new notes
will circulate alongside the old 5,000, 2,000 and 1,000 cedis notes already in
the system.
Explaining the
rationale behind the introduction of the new notes, Mr Edward Ofei-Bekoe, Head
of Issue of the Central Bank said, the new notes would not lead to inflation as
it was being speculated.
He said, "It
will, rather reduce the total volume of cash that is carried around for
business transactions."
According to him
usually commercial banks deposit specific amounts with the central bank, which
they withdraw at one time, or the other and it was this same amount that was
given back to them when they requested for it.
"The total
amount does not increase in anyway and will neither increase even with this new
introduction because the commercial banks cannot withdraw above what they have
deposited," he said.
Mr Ofei-Bekoe said
BOG ensured strict control of the total amount of money in circulation in order
not to create any imbalance in the system that might trigger inflationary
pressures.
He noted that the
currency in circulation or in trust for the commercial banks were also fished
for old, mutilated and non-usable notes of which the new notes would replace
over time.
The Bank of Ghana
spends about three billion cedis a month to replace bank notes that are
mutilated by poor handling practices. From January to August this year, the
bank destroyed 128.9 million mutilated notes of various denominations, the
equivalent of 244.3 billion cedis.
Nine million bank
notes, which have been in circulation for up to six months or a year, are withdrawn
every month as a result of mutilation. On the durability of the cedi notes, Mr
Ofei-Bekoe said the quality was guaranteed and there was virtually no
possibility of counterfeit.
He said, the new
notes, like the ones already in circulation have "intaglio" printing
features, explaining; "this makes the colour stick when it is rubbed on
paper". Mr Ofei-Bekoe asked the public to relax and have confidence in the
Bank since notes and currency in general go through a lot of processes before
it is issued.
The BoG under Kwame
Nkrumah's administration first issued its 10 Shilling and One and Five Pounds
notes between 1958 and 1962. In 1965 the Central Bank issued the first ever
cedi notes - New One and Five Cedi notes followed by the 10 Cedi note. The
first 50 and 100 cedis notes were introduced in 1965.
A 1000-cedi note was
also issued in 1965. In 1967, after the overthrow of Dr Nkrumah, the BoG
introduced another One, Five and 10 Cedi-notes. Later another denomination of
One, Two and Five, 10 Cedis were issued from 1972 to 1973.
In 1979, before the
PNDC took office, a new batch of One, Two, Five, 10, 20 and 50 Cedi notes were
circulated. Between 1983 and 1991 under the PNDC and NDC administration, the
BoG again put new 10, 20, 50, 100, 200, 500, 1000, 2000 and 5,000 notes into
the system. Coins were also introduced alongside the notes over the years.
GRi…/
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Rural
banking sector makes progress
Gambaga (Northern
Region) 17 December 2002-The performance of the Rural/Community banking sector
in the country has shown remarkable improvement over the years.
For instance, total
assets of rural/community banks as at June were 610.93 billion cedis, up from
412.1 billion cedis last year.
Total deposits of the
banks also increased from 303.1 billion cedis to 454.13 billion cedis during
the same period, while the number of the banks that satisfied the capital
adequacy ratio of six per cent and above were 90 at the end of June, this year,
as against 72 per cent last year.
Mr Mensah Adjei
Deputy Chief Manager, Banking Supervision Department, Bank of Ghana, said this
at the first annual general meeting of the East Mamprusi Community bank at
Gambaga on Monday.
Mr Adjei commended
the East Mamprusi Community Bank for making significant strides in the
provision of financial support to farmers, traders, artisans and other economic
groups.
Mr Adjei said between
September last year and this year deposits of the bank increased from 1.65
billion cedis to 2.11 billion cedis while loans and advances increased from
601.38 million to 1.18 billion cedis within the same period.
Investments in the
money market instruments were also above 1.0 billion cedis. He appealed to staff
and management of the banks not to be complacent with their achievements but
strive to improve upon and sustain it.
He called on rural
banks to strengthen their credit administration procedures through efficient
credit appraisal, delivery monitoring and recovery practices to minimise loan
loses in other to improve upon their profitability.
He appealed to
customers who have benefited from the banks' credit facilities to honour their
repayment obligations on schedule to enable other customers to benefit from the
scheme. Mr Adjei advised management of the banks to improve their staff
training programmes instead of employing dismissed staff of other banks.
Mr Dan Kolbila, Board
Chairman of the bank, said under its Micro-Finance/Credit Scheme, 84.6 million cedis
was disbursed to three income generation groups at Langbensi, Gambaga and
Sakogu, all in the East Mamprusi District.
He said this year 18
micro-finance associations had been formed with a membership of 491 out of
which 92 per cent were women and 206.3 billion was disbursed to them to
undertake several income generating activities.
Mr Kolbila said as
part of its social responsibility programme, the bank last year, donated books
valued at four million cedis to the Nalerigu Secondary School and also presented
five bags of grains worth one million cedis to the Bawku conflict victims.
The bank also gave
one million cedis to the Mamprugu Youth Association. Mr David Konlaa, East
Mamprusi District Chief Executive, called on people to buy more shares in the bank.
GRi…/
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Benso
Plantation begins expansion programme
Adum-Banso (Western
Region) 17 December 2002- Plans are far advanced for the establishment of a
multi-million cedis palm kernel oil mill at the Benso Oil Palm Plantation
(BOPP) at Adum-Banso as part of its expansion programme.
Mr Kwame Addae,
Managing Director of BOPP who announced this at this year's workers durbar and
awards day at Adum-Banso on Saturday, said construction of civil works would
begin early next year, and materials for the project would soon arrive in the
Country.
The project, when
completed would create additional employment avenues for the youth in the
community and enhance the growth of the company. The oil palm processing mill
would be upgraded to a 30-tonne hour capacity by 2004 due to the fact that it
is not able to cope with the peak season harvests because of its limited
capacity.
Mr Addae said between
January and November this year, palm oil produced by the company was 16,480
tonnes, representing 1.9 per cent higher than the estimated figure for the
period.
However, forecast for
the fourth quarter of the year indicates a shortfall of eight per cent in fresh
fruits bunch and six per cent in oil palm production.
Unless measures are
put in place to improve the situation, this may affect the ability to supply a
total of 35,000 tonnes of the commodity by BOPP and its sister company the
Twifu Oil Palm Plantation to the fast moving consumer market.
Mr Addae said
incentive packages, including good producer price, higher wages and loan
facilities, have been established for workers and 438 out-growers to enable
them to give of their best.
Through the company's
facilitation, 600 million cedis has so far been disbursed to out-growers as
personal loans through the Agricultural Development Bank (ADB), the Managing
Director disclosed and appealed to the beneficiaries to pay up promptly.
Total crop bought
from the out-growers during the year, was 5.2 billion cedis, generating an
average net revenue of 8.9 million cedis for each farmer. Under its community
relations, he said, a number of school, water and electrification projects have
been completed for the people to improve their lot.
Mr Addae commended
the smallholder farmers who are mainly from Benso, Manso, Essaman, Dominase and
Adum-Banso for their hard work and loyalty to the company and advised them to
adopt modern farming methods, including fertilizer application to increase
their yield.
Mr Joseph Boahen
Aidoo, Western Regional Minister, commended BOPP for its assistance to
communities in their developmental efforts and ensuring industrial peace and
harmony in its catchments area.
He called for
co-operation and understanding between the people, workers and the company
which is one of the largest agro-based industrial establishments in the region,
providing jobs to the youth, and creating employment for many farmers.
Mr Aidoo urged the
company to continue to pursue vigorous safety, health and sound environmental
measures to forestall accidents and health related problems and promised that
roads in the area would be rehabilitated.
Mr Samuel Kangah,
General Secretary of the Ghana Agricultural Workers Union suggested that five
per cent of the district Assemblies Common Fund should be allocated for
agricultural development.
Mr Stephen Aryeepah,
Union Chairman of BOPP appealed to management of the company to do more to
relieve workers of their present hardships. Some selected workers and
smallholder farmers were honoured for their hard work and dedication with
television sets, suitcases, and bicycles, cartons of soap, Wellington boots,
cutlasses and certificates.
GRi.../
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