GRi Business News 18-02-99

Accra (Greater Accra) 18 Feb

Vice President John Evans Atta Mills yesterday urged the private sector, to renew its faith in the economy and work towards the nation's goal of becoming a middle income country by the year 2020.

He said government's resolve to sharpen and deepen its responsiveness to the private sector will be meaningless without the corresponding role from that sector.

"You must play your part too," Vice President Mills said when he launched the 1998 Ghana Club 100 (GC 100) over lunch in Accra. The occasion also marked the first anniversary of the Club.

The GC 100, which is made up of the top 100 companies in Ghana from both public and private sectors, was inaugurated by the Vice President during the historic visit of American President, Bill Clinton, to Ghana in March last year.

President Clinton used Ghana as the gateway to his six-nation African tour.

The Club has registered 12 new members since its inauguration.

Some members of the Club were honoured according to their performance in 1998.

Vice President Mills said the sustenance of the Club and the fact that new companies have managed to work their way into it despite the immense challenges that faced businesses in the past is a pointer to the growing vibrancy of the business environment.

Analysing the performance of the Club which he described as encouraging, the Vice President said the Club members recorded a total of 6.5 trillion cedis in turn-over, an increase of 96 per cent as against the turn-over in 1995.

Their total net assets was 9.7 trillion cedis representing 111 per cent increase over 1995, with 1.03 trillion cedis in pre-tax profits representing an increase of 64 per cent over 1995.

Vice President Mills congratulated eight companies for having the highest turnover in 1997. They are led by the Ashanti Goldfields Company Limited, which was also the leading performer in the mining sector.

The others are Volta River Authority, highest net asset- based company and top performer in the energy sector, SSNIT, the highest profit before tax and highest in the financial sector and AFGO which recorded the highest return on equity.

The State Insurance Company was mentioned for topping the general services group, VALCO for topping the manufacturing sector and TAYSEC for leading the building and construction sector.

The rest are Ghana Telecom for leading the telecommunication sector and Cashpro Company Limited for top performance in the trading sector and also being the only indigenous company among the top 20 of 1998 GC 100.

Prof. Mills noted that too many Ghanaian businesses either do not have any company data or are reluctant to file such particulars as required by law.

He urged them to improve on the situation by filing such details as labour, turnover, management and accounting data, balance sheets, company profiles and brochures.

The Vice-President said businesses, both foreign and private, continue to grow.

He cited reports by the Ghana Export Promotion Council that it registered 187 projects in 1998.

The projects are estimated to cost 177.43 million dollars. They comprise foreign direct investment capital of 164.82 million dollars and a local contribution of 12.61 million dollars.

There are 119 joint foreign-Ghanaian projects with capitalisation of 75.41 million dollars against 68 wholly Ghanaian-owned companies estimated at 102.02 million dollars.

These projects are expected to generate employment opportunities for some 12,240 Ghanaians with minimum foreign transfers of 20.35 million dollars.

Accra (Greater Accra) 18 Feb

 Twelve new companies have been listed among the top 100 Ghanaian companies for their excellent corporate operations last year.

Mr Kwesi Ahwoi, Chief Executive of the Ghana Investment Promotions Centre (GIPC) made this known at a luncheon in Accra yesturday to launch the 1998 members of the Ghana Club 100 and said the idea is to provide a world class forum for top ranking businesses to interact and share techniques for the overall benefit of the economy.

The companies include Regimanuel Gray, Tractor and Equipment, First African Financial Services, North Kaneshie Forex Bureau, Taysec Company Limited and First African Forex Bureau.

The luncheon was attended by the Vice-President, Professor John Evans Atta Mills, Ministers of State, MPs and members of the diplomatic corps.

The GC 100 were selected based on their net assets, profit before tax, number of employees, return on equity and growth between 1996 and 1997.

Companies listed in the top 10 for 1998 are Ashanti Goldfields, Social Security and National Insurance Trust, Volta River Authority, Ghana Telecom, Mobil Oil Ghana Limited, Unilver Ghana Limited, Ghana Oil Company, Teberibe Goldfields and Shell Ghana Limited.

The two new entrants in the top 10 are Ghana Telecom and Teberibe Goldfields.

Mr Ahwoi said the basis of business accounting was that of 1997 since the 1998 business accounting year is yet to end. The GIPC boss said " We intend establishing a distinguished speakers programme for the GC 100 members to interact with world class renowned personalities".

He said in establishing the GC 100, the GIPC seeks to provide analytical information to promote Ghana's corporate capacity.

"In this endeavour, it is our intention to sensitise the operatives to develop an open information culture for the 21st century global competition".

Mr Ahwoi said members of GC 100 will enjoy discounted fares when they fly on Ghana Airways, have free worldwide web hosting on Network Computer Systems and Ghana Classifieds sites free for six months and thereafter at highly discounted rates.

BY EVANS OWUSU

Accra (Greater Accra) 17 Feb.

The 1998 Ghana Club 100 members recorded a total of 6.5 trillion cedis in turnover last year exceeding the 1995 value by 96 per cent. Net assets realised 9.7 trillion cedis and pre-tax profits was 1.03 trillion cedis surpassing 1995 figures by 111 per cent and 64 per cent respectively.

Vice President, Prof. John Atta Mills made these disclosures in Accra when launching the 1998, Ghana Club 100 (GC 100) on Wednesday. It was also an occasion for the celebration of the first anniversary of GC 100. The club is a group of the top 100 companies in the country for a given year.

=93The first analytical report on Ghana Club 100, has contributed enormously in marketing Corporte Ghana=94, Vice President Mills said.

Professor Mills said it is re-assuring that competition to join the GC 100 has been very high, adding that it is a positive pointer to the growing vibrancy of the Ghanaian business environment.

He reminded the GC 100 members that Ghana's intention is to become a middle income earning country by year 2000 and that the government is resolved and ready to sharpen its responsiveness to business especially, the private sector.

Ghana's continued attraction of respectable levels of direct foreign investment is an indication of the increasing faith of foreign investors in the Ghanaian economy and the private sector. The Ghana Investment Promotion Centre (GIPC) registered 187 new projects last year with an investment total 177.43 million dollars.

Inflows amounted to 164.82m dollars with a local component of 12.61m dollars. There were 119 joint foreign and Ghanaian projects with capitalisation of 75.4 million dollars and 68 wholly foreign owned to generate 102 million dollars. These, he said, should create job opportunities for 12,240 people.

Mr. Kwesi Ahwoi, Chief Executive of GIPC said GC 100 was established with an intention to sensitize the opertives to develop an open information culture needed for 21st century global competition.

He said it is intended to provide the business database requisite for meaningful national planning, governmental support and interventions to enhance Ghanaian enterprise competitiveness.

He said twelve new companies have joined the club.

Mr. Ahwoi said it was a daunting task to rank so many companies in different sectors of the economy with different economic activities adding that companies were evaluated on the basis of their net asset size, profit before tax and the number of employees. Also used were Return on Equity and Growth Trends.

Ashanti Goldfields Company who remained at the number one spot in the club's ranking had the highest turnover in 1997 while Volta River Authority was adjudged the highest net asset based company and doubling as the top performer in the energy sector.

Social Security and National Insurance Trust won the highest profit before tax ranking with African Ground Operators (AFGO) taking the highest return on equity.

The following also took the accompanying rankings State Insurance Company ' General Services group Volta Aluminium Company ' Manufacturing top performer TAYSEC - Leading in Building and Construction Section Ghana Telecom - Leading in Telecomminication. Cashpro Company Ltd. ' Top performance in Trading Sector.

Mr. Ahwoi said the GHANA AIRWAYS has offered discounted rates for club members travelling and said the Network Computer Systems (NCS) and the Ghana classifieds are also offering free web hosting for six months to members.