IMF, WB leaders meet African Heads of State
TOR says there are "pockets of petrol
shortage"
IMF, WB leaders meet African Heads of State
Accra (Greater Accra) 13 February 2001
World Bank (WB) President James Wolfensohn and the Managing Director of the International Monetary Fund (IMF), Hosrt Kohler will meet African leaders in Mali and Tanzania from February 18 to 25.
This is a follow-up to their commitment to put Africa at the centre of their institutions' activities, according to a statement from the WB office in Accra on Monday.
The commitment, according to the statement, was made in Prague at the annual meeting of the two institutions last year.
The statement said heads of state from West and Central Africa will attend the Mali meeting from February 18 to 20.
The two men will continue to Abuja, Nigeria, on February 21 for a brief country visit.
They will then participate in discussions with heads of state from Southern and Eastern Africa in Dar es Salaam, Tanzania, from February 22 to 24.
They will visit Kenya on February 25 and also, participate in discussions with the heads of state of Algeria, Nigeria and South Africa on the program they have jointly put forward for Africa's recovery and development, known as the Millennium African Renaissance Programme.
The statement said the trip would focus on major issues confronting Africa today, such as the need to reduce poverty through sustained economic growth, the need to combat AIDS, strengthen governance, improve investment climate and resolve conflicts.
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TOR says there are "pockets of petrol
shortage"
Accra (Greater Accra) 13 February 2001
The management of Tema Oil Refinery on Monday confirmed that there are pockets of petrol shortage in the Accra-Tema area and said there are measures to rectify the situation.
A statement signed by the TOR Chief Executive, Dr Yaw Akoto, attributed the shortage to supply interruptions caused by low deliveries to the market last week.
"The non-performance of one of our gasoline suppliers to deliver 27,000 tonnes of petrol (a two-week supply) in the middle of January has put intense pressure on our stock position," it said.
The refinery said it delivered about 9,000 tonnes last week instead of the normal 11,000 tonnes, saying it was a move "to ensure no stock-out prior to the arrival of next gasoline cargoes."
TOR also blamed the situation on "speculative buying" and hoarding of the product in anticipation of price increases as well as increasing in smuggling at the border towns due to hikes in fuel prices in neighbouring countries.
The refinery said it would increase daily deliveries in excess of one million litres to the Accra-Tema area, which consumes over 60 per cent of the nation's petrol supply.
"We expect the queues to subside or disappear shortly," it added.
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Accra (Greater Accra) 13 February 2001
Market volumes dropped on Monday, but the All-Share Index increased slightly by 0.53 points on the strength of gains in four equities to open the week at 857.35 points.
Analysts have predicted that trading this week would continue to be dull but they expect price increases in Aluworks (ALW) and Ghana Commercial Bank (GCB) to lift the market index.
A scramble for ALW stocks led to an increase in its share price on Monday by 15 cedis. It sold all of 1,000 shares offered but investors bid for 16,000.
The change in the year to date is 0.07 per cent.
Total shares that changed hands fell from 408,900 to 321,100 with the bulk of 305,000 being sold by SSB Bank. The remaining 16,100 shares were sold by 10 equities.
Shares offered closed the day at 610,110 slightly less than 620,310 recorded at the previous session.
Demand fell to 458,500 from 654,400 shares.
Market capitalisation went up to 3,653.84 billion cedis from 3,652.84 billion cedis.
In the broader market, there were five price changes - four up and one down.
Aluworks Ghana (ALW) gained 15 cedis to finish trading at 4,965 cedis and Fan Milk Limited (FML) went up by five cedis at 855 cedis.
Standard Chartered Bank (SCB) gained the highest of 50 cedis to finish trading at 21,550 cedis while Super Paper Product Company (SPPC) registered the lowest of two cedis at 290 cedis.
Unilever (UNIL) was the only loser shedding two cedis to close at 1,598 cedis.
The following are the last prices of listed equities in cedis:
ABL 550
AGC 18,600
ALW 4,965 +15
BAT 380
CFAO 53
EIC 2,890
FML 855 +5
GBL 1,350
GCB 1,535
GGL 850
HFC 952
MGL 205
MLC 135
MOGL 18,700
PAF 255
PBC 490
PZ 400
SCB 21,550 +50
SPPC 290 +2
SSB 2,080
UNIL 1,598 -2
CMLT 425
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