Another Stanchart loss pulls down All-Share Index
Second International Garden Fair opens in August
Another Stanchart loss pulls down All-Share Index
Accra, (Greater Accra) 14 July '99,
Another decline in the share price of Standard Chartered Bank (SCB), the highest priced equity, on Wednesday pulled the Ghana Stock Exchange (GSE) All-Share Index further down.
The All-Share Index dropped by 5.94 points to close at 783.83, bringing the change in the year to date to negative 9.73 per cent.
Market capitalisation also fell to 3,273.38 billion cedis from 3,282.72 billion cedis.
With the exception of shares on offer, other market indicators recorded moderate gains.
Total shares traded finished mid-week trading up at 53,100 shares from Monday's 32,200 shares, with bids also closing higher from 270,400 shares to 317,200 shares.
Offers went down from 2.1 million shares to 1.9 million shares.
On the broader market, there were three declines and no price appreciation.
SCB lost 500 cedis to close trading at 20,000 cedis. Aluworks Company Limited (ALW) closed trading at 2,555 cedis with a 43-cedi loss, while Ghana Commercial Bank (GCB) lost five cedis at 995 cedis from 1,000 cedis.
The following are the last prices of listed equities in cedis:
ABL 600
AGC 18,700
ALW 2,555 -43
BAT 380
CFAO 40
EIC 1,990
FML 1,250GBL 1,879
GCB 995 -5
GGL 920
HFC 750
MGL 220
MLC 200
MOGL 16,500
PAF 280
PZ 850
SCB 20,000 -500
SPPC 210
SSB 1,950
UNIL 1,720
UTC-E 125
GRi
Accra, (Greater Accra) 14 July '99,
The Ministry of Trade and Industry on Wednesday expressed concern about the nature of tariff and non-tariff barriers that exporters face within the sub-region and the rest of the international market.
Speaking at a two-day Round-Table Conference on "Opportunities of Globalization: Export Barriers" organised by the West African Enterprise Network(WAEN) Ghana, Mr Peter Wiafe Peperah, deputy minister of trade and industry, said some of these are in the form of "tariff escalation and rigid technical regulation standards".
The WAEN, an international non-governmental organisation that brings together over 450 businessmen and women in 13 countries in West Africa, was established in 1993.
It has a dual mission of improving the business climate in member countries and promoting cross- border trade and investment in the sub-region.
Mr Peperah explained that export of raw materials from Ghana and other developing countries enter the developed countries duty free.
"The picture changes considerably as soon as we attempt to add value in order to earn more. Higher tariffs are immediately imposed on such value-added products.
"This situation, I will say, does not augur well for our efforts at going into the production of manufactures."
He said although international trade is governed by internationally agreed standards and regulations, some countries develop higher standards whose immediate compliance poses considerable problems for Ghanaian exports.
Mr Peperah condemned the quota and licensing requirements authorised by some countries and said the existence of such barriers is a major source of concern and creates a great deal of anxiety among businesses.
He said new and emerging developments in international trade also have the potential of "serving as barriers limiting the expansion of our exports".
He said though there are discussions going on about these issues in terms of labour, trade and environment, the conclusions would move more towards the direction of trade enhancement.
Mr Peperah regretted that the movement of goods and services in the sub-region is impeded greatly by the existence of numerous physical checkpoints and tedious bureaucratic procedures at the borders.
"This tends to make trade in the region a costly venture", he said, and asked for the designing of appropriate measures which will facilitate free flow of trade.
"Happily, our gateway programme is designed to address some of these problems," he added.
Mr Ashim Morton, co-ordinator of WAEN Ghana, said the two-day conference will examine the motives of current export promotion and regulation system and its impact on potential and present exporting firms.
It will also deliberate on ways of determining the appropriate mechanisms for a better export-led economy.
Thirty-five delegates from professional trade associations, as well as from the private and state sectors, are attending the conference.
GRi../
Second International Garden Fair opens in August
Accra, (Greater Accra) 15 July '99,
The second Ghana International Garden and Flower Fair to create awareness of the socio-economic values of plants is scheduled to take place in Accra from August 11 to 17.
The fair is under the theme, "Developing and Sustaining the Flower Garden as an asset to tourism promotion and commerce in the next millennium,".
It is being organised by the Landlife Ghana, an NGO, in collaboration with the Ministry of Tourism and the Department of Parks and Gardens.
Mr Anthony Mensah, Co-Chairman and Exhibition Director, told a press conference that about 100 exhibitors are expected from Nigeria, Cote d'Ivoire, Britain and Holland.
He said 30 companies from Nigeria and some other countries have already confirmed their participation to the planning committee.
The fair would, among other things, "create public awareness of the vital roles gardens and flowers play in the environment and their socio-economic value."
The industry is a viable one that could attract more tourists into the country, he said.
The Exhibition Director urged banks to assist by giving loans to the sector to enable members to expand their business.
GRi../