Super Paper Products Company makes 695m profit
Accra (Greater Accra) 28 July 2000
The Government has been asked to create an enabling environment for Ghanaian entrepreneurs to enable them to succeed in their business activities and attract investors into the country.
Mr. Harrison Abutiate, President of the Chartered Institute of Marketing Ghana (CIMG), making the call, said if Ghanaian entrepreneurs succeed in strategic areas, they would become the nucleus around which foreign investors would be attracted to do business in the country.
Speaking at the official opening of "Grand Sales 2000" in Accra on Thursday, Mr. Abutiate reminded companies that a sure way to succeed in the competitive global environment is to take advantage of opportunities provided by technology.
He, therefore, appealed to companies to make optimal use of the new technologies in order to overcome challenges presented by a highly informed society.
The 11-day grand Sales, which is under the theme: "Bringing Buyers and Sellers together", will afford both local and foreign companies the opportunity to offer their goods at affordable prices to consumers as a means of boosting internal trade.
It will also provide a platform for the display of new products on the Ghanaian market.
More than 337 companies are taking part in the fair.
Mr. Abutiate said the fair is taking place at a time the depreciation of the cedi had affected the prices of commodities in the market and eroded the purchasing power of most consumers.
He, therefore, asked the participants to adopt practical marketing strategies and provide what consumers need at an affordable price.
Mr. Kwame Ofori-Amanfo, Chief Executive of the Ghana Trade Fair Company (GTFC), thanked the participants for the encouraging signal and asked them to take advantage of the opportunity that the fair offers by reducing the prices of their goods to enable more people to buy.
Mr. Andrew Quayson, Executive Director of Association of Ghana Industries (AGI), who chaired the function, observed that the difficult business climate in the country behoved all to become more innovative and aggressive in marketing of goods and services.
He thanked the GTFC for the Sales programme and said it would enable firms to off-load existing stocks and re-stock for the Christmas sales period.
GRi…/
Accra (Greater Region) 28 July
2000
Super Paper Products Company
(SPCC) Limited made a profit before tax of 695 million cedis in 1999 as against
211 million cedis in 1998.
The cost of sales was 4.212
billion cedis as against 3.461 billion cedis during the period Mr. C. O.
Nyanor, Chairman of the Board of Directors announced at the company's ninth annual
general meeting in Accra on Wednesday.
He said although the company made
a profit, the financial crisis, which hit it last year, made it impossible to
pay dividend to shareholders.
Mr. Nyanor said there was an
unexpected exchange loss on the net debt of the dollar cost of machinery and
equipment supplied to the company some years ago by two Taiwanese companies and
their Managing Directors including SPPC's own former Managing Director, Mr.
George Shaw.
This he said has become the
subject matter of litigation between SPPC and the Taiwanese companies and their
Managing Directors.
"It is the exchange loss of
1.160 billion cedis that swallowed SPPC's operational profit plus part of its
revenue reserves", he added.
Mr. Nyanor gave the assurance that
dividend will be paid to the shareholders as soon as the civil action taken
against the two companies and their managing directors, has been disposed of.
GRi…/