Small-scale industrialists urged gear up
GSE Stocks Volume Surge at Midweek
Deputy Finance Minister Launches Institutional Support Project
Accra (Greater Accra) 19 July 2001
Vitol, the Nigerian Oil Company on Wednesday said none of its principals, agents or associates in Ghana is involved in the various debates on the Sahara contract.
It said it has also not requested any organisation, either political or otherwise to speak or act on its behalf.
In a statement in Accra in reaction to the long debate on the contract for Sahara to lift oil for Ghana, Vitol assured the government and people of Ghana of its support for the energy and petroleum industry and continued intention to do business in the country.
It said it has confidence in the contract between the governments of Ghana and Nigeria, adding: "It is in the best interest of the people of Ghana".
"We are not affiliated to any political organisation anywhere in the world including Ghana. Our relationship with the various Ministries of Energy and Oil are of commercial nature.
"Our terms of contract with Tema Oil Refinery (TOR) make no mention of $.055 as part of the negotiated price. Vitol is not aware of the source of this figure which appears to be the centre of recent discussions surrounding the Sahara contract," the statement added.
It said Vitol, which has been doing business around the world for over 35 years uses its entrepreneurial and financial strength to put together oil transactions which are beneficial to the countries they deal in and also make adequate returns on its investments.
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Accra (Greater Accra) 19 July 2001
Most invoices presented to GSBV Limited, an inspection company, by importers are found to be fake thus causing delay in the issuing of the final classification valuation report.
Such invoices are doctored up to 50 per cent of the face value of the original one, Mr Fred MacBruce, Deputy Managing Director, told the Minister of Trade and Industry, Dr Kofi Konadu Apraku, when he visited the company on Wednesday.
The visit followed complaints by importers that some inspection companies have been delaying the processing of documents and clearing of goods.
He said when invoices are detected to be fake, the GSBV has to cross check from the exporter through its sister companies abroad to confirm the actual price of the goods together with the original copy of the invoice before the certificates are issued.
Mr MacBruce said because the company has no legal backing to prosecute, it normally hand over the importers to the Customs, Excise and Preventive Service.
He said it takes importers with genuine documents less than seven hours to clear their goods.
"Processing a genuine document and issuing of the FCVR is no problem to us at all. If there should be a delay involving a genuine document, then it might have been at the payment of fees at the customs point," Mr MacBruce said.
The GSBV is a joint venture between Ghana and France. The Ghana Standards Board represents Ghana side while Bureau Veritas represents France.
Mr. Fidelis Patrice Seddoh, who is in charge of Administration, said the perforating of invoices by some clearing agents also add to problems they face in processing documents.
He called for the re-introduction of the self-clearing system as a measure to stop the illegal acts of some clearing agents.
"Self-clearing system went to the background because the customs officials themselves frustrate the importers through intimidation but we can still revamp it."
Dr. Apraku also stressed the need to encourage individuals to clear their own goods to break the monopoly currently enjoyed by certain companies.
"There is no need to have clearing agents for importers. If the importer knows the laws and the procedures he should be allowed to do so."
The minister inspected the facilities at company's head office and the AFGO village.
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Kumasi (Ashanti Region) 19 July 2001
Small-scale industrialists have been urged to mobilise resources and seek assistance from the National Board for Small-Scale Industries (NBSSI) for their projects.
Nana Owusu Afiriyie, Ashanti Regional Accountant NBSSI made the call at a meeting of the Ashanti Regional Association of Small Scale Industries (ASSI) in Kumasi on Wednesday.
He advised the members to honour their tax obligations and endeavour to produce quality goods for local and external consumption.
Mr Kwame Buor, Ashanti Regional Chairman of ASSI, called on District Chief Executives (DCES) to collaborate with the association to financially support members to improve and expand their enterprises.
He said the association was prepared to assist the Kumasi Metropolitan Assembly (KMA) to find amicable solutions to the problem of unauthorised structures in the Metropolis to prevent rendering its members unemployed.
Members should take advantage of credit facilities being offered by the banks and district assemblies.
The meeting discussed training and educational workshops for members and the general welfare and development of the association in the various districts of the region.
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Accra (Greater Accra) 19 July 2001
The GSE All-Share index, the key stock measure rose 0.68 points to close at 935.58, up from 934.90 on Wednesday under bearish sentiments.
Traded volumes also surged to 92,700 after a modest close of 12,900 on Monday, led by Ghana Commercial Bank (GCB) which sold 44,800 shares and British American Tobacco (BAT) following a distant second with 12,800 shares.
Other stocks sold were: UNIL (8,300), MOGL (8,000), ALW (7,900), EIC (6,800), MLC (2,000), SPPC (1,000), FML (400), SCB (400) and SSB (300).
There were four price changes - three positive and one negative. Pioneer Aluminium Factory (PAF) leads in price change by 50 cedis, up from 350 to 400 cedis, Super Paper Products Company (SPPC) rose significantly at 44 cedis and Fan Milk Limited went up by three cedis at 856 cedis. However, Unilever (UNIL), the only stock that appreciated on Monday, decreased by five cedis to 1,815.
Market capitalisation continued to rise slightly, up to 3,791.15 billion cedis from 3,789.86 billion cedis on Monday.
The following are the last prices of listed equities in cedis:
ABL 630
AGC 18,500
ALW 12,100
BAT 550
CFAO 60
EIC 2,890
FML 856 +3
GBL 1,300
GCB 1,600
GGL 900
HFC 952
MGL 240
MLC 130
MOGL 19,600
PAF 400 +50
PBC 450
PZ 640
SCB 21,000
SPPC 350 +44
SSB 2,300
UNIL 1,815 -5
CMLT 425
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Juaben (Ashanti Region) 19 July 2001
Mr J. B. Clottey, Acting Head, Banking Supervision Department of the Bank of Ghana (BOG), has called for the establishment of permanent audit units in rural banks appropriate to their various sizes and scope of operations.
He said such an arrangement should be part of the ongoing monitoring of the system of internal controls to provide an independent assessment of adequate compliance with the banks established policies and procedures.
The call was contained in an address read on his behalf at the 16th annual general meeting of shareholders of the Juaben Rural Bank held at Juaben in Ashanti on Tuesday.
He said in order to be effective the internal audit unit "must be independent of both the organisation activities audited and from every day internal control process".
Mr Clottey announced that in its drive to further strengthen internal controls in rural banks, the BOG has employed experienced bankers to relieve managers, who had not gone on leave for some years.
"This will afford an independent check on the operations of the banks to minimise weaknesses and loopholes", he noted.
Mr Clottey, however, cautioned that the action should not be seen as an engagement in witch-hunt on the part of directors and managers since annual leave was an important internal control tool.
Nana Awuah Darko Ampem, Chairman of the Board of Directors of the bank, announced that in spite of difficulties, the bank made a profit before tax of 211.2 million cedis compared with 150.3 million cedis in 1999.
The profit margin for the year 2000 represents an increase of 41 per cent over that of 1999.
The Board Chairman observed that the bank's total outstanding gross credit rose from 2.4 billion cedis at the end of 1999 to 2.7 billion cedis in 2000, an increase of 13 per cent.
Nana Ampem said the 2.7 billion cedis credit of the bank for the year 2000 was allocated to the productive sectors of the economy with about 70 per cent offered as loans to farmers to enhance their agricultural ventures while the remaining was channelled to support those in commerce, transport and cottage industrial businesses.
Nana Otuo Serebour II, Juabenhene, who presided, asked shareholders, directors and management of the bank not to be complacent about the positive achievements so far made but should continue to work assiduously to consolidate the gains made.
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Accra (Greater Accra) 19 July 2001
Deputy Minister of Finance Grace Coleman on Wednesday launched the African Development Bank's Institutional Support programme costing 2.97 million dollars, to help in the effective management of the country's debt and aid relief programmes.
The programme seeks to monitor the implementation of the government’s projects, conduct economic research and improve relations between the government and NGO's and civil society.
“We shall ensure the expeditious utilisation of all aid with a view to accelerating growth, building domestic capacity and acquiring modern and efficient technology," Mrs Coleman said.
The three-year programme, which started in January 2000 is to enable the government to strengthen the capacity of its institutions.
Mrs Coleman said the Finance Ministry's Aid and Debt Management Unit will use its allocation of 290,000 dollars to develop an accurate database on domestic debt as well as government on-lending and guaranteed loans, staff training and comprehensive debt portfolio analysis.
The Project Implementation Unit has awarded 382,000 dollars to monitor the implementation of over 1,600 government projects by ensuring more regular project inspections around the country, developing the staff's skills to devise monitoring systems and performance indicators for all projects.
"There is a need for reliable economic data between various government agencies," she said.
Therefore the Ministry has commissioned the study of the capacity-building needs of various research departments, such as the Research Department of the Bank of Ghana and National Development Planning Commission before allocating the necessary funds.
“A reliable data will ensure that government designs appropriate policies to meet the country's developmental needs."
She said the Ministry of Manpower and Employment, will conduct two studies, one to review the NGO sector's operations, impact and needs and the other to improve the collaboration between civil society and government with regard to legislation and policy.
"We were waiting for the input of our consultants before officially launching the project," said ADB Desk Officer Veronica Sackey.
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Yeji (Brong Ahafo) 19 July 2001
Work on the Community Fisheries Centre (CFC) at Yiji has been suspended since March last year due to shortage of funds.
About 95 per cent of the work has been completed but payment certificates amounting to 499,364,398 cedis submitted to the Ministry of Finance since last October have not been honoured.
Dr Lawrence Isaaka Braimah, Project Manager of Integrated Development of Artisanal Fisheries (IDAF) said the remaining work is estimated at about 618 million cedis and appealed to the Ministry of Finance to effect payment to enable the contractors to resume work.
Dr Braimah was briefing Mr Ishmael Ashittey, Minister of State for Fisheries who inspected the projects being undertaken by IDAF.
IDAF projects were started in 1989 under the joint sponsorship of United Nations Development Programme (UNDP) and Food and Agriculture Organisation (FAO) aimed at improving the working and living conditions of more than 75,000 families in the Yeji area.
The centre will have facilities for fish landing, handling, processing and marketing, training and social services.
Dr Braimah said IDAF assisted the department of fisheries to strengthen its role in the project through capacity building in extension services and collection and analysis of data on fishery resources.
IDAF is also operating a 2.5-acre Central Tree Nursery under a Tree Cover Depletion Minimisation (TCDM) Project funded by the Volta River Authority (VRA).
Under the project IDAF is to apply mechanisms to minimise tree resource usage through the introduction of improved mud stoves and Chorkor ovens.
Dr Braimah told the Minister that IDAF lacks laboratory to handle fish samples of more than 139 species in the Volta Lake. It does not also have suitable staff residential accommodation.
Mr Ashittey promised to do everything to ensure payment of the outstanding money for the completion of the project.
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Accra (Greater Accra) 19 July 2001
President John Agyekum Kufuor on Wednesday appointed Mr. Kwasi Osei, an Actuarial and Management Consultant as Director-General of the Social Security and National Insurance Trust.
A statement signed by Ms. Elizabeth Ohene, Government Spokesperson said the President has also appointed Mr. Ras Boateng, a Chartered Financial Analyst as the Deputy Director-General of the Trust.
Both appointments take immediate effect, it said.
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