Set up bank for shipping - Alhaji Banda
All-Share index records another gain
Set up bank for shipping - Alhaji Banda
Accra (Greater Accra) 17 June '99
Alhaji Asuma Banda, Chairman of OTAL Africa Line, on Wednesday called for the establishment of a sub-regional maritime bank to fund African shipping ventures.
He said African shippers collect substantial funds that could help establish and build up sufficient venture capital for the proposed bank.
Alhaji Banda was speaking on "shipping and the exigencies of globalisation" as part of activities to mark Africa's Shipper's day in Accra.
The bank, which could be called Maritime Bank, is important because it can guarantee the independence of the shipping industry, and provide collateral securities to meet shipping mortgages using private resources.
The bank could also play the role of monitoring the individual shipping company's operational and financial performance and encourage African shipping enterprise.
Alhaji Banda called on African governments to stay away from the shipping business.
He said governments should act as business facilitators and create the necessary conditions and the legislative securities for the shipping industry to flourish.
Alhaji Banda said private commercial operators are more suited to changing with the times and competing on a global basis.
He also urged governments to reduce bureaucracy, harmonise tax and customs regimes, develop ports and transport infrastructure and nurture inland markets.
Mr Jobbe Duval, Managing Director of Maersk Line, a shipping company, announced that the company had developed a strategy to expand business in Africa.
He said it would operate door-to-door services and focus on partnerships.
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All-Share index records another gain
Accra (Greater Accra), 17th June 99 –
The Ghana Stock Exchange (GSE) recorded active trading on Wednesday, with the All-Share Index closing higher for the second time in the week.
The index, the main market indicator, gained 4.16 points on the strength of a 100-cedi gain by SSB Bank (SSB) to close mid-week trading at 797.45 points, up from Monday's 793.29.
Offers out-numbered demand by over a million, ending at 2,881,490 points, up from 2,063,260 shares posted on the bourse on Monday.
But demand was high at 1,130,970, as against the previous 274,500 shares, and high profit taking put volume of shares traded at 320,770 shares.
Market capitalisation stood at 3,294.80 billion cedis, up from Monday's 3,288.27 billion cedis.
In the broader market, two equities registered price changes. There was one gain and one loss.
SSB earned 100 cedis to finish trading at 1,910 cedis, while Guinness Ghana Limited (GGL) ended at 925 cedis, losing by five cedis.
The following are the last prices of listed equities in cedis:
ABL 600
AGC 18,700
ALW 2,800
BAT 380
CFAO 45
EIC 2,00
FML 1,250
GBL 1,890
GCB 850
GGL 925 -5
HFC 750
MGL 225
MLC 215
MOGL 16,800
PAF 320
PZ 850
SCB 22,499
SPPC 244
SSB 1,910 +100
UNIL 1,735
UTC-E 125
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