GRi Business Economics & Finance 08 - 06 - 2002
Germany pledges 46 million Euros to Ghana
Accra stock index continues to rise
Accra (Greater Accra) 08 June 2002 - The Minister of Trade and Industry, Dr Kofi Konadu Apraku on Friday said the Export Development and Investment Fund (EDIF) law would be amended if the banks continued to channel funds to only well-established firms.
He said the current trend where only big companies benefited from the facility from the banks was defeating government's aim to provide equal opportunity to the big companies as well as small and medium scale firms to build the necessary capacity to be able to compete on the international markets.
The government would study the current allocation patterns to enable it to make an informed decision, Dr Apraku said in an address to the business community on the various schemes that the government had put in place in support of companies.
The resources included the EDIF, the Ghana Investment Fund and the Loan Guarantee Scheme.Dr. Apraku explained that the EDIF fund was not meant for only exporters but also for those who were developing products for the export market.
He said he was unhappy about the slow response of the business community to the facilities, adding that the government was ready to help companies that were willing to access the funds. The Minister told the businessmen that the law to back the Loan Guarantee Scheme, which would serve as a venture fund capital would be passed before the end of the year.
Dr Apraku also said a 100 million-dollar fund, which is being managed by the African Development Bank would be channelled through local banks for on lending to companies. He expressed the hope that the banks in the country would take advantage of the offer.
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Germany pledges 46 million Euros to Ghana
From: Patrick A. Firempong Berlin
Berlin (Germany) 08 June 2002 - Germany has pledged 46 million Euros in financial assistance to Ghana for 2001 and 2002.
A release issued in Berlin on Germany - Ghana relations said since 1961 financial co-operation with Ghana totalled 619 million Euros from 240 million Euros in technical co-operation.
It said in future German Development Co-operation with Ghana would focus on democracy, civil society, public administration, agriculture, and food security.
Others are economic reform and the development of a market economy.
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Germany to write off 6.7m dollars of Ghana’s debt
From: Patrick A. Firempong, Berlin
Berlin (Germany) 08 June 2002 - Germany has agreed to write off about 6,745,000 dollars owed to the former German Democratic Republic (GDR) before the German unification, which is due for payment.
Mr Yaw Osafo-Maafo, minister of finance who announced this, said Ghana was expected to formally apply for the debt relief under the HIPC Initiative. Mr Osafo-Maafo was briefing newsmen in Berlin after a government delegation led by President John Agyekum Kufuor had held talks with Mrs Heide Marie
Wieczorek-Zeul Federal Minister of Economic Co-operation and Development.
The delegation also met Chancellor Gerhard Schroeder at the Federal Chancellery as part of President Kufuor's three-day official visit to Germany. Mr Osafo-Maafo said at both meetings, they reviewed bilateral relations between both countries and the need for Germany to assist Ghana to attract direct foreign investments.
He said at the meeting with Chancellor Schroeder, Germany agreed to finance the dual carriage way from Nsawam to Apedwa both in the Eastern region and on the main Accra-Kumasi trunk road. The minister of finance said the government would now work out the details and the assistance needed for the project.
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Accra (Greater Accra) 08 June 2002- The GSE All-Share Index continued to maintain its rise during trading on Friday thanks to gains by Mobil Oil Ghana Limited (MOGL), Fan Milk Limited (FML), Ghana Commercial Bank (GCB) and British American Tobacco (BAT).
The index rose by 7.19 points to 1,149.13 points from 1,141.94 points.
Market capitalisation was also up at 4,278.46 billion cedis from 4,263.00 billion cedis while change for the year also responded to close at 20.21 per cent from 19.46 per cent.
Total number of shares traded was higher at 778,500 from 586,800 shares on Wednesday. On the broader market, MOGL led the way with a 180-cedi gain at 19,000 cedis. FML was up by 140 cedis at 1,540 cedis, GCB added 70 cedis to its value at 1,540 cedis and BAT closed higher by six cedis at 921 cedis.
The following are the last prices of listed equities in cedis
ABL 345
AGC 18,800
ALW 4,100
BAT 921 +6
CFAO 60
EIC 4,000
FML 1,540 +140
GBL 900
GCB 2,650 +70
GGL 910
HFC 955
MGL 251
MLC 250
MOGL 1,900 +180
PAF 750
PBC 450
PZ 1,600
SCB 20,551
SPPC 370
SSB 3,500
SWL 285
UNIL 3,012
CMLT 435
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