GRi Business News 16-03-99

GSE All-share index opens week stronger

Agric bank signs 88m cedi grant pact

Techiman Assembly targets 662.5 million cedis revenue

Accra (Greater Accra), 16 March

 The Ghana Stock Exchange (GSE) All-Share Index opened the week stronger to activate the bearish mood that has characterised trading activities for the past few weeks.

The main market indicator thus, made 3.74 points gain on Monday at 830.39, up from last week's close of 826.65, reflective of the volume of shares traded which finished high by more than half but there was only one price change.

The change in the year stood at minus 4.37 per cent.

Volume of shares traded recorded 134,300, up from last Friday's 55,140 as market capitalisation also finished positive at 3,277.37 billion cedis from the previous 3,271.49 billion cedis even though more than half of the 21 listed equities could not make sales.

Offers opened the week low at 2,566,500 down from the 2,751,540 registered at the weekend but bids went up slightly to 597,200 up from the previous 539,200.

In the broader market, only Guinness Ghana Limited (GGL) made a gain of 50 cedis to open the week at 900.

The following are the last prices of listed equities:

ABL 750

AGC 18,700

ALW 2,800

CFAO 56

EIC 2,010

FML 1,100

GBL 1,950

GCB 980

GGL 900 +50

HFC 750

MGL 225

MLC 245

MOGL 16,400

PAF 350

PTC 400

PZ 850

SCB 24,000

SPPC 244

SSB 1,860

UNIL 1,820

UTC-E 125

Bolgatanga (Upper East), 16 March, - The African Development Foundation (ADF), a USA based non-governmental organisation, has signed an 88 million cedi grant pact with the Bolgatanga Basket Weavers Club Co-operative (BBWCC) in the Upper East region.

The facility will enable BBWCC to acquire offices and equipment and employ a project officer. The money will also be used to organise workshops to upgrade the skills of its weavers, using innovative weaving methods.

Mr Nicholas Apokerah, project co-ordinator of BBWCC, made this known at a five-day leadership-training workshop, organised by the National Board for Small Scale Industries (NBSSI). It was sponsored by the ADF for 30 participants drawn from Sumbrungu Yekine, Gambibgo, Yorogo, Yarigabisi and Nyariga villages in Bolgatanga. The participants were taken through communication skills, project costing and pricing, planning in micro enterprise development and credit management.

The workshop also provided a forum for discouraging rivalry among various knitting groups and encouraging unity in order to build a potent association that will improve the living standards of all its members.

Mr Apokerah said BBWCC was formed to facilitate a conducive marketing environment through working out a fair pricing system for baskets produced by its members for the export market.

He said so far, BBWCC is engaged in business with OXFAM trading company, which buys at three times the price offered in the Bolgatanga market.

Mr Alex Dogbe, regional manager of NBSSI, identified lack of credit facilities for small scale industrialists to expand their businesses as a major obstacle facing small-scale operators.

The Techiman District Assembly has earmarked 662.5 million cedis in revenue from traditional sources out of which 662 million cedis would go into capital expenditure this year.

Last year, the assembly exceeded its target in revenue mobilisation by 12.9 per cent, collecting 483.5 million cedis instead of the estimated 428.2 million cedis.

The District Chief Executive (DCE), Mr Francis Yaw Gyarko, said this when he addressed the second ordinary meeting of the assembly at Techiman yesterday.

He said the assembly would spend 85.5 million cedis on personal emolument, 134 million cedis on travelling and transport and 10 million cedis on afforestation in the district.

Mr Gyarko said, in a move to update the statistics of the assembly to enhance its operations, national service personnel have been engaged to take a census of all private property in the district.

Under the poverty reduction programme, Mr Gyarko said 110.9 million cedis had so far been disbursed to 60 groups made up of food growers, poultry farmers and others engaged in small-scale enterprises.

He said ten other groups engaged in agriculture would benefit from 20 million cedis credit under the programme.

Alhaji Kwadwo Maama Adam, Brong Ahafo Deputy Regional Minister and Member of Parliament for Techiman South, announced that the government has voted two billion cedis to assist the youth in their agricultural ventures.

He advised businesses qualified to collect value added tax (VAT) to register and be issued with certificates.