GRi Business News 30-03-99

Bamson Company Limited (BCL), sole distributors of Akzo-Nobel Sikkens and Sandtex car paints, said on Tuesday that President Jerry John Rawlings' visit to Burkina Faso last year led to an increase of 25 per cent in their exports to that country.

In an interview with GNA, Mr George Debrah, Sales/Marketing Manager, said before the President's visit, there were "political road blocks" that militated against business between the two countries.

Following the visit, however, restrictions have been relaxed "and we now have a free hand to do business."

Mr Debrah said sale of car paints on the local scene went up by 10 per cent in 1998 over 1997 following the ban on the importation of vehicles above 10 years old. Importers rushed to beat the deadline and many of these cars needed to be sprayed, he added. Mr Debrah said the company invested about 20 million cedis in the training of 177 sprayers and 21 workshop managers across the country while it gave to charity and sponsored organisations and individuals for various events.

The company would open a new office and training centre at Kumasi next month to serve customers in the northern sector. By the close of the year, Bamson would start manufacturing emulsion and other water-based house paints, he disclosed.

He appealed to the government to ensure a stable currency and adopt measures for smooth clearing of goods from the ports.

Accra (Greater Accra) 30 March 

The Ministry of Mines and Energy on Tuesday said it is looking for a foreign consultant for constructional work to begin on phase two of the 185 million dollars Tema Oil Refinery Project.

Mr Isaac Tagoe, Director of Petroleum, announced this when briefing a 14-member Korean business delegation which is in the country to explore areas of investment, especially in construction and energy sectors. Mr Tagoe said preliminary designs for the project which involves installation of a plant to process petroleum products for an added value is completed and a Korean firm, S.K Engineering is yet to begin construction. He said the project for which an agreement has already been signed between Ghana and Korea for funding will take 35 months to be completed.

Mrs Veronica Wiredu, Chief Director of the Ministry, who led the briefing said the government welcomes funding for its rural electrification project to extend transmission lines from the district headquarters to the villages.

Ghana was prepared to co-operate with investors especially in the energy sector in view of the periodic drought which affects the nation's hydro-electric supply.

The delegation later called at the Volta River Authority where they were briefed by Mr Gilbert Dokyi, the chief Executive.

Ghana Association of Bankers (GAB), today announced the following average inter bank exchange rates of the cedi to the dollar and other derived rates for other currencies as against the major foreign currencies.