GRi Business, Economics & Finance 11 – 03 - 2003

Forty Ghanaian firms at ECOWAS Trade Fair

Ghana to hold investment forum in the US

Accra bourse continues to rise

 

 

Forty Ghanaian firms at ECOWAS Trade Fair

 

A.A Blay and Dominic Adoboli, GNA, Lome

 

Accra (Greater Accra) 11 March 2003- About 40 Ghanaian firms and establishments are taking part in the 10-day Third ECOWAS Trade Fair in Lome, Togo. Mrs Esther Ofori, Chief Executive Officer of the Ghana Trade Fair Company (GTFC) speaking to the Ghana News Agency in the Togolese capital, Lome said the Ghanaian firms were partly sponsored to the fair by the government.

 

She said the government paid for the space and assisted in the transportation of wares. Mrs Ofori said to facilitate their participation the fair organisers also subsidised their hotel rates.

 

She said the Ghanaian firms exhibiting at the fair were from the pharmaceutical, manufacturing, arts and craft, furniture, textiles, aluminium, commerce and services sectors.

 

The Ghana Investment Centre (GIC), Export Promotion Council (EPC) the Free Zones Secretariat and the Cocobod are also taking part in the fair, Mrs Ofori said. She said a lot of interest had been shown in Ghanaian products and expressed the hope that by the end of the fair Ghanaian firms would receive firm orders from countries within the West African Sub-Region to promote trade within member states of West Africa in line with the government's avowed aim of the  "Golden Age Of Business".

 

At the stand of Accra based Domod Aluminium Limited, Paul-Victor Avudzivi, Sales Promotion and Public Affairs Manager, said they were showcasing aluminium household items and non-stick cookware.

 

He said the Company participated in the two previous fairs in Dakar, Senegal and Accra, Ghana. The Company, which operates in the free zones area, exports 70 per cent of its products to Togo, Nigeria, Cote d'Ivoire, Burikina Fasso, Angola and

Guinea and would be exporting to Sierra Leone and Democratic Republic of Congo soon.

 

Bonso Abban, Brands Manager of GIHOC Distilleries, said the Company was exporting some alcoholic beverages to Nigeria, Togo and Benin and expects to penetrate other markets in the ECOWAS zone.

 

David Aryee, Sales Representative of Pioneer Aluminium Factory (PAF) of Tema, Ghana asked Heads of State to get committed to West African economic integration through the sensitisation of their citizens to patronise Sub-Regional products to break the monopoly of "France and America in our markets".

 

He said until West Africans became producers rather than consumers the efforts for economic integration in the Sub-Region for the progress of the people would remain on the drawing board.

 

Aryee also asked for education for West African Customs officials for easy implementation of the ECOWAS trade liberalisation scheme, which was intended to facilitate the movement of people, goods and services across frontiers.

 

He said PAF, which participated in the Ghana Fair in 1999 was already exporting to Togo, Benin, Nigeria and Burkina Fasso and said they hoped to expand to Siera Leone, Senegal, Congo Brazaville and Sao Tome and Principe.

 

Aryee said dealers in their products from Nigeria, Congo Brazaville and Mali had contacted them at the Fair, adding that prospects for export trade looked encouraging.

Kenneth Brew, Deputy Director of Research and Chris Ewuah, Public Relations Manager of Cocobod said the Company was especially showcasing the results of its research findings.

 

On show are cocoa gin, brandy, vinegar, wine, jam all made from cocoa sweating as well as cocoa butter and soap. Prominent at the Ghana stand are: Interplast, Ghana Cylinders Company, Aluworks and Graphic Packaging Limited.

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Ghana to hold investment forum in the US

 

Accra (Greater Accra) 11 March 2003- Ghana's Embassy in the US is to hold joint investment forums with the Corporate Council on Africa to promote investment opportunities in all the 10 regions of Ghana in Washington this year.

 

The first forum scheduled for 20-21 March would showcase investment opportunities in Western, Eastern, Ashanti and Brong Ahafo Regions. A statement issued by the Embassy in Washington and faxed to the GNA in Accra, said projects to be presented at the forum would include mining, agro-processing, Tourism infrastructure, textile and apparel and other manufacturing opportunities.

 

It said the forum would also provide opportunity for US investors and businesses to interact with the Regional Ministers, Minister of Trade and Industry, the Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC) and other prominent businessmen and women from the Ghanaian Private Sector.

 

The statement said about 200 businesses including 50 from Ghana, would be expected to attend the forum, which would be free and opened to all US companies and individuals interested in doing business in Ghana.

 

It said the forum coming immediately after the US-Sub-Saharan Africa Trade and Economic Co-operation Forum in Mauritius challenged both the US and African investors to take advantage of the African Growth and Opportunities Act (AGOA) in a practical way for their benefit.

 

The statement said the forums were to expose American businesses to investment opportunities in the regions and expose Ghanaian investors to the business environment in the US. It would also afford the regions the opportunity to promote their economic potential and projects in the US and seek joint-venture partners for specific projects.

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Accra bourse continues to rise

 

Accra (Greater Accra) 11 March 2003- The Accra bourse continued to rise during trading on Monday but with drastically reduced traded hares. The bourse, which recorded a dramatic day on Friday with a total of 34,055,400 shares changing hands following the buying of over 33 million ordinary SSB Bank shares by Societe Generale, slumped to a mere 66,200 shares. Societe Generale now has a controlling 50.72 per cent shares in SSB Bank.

 

The index closed up by 7.07 points to 1,577.47 shares from 1,570.40 shares. Change for the year stood at 13.06 per cent. There were six price changes, all positive. Ghana Commercial Bank rose by 102 cedis at 4,752 cedis, Enterprise Insurance Company was four cedis better at 5,005 cedis, Fan Milk Limited gained three cedis at 2,006 cedis and Guinness Ghana Limited was one cedi richer at 1,203 cedis.

 

SSB Bank gained one cedi at 6,813 cedis and Unilever was also one cedi better at 5,001 cedis. Market capitalisation ended the day at 7,339.52 billion cedis from 7,316.38 billion cedis.

 

The following are the last prices of listed equities in cedis:

ABL                            420

AGC                  28,500

ALW                  3,500

BAT                         1,102

CFAO                   67

CPC                     630

EIC                     5,005                        +4

FML                   2,006                        +3

GBL                            520

GCB                   4,762                        +102

GGL                         1,203                  +1

HFC                         1,205

MGL                           254

MLC                           280

MOGL               19,751

PAF                            750

PBC                      390

PZ                       2,016

SCB                   29,501

SPPC                    390

SSB                    5,813                        +1

SWL                     285

TBL                    4,900

UNIL                  5,001                        +1

CMLT                        460

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