Accra (Greater Accra)
24 March 2003- Dr Kofi Konadu Apraku, Minister of Trade and Industry, on Friday
visited the premises of ASHFOAM Company Limited, which was gutted by fire on
Thursday evening.
An official statement
issued in Accra said the Minister, who was accompanied by the some officials of
the ministry expressed the government's sadness at the destruction caused by
the fire to the Board, Management and the staff of the company.
Dr Apraku pledged the
government's determination to assist the company to start production as early as
possible. He commended the Ghana National Fire Service (GNFS) and neighbours of the company for
their timely intervention to bring the fire under control.
Fire on Thursday
night swept through the finished products and processing unit of the company
destroying property worth millions of cedis. The source of the fire was not
immediately known but it was believed that the combustible nature of foam products
and chemicals used for production, immensely contributed to fierce nature of
the fire.
According to the
statement the Management told Dr Apraku that it would do everything possible to
start production within three months. It said no member of staff would be laid
off because of the disaster.
GRi.../
Send your comments to
viewpoint@ghanareview.com
Accra (Greater Accra)
24 March 2003-The State Insurance Company (SIC) on Friday said its corporate
laws were under review to bring them in consonance with the International
Association of Insurance Supervisors (IAIS) for confidence to be generated in
Ghana's insurance business.
To that effect the
PNDC Law 227 was being reviewed and also to ensure that the operations of
insurance companies in the country could lead to greater mobilization of funds
for national development.
It said when more
internal funds were generated government could borrow from it to undertake
development projects leading more employment avenues while the holders of
insurance policies would be assured of qualitative benefits.
Franklin Owusu
Asafo-Adjei, Deputy Managing Director of SIC lecturing a group of journalists
at a two-day workshop on the operations of the Company said the draft bill on
the review of the insurance laws was with the Attorney-General's Department for
fine-tuning before it was submitted to Parliament.
He told the
journalists at the workshop that they should upgrade their knowledge on the
operations of insurance companies and the need for them to educate the public
on the benefits of insurance policies.
It was important for
the public to know how insurance affected their lives and the protection and
development it could give to them. Asfo-Adjei said insurance was the main terms
of the economy, in that it generated funds such as from life, motor and fire
accidents and educational policy holders, which, when accumulated could be
invested in the national economy.
That could lead to
lending to businesses, which could expand and employ more workers with the
consequent increase in the economies of scale. He said those claimants who used
forged documents with the connivance of some doctors, policemen and lawyers
would always be found out through the enhanced investigation methods by the
SIC.
"Those false
practices were dangerous because when such people could not get their ways
through they turned round to scare genuine prospective policy holders to enjoy
the benefits of insurance", Asafo-Adjei added.
GRi.../
Send your comments to
viewpoint@ghanareview.com
Accra (Greater Accra)
24 March 2003- The Cedi closed the week regaining some of its value against
seven major currencies, maintained its strength against one and lost against
two, according to the Average Inter-Bank Exchange Rates released by the Ghana
Association of Bankers.
The Cedi gained 27.23
cedis against the Pound Sterling; 23.99 cedis against the Euro; 23.28 cedis
against the Swiss Franc; 3.85 cedis against the Canadian Dollar; 3.49 cedis
against the Danish Kroner; 0.27 cedis against the Japanese Yen; 0.04 cedis against
the CFA Franc and maintained its value against the Naira.
It, however, lost
7.25 cedis against the South Africa Rand and one cedi against the dollar when
being bought but maintained its selling price of 8,651.00 cedis. Below are the
comparative figures for Thursday, 20 March 2003 and Friday 21 March 2003.
Currency Buying Selling
U.S. Dollar 8,468.91 cedis
8,651.00 cedis
Pound Sterling 13,269.09 13,556.12
Swiss Franc 6,125.80 6,253.98
Canadian Dollar 5,724.86 5,845.67
Danish Kroner 1,213.12 1,238.61
Japanese Yen 70.69 72.17
South African Rand 1,037.51 1,055.73
Euro 9,011.27 9,197.45
CFA Franc
13.74 14.02
Naira 67.62 69.07
Friday 21 March 2003
Currency Buying Selling
U.S. Dollar 8,469.91 cedis
8,651.00 cedis
Pound Sterling 13,241.86 13,530.16
Swiss Franc 6,102.52 6,230.50
Canadian Dollar 5,721.01 5,842.04
Danish Kroner 1,209.63 1,234.97
Japanese Yen 70.42 71.91
South African Rand 1,044.76 1,063.23
Euro 8,987.28 9,176.73
CFA Franc
13.70 13.99
Naira 67.62 69.06
GRi.../
Send your comments to
viewpoint@ghanareview.com