Ghana Stock Exchange to benefit from million dollar investment
Cocoa-Cola says will invest up to 12 million dollars in Ghana
AGC says Obuasi strike costing 2,500 ounces of gold daily
East Gonja women groups received 105 million cedis loan
Ghana Stock Exchange to benefit from million dollar investment
Accra (Greater Accra) 20 May ’99
The Ghana Stock Exchange (GSE) is to benefit from an injection of one million-dollar investment from members of the African American community attending the Fifth African- African American Summit in Accra.
The amount, meant to be seed investment, will be increased over period, after the delegation returns to the United States and mobilises more funds towards development on the continent.
The Reverend Jesse Jackson, US Special Envoy to Africa, said this on Wednesday when he visited the Ghana Stock Exchange to acquaint himself with operations there.
He stated what many African Americans intend to do for the Exchange: "I intend to mobilise next week about one million dollars from members of the delegation as well as other colleagues back in the United States to buy shares on the Ghana Stock Exchange.
"It is not a donation but an investment in the development of the economy of Ghana. This is meant to be seed money," Rev. Jackson added.
The meeting was attended by senior government officials, including Mr Victor Selormey, Mr Moses Asaga, both deputy ministers of Finance, Mr Ossei Kumah, deputy governor, Bank of Ghana, Dr Charles Asembri, Director-General of the Securities Regulatory Commission, managing directors of banks and listed companies and movers in the private sector.
Rev. Jackson's delegation also included Mrs. Alexis Herman, Secretary of Labour and other US government members.
Rev. Jackson noted that the whole process of assistance is an on-going development relationship between the Ghana Stock Exchange and the Wall Street Project, his brainchild.
He said the Wall Street Project and some US Stock markets will be having a meeting in January, next year, at which stock exchanges from Ghana, Kenya, Nigeria, and Zambia have been invited to build linkages.
He, however, cautioned that investors would want to invest their funds in safe, secure and democratic environments.
Rev Jackson said "if there's no peace, stability security and democracy, it would be impossible for investment, adding that access to funds is of immense priority to propel the continent forward.
"We have to move from consumers to workers, investors and partners".
GRi../
Cocoa-Cola says will invest up to 12 million dollars in Ghana
Accra (Greater Accra) 20 May '99
Coca-Cola Company, the world's leading manufacturer of soft drinks, is to invest between 10 and 12 million dollars in the bottling and production line in the country.
The Senior Vice-President, Mr Carl Ware, said this was because of the confidence and trust the company has in the economy.
Mr Ware, who is also President of the African Group of Coca-Cola Company, said this in Accra on Wednesday when he arrived to participate in the Fifth African-African American (AAA) summit.
He said Ghana's privatisation programme is drawing major companies into the country because of the confidence these companies have in the programme.
Mr Ware said his company would continue to support educational, health and social programmes to enable such beneficiaries to fit into the development of the economy.
He praised the Reverend Leon Sullivan's vision in promoting goodwill and commerce between Africans and African Americans and said he was pleased that the company was supporting the government of Ghana in hosting the Summit.
Mr Dan Abodakpi, Deputy Minister of Trade, who welcomed Mr Ware, expressed his appreciation to Coca-Cola for its support as well as expansion programmes that would create employment.
GRi../
AGC says Obuasi strike costing 2,500 ounces of gold daily
Accra (Greater Accra) 20 May '99
Ashanti Goldfields Company (AGC) Limited said on Wednesday that the strike at the Obuasi Mine, its biggest in the Ashanti Group, is costing the company 2,500 ounces of gold (1.7 billion cedis) a day.
"We are losing 2,500 ounces of gold production for every day that the stoppage continues at Obuasi," Mr Trevor Schultz, Ashanti's Chief Operating Officer, said.
In a statement released on Wednesday, the company said the unofficial strike is "extremely unfortunate" as the mine was already having a particularly tight quarter due to the lack of flexibility in surface mining operations.
"Since the premature closure of the Sansu pit five months ago, we have been pushing tonnage hard from Anyinam and Gyabunsu pits and from underground.
"We are no longer producing ore from the high-grade ETS pillar underground, and we do not have the flexibility to make up for unexpected interruptions to production, especially one as serious as this stoppage."
The statement said other gold mines in the Ashanti Group are performing at or above targets in the current quarter and have not been affected by the Obuasi strike.
Giving Management's version of the strike, which started on May 14, the statement said it followed the conclusion of an agreement on May 11, between AGC and the Ghana Mine Workers' Union concerning pay and benefits.
"The wages of Ashanti's 9,000 employees are indexed to the dollar and have increased by 25 per cent in local currency terms over the last two years.
"Ashanti has also made lump sum payments and other benefits, which have been enhanced further under the latest agreement."
The statement said the strike was illegal under the Industrial Relations Act and the leadership of the Mineworkers' Union had called for the strike to stop.
It said it has received co-operation from the police in securing property at Obuasi.
Although production has stopped since May 14, essential services have been maintained and no significant damage has occurred to production facilities.
GRi../
Accra (Greater Accra) 20 May '99
Trading on the Stock Market was active on Wednesday but there was only one gainer at the end of the day.
The All-Share Index inched up by 0.75 points to close the day at 818.97 on the strength of a 10-cedi gain by Guinness Ghana Limited (GGL) which closed at 920 cedis.
Market capitalisation finished slightly higher at 3,320.78 billion cedis, up from 3,319.61 billion cedis.
Shares posted on the bourse moved up from 2,089,510 shares to 5,901,900 shares with bids also finishing higher at 3.3 million from 663,600 shares.
Total shares traded were higher at 2.3 million shares compared to Monday's 121,400 shares.
SSB Bank (SSB) sold 1,780,400 shares Aluworks Limited, 501,500 shares with British American Tobacco, Fan Milk Limited, Ghana Breweries Limited, Ghana Commercial Bank, Guinness Ghana Limited and Unilever selling between 22,500 and 100 shares
The following are the last prices of listed equities in cedis:
ABL 650
AGC 18,700
ALW 2,800
BAT 380
CFAO 50
EIC 2,000
FML 1,250
GBL 1,900
GCB 1,000
GGL 920 +10
HFC 750
MGL 225
MLC 215
MOGL 16,800
PAF 345
PZ 850
SCB 24,000
SPPC 244
SSB 1,660
UNIL 1,740
UTC-E 125
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East Gonja women groups received 105 million cedis loan
Salaga (Northern Region) 19 May ’99
About 43 women groups in the East Gonja district have received credit facilities amounting to 105 million cedis from the district assembly to either expand their businesses or start new income generating ventures.
An additional 80 million cedis will also be disbursed among 40 small-scale businessmen as part of the assembly's utilisation of this year's poverty alleviation fund.
Mr. Jerry Draman Jackson, the District Chief Executive who disclosed this to the GNA at Salaga on Tuesday said two fishing groups have received 30 million cedis to acquire fishing gear.
Mr Jackson advised the beneficiaries to invest the amount wisely and pay back in time to enable others to benefit.
GRi../