Power Project To Generate $50 Million Dollars - Tsikata
Modest gains in two equities push main market index up
Power Project To Generate $50 Million Dollars - Tsikata
Sekondi (Western Region) 25 May '99
The Chief Executive of the Ghana National Petroleum Corporation (GNPC), Mr Tsatsu Tsikata has projected that the multi-million dollar Western Power Project will earn 50 million dollars a year when it begins operation.
The focus of the corporation now is to achieve "the first investment that can generate value in multiples." he said
Mr Tsikata was speaking to members of the Institute of Financial and Economic Journalists (IFEJ) on board an oil-drilling vessel in Sekondi on Friday.
IFEJ members were on a three-day tour of GNPC's operations in the Western Region.
Western Power Company, a subsidiary of GNPC, has been set up to manage the project, which aims at supplying about 125 megawatts of power to areas not connected to the national electricity grid, he said.
The Project will be sited at Effasu/Mangyea in the Nzema West District would produce electricity using oil and gas.
The Ghana and Japanese Government and Exim Bank of United States of America are providing funds for the project.
The Japanese Government has provided 100 million dollars but Exim Bank is yet to disburse 300 million dollars for the project.
A barge for the project has been constructed in Italy and is awaiting instructions from GNPC before sailing within 30 days to the shores of Effasu/Mangyea.
Work on the pond that the barge will be located is also yet to start although land has been cleared for the purpose.
Mr Tsikata announced plans to run the project to attract private and public participation to meet its objectives.
He said Western Power Company would be listed on the Ghana Stock Exchange (GSE) at the initial stages and later on the New York and South African Stock Exchange.
Work on the administration block, guesthouse, warehouse and workshops are almost completed.
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Modest gains in two equities push main market index up
Accra (Greater Accra) 25 May '99
Modest gains by two equities, Guinness Ghana Limited (GGL) and SSB Bank (SSB), on Monday pushed the Ghana Stock Exchange (GSE) All-Share Index up by 0.68 points to open the week at 819.31 points.
This reflected in the market capitalisation, which also finished higher at 3,321.31 billion cedis, up from Friday's 3,320.24 billion cedis.
Despite the upward shift in the main market index, volume of shares traded fell heavily from 223,800 to 27,500 shares.
Offers finished higher at 3.7 million shares compared to the previous 2.8 million with British-American Tobacco Company (BAT) posting two million shares at 380 cedis.
Bids stood at 559,000, down from the previous 764,500 shares with nine equities, including Ashanti Goldfields Company (AGC), Accra Brewery Limited (ABL), Home Finance Company (HFC) and Standard Chartered Bank (SCB), not making any sale as there was no bid.
In the broader market, there were three price changes, two gains and a loss.
Guinness Ghana Limited (GGL) gained 10 cedis at 930 cedis while SSB closed at 1,662 cedis with a two-cedi gain.
Unilever Ghana Limited (UNIL) lost four cedis to finish the day at 1,735 cedis.
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 1,260
GBL 1,900
GCB 1,000
GGL 930 +10
HFC 750
MGL 225
MLC 220
MOGL 16,800
PAF 340
PZ 850
SCB 23,950
SPPC 244
SSB 1,662 +2
UNIL 1,735 -4
UTC-E 125
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