GRi BEF News Ghana 03 - 05 – 2000

External shocks to cost Ghana 550 m dollars – World Bank

Coca-Cola awarded for producing high quality products

Market indicator inches up

 

 

External shocks to cost Ghana 550 m dollars – World Bank

 Accra (Greater Accra) 03 May 2000

 

Mr Peter Harrold, World Bank Country Director, on Tuesday urged friends of Ghana to lend the country their maximum support in her efforts to resolving her current balance of payment problems.

 

He noted that in Ghana's present state of externally induced shocks, development partners are the best group that could help her out of the economic difficulties.

 

He mentioned Japan, the United Kingdom and the European Union as the main characters in this assistance programme saying, "in times like these, you cannot afford to be making new friends".

 

Mr Harrold was speaking at a press briefing organised by the Institute of Economic and Financial Journalists (IFEJ), an affiliate of the Ghana Journalists' Association (GJA) in Accra, to discuss problems facing the economy and how to resolve them.

 

Mr Harrold said the external trade shocks and the problem of world oil price hikes would potentially cost the nation about 550 million dollars, which must be sought for from donor partners.

 

"The blow to Ghana's finances is huge. The external trade shock will see Ghana losing about 250 million dollars and the oil price hike will cost her about 350 million dollars to import crude oil".

 

Mr Harrold said the World Bank would support Ghana with more than 200 million dollars this year, adding that about 100 million dollars would be disbursed soon to help cushion the current imbalance.

 

He said that the problems facing the nation are externally driven, but indicated that the extent of damage could have been avoided, adding that the timing of the current problem is moderated by the fact that "it is not like in 1998, when we had problems with the Akosombo hydro-electric plant and had to spend more on power".

 

Mr Harrold said the advancement of programmed assistance for the second half of this year was being forwarded to the first half as part of measures to offset the declining economy.

 

"But we must note that it does not mean we are robbing the second half or 2001 of the kind of assistance we would have given. The amounts still remain as were done at the Consultative Group Meeting in Accra last year. What we are doing is seeking additional assistance".

GRi../

 

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Coca-Cola awarded for producing high quality products

Accra (Greater Accra) 03 May 2000

 

Coca-Cola Company Limited, Ghana, was on Tuesday honoured by its parent company for maintaining quality products and service throughout the year.

 

The "Division President Quality Award - Gold rating", which is a plaque with a gold inscription on it is based on the plant's performance each year in the area of good quality products, good date code index and good fill level.

 

Executive officers of the mother-company in Atlanta, USA, as well as those from Barcelona, Spain, Abidjan, Cote d'Ivoire, Cape Verde and Kenya flew in last night to participate in the ceremony, which took place in the forecourt of the bottling plant at Accra.

 

Presenting the awards, Mr Don Short, President of Coca-Cola in charge of Africa and Middle East, said it has been the hallmark of the company to maintain good quality production.

 

"Our customers throughout the world deserve the highest quality beverages. Quality shows itself in our every action from the processing to the pouring".

 

Mr Segun Ogunsanya, General Manager in charge of the Accra plant expressed appreciation for the recognition they have received in a relatively short time of the company's existence. He acknowledged difficulties in sustaining success stressing that " we will not only maintain the gold ratings but we will improve upon it".

 

Mr Ogunsanya announced that the company is planning a long-term strategy as far as the effect of the depreciation of the cedi is concerned since the recent fall has had a serious effect on the company's production.

 

The Quality Award was instituted in 1995 by Mr Stuart Eastwood, then President of the Northern African Division and was aimed at encouraging bottling plants to look beyond product quality, which is usually used to assess bottling plants and focus on total quality, which includes the quality of package used.

 

The division is made up of 84 bottling plants in 36 countries covering Western and Eastern Africa. The award is unique to the Northern African Division within the Coca-Cola system worldwide.

GRi../

 

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Market indicator inches up

Accra (Greater Accra) 03 May 2000

 

The market indicator of the Ghana Stock Exchange (GSE) on Tuesday inched up but total shares traded was very low at 2,700 compared to 23,900 shares traded on Friday.

 

The market indicator, the All-Share Index went up by 0.8 points to open the week at 869 points to bring the change in the year to 18.04 per cent.

 

Offers continued to outstrip demand, pegging at 2.56 million even though demand went up from 26,800 shares to 94,200 shares. Market captalisation increased from 3,403.24 billion cedis to 3,404.51 billion cedis.

 

In the broader market, there were two price change - all gains. Accra Breweries Limited (ABL) gained 14 cedis at 520 cedis with the Home Finance Company (HFC) making 10 cedis to finish trading at 910 cedis.

 

Meanwhile, the GSE has corrected figures it released after last Friday trading. It said the increase in the All-Share Index on Friday was 0.34 points that brought the market indicator to 868.20 points and not 0.09 points to 867.95 points.

 

Officials at the bourse said the change in share price of Mobil Oil Ghana Limited (MOGL) was 200 cedis and not 100 cedis, while total shares demanded and traded were 26,800 and 23,900 instead of 23,900 and 21,000 respectively.

 

They said the mistake also reflected in the market capitalisation, which should have been 3,403.24 billion cedis and not 3,402.83 billion cedis. The following are the last prices of listed equities for Tuesday in cedis:

ABL                    520                   +14

AGC                18,600

ALW               2,500

BAT                    459

CFAO             38

EIC                  1,880

FML                   975

GBL                 1,450

GCB                   980

GGL                   976

HFC                   910                   +10

MGL                   200

MLC                   150

MOGL 15,500

PAF                    300

PZ                       800

SCB                 28,500

SPPC      150

SSB                 1,998

UNIL   1,850

UTC-E    125

CMLT    422

GRi../

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