GRi
BEF News Ghana 08 - 05 - 2001
Poor performance of stock market continues
Sinapi Aba Trust to establish bank next year
Poor performance of stock market continues
Accra
(Greater Accra) 08 May 2001
The
poor performance of the Ghana Stock Exchange continued on Monday with the main
stock gauge, the GSE All-Share Index, slipping by .22 points.
The
index, which had marked time for five sessions, gained a modest 0.35
points
on Friday as bearish sentiments continued to dominate the market.
But it
lost .22 points on Monday to end at 898.01 points while the
change
for the year also closed slightly lower at 4.67 per cent from 4.69 per cent.
Traded
volumes increased marginally at 16,600 from 10,800 on Friday.
Market
capitalisation also slipped to 3,719.98 billion cedis from
3,720.39
billion cedis.
In the
broader market, there was only one price change, a loss of 25 cedis by Pioneer
Aluminium Factory to close at 300 cedis. PAF had gained 25 cedis during trading
on Friday.
The
following are the last prices of listed equities in cedis:
ABL 630
AGC 18,500
ALW 7,000
BAT 550
CFAO 60
EIC 2,890
FML 800
GBL 1,300
GCB 1,600
GGL 900
HFC 952
MGL 230
MLC 140
MOGL 18,700
PAF 300 -25
PBC 450
PZ 630
SCB 21,700
SPPC 298
SSB 2,300
UNIL 1,750
CMLT 420
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Accra
(Greater Accra) 08 May 2001
The
Ghana Association of Bankers, on Monday released the following average inter
bank exchange rates of the cedi to the
dollar
and derived rates for other major foreign currencies.
Currency Buying Selling
US
Dollar 7,040.00 7,245.45
Pound
Sterling 10,111.55 10,411.71
French
Franc 957.30 985.12
Swiss
Franc 4,068.38 4,185.44
Deutsche
Mark 3,210.22 3,304.47
Canadian
Dollar 4,592.19 4,725.72
Japanese
Yen 58.08 59.76
Dutch
Guilder 2,849.61 2,932.30
S/African
Rand 878.65 908.35
Euro 6,281.25
6,461.28
CFA
Franc 9.57 9.85
Naira 64.80 66.69
Ecowas/WAUA 8,949.95 ---
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Sinapi Aba Trust to establish bank next year
Accra
(Greater Accra) 08 May 2001
Sinapi
Aba Trust, a Christian NGO which provides small and micro credit services,
plans to establish its own bank by February next year.
The
establishment of the bank is motivated by the quest to enhance its
mission
to assist low-income or poor micro-entrepreneurs by giving them the opportunity
to save as well.
Mr Ken
Appenteng-Mensah, Executive Director of the Trust announced this in an
interview with the Ghana News Agency (GNA) in Accra on Monday.
Sinapi
Aba Trust provides credit to viable small and micro enterprises,
which
lack financial assistance from the banks, Mr Appenteng-Mensah said since its
inception in 1994, the trust has granted loans worth over 12.1 billion cedis to
17,580 clients. Between January and March this year alone, 1,303 clients were
granted about 4.7 billion cedis loans.
"It
is expected that about 35 billion cedis would be disbursed in loans to clients
by the end of the year."
Mr
Appenteng-Mensah said loan recovery is encouraging adding that only
about
5.5 per cent of loans are in arrears, but he is hopeful that those clients
would re-pay.
He said
the trust is the largest micro-finance NGO in Ghana with 16
branches.
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