Cotton farmers demand price increase
Accra bourse index inches up again
Wa (Upper West) 22 May 2001
Cotton farmers are demanding 3,000 cedis per kilogram of lint cotton this year, saying, if they accept the price of 1,394 cedis being offered by the cotton companies they would run into a deficit of about 207,000 cedis per unit of cotton produced.
Kuoro Kuri Buktie Limann, National Chairman of the Cotton Farmers Association, who was speaking to the Ghana News Agency at Wa on Monday, said they have been indirectly subsidising cotton production over the years and would not settle for anything less.
Last year cotton farmers incurred a deficit of 165,000 cedis per unit of cotton produced, he said, explaining that the new price was not acceptable because while the companies earn about 9,000 cedis per kilo in the marketing of cotton annually, farmers are paid 900 cedis per the same quantity.
"It is only fair that we are given about one-third of this amount which is about 3,000 cedis and we would not accept anything less than this figure this year".
Kouru Limann, who is also the Paramount Chief of Gwollu Traditional Area in the Sissala District, said while the cotton companies have increased the prices of inputs by 66 per cent farmers are being offered 30 per cent increase.
"We will abandon cotton production if the trend continues" he stressed.
Kouru Limann noted that cotton production in the country declined from 60,000 tonnes to 37,000 tonnes during the last 15 years as a result of the low prices.
"Burkina Faso produces 150,000 tonnes and Cote D'Ivoire, 200,000 tonnes annually. Production in Ghana is low because the price offered makes cotton production unattractive to the Ghanaian farmer".
He appealed to the government to reintroduce subsidies in the agricultural sector as another way of reducing poverty.
"By removing subsidies, we are entrenching poverty. Poverty cannot be reduced when those for whom the policies are directed cannot pay prohibitive prices for inputs to increase production".
GRi../
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Accra (Greater Accra) 22 May 2001
The benchmark Ghana Stock Exchange All-Share Index gained 0.74 points on Monday as the bourse continues to struggle under heavy bearish sentiments.
The index, which gained 1.96 points on Friday, moved up by 0.74 points to close at 900.05 points.
There was only one price change - another 100-cedi gain Aluworks - at 7,000 cedis. The equity had gained 100 cedis on Friday.
Total volume traded increased from 76,200 to 88,700 with only eight equities out of 22 making sales. Ghana Commercial bank and SSB Bank were once again the biggest sellers - 66,400 by GCB and 10,000 by SSB Bank.
The change for the year was up at 4.90 per cent from 4.82 per cent. Market capitalisation was also up 3,723.83 from 3,722.44 billion cedis.
The following are the last prices of listed equities in cedis:
ABL 630
AGC 18,500
ALW 7,000 +100
BAT 550
CFAO 60
EIC 2,890
FML 800
GBL 1,300
GCB 1,600
GGL 900
HFC 952
MGL 230
MLC 120
MOGL 19,000
PAF 300
PBC 450
PZ 640
SCB 21,700
SPPC 298
SSB 2,300
UNIL 1,800
CMLT 425
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Accra (Greater Accra) 22 May 2001
Currency Buying Selling
US Dollar 7,045.00 7,255.45
Pound Sterling 10,122.26 10,426.08
French Franc 940.79 968.14
Swiss Franc 4,026.51 4,143.58
Deutsche Mark 3,154.33 3,248.00
Canadian Dollar 4,597.06 4,730.31
Japanese Yen 57.16 58.83
Dutch Guilder 2,800.38 2,881.73
S/African Rand 894.16 919.51
Euro 6,171.73 6,351.94
CFA Franc 9.41 9.68
Naira 64.80 66.73
ECOWAS/WAUA 8,959.35 ========
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