Cabinet abrogates lease on Abosso Glass factory.
Four companies take over Stevedoring at Tema Port
Cabinet abrogates lease on Abosso Glass
factory.
Accra (Greater Accra) 18 May 2002- Cabinet has decided that the lease of the GIHOC (Abosso) Glass Manufacturing Company Limited, to Tropical Glass Company Limited (TGCL), should be abrogated and the company returned to the Divestiture Implementation Committee (DIC) for re-divesting.
Dr Kofi Konadu Apraku, Minister of Trade and Industry, who announced this at a press briefing in Accra on Friday said Cabinet had also decided that the lease agreement should be investigated to unearth any criminal aspect, which should be referred to the Attorney-General's Department for appropriate action.
Cabinet also decided that credible liabilities of TGCL might be settled from the proceeds to be received from the divestiture of the Company. He said Cabinet's decision followed some findings including the company's indebtedness to 13 institutions to the tune of 25.5 billion cedis by December
2000.
These included 7.6 billion cedis to the government, 4.5 billion cedis to Midco International, Four billion cedis to Commonwealth Development Corporation (CDC), Agritec 1.6 billion cedis, Electricity Company of Ghana (ECG) 1.4 billion cedis and DIC One billion cedis. The amount owed to the DIC was the bid price offered by TGCL to purchase the assets in 1999 but had not yet been paid.
Dr Apraku said the company was leased to Tropical Metallic Construction Company (TMCC) on 2 May 1991 for 20 years. The TMCC in April 1992 assigned the lease to TGCL and the government was allocated a free equity of 15 per cent. He said TGCL had failed to meet the terms of the agreement by reneging on it to undertake rehabilitation and refurbishment of plant and equipment.
Dr Apraku said to forge a way forward, the government had to either go in for liquidation or re-divestiture. "In our effort to sustain and create jobs, reduce poverty and create wealth in rural areas, particularly, through adding value to local resources, the liquidation will be contrary to these aspirations," he said. Dr Apraku said government opted for re-divestiture since the manufacturing of glass and bottles would rather support the beverages and food industry in the country.
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Tema (Greater Accra) 18 May 2002- The Ghana Ports and Harbours Authority (GPHA) has issued licences to four companies to undertake stevedoring activities at the Tema Port as part of its private participation programme.
The companies are Gold Gate, Dashwood Stevedoring Company and Odart Stevedoring Company while the fourth company is yet to show up, Mr Cletus Kuzagbe, Operations Manager of the Port disclosed at Tema on Friday.
Mr Kuzagbe who was addressing forty members of the Brong Ahafo Shipper Committee on a tour of the port said GPHA would still handle 30 per cent of stevedoring activities, which would also be privatised in due course. The Ghana Shippers Council organised the tour to expose them to facilities at their disposal and to enable them to have an idea of what happens at the port.
In an answer to a question as to whether the tariffs of the private companies would not be higher, the Operations Manager indicated that GPHA would ensure that they conform to the policies of the Port. He explained that Ghana's ports were in competition with other ones worldwide and any unreasonable tariffs would prevent importers and exporters from using them, which would lead to lose of revenue.
To facilitate the hauling of cargo from the Port to the land locked countries they have indicated their willingness to repair the shortest road link to the country, Mr Kuzagbe said and expressed the hope that Ghana would also do the same. Mr Akumoah Boateng, Public Relation Manager of GPHA said an expansion programme would be carried out to meet the increasing work volume at the port.
He said two quays would be extended to accommodate bigger vessels while the container depot is to be leased to private operators. Mr Akumoah Boateng said the Port handles 1,200 vessels per annum and deliver 200 containers a day while the scanning machine at the Western gate scans 70 containers daily.
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Accra (Greater Accra) 18 May 2002
Currency Buying Selling
US Dollar 7,700.18 7,872.00
Pound Sterling 11,207.61 11,461.63
Swiss Franc 4,836.08 4,942.28
Canadian Dollar 4,958.46 5,067.26
Japanese Yen 60.53 61.86
S/African Rand 763.66 778.39
Euro 7,046.60 7,199.07
CFA Franc 10.74 10.97
Naira 67.12 68.62
Ecowas/WAUA 9,884.72 ----------
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Accra (Greater Accra) 18 May 2002 - The Ghana Stock Exchange (GSE) All-Share Index on Friday edged up again but by only 0.27 points despite gains in eight equities. The All-Share Index ended the week at 1,062.66 points up from 1,062.39 points in the face of a 100-cedi loss in Ghana Breweries Limited (GBL).
The change in the year to date closed at 11.16 per cent while total shares traded dropped heavily from 780,000 to 49,700 shares. On the broader market, nine equities recorded price changes. Enterprise Insurance Limited (EIL) made the highest of 51 cedis at 3,601 cedis followed by Fan Milk Limited (FML) with 20 cedis at 1,220 cedis.
Ghana Commercial Bank (GCB) closed the week richer with 11 cedis at 1,961 cedis while British American Tobacco Company (BAT) gained six cedis at 806
cedis. Unilever Ghana Limited (UNIL) finished the week's trading up by three cedis at 2,919 cedis as Accra Brewery Limited (ABL) added two cedis to its share price at 330 cedis.
Metaloplastica Ghana Limited (MGL) and Mobil Ghana Limited (MOGL) gained a cedi each to close this week's trading at 251 cedis and 18,811 cedis respectively.
The following are the last prices of listed equities in cedis:
ABL 330 +2
AGC 18,800
ALW 4,300
BAT 806 +6
CFAO 60
EIC 3,601 +51
FML 1,220 +20
GBL 900 -100
GCB 1,961 +11
GGL 910
HFC 955
MGL 251 +1
MLC 147
MOGL 18,811 +1
PAF 750
PBC 450
PZ 1,220
SCB 20,500
SPPC 370
SSB 3,007
SWL 280
UNIL 2,919 +3
CMLT 430
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