GRi Business, Economic & Finance 21 - 05 - 2002
United States recognises Ghana's progress
Accra (Greater Accra) 21 May 2002- The Ghana Stock Exchange (GSE) All-Share Index on remained healthy on Monday, going up by 3.38 point with four equities making gains. The All-Share Index began the week at 1,066.04 points from 1,062.66 points and change for the year also increased to 11.52 per cent from 11.16 per cent.
Total shares traded were up at 117,300 shares from 49,700 shares with seven equities making sales. On the broader market, there were four price changes, all positive. Ghana Commercial Bank (GCB) gained 39 cedis at 2,000 cedis, Mobil Oil Ghana Limited was nine cedis richer at 18,820 cedis, Camelot was up by five cedis at 435 cedis and SSB Bank gained one cedi at 3,008 cedis.
Market capitalisation was 4,105.02 billion cedis. The following are the last prices of listed equities in cedis:
ABL 330
AGC 18,800
ALW 4,300
BAT 806
CFAO 60
EIC 3,601
FML 1,220
GBL 900
GCB 2,000 +39
GGL 910
HFC 955
MGL 251
MLC 147
MOGL 18,820 +9
PAF 750
PBC 450
PZ 1,220
SCB 20,500
SPPC 370
SSB 3,008 +1
SWL 280
UNIL 2,919
CMLT 435 +5
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Accra (Greater Accra) 21 May 2002
Currency Buying Selling
US Dollar 7,704.55 7,874.82
Pound Sterling 11,250.18 11,502.75
Swiss Franc 4,882.47 4,988.18
Canadian Dollar 4,993.20 5,100.32
Japanese Yen 61.35 62.69
S/African Rand 767.86 782.51
Euro 7,099.25 7,253.59
CFA Franc 10.82 11.06
Naira 67.12 68.60
ECOWAS/WAUA 9,889.29 --------
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Tema (Greater Accra) 21 May 2002- The Ghana Ports and Harbours Authority (GPHA) has detained a fishing trawler that crashed into a canoe resulting in the drowning of two fishermen and injuring six others on the high seas.
A GPHA source said a verbal report about the accident was made to the office of the Harbour Master and directive was given that the Captain of the vessel, MV Awoya Two, should submit a written report to the Ministry of Roads and Transport with a copy to the Harbour Master.
''As at now the Captain has not brought the report. Orders have been given for the detention of the vessel. Until the report is submitted the vessel cannot go to sea," the source said. Speaking to the GNA in an interview, Captain Edmund Dery Ziem, Harbour Master, commended the Captain and his crew for rescuing the rest of the fishermen and bringing them to Tema for treatment.
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United States recognises Ghana's progress
Accra (Greater Accra) 21 May 2002- The United States Treasury Secretary, Mr Paul O'Neill, who began a three official visit to Ghana on Tuesday morning is doing so because of Ghana's commitment at promoting economic reforms and establishing a democratic political stability.
"Ghana is only one of half a dozen nations in Africa to have held a democratic election and witnessed a peaceful transfer of power to the opposition in the last decade," Mr O'Neill had said on the eve of a two-week trip to Africa, last Thursday, preceded by a visit to Romania.
"That political stability now has been combined with increased fiscal discipline and better economic policies to improve the investment climate, both for foreign and local investors." However, Mr O'Neill stressed that Ghana's achievement was inadequate and said it was important for his country to increase its support for determined countries such as Ghana to achieve significant socio-economic prosperity and political stability.
A statement, issued from the Public Affairs Section of the US Embassy in Accra, said the visit would give Mr O'Neill the opportunity to highlight efforts to enhance the effectiveness of development assistance, the importance of increasing productivity through investment in human capital and the role of the private sector as an engine of growth in Africa.
The United States, through its Agency for International Development, (USAID) is supporting Ghana's efforts at achieving broad-based economic growth with a focus on four mutually reinforced strategic areas. The objectives, which are also the focus of Mr O'Neill's visit, aim at achieving increased private sector growth; increased effectiveness of the primary education system; improved family health and increased civic input into public policy decision-making.
USAID assistance to Ghana last year amounted to 56.4 million dollars. This year, it has committed 45.6 million dollars. According to USAID, its support to Ghana's private sector promotes economic policy reform through technical assistance to the government to achieve a more business friendly environment. It also provides expert assistance to Ghanaian enterprises to improve their production capacity, profitability and efficiency and expand their markets locally and abroad.
There is also assistance to small scale-farmers, tourism development activities and the energy sector, one of which is providing key technical assistance to the development of the West African Gas Pipeline, whose benefit include the provision of inexpensive, clean and abundant thermal energy to power industries in Ghana and three other countries. According to the US Embassy, Mr O'Neill's visit would highlight and enhance the effectiveness of US' department policies.
"We'll look at various projects being funded by the international development assistance and we'll insist on hearing about results. Because if we don't demand results, we aren't doing our jobs on behalf of compassionate taxpayers who want to alleviate poverty, nor are we serving the poor who struggle for an opportunity to improve their own lives," said Mr O'Neill just before he started off. Mr O'Neill will be accompanied by Paul "Bono" Hewson, a renowned musician, and activist, who has been campaigning for the cancellation of third world debts.
Mr O'Neill will hold meetings with President John Agyekum Kufuor and the government economic management team at the Castle, Osu. He will tour the offices of Allied Computer Systems-Business Process Solutions (ACS-BPS), the largest US information technology company in Ghana, learn about their business experience and expansion plans and interact with the employees.
Mr O'Neill will also tour various African Development Bank-funded projects at Jamestown in Accra and view a display of various USAID and Peace Corps projects. He would visit Tamale and tour an Oxfam sponsored project at Wamali. Mr O'Neill's tour will take him to South Africa, Uganda and Ethiopia.
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