Performance of Dedi encouraging - Analysts
CAMELOT operations yields 2.4 billion cedis
Ghana Association of Bankers announces exchange rates
Accra (Greater Accra) 07 November 2001-Dr Kofi Konadu Apraku, Minister of Trade and Industry, has met with Mr Paul Boateng, Financial Secretary to the Treasury Department of the United Kingdom (UK) to solicit for help in a case in which the Customs Excise and Preventive Service (CEPS) was alleged to have violated rules of origin in the export of processed tuna products.
The tuna products processed by the Pioneer Food Cannery and exported to the UK and France were declared by the European Union Anti-Fraud Office (OLAF) as ineligible to the origin criteria prescribed in the Lome Convention.
A statement issued on Tuesday in Accra said a report by a joint verification team made up of CEPS, OLAF officials, British and French Customs officials and representatives of the ACP showed that majority of fishing companies in Ghana failed to meet the origin criteria.
It said CEPS refused to sign and produce another report, which contested the OLAF report after which Ghana had to refer the matter to the ACP-EU Customs Commission for the rules of procedures to be followed.
The statement said there was, however, the need for intervention on Ghana's behalf as previous attempts to present the case to the Conflict and Resolution Committee had not been successful.
Dr. Apraku stressed the negative impact that the OLAF action could have on Ghana's exports and pleaded with Mr Boateng and his staff to put political pressure for Ghana's side of the story to be heard.
Mr A. Cowley, Head of the Customs and International Trade Policy, said HM Customs and Excise was demanding a total of six million pounds sterling from importers of Ghanaian Tuna products as import duty adding that some of the demands were not justified.
Mr Boateng said it was in the interest of the UK to facilitate trade and revenue collection and any obstacles to the realisation of these objectives would be removed.
He said matters would be clarified expeditiously to pave the way for future trade.
GRi…/
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Accra (Greater Accra) 07 November 2001-Investment analysts and experts have described the performance of the Cedi against the Dollar in the third quarter as "encouraging", gaining strength on the back of the US Dollar on both the interbank and forex bureau markets.
The Cedi at the close of the quarter was 47,105.28 representing 0.6 per cent from 47,149.31 per cent registered in the second quarter.
According to Databank, " this compares favourably with a depreciation of 0.6 per cent in the second quarter and 16 per cent in the third quarter of 2000," saying the cedi has lost three per cent to the US Dollar compared to a depreciation of 37 per cent last year."
Other experts, namely financial analysts, investment bankers who spoke to the Ghana News Agency and United Parcel Service (UPS) confirmed Databank's assertion noting that the story was not different on the forex bureau market.
The Cedi appreciated 0.4 per cent against the US Dollar in the third quarter while it stayed unchanged in the second quarter.
The Cedi lost 4.6 per cent against the dollar since the beginning of the year starting at 46,800 cedis but seems to be finishing at 47, 125 at the end of September 2001.
GRi…/
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Accra (Greater Accra) 07 November 2001-Aggressive domestic marketing by CAMELOT Ghana Limited, the only security printing firm on the Ghana Stock Exchange (GSE) yielded a strong 91 per cent growth in turnover to 2.4 billion cedis, according to a third quarter review of the company by Databank.
A performance described by market watchers as “remarkable” saw high operating costs and interest charges that sadly led to a decline in both operating and net margins.
Officials said the company's financial position has been strengthened with the reduction in the company's gearing and the improvement in its current ratio.
Camelot is currently pursuing an aggressive expansion strategy into the West Africa sub-region.
GRi…/
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Accra (Greater Accra) 07 November 2001-The following are the average inter bank exchange rates of the cedi to the dollar and derived rates, for other major foreign currencies, announced on Tuesday November 6, by the Ghana Association of
Bankers.
Currency Buying Selling
US Dollar 7,032.00 7,227.45
Pound Sterling 10,266.72 10,556.41
French Franc 963.49 990.00
Swiss Franc 4,288.16 4,406.22
Deutsche Mark 3,230.87 3,320.98
Canadian Dollar 4,414.08 4,535.71
Japanese Yen 57.86 59.45
Dutch Guilder 2,867.96 2,946.91
S/African Rand 744.33 764.37
Euro 6,319.93 6,493.86
CFA Franc 9.63 9.90
Naira 64.31 66.10
ECOWAS/WAUA 8,986.12 -
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