Accra (Greater Accra) 08 November 2001-The Canary Islands on Wednesday appealed to Ghana Airways to resume its weekly flights to the islands to facilitate trade and tourism between the two countries.
Mr Angel Ferrera Martinez, President of the Las Palmas Chamber of Commerce, Industry and Navigation, said the Islands had been trying to solve problems of marine and air transportation between the two countries to increase export.
Mr Ferrera, who is heading a Spanish business delegation for the fourth Spanish products' exhibition in Accra, was speaking with the Deputy Minister of Trade and Industry, Mr Abu-Bakar Saddique Boniface. He said the Islands were particularly interested in investing in tourism, agro-processing, construction and services sector.
Mr Ferrera noted the steady rise in the participation in the exhibition and said they were also interested in taking advantage of the serene political climate and economic liberalisation to increase humanitarian assistance through the Spanish embassy.
It was important for the Ghana Chamber of Commerce to increase protocol collaboration signed with the islands 10 years ago he said and extended an invitation to the Deputy Minister to participate in two upcoming fairs in the Canary Islands, one of which comes off next month and the other next April.
Mr Boniface said the governments was bent on giving practical meaning to her declaration of the Golden Age of Business and gave the assurance that the issue of re-opening the weekly flight by Ghana Airways would be given a ministerial and cabinet consideration.
He also assured the delegation of genuine business in Ghana, saying the improved judicial system did not give room for duping of any genuine investor.
He said there were vast potentials in the tourism sector, including eco-tourism and beach resorts and urged the Spaniards to see Ghana as the gateway to West Africa and transfer their expertise in tourism to Ghana.
He welcomed the intention of Spain and the Canary Islands to invest in the road sector and said government would do everything possible to entice Spanish investors to set up a local agency for distribution of SEAT cars.
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Tamale (Northern Region) 08 November 2001- Cotton farmers in the Northern, Upper East and Upper West regions cannot obtain high yields from their produce due to the erratic rainfall experienced this year.
The rains failed to come at the beginning of the cropping season and suddenly stopped as early as September at a time the crop needed it most.
Danger therefore looms ahead of the farmers as to how they would repay their loans. These were contained in a statement released to the press by the Cotton Farmers Association in Tamale on Wednesday.
The statement said about 70 per cent of cotton farmers would not pick any cotton from their farms this year, as the crop had already dried up.
The statement appealed to cotton companies to be considerate with the farmers in the repayment of loans granted them. "The companies should take the year as a disaster year since it is not the making of the farmers," the statement said.
The statement urged the Agricultural Development Bank (ADB) to consider the plight of farmers since the poor harvest was not their making.
The farmers appealed to the Ministry of Food and Agriculture (MOFA), cotton and textiles companies to assist them with food aid. They also appealed to benevolent organisations to come to the aid of the association.
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Accra (Greater Accra) 08 November 2001- The Deputy Minister of Trade and Industry, Abu-Bakar Saddique Boniface on Wednesday opened the fourth Spanish Products Exhibition in Accra with a call on Ghanaian entrepreneurs to work hard to increase productivity and adopt a more aggressive promotion of Ghanaian products in Spain.
Ghana, he observed, had recorded a negative trade balance with Spain since 1996 and Ghanaian entrepreneurs, through product research and other measures could make their products competitive in the Spanish market. They could also introduce new ones.
Mr Boniface said in 1996, Ghana's imports from Spain amounted to 51.88 million dollars, while her exports fetched 31.27 million dollars. This trade deficit came down to 10.76 million dollars in 1999, but it went up again to 18.42 million dollars last year.
Ninety-five companies from Spain and the Canary Islands are exhibiting in the four-day fair, which is showcasing materials, car and car accessories, telecommunication equipment, food, drinks, laboratory equipment, sewerage materials and leather products.
Others are stationery, cosmetics and perfumes, laboratory equipment, tourism potentials and educational opportunities in Spain and the Canary Islands.
Mr Boniface said the changes in the international trading environment brought about by globalisation create daunting challenges for both developed and developing.
He told the Spanish investors about the Free Zones Programme saying it was an initiative for attracting increased investment to promote value addition to jump start industrialisation.
Mr Boniface asked the exhibitors to visit the Tema Export Processing Zone and welcomed the intention of the Spanish government to provide a loan of 100 million dollars for the industrial sector.
He urged Spanish firms to take advantage of the African Growth and
Opportunity Act and relocate and invest in Ghana because they stood to gain substantially.
Mr Angel Ferrera Martinez, President of the Spanish Chamber of Commerce, said the fair was a fulfilment of the promise to continue with it.
He said 40 companies participated in the first fair in 1995, there were 56 in 1997, 67 in 1999 and 95 this year. Mr Martinez said Spain attached great value to Ghana's minerals, energy and fisheries sectors. He added that many Spanish firms, especially those in the Canary Islands, were interested in the Ghanaian market.
Mr Fernando Corral, Spanish Ambassador in Ghana, said the fair was a further boost to the bilateral relations between the two countries and expressed the hope that it would produce good results.
Mr Kwame Ofori Amanfo, General Manager in Charge of Administration, Ghana Trade Fair Company announced that Spain had booked 500 square metres for the 2002 Ghana International Trade Fair.
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Accra (Greater Accra) 08 November 2001-The Thames Valley Chamber of Commerce and Industry (TVCCI) of the United Kingdom would visit Ghana from November 14 to 19 on an official mission, a statement issued on Wednesday by the British High Commission in Ghana said.
Mr Jim Rolstone is leading the team made up of representatives of 17 companies who would be offering a range of high-tech products, services and solutions to Ghanaian companies, it added.
The statement said sectors represented in the mission include aeronautical engineering training, industrial dust control equipment, procurement consultancy, concrete block making equipment, power transmission supplies and medical equipment supplies.
Speaking about the visit Mr. Rolstone said: "Our mission members are looking forward to making contacts within the new government and while we appreciate the financial difficulties that Ghana is currently going through we are looking to the future and continuation of the excellent relationship UK industry has with Ghana."
The mission was organised by TVCCI and jointly funded by Trade Partners UK and the British Government's Export Promotion body. The Mission has paid two previous successful visits to Ghana in the last two years.
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Accra (Greater Accra) 08 November 2001-The GSE All-Share Index, the market indicator, slumped by 4.47 points in mid-week trading on Wednesday as a 300 cedi-loss by Ghana Brewery Limited pushed it down.
The index, which barely inched by 0.07 points on Monday, fell heavily to close at 956.61 points from 961.08 as heavy bearish sentiments continued to dominate the market. Traded volumes made a modest gain at 31,400 shares as against 12,400 on Monday.
There was only one price change, the 300-cedi loss by GBL at 1,000 cedis. Market capitalisation declined to close at 3,905.31 billion cedis from 3,913.99 billion cedis.
Below are the closing prices of the listed equities in cedis:
ABL 320
AGC 18,800
ALW 4,300
BAT 627
CFAO 60
EIC 3,001
FML 950
GBL 1,000 -300
GCB 1,550
GGL 900
HFC 952
MGL 241
MLC 145
MOGL 18,001
PAF 800
PBC 450
PZ 1,005
SCB 20,500
SPPC 340
SSB 2,300
UNIL 2,300
CMLT 430
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