Fan
Milk, Guinness give life to Stock Exchange
New
financial system introduced
Chinese
delegation visit could be beneficial- Apraku
Government
initiates move for establishment of Pulp and Paper Mill
Accra (Greater Accra)
05 November 2002- Fan Milk Limited (FML) and Guinness Ghana Limited (GGL) gave
the Ghana Stock Exchange (GSE) something to smile about as their gains pushed
the main stock index up by 1.14 points.
The GSE All-Share
Index, the main market indicator, ended 1,341.46 points from 1,340.32 points.
Change for the year was up at 40.28 per cent from 40.15 per cent while market
capitalisation was up at 4,942.08 billion cedis from 4,939.84 billion cedis.
Total shares traded
went up at 191,100 shares from 17,800 shares. In the broader market, there were
there changes. FML gained 50 cedis at 1,750 cedis, GGL gained 10 cedis at 990
cedis and SSB Bank was one cedi richer at 3,954 cedis. Following are the last
prices of listed equities in cedis:
ABL 380
AGC 18,807
ALW 3,800
BAT 1,001
CFAO 67
EIC
4,526
FML
1,750 +50
GBL 500
GCB 3,510
GGL 990 +10
HFC 955
MGL 254
MLC 270
MOGL
19,721
PAF 750
PBC 390
PZ 2,000
SCB 28,000
SPPC 387
SSB 3,954 +1
SWL 285
UNIL 4,314
CMLT 460
GRi…/
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New
financial system introduced
Accra (Greater Accra)
05 November 2002- A new Budget and Public Expenditure Management System
(BPEMS), which would be the bedrock for all Government financial management
transactions will become operational from 01 December this year.
The Controller and
Accountant General's Department has begun a three-day regional training
workshop on the new system at the Institute of Local Government Studies in
Accra for about 180 participants drawn from the Ministries, Departments and
Agencies (MDAs).
John Prempeh,
Controller and Accountant General told the workshop that the BPEMS which was a
core component of the Public Financial Management and Reform Program (PUFMARP)
was to ensure an efficient implementation of the budget, with adequate
flexibility to the MDAs in the management of their programs and projects.
He said it would also
enable the Ministry of Finance to maintain an oversight for macro-economic
stabilization. He said a review of Government Public Accounting and Financial
Management Systems, which initiated PUFMARP in 1993 highlighted problems such
as weak expenditure, monitoring and control systems and lack of proper
accounting and monitoring systems.
Prempeh said the BPEMS
would improve internal control systems, support the business process of the
Government and the Modified Accrual concept of accounting within the public
sector.
He said to aid the new
system, high powered computer systems and communication infrastructure were
being installed in the various plot implementation sites, adding that in all 67
sites would be involved in the first phase, including the Office of the
President, Parliament (Public Accounts Committee) and the Ministry of Finance.
Prempeh said a
comprehensive seven segment Chart of Accounts had also been designed for
accounting and reporting on financial transactions. In an address, Sheikh I.C.
Quaye, Greater Accra Regional Minister, observed that weaknesses such as the
lack of proper accounting and a more efficient data collection system plagued
the Public and Financial Management systems in the country.
He said this was most
unfortunate, since those deficiencies were most crucial to the development of
the country. Sheikh Quaye noted that the system would ensure better
accountability and urged the participants to make as much use as they could of
the workshop.
Professor Sam Wood,
Director of the Institute of Local Government Studies, said education on the
new system was most important, noting that several reforms failed because of
inertia, vested interests and lack of understanding. He said the successful
implementation of the new system lay chiefly in its being well understood.
GRi…/
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Chinese
delegation visit could be beneficial- Apraku
Accra (Greater Accra)
05 November 2002- Dr Kofi Konadu Apraku, Minister of Trade and Industry, on
Monday said Ghana stood to benefit immensely from the visiting Chinese trade
and business delegation should even 10 percent of them decide to invest in the
country.
"If 10 percent of
them are going to invest in the country, there will be an improvement in the
general welfare of Ghanaians within a short period of time," he said.
"China is far advanced in the industrial and technological sector, and we
are talking of a market of about 1.3 billion; you can imagine the opportunities
that exist," he said.
The 33 delegates from
Shandong Province, Eastern China who arrived in Ghana on Sunday, are in the
country to explore opportunities for trade and investment. The Shandong
Province with a population of about 95 million, has great economic potentials
with world known giant textile, electronic, food processing and chemical
industries. Its annual total export is about $20bn.
Dr Apraku noted that
Ghana is a country whose industrial potentials have not been fully explored,
hence every area in the industry is yet to be tapped. "That is why we are
more interested in a mutually satisfying relationship."
He announced that
tomorrow's Economic and Business forum for local and foreign investors at the
Ghana International Trade Fair would address critical issues relating to
investment opportunities.
Dr Apraku said it
would afford the delegation the opportunity to know which areas potentially
exist for good investment. Bo Liang, Leader of the delegation, said China was
very much aware of Ghana's great attention to economic and trades relation with
her sister countries.
He expressed the hope
that their visit would be meaningful and fruitful to strengthen cooperation
between the two nations. He said Shandong Province over the years has set up
economic and business relations with over 200 countries and is hoping to
further widen and strengthen the relationship.
GRi…/
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Government
initiates move for establishment of Pulp and Paper Mill
Daboase (Western
Region) 05 November 2002- The government has started negotiations with Exim
Bank for a loan of 105 million dollars for the establishment of a Pulp and
Paper factory at Subri Industrial Plantation Limited (SIPL) at Daboase in the
Mpohor Wassa East District.
Doctor Kofi Konadu
Apraku, Minister of Trade and Industries said this during his familiarisation
visit to SIPL at the weekend. He also stated that a Chinese Company, 'Complaint'
and another company from Britain, have expressed interest in the establishment
of the pulp and paper project.
Dr Apraku said
Complaint had gone further to sign a memorandum of understanding with the
government on conditions that would make it possible to implement its plans. He
said he had been to China and held talks with the company, adding that
President J.A. Kufuor was expected to hold further negotiations with the
company during his visit to that country.
Dr Apraku expressed
the hope that the outcome of the President's negotiation would be made public
on his return to Ghana. He assured the workers that government would ensure
none is laid-off by any company that takes over SIPL.
He disclosed that a
new board of directors has been appointed for the company and the names would
be announced soon. The Managing Director of SIPL, George Naah, said the company
was set up to establish an additional 4,000 hectares of 'Gmelina Arborea' to
the existing 1,000 hectares plantation.
He said the company
achieved its target in 1996 and has since been looking for a strategic investor
who would provide funds for the establishment of a Pulp and Paper Mill. Mr Naah
said a number of feasibility studies had been done and all have concluded that
a Pulp and paper mill at Daboase would be a viable venture.
He said Ghana imports
59,806 metric tonnes of paper annually at a cost of 44 million dollars or about
317 billion cedis. The Managing Director said the company lacked funds for the
maintenance of the existing plantations adding that it was also grappling with
non-payment of tax arrears as well as utility bills in addition to its
indebtedness to suppliers and other creditors.
GRi…/
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