GRi BEF News Ghana 05 - 10 - 2000
Stock Exchange
continues to crawl under bearish sentiments
Gomoa Rural
Bank holds 19th AGM
Ghana
Association of Bankers announces Exchange Rates
Stock Exchange continues to crawl under bearish
sentiments
Accra (Greater Accra) 5 October 2000
The stock market recorded another poor showing
at Wednesday's trading as most indicators declined in the face of lack of
interest from investors.
Offers closed mid-week trading lower at 464,090
from 1.1 million while total shares
traded dropped again from 22,200 to 17,800
shares.
The All-Share Index, the main market indicator,
however, inched up slightly by 0.51 points on another appreciable gain in the
share price of Aluworks Ghana Limited (ALW).
Bids almost doubled to 61,100 from the previous
37,700 shares demanded with market capitalisation making a marginal gain from
3,630.17 billion cedis to 3,631.15 billion cedis.
On the broader market, there was only one price
change. ALW gained 70 cedis at 2,700 cedis.
The following are the last prices of listed
equities in cedis:
ABL 625
AGC 18,600
ALW 2,700 +70
BAT 438
CFAO 39
EIC 2,000
FML 1,100
GBL 1,350
GCB 1,600
GGL 900
HFC 950
MGL 149
MOGL 18,500
PAF 300
PBC 520
PZ 700
SCB 22,100
SPPC 160
SSB 2,105
UNIL 1,300
CMLT 425
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Gomoa Rural Bank holds 19th AGM
Apam (Central Region) 05 October 2000
A Deputy Chief Manager of the Rural
Banking Division of the Bank of Ghana (BOG),
Alhaji Amadu Montia, said at the weekend that the 20-cedi coin and other lower
denominations of the cedi currency are still recognised as legal tender.
He therefore cautioned people, especially
traders, who show disregard for certain denominations of our currency by
refusing to accept them to desist from the habit.
He was reacting to a complaint by some
shareholders of the Gomoa Rural Bank at its Annual General Meeting over the
refusal of some traders to accept the 20-cedi coin as legal tender.
Mr. Emmanuel Asiedu-Mante, Head of Banking
Supervision Department, BOG in a speech read for him, said as much as the BOG
is willing to assist rural banks in achieving their objectives, it would not
condone any practices that would undermine the safety and soundness of the
financial system.
"We will ensure that the banks operate
within the confines of the banking law."
Mr. Asiedu-Mante urged directors and management
of rural banks to initiate pragmatic policies that would foster an efficient
performance and enhance the growth of their banks since the banking public in
the years ahead would look out for banks with improved customer service,
honesty and dedicated staff to deal with.
He cautioned banks, which develop serious
solvency and liquidity Problems, that they may no longer be allowed to continue
in operation but will be liquidated and their licences withdrawn.
A Deputy Minister of Employment and Social
Welfare, Mrs. Ama Benyiwa-Doe, advised citizens from the area working outside
and who are about to retire to transfer their accounts to the bank to
facilitate easy collection of their pension benefits.
Mrs. Benyiwa-Doe, who is the MP and NDC
parliamentary candidate for Gomoa West, urged directors of the bank to organise
periodic seminars for their shareholders to educate them on the rudiments of
banking.
Mr. Kow Anyanful, Gomoa District Chief
Executive, urged the shareholders to assist the directors and management to
retrieve overdue loans.
He appealed to the bank to assist workers to
acquire some household items through the hire-purchase system.
Mr. Andrews B. Simpson, Chairman of the Board
of Directors, in his report, said in March 1995 when the present directors
accepted the challenge to redeem the image of the bank, its accounts were in a
deficit to the tune of 63.54 million cedis.
They have, however, managed to make a modest
profit of 3.9 million cedis as at 31st December 1999.
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Ghana Association of Bankers
announces Exchange Rates
Accra (Greater Accra) 5 October
2000
The Ghana Association of Bankers,
on Wednesday October 4, announced the following average inter-bank exchange
rates of the cedi equivalent to the dollar and derived rates for other major
foreign currencies:
Currency Buying Selling
US Dollar 6,453.36 6,674.64
Pound Sterling 9,376.73 9,704.93
French Franc 860.93 890.25
Swiss Franc 3,727.29 3,854.22
Deutsche Mark 2,886.57 2,986.68
Canadian Dollar 4,295.93 4,441.82
Japanese Yen 59.33 61.36
Dutch Guilder 2,562.65 2,649.95
S/African Rand 893.82
923.50
Euro 5,647.27 5,842.47
CFA Franc 8.61 8.90
Naira
64.29 66.50
Ecowas/WAUA 8,536.43 --------
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