Ghana Association of Bankers releases Exchange Rates
Customers owe ECG 115 billion cedis
Accra (Greater Accra) 14 September 2000
The GSE-All Share Index, the main market indicator, was stronger by 4.41 points on Wednesday, thanks to gains by Ghana Commercial Bank (GCB) and Mobil Oil Ghana Limited (MOGL).
The index closed trading up at 849.97 points compared with 845.56 points at the previous session.
Market capitalisation was up marginally at 3,619.33 billion cedis, compared to 3,618.57 billion cedis on Monday, in spite of the official de-listing of UTC Estates Limited from the bourse.
The de-listing, which is the result of a resolution by shareholders, means that UTC-E shares would only now be traded over the counter.
It also brings down to 22 the number of listed equities on the official list of the bourse.
The change for year to date now stands at 15.46 per cent as against 14.86 on Monday.
Generally, the market remained offer-driven, with offers exceeding bids by a large margin.
Traded volumes shot up slightly at 81,000 shares from 70,900 shares on Monday. British American Tobacco and Metalloplastica Ghana Limited led the pack with sales of 42,400 and 29,800 respectively. GCB sold only 1,500 shares on offer although it had 30,100 bids.
On the broader market, there were two price changes. GCB gained 45 cedis to end trading at 1,350 cedis while MOGL went up by 205 cedis at 17,705 cedis.
Despite the gains, 11 out of the 22 equities had downward pressure on them. Only Aluworks returned a positive pressure.
Offers declined at 725,930 shares compared to 775,960 at the previous close. Bids were, however, up at 220,300 shares from 157,800 on Monday.
Below are the closing prices of listed equities in cedis:
ABL 625
AG 18,600
ALW 2,450
BAT 438
CFAO 38
EIC 1,880
FML 1,100
GBL 1,350
GCB 1,350 +45
GGL 990
HFC 950
MGL 200
MLC 149
MOGL 7,705 +205
PAF 300
PBC 520
PZ 800
SCB 22,100
SPPC 155
SSB 1,996
UNIL 1,800
UTCE 125
CMLT 425
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Accra (Greater Accra) 14 September 2000
The following are the average inter bank exchange rates of the cedi equivalent to the dollar and derived rates for other major foreign currencies as released on Wednesday, September 13, by the Ghana Association of Bankers:
Currency Buying Selling
US Dollar 6,339.09 6,559.64
Pound Sterling 8,934.95 9,249.09
French Franc 838.40 866.88
Swiss Franc 3,596.13 3,720.77
Deutsche Mark 2,810.70 2,908.61
Canadian Dollar 4,287.81 4,434.74
Japanese Yen 59.20 61.23
Dutch Guilder 2,494.61 2,580.30
S/African Rand 891.64 921.17
Euro 5,497.41 5,686.15
CFA Franc 8.38 8.67
Naira 56.98 58.96
Ecowas/WAUA 8,131.21 --------
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Accra (Greater Accra) 14 September 2000
The Electricity Company of Ghana (ECG) on Wednesday said customers owe it 115.5 billion cedis in unsettled bills.
Mr. David Vukania, Director, Customer Services, said 42 per cent of the debt, is owed by residential and commercial customers.
At a press conference in Accra to launch the ECG's public awareness campaign to replace existing credit meters with pre-paid ones, Mr. Vukania said the company has adopted a policy to systematically pursue the use of pre-paid metering as a cost-effective solution for improving revenue collection.
He said the mass installation, which will start "very soon", will begin in Accra, Tema and Kumasi, where the company undertook a pilot programme between 1994 and 1999.
The meter has hardware, vending and management systems. Customers may feed units they have bought from vendor stands into the meter through the slotting of a credit transfer number, key or smart card.
Installation is free of charge for all existing customers but new ones will have to pay for it.
Mr. Vukania said the new system would help customers monitor their energy consumption and spare them the agony of disconnection.
ECG, the main electricity supplier in Ghana, has more than 800,000 customers in its areas of operation namely, Greater Accra, Ashanti, Central, Eastern, Volta and Western Regions.
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