GRi BEF News Ghana 17 –09 - 2001

Ghana Airways resumes flights to US Tuesday

Kenya Airways makes maiden flight to Accra

Ghana Commercial Bank launches three products

Accra Bourse index dips

 

 

Ghana Airways resumes flights to US Tuesday

 

Accra (Greater Accra) 17 September 2001 - Ghana Airways will resume flights to the United States of America on Tuesday, September 18.

 

Reports say this follows a certification given to the Kotoka International Airport and the national airline by the Federal Aviation Administration (FAA) to begin flights to the US.

 

As a result, two flights are scheduled to leave Accra on Tuesday, one to New York and the other to Baltimore. Passengers who have confirmed tickets are to reconfirm their flights.

 

This brings the number of African airports and airlines cleared by the FAA to five including Angola, Nigeria, South Africa and Egypt.

The airline regulatory body began conducting security checks on airports and air carriers as part of its heightened security measures for flights to and from the United States, following last Tuesday’s terrorist attacks. Already, most of the airports and airlines in Europe, South America and Asia have been cleared to operate flights to and from the US airports.

GRi./

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Kenya Airways makes maiden flight to Accra

 

Accra (Greater Accra) 17 September 2001 - Kenya Airways on Monday made its maiden flight to the Kotoka International Airport as part of the airlines route expansion programme.

 

The Kenyan airline would operate a Boeing 737 Aircraft twice weekly from Nairobi to Accra on Mondays and Saturdays.

 

Among the 20 passengers on board the maiden flight were the Chairman of the Board of Directors of Kenyan Airways, Isaac Omollo Okello, Ron Schipper, KLM Vice President for Africa, airline operators and reporters from Kenya.

 

Robert Owusu, General Manager of Kenya Airways, West Africa, said Kenya Airways already operates four flights weekly to Abidjan, Lagos, Yaoundi and the flight to Accra would be a direct one.

GRi…/

 

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Ghana Commercial Bank launches three products

       

Accra (Greater Accra) 17 September 2001 - The Deputy Governor of the Bank of Ghana (BOG), Mr Emmanuel Asiedu-Mante, on Monday said that even though policy measures adopted by BOG have helped reduce money outside the banking system, statistics indicate that currency with the non-bank public is still high.

 

He said as at the end of July, money outside the banking system amounted to 1.6 billion cedis, forming 31 per cent of the total money supply of the country.

 

"Large cash holdings outside the banking system puts inflationary pressures on the economy and blunts the capabilities of the instruments of monetary management.

 

"It is the hope of the Central Bank that the banks will intensify their deposit mobilisation drive to mop up the excess liquidity in the hands of the non-bank public", he said at the Ghana Commercial Bank's (GCB) trio-product launch- "Save and prosper", "Kudi Nkosuo" and "FODEM" accounts in Accra. 

 

The new products are aimed at improving GCB's deposit mobilisation process and aiding Ghanaians at home and abroad to mobilise resources that would strengthen the economy and stimulate the development of the private sector at the micro economic level.

 

They also seek to reduce money circulation outside the banking system by carrying banking to the doorsteps of people in rural areas, facilitate the provision of employment for people in the informal sector and to encourage Ghanaians abroad to keep their wealth in Ghana.

 

Mr Asiedu-Mante said as BOG strives to keep inflation at bay as a means of ensuring the stability of the exchange rate, banks should not only link their deposit rates to the falling inflation and treasury bill rates but also let it impact on their lending rates.

 

This would help promote expansion in the private sector and cause an increase in domestic savings.  Mr Asiedu-Mante said the products put on offer by the GCB are in line with the government's policy of rural development and BOG's own policy to reduce money outside the banking system to stimulate economic growth.

 

"This falls in line with government policy to mobilise more foreign exchange and provide a platform to tap the growing wealth accumulated by Ghanaians abroad".

 

Asiedu-Mante said the development of new financial products and services to enhance efficiency in the banking system calls for extra vigilance on the part of regulators and supervisors.

 

In order to ensure that the financial system remains stable and efficient,  he said the regulatory and supervisory laws would be constantly reviewed to respond to current developments in terms of establishing effective controls over each aspect of technological systems and the ability to maintain proper standards, policies, procedures to prevent fraud and all categories of risk.

 

The Deputy Governor said the BOG would support both banks and financial institutions to develop programmes and strategies aimed at deepening the financial system for the rapid growth of the economy.

 

Mr William Panford Bray, GCB's Managing Director said the  "Kudi Nkosuo" account is meant to establish a link between the bank and potential low-micro entrepreneurs and has both large savings and credit component.

 

The saving's component is to build up assets while the credit component is to expand business. The "Save And Prosper" account, he said, is the transfer of the bank's financial planning skills to customers targeted at the middle group of fixed income earners or salaried workers.

 

It will be used as a basis to provide credit, the repayment of which will be equal to a customer's regular savings. Customers are asked to establish how much they can save regularly.

 

He said the aim of the account is to ensure that families that benefit from it would not face financial distortions if they should take loans.

 

The Foreign Deposit Mobilisation (FODEM) account is aimed at tapping the resources of Ghanaians residing abroad and keeping them in the country for them.

 

Mr Bray said the FODEM is meant to deepen and widen the bank's effort at mobilising foreign exchange to support the development of the country since it sees earnings of Ghanaians working abroad as exports.

 

The GCB, he said, will establish a personal and business advisory unit which will link FODEM account holders to relocation services who will meet their long-term needs to enable them resettle in the country through investment advice.

GRi../

 

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Accra Bourse index dips

           

Accra (Greater Accra) 17 September 2001 - The GSE-All Share index, the key stock gauge, dipped 0.04 points on Monday to finish 949.25 points as Pioneer Aluminium Factory lost five cedis to pull it down.

 

Generally, trading was dull as institutional investors continued to shy away from the market. Only five equities sold shares, as volumes again slumped to close at 14,600 shares from 16,900 shares at the previous close.

 

PAF recorded the only price change for the session. It lost five cedis to close at 800 cedis. Market capitalisation went up slightly at 3,858.31 billion cedis.

Below are the closing prices of the listed equities in cedis:

ABL                          320                   

AGC                       18,500

ALW                       4,300

BAT                           600            

CFAO                  60

EIC                          2,900        

FML                        1,000

GBL                         1,300

GCB                        1,550

GGL                          900

HFC                          952

MGL                          240

MLC                          135                   

MOGL               20,000

PAF                           800                    -5                    

PBC                           450

PZ                              705                   

SCB                        20,500                 

SPPC                         356

SSB                         2,300

UNIL                       2,000                                                     

CMLT                       430                   

GRi../

 

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