Accra Bourse index in modest gains
Government appoints boards of three institutions
Accra (Greater Accra) 20 September 2001 - A 60-member South African Trade and Investment delegation arrived in the Ghanaian capital, Accra on Wednesday to explore investment opportunities in the country.
The delegation, mainly members of the Black Business Executive Circle, is expected to hold discussions with their Ghanaian counterparts on tourism, construction, aviation and information technology during its one-week visit. It is the largest trade delegation to visit Ghana from that country.
The visit is in line with President Thabo Mbeki's vision to map out a new economic path for the continent, Christopher Qiqimana, First Secretary at South African High Commission in Ghana told the press.
It is the hope of the South African government that business interests that would be developed would be mutually rewarding for Ghana and South Africa, he said.
Ghana sees the visit as an opportunity to forge partnership in the spirit of south-south
co-operation.
It is expected that meetings with their Ghanaian counterparts would expose the delegation to diverse areas for investment and joint ventures.
Ghana suffered a huge
deficit in its trade with South Africa between 1995 and 1999, according to
statistics from the Ghanaian ministry of trade.
During the period, Ghana
imported goods worth 301,78m from SA, but exported only $43,41m. Although this
figure excludes export numbers for 1999, the picture is unlikely to be
different.
The trade deficit, says
the ministry, is likely to continue for some time due mainly to the increasing
preference in Ghana for South African products.
Ghana's exports to South
Africa consist of pineapples, coffee, cotton, cocoa beans, gold, diamonds,
chocolate and wood while it imports manufactured products such as clothing,
machinery, mechanical appliances, chemicals and allied products and beverages.
The two countries are
negotiating a trade and investment promotion and protection agreement. South
Africa has investments in mining, manufacturing, construction, trading and
services in Ghana.
Since President John Agyekum Kufuor took over the administration of the
country in January this year, efforts are being made to correct the trade
imbalance between the two countries. A number of South Africaj investment delegations have visited the
country since.
Ghana earlier in the year promised South African exporters that all impediments to trade will be removed in order to make the country's gateway concept a reality. – Efam Awo Dovi
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Ho (Volta Region) 20 September 2001 - The Ho branch of the Barclays Bank Ghana Limited is to go ultra-modern with a 24-hour automated customer service scheme when it moves into its new premises near the Goil filling station in November this year.
The scheme would cost the bank about half a billion cedis, Alexander Copson, Branch Manager, said in an interview on Wednesday.
The new technology would enable customers to seek information and withdraw money from their accounts at anytime through the Automated Teller Machines (ATMs).
The new system would enable customers to transfer money to their relatives or business partners anywhere in the country within seven seconds. Customers could also pay cheques into their accounts at anytime after banking hours.
Mr Copson said "we are maintaining standards throughout the Barclays business internationally" adding that the service at Ho would be the same as those anywhere in the world.
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Accra (Greater Accra) 20 September 2001 - A combined team of personnel from the VAT Service and Police on Wednesday took action against three companies in Accra for defaulting in filing their VAT returns.
The companies are Nogahil Hotel, Total Security Ltd and Impact Arts who together owe the VAT Service over 450 million cedis from October last year.
The action was to take possession of some moveable properties of the companies to the tune of the amount owed the service.
Nogahil hotel owes over 50 million cedis, Impact Art over 200 million cedis and Total Security over 190 million cedis. The management of Total Security and Impact Arts issued cheques while Nogahil gave out a KIA Pregio bus.
Mr James Benson, Head of the Legal section of the service, who led the team said the service would value the bus and sell it to defray the amount.
"Despite several warnings and efforts to recover their indebtedness, these companies have refused to honour their tax obligations and have also not indicated their willingness to pay," he said.
He said the service would continue to take action to ensure that all arrears due it are collected.
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Accra (Greater Accra) 20 September 2001 - The GSE-All Share index closed mid-week trading on Wednesday up a modest 0.16 points to reverse a 0.04 points dip on Monday to finish 949.41 points from 949.25 points.
The market, however, was generally dull as investors' demand for shares failed to pick. The eight equities that traded shares could only manage 17,300 shares compared to 14,600 shares at the previous close.
Unilever Ghana Limited (UNIL) went up five cedis to close 2,005 cedis. Market capitalisation was again up slightly at 3,858.62 billion cedis from 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
PBC 450
PZ 705
SCB 20,500
SPPC 356
SSB 2,300
UNIL 2,005 +5
CMLT 430
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Accra (Greater Accra) 20 September 2001 - President John Agyekum Kufuor on Thursday named Board of Directors for the Cocoa Processing Company (CPC), Ghana Reinsurance Company and the West African Mills Company.
An official statement named Ms Cecilia Dapaah as Chairperson of the CPC board with Mr Kwame Sarpong, Cocobod, Mr P. K. Awua, Managing Director of CPC and Mr H.A.K. Fiamor, Deputy Managing Director, representing the Cocoa Marketing Company.
The other members are Mr Osei Kyei Mensah, MP for Tafo Suame, Mr Kasim Yahaya, acting Director of Research, Bank of Ghana, Mr David Coleman, Agriculturist/Businessman, Mr Rockson Asare, CPC Workers Representative, Mr Amoo Bediako and a representative of Ministry of Trade and Industry.
The statement named Mrs Dowuona Hammond as Chairperson of the Ghana Reinsurance Board. The members are Dr Ken Kwakye-Maafo Ex-President Ghana Medical
Association, Ms Josephine Amoah, Commissioner, National Insurance Commission and
Dr Baah Nuako, Head of the Economics Department of the University of Ghana, Legon.
The rest are Mr Samson Nuamah, Managing Director Ghana Reinsurance Company Limited, Mr William Agbenyega, Deputy Managing Director and a representative of the Ministry of Finance.
Dr Samuel Ohene, Medical Practitioner chairs the three-member WAMCO Board of Directors with Mr Kwame Sarpong Chief Executive of Cocobod and Mr Kye, Legal Practitioner, as members.
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