DIC releases receipts of divestiture of AGC and other companies
BOG will continue to ensured dynamic economic environment
Brakwa-Breman Rural Bank makes impact on customers
Sluggish trading on stock exchange, All-Share Index marks time
DIC releases receipts of divestiture of AGC and other companies
Accra (Greater Accra) 13 July '99
Receipts for the sale of Ashanti Goldfields Company (AGC), Ghana Commercial Bank (GCB), SSB Bank between 1994 and 1996, Ghana Telecom, National Investment Bank and Merchant Bank totalled 466.6 million dollars and 116.2 billion cedis, the Divestiture Implementation Committee (DIC) said on Monday.
Giving a breakdown of the transactions in a document released in Accra, the DIC said these transactions were undertaken outside of the Divestiture Secretariat.
It said the international offer in AGC amounted to 292 million dollars while the first Ghanaian offer was 1.178 million dollars and 58.70 billion cedis.
The dollar component for the fixed price offer stood at 213,000 dollars while Ghanaian receipts closed at 2.2 billion cedis.
The balance held to cover payments of the consultants who conducted the sales, paid back to the government was 355,000 dollars.
The document said additional sale of the shares of AGC later in 1996 was 105 million dollars.
GCB's initial price offer (IPO) of 33.28 per cent in 1996 yielded 27.025 billion cedis with the ESPPA complement of 7.66 per cent 5.77 billion cedis.
The initial price offer (IPO) for SSB Bank ended at 12 billion cedis. This represents 21.1 per cent of the total sales while strategic investment receipts finished at a total of 21.5 million dollars.
Government's 5.3 per cent holdings in the bank were valued at 2.1 million dollars.
Receipts from the divestiture of government shares in Ghana Telecommunication Company was 38 million dollars.
The document indicated that NIB's 25 per cent shares in Merchant Bank totalled 10.5 billion cedis, while government's 30 per cent shares in the same bank amounted to 6.28 million dollars.
The DIC said it had made transfers of 32.23 billion cedis, three million pounds and 11.1 million dollars.
GRi../
BOG will continue to ensured dynamic economic environment
Osino (Eastern Region) 13 July '99
The Bank of Ghana (BOG) would continue to provide dynamic regulatory environment, which would enhance the efficiency and sustain the ability of the rural banking system in the country.
In this connection the Bank has instituted measures recently to address the problem of the drift of rural community banks to urban centres.
It also reviewed some of the basic requirements for the establishment of new rural banks based on the policy of financial liberalisation and the community ownership concept of rural/community banks.
Mr Stephen Ameyaw, Head of Rural Finance Department of Bank of Ghana made this known at the 11th annual general meeting of the Mumuadu Rural Bank at Osino in the East Akim District.
He commended the bank for its financial achievements and the role it is playing in the development of its catchment areas.
He said, even though, the contribution of the rural banking system in general, in relation to aggregate figures for the banking industry as a whole remain minimal, the objectives of the system are still on course.
Mr Ameyaw, therefore, stressed the need for the bank to adopt financial methodologies, which would help in its outreach to the low-income clients, who require small amount of capital.
He appealed to the shareholders to increase their shareholdings in the bank to further improve on the bank's paid-up capital, which currently stands at 34.4 millions cedis.
Mr Ameyaw urged the management of the bank to monitor loan repayments to minimise the probability of defaults and thereby help protect depositor's funds.
He called on customers, who have benefited from credit facilities from the bank to honour their repayment obligations on schedule to enable others to benefit from it.
The chairman of the Board of Directors, of the Bank, Mr Noah Ansah-Dakwa, said the bank made a net profit of 33.2 million cedis last year as compared to 30.1 million cedis in 1997.
The Bank, he said, mobilised a total deposit of one point one billion cedis last year as against 515.5 million in 1997, while total loans and advances to customers increased from 360.5 million cedis in 1997 to 427.3 million cedis at the end of 1998.
Mr Ansah-Dakwa said, the bank purchased 335 million cedis of Akuafo cheques compared to 344.8 million for 1997 despite increases in producer price.
This, he explained was because most farmers sold their cocoa to private buying agents and collected cash, stressing that the practice has had serious repercussions on the bank's operations because farmers, who owe the bank dodge payment of their loans through this practice.
The chairman announced that the "Micro Start Ghana", under a UNIDO Programme has selected the bank as one of the Micro Finance Institutions for detailed assessment and assistance out of a total of sixty-eight applicants.
GRi../
Brakwa-Breman Rural Bank makes impact on customers
Brakwa(Central Region) 13 July '99
The Brakwa-Breman Rural Bank in the Central region has within the past six years granted more than 1.3 billion cedis in loans to 44 women's groups with a total membership of 1,560.
The programme, dubbed "Women in Development", was jointly initiated by the bank and a US-based Non-governmental organisation (NGO), "Freedom from Hunger", in 1992. It, however, formally went into operation in 1994.
Apart from the programme, the bank provides the women with basic education in banking procedures, health and other social services.
Mr P.C. Arthur, manager of the bank, made this known when he met members of the Brakwa Women's Pepper Growers Association at Brakwa last Wednesday.
He said, to ensure speedy recovery of loans disbursed to the groups, leaders of the registered associations dealing with the bank have, in collaboration with the management, introduced a special loans repayment scheme under which beneficiaries are obliged to make weekly savings of 2,000 cedis with the bank.
The system has worked satisfactorily since its introduction six years ago, Mr Arthur said, adding that as at now over 1.042 billion cedis in loans granted to customers had been recovered.
He praised the women for their high sense of commitment and honesty.
Mr Arthur expressed the hope that the programme would go a long way to encourage more women in the district to register with organised groups to enable them benefit from the scheme.
GRi../
Sluggish trading on stock exchange, All-Share Index marks time
Accra (Greater Accra), 13th July 99 –
Trading on the Ghana Stock Exchange (GSE) on Monday opened on a sluggish note with only six out of the 21 listed equities recording sales.
The GSE All-Share Index marked time, registering no price change at 789.77 points.
Market volumes, however, went up but by a small margin.
Total shares traded went up to 32,200 shares, up from Friday's 26,000 shares out of which, 21,300 shares were sold by Ghana Commercial Bank.
Bids closed trading higher at 270,400 shares from 118,200 shares.
Offers went up from 2,169,110 shares to 2,186,610 shares but market capitalisation remained at 3,282.72 billion cedis.
The following are the last prices of listed equities in cedis:
ABL 600
AGC 18,700
ALW 2,598
BAT 380
CFAO 40
EIC 1,990
FML 1,250
GBL 1,879
GCB 1,000
GGL 920
HFC 750
MGL 220
MLC 200
MOGL 16,500
PAF 280
PZ 850
SCB 20,500
SPPC 210
SSB 1,950
UNIL 1,720
UTC-E 125
GRi…/