Akoti Rural Bank makes strides

The Akoti Rural Bank at Assin Akropong made a profit of 850.25 million cedis in 2006 as against 383.75 million cedis in 2005.

Speaking at the 23rd Annual General Meeting (AGM) of the bank, the Chairman of the Board of Directors, Mr. B.K. Addie, said the bank's total assets increased from 15.01 billion cedis in 2005 to 23.02 billion cedis in 2006 while its total deposits rose from 12.50 billion cedis in 2005 to 14.71 billion cedis in the year under review.

The bank's share capital moved from 335.04 million cedis in 2005 to 515.55 million cedis in the year under review. The Deputy Managing Director of the ARB Apex Bank, Mr. Osam Doudu commended the bank for its good performance and urged it to maintain the record.

France Telecom wins GT bid

Telecom France has emerged as the winner of the bidding process for Ghana Telecom (GT). France Telecom beat Vodacom and Portugal Telecom. The price is yet to be confirmed but sources close to the Ministry of Communication say it is between $500 million and $600 million

In all, 20 foreign investors expressed interest in GT when the Government of Ghana announced early this year that 51% of GT would be sold to a strategic investor in a bid to enhance efficiency and quality of service. The rest of the shares would be floated on the Ghana Stock Exchange (GSE).

Ecobank Development Corporation (EDC) and Societe Generale are the transactional advisors for Ghana for the privatization. Telecom France's revenue was up by 1.9% on a comparable basis to EUR25.9 billion (up 2.1% on an historical basis), reflecting a good second- quarter performance in the first half of 2007.

Annum Apapam Credit Union makes progress

The Annum Apapam Community Co-operative Credit Union (AACCU) was able to raise its savings from 66.9 million cedis in 2006 to 221.8 million cedis this year, an increase of over 231%.

Speaking at the first general meeting of the union, the Eastern Regional Manager of the Credit Union Association of Ghana (CUA), Mr Hilary Milleyon, said shares of the union increased from 31.7 million cedis in 2006 to 72.8 million cedis this year, an increase of 129%.

He said the union also increased its investments from 35.8 million cedis last year to 119.5 this year, an increase of 233%, adding that its reserves also increased from 4.2 million cedis to 8.4 million cedis this year.

He said the Union also increased loans that it granted to members from 58.2 million cedis last year to 140 million cedis this year. Membership increased from 126 to 186 and it is currently among the best six performing Unions in the Region. Mr John Acheampong, Field Officer of CUA, called on the members of AACCU to help increase their membership by encouraging others to join it.

Pure water for GH 5 pesewas

The Accra Plastic Management Project (APWAP) of the Accra Metropolitan Assembly (AMA) has said that bagged purified water, popularly known as 'pure water' would now be sold in the central business district of Accra at 500 cedis or GH 5 pesewas per sachet effective Saturday December 1, 2007.

Mr. Ebbo Botwe, Chairman of the Executive Implementation Committee of APWAP, at a press conference in Accra said trucks transporting bags of the water in the central business district would also be required to carry special stickers on their respective vehicles before they would be permitted to transact business.

He explained that before a company would be issued with a permit, it would be required to provide a business registration certificate, certificate to commence business, AMA/TMA Business Operating Permit, Ghana Standard Board/ Food and Drugs Board Certificate, full business address and contact details.

"As a major source of finance to sustain the project, Special Trade Permit Stickers will be required by any truck that would trade in the project zone. Stickers will be issued per truck per month and shall expire at the end of every month irrespective of the date that it was issued."

According to Mr. Botwe, the permit charges ranged from minimum of GH¢ 100 up to a maximum of GH¢ 300. He said the requirements were to ensure that consumers were protected from consuming unwholesome products and curb the incidence of fake-bagged water, which was becoming a health hazard.

All water, cocoa drink, ice cream and alcoholic beverage producers whose products are contained in plastic or bottles would be required to register with project secretariat and apply for a trading permit.

Special guards and policemen would be stationed at entry points to check permits of trucks carrying 'pure water', cocoa drink and ice cream in the zone demarcated as "No Drop Zone" of plastic waste to enforce the law.