Security and safety fair comes off in September
Accra (Greater Accra) 17 April 2002- The Bank of Ghana said on Tuesday that it would maintain its prime rate unchanged at 24.5 per cent, citing improved conditions in the macro-economic environment. Dr Paul Acquah, Governor of the Bank of Ghana, told a press conference in Accra that the Bank's lending rate to commercial banks and some financial institutions would remain constant due to the positive inflationary and exchange rate outlook.
Inflation had declined from 21 per cent as at the end of December last year to 16 per cent at the end of March this year. Dr Acquah said the inflation figures in the first quarter provided strong evidence that the economy was still firmly on a disinflation path.
"It is a significant movement towards the end-year target of 13 per cent, and the ultimate goal of achieving low single digit inflation," he said. "Short-term interest rates have stayed firm, converging toward the prime rate. The base lending rates of the major commercial banks also dropped to 27 per cent by March 2002."
Dr Acquah expressed the hope that budgetary targets, especially a significant deficit reduction and a sharp cut back in the domestic borrowing requirements, should allow the process of disinflation to continue.
The budgetary stance also means that the private sector savings and bank lending should begin to be channelled more into private sector activity and less into meeting the central government borrowing needs, he said.
The Governor said the success of the Consultative Group Meeting on Ghana also indicated that with continued fiscal prudence and deepening structural reforms to improve productive efficiency of the economy and allocation of resources, external financing requirements would be made available to underpin fiscal policy as well as provide balance of payments support for the year.
Dr Acquah said the 250 million dollars debt relief that the country would derive from the Highly Indebted Poor Countries (HIPC) initiative would provide a relief and stabilising influence on the exchange market this year.
He said although the cedi had depreciated against major international currencies in the quarter, the movements should be seen in the context of a sharp reduction in the growth of the monetary aggregates, the normal level of foreign exchange inflows and purchases on the domestic market.
The dollar started the year at about 7,150 cedis for buying and 7,361 for selling on the interbank market. It is now 7,567 cedis for buying and 7,755 cedis for selling.
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Accra (Greater Accra) 17 April 2002- The Ministry of Trade and Industry on Tuesday ordered traders to remove all goods with improper labelling, especially those without English labelling, from the shelves by 21 April. A statement issued in Accra said the General Labelling Rules require that foods, drugs and goods be properly labeled.
"Labelling should include name of food or drug, list of ingredient, durability, storage conditions and instructions for use. The rest are batches of production, net content, country of origin and address of producer." The Ministry said it would, with effect from 22 April authorise the seizure of all such goods.
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Accra (Greater Accra) 17 April 2002- The Minister of Trade and Industry, Dr. Kofi Konadu Apraku, has asked private businessmen and investors to work with the Ministry to establish export houses in and outside the country. A statement issued in Accra said the Minister said the Export Development and Investment Fund was prepared to provide funding for businessmen who took up the offer.
"The creation of export houses has become critical at this stage as the nation takes up its export drive," Dr Apraku said after a series of meetings with 17 agencies involved in the export industry on their difficulties and how the Ministry could help boost export volumes.
"Export houses will no doubt encourage group marketing, bulk exports and packaging, in addition to facilitating exports of non-traditional products," he added. Organisations that participated in the meetings included the Ghana National Chamber of Commerce, Federation of Associations of Ghanaian Exporters, National Association of Handicraft Exporters and the Coffee and Sheanut Exporters Association.
The statement said stakeholders in the industry identified a weak production base and lack of capacity to execute huge export orders as major contributory factors to the stagnation in export performance in recent years. The statement said the Ministry would therefore, seek the passage of a legislative instrument to regulate and streamline activities of exporters.
"By this move all exporters will be encouraged to register, pay appropriate taxes and adhere to standards of the world market." The exporters urged the Minister to work with his counterparts in the sub-region to implement the ECOWAS Trade Liberalisation Scheme. Three banks - Agricultural Development Bank, Ecobank and Prudential Bank - were commended for their efforts in financing exports.
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Accra (Greater Accra) 17 April 2002- The Customs, Excise and Preventive Service (CEPS) has arrested 18 persons for carrying out currency black market activities at the Kotoka International Airport.
The arrests followed several warnings from CEPS for them to stop their operations, which Mr S. A. Ashiagbor, Deputy Commissioner in-Charge of Special Duties, said cast a slur on the integrity of CEPS and put the image of the airport into disrepute.
He told reporters in Accra on Tuesday that a black market had operated at the airport for several years, but the Police, who have a station some five minutes walk away, "have never bothered to arrest and prosecute them.
"This no doubt gives them the encouragement to pursue these illegal transactions." Mr Ashiagbor told the Ghana News Agency when the black market operators were paraded at the CEPS headquarters that they would take the details of the 18 persons and then hand them over to the Police.
Various foreign currencies in addition to cedis valued at more than 80 million cedis were found on them. Speaking in Hausa and English, Mr Ashiagbor told them to dismantle a makeshift mosque in the area and ensure that religion was not used as a front to undertake illegal business operations.
Those arrested were Fuseini Dauda, Dauda Hassan, Abubakari Issaka, Illia Haruna, Hasmi Yunusah, Tandi Kasa and Adamu Dani. The others were Dauda Awudu, Issah Alhassan, Bukari Musah, Ali Adamu Seidu Yahaya, Kadri Musah and Karimu Tafah.
The rest are Musah Hamidu, Zakari Braimah, Amidu Zadri and Hasmi Shidor. Sources at the airport police station told the GNA that several efforts had been made to arrest them but they always came back after a few days. Genuine money market operators, such as forex bureau operators and other financial houses, accused black marketers of doing a great disservice to the nation's financial system.
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Accra (Greater Accra) 17 April 2002- An international fair on safety and security, dubbed SECUREX, is scheduled to come off from 25 to 28 September at the Trade Fair as part of measures to raise the security consciousness of Ghanaians.
The exhibition, being organised by the Royal Protocol Management Services and the Ghana Trade Fair Company Limited in collaboration with the Ministry of the Interior, is to create awareness on issues such as armed robbery, which is on the rise in the country and fire prevention.
The fair would showcase state of the art security gadgets in the prevention of crimes at financial institutions, insurance companies and offices, among other places. Nana Kwabena Esuman, Managing Director of the Royal Protocol Management Services, said the frequent tribal disturbances, armed robberies and other incidents in Ghana called for "full security alert by everybody at all times".
"Without security, no country can attract investors; government cannot be stable to achieve any meaningful economic development. Security within a system is essential if our programme of the Golden Age of Business is to be successful and meaningful."
Nana Esuman said the fair would offer the right forum for all stakeholders in the security sector to meet and exchange ideas. Ms Esther Ofori, Chief Executive of the Ghana Trade Fair Company, said the designs and decorations of houses should be taken into consideration to ensure protection against fire outbreaks.
She advised district assemblies and other authorities in charge of granting building permits to consult the Ghana National Fire Service on safety and security measures to guard against fire outbreaks.
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