Ghana expresses concern low pace of IMF/WB
projects
France provides $11 million to boost cotton production
Ghana Investors' Advisory Council to be inaugurated
Accra
(Greater Accra) 29 April 2002 - Mr Yaw Osafo-Marfo, Minister of Finance, on
Sunday returned home from Washington, US, where he attended the annual
International Monitory Fund (IMF) and World Bank Spring meeting.
He was
accompanied by Dr. Paul Acquah, Governor of the Bank of Ghana and Dr. Akoto
Osei, Special Advisor to the Minister. Mr. Osafo Marfo told journalists that
the team held a discussion with officials of the institutions of Ghana's
economic development programmes, which he said was on course especially with
the reduction on interest rates and inflationary targets
The team
expressed concern about the low pace at which the International Monetary Fund
(IMF) and the World Bank sponsored projects were being implementation.
It also
discussed ways of improving Ghana's revenue collection with the US treasury
secretary technical assistance to Ghana. The team also met with Mr. Host
Kohler, Managing Director of the IMF who would be visiting Ghana in May to
participate in the investment council meeting, the first to be held in Africa.
When the
country's energy situation was discussed, the minister said he made it clear
that "a holistic approach was needed to tackle the problem rather than the
piecemeal approach previously used."
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Wa (Upper
West) 29 April 2002 - The French government is assisting Ghana with $11 million
to step up cotton production in the country, Dr Majeed Haroun, Deputy Minister
of Food and Agriculture in-charge of crops has announced.
He said
although Ghana was considered as a major cotton producing countries in the
World, its annual output was nothing to write home about comparing her to other
West African countries. Dr. Haroun said while countries such as Burkina Faso,
Mali, Togo and Benin were producing up to 500,000 metric tonnes annually, Ghana
could only manage 14,000 metric tonnes, which was far too low.
The Deputy
Minister said this during a farmers' rally at Wa as part of his familiarisation
tour of the Upper West Region to explain government policies on food and Agriculture
to farmers.
He said
the assistance from the French government was also to help Ghanaians to come
out with quality cotton garments to export to other countries especially to
United States of America in pursuance of the government's Africa Growth and
Opportunity Act (AGOA)
Dr Haroun
said the government under the Export Development Investment Fund (EDIF) would
give loans to farmers and industrialists to establish their own industries to
reduce the high rate of unemployment and also to step up development projects.
"The
government will give up to $500,000 dollars to each industrialist or group
depending on their financial strength," the minister hinted. On
non-traditional crops, Dr Haroun promised that the government was trying to
acquire more funding for farmers to improve on the production of sheanuts,
cashew and other crops that are on high demand on the world market.
He said
the ministries of food and agriculture and lands and forestry were to establish
long-term measures of controlling bushfires in the country. "By doing
this, we shall even start educating people on bush fires during rainy seasons
so that it will be carried forward to dry seasons."
On the
zoning system of cotton productions in the country, Dr Haroun said it was to
promote competition for Ghana to catch up with other African countries. He said
the government was working out a programme with the Japanese government to
acquire enough tractors for farmers in the country. During an open forum, some
farmers enumerated their problems, which were mainly the lack of financial
support, modern implements and the high cost of inputs.
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Accra
(Greater Accra) 29 April 2002 - The inauguration and first meeting of the Ghana
Investors' Advisory Council is to be held in Accra from 2 to 3 May this year. The
council, small, high level and informal advisory group, which would be chaired
by President J A Kufuor, would comprise other top level corporate executives
who would have the duty to increase understanding between government and
companies driving investments.
A
statement, issued in Accra on Sunday, said the council would include a
26-member group of top-level executives of foreign and Ghanaian businesses such
as CMS Energy Company, Ecobank, Heineken, Ashanti Goldfields as well as
individuals from the private sector.
The
statement said the idea of an advisory council was mooted by the Managing
Director of the IMF Mr Horst Kohler and the World Bank MD Mr Wolfensen
following a meeting with President Kufuor in Mali.
Highlights
of some of the activities planned for the inauguration and meeting are, a
courtesy call on the President by the IMF delegation, a breakfast meeting for
the IAC participants and government's economic management team. The council,
which will be an ongoing process with two-year commitments of participation
from members, will always convene once or twice a year for a day's meeting.
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