Tourism rakes in 519.5 million dollars
Accra (Greater Accra)
03 April 2003- The African Development Bank (ADB) has approved a credit of 20
million dollars to the Lome-based Ecobank Transnational Incorporated (ETI).
A statement from ADB
received in Accra on Wednesday said the line of credit aims to provide ETI with
funds to be on-lent to its 12 subsidiaries in the West and Central African
sub-regions to grant loans to their corporate clients. Also to benefit would be
bankable SMEs with export income streams and export potentials in the
manufacturing, agro-business, mining, energy, transport, telecommunications,
leasing, tourism and services sectors.
The proceeds of the
line of credit will be used to provide medium-to-long term project finance and to
fund capital equipment for new production capacities and
expansion/modernization of existing facilities, the statement said.
ETI is a regional
private financial institution with 12 subsidiaries and 58 branches in the West
& and Central African regions. The statement said the line of credit would
contribute to the development of the private sector through the financing of
projects that are mostly export oriented and will contribute towards raising
the rate of GDP growth, reducing the rate of unemployment and increasing
exports.
The loan will also
facilitate the expansion of the production facilities of recently privatised
public companies and in so doing, encourage further transfer of public-sector
enterprises to the private sector with a view to increase further the
contribution of the private sector to GDP.
"The ADB's loan
will also contribute to poverty reduction in West and Central African regions
as nearly 20 per cent of the facility will be specifically used to finance SMEs
whose projects are expected to create about 8,500 jobs in both rural and urban
areas."
The statement said
the line of credit will help strengthen ETI's capability to raise capital from
the international capital markets at competitive rates and encourage the
orderly and efficient development of the capital market, regional financial
integration, and private sector.
The project is in
line with the ADB's efforts to support the activities of the New Partnership
for Africa's Development (NEPAD), for which the Heads of State Implementation
Committee entrusted the Bank with the mandate of serving as the lead agency in
the area of banking and financial standards.
"By granting
this line of credit to ETI, the ADB is playing a catalytic role in providing
financial institutions in the sub-regions, with access to hard currency loans
at affordable costs."
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Accra (Greater Accra)
03 April 2003- President John Agyekum Kufuor on Wednesday said government would
institute the appropriate framework to ensure that all sectors of the economy
perform efficiently and to their optimum.
He said it was in
line with such determination that the National Petroleum Tender Board (NPTB)
was reconstituted. President Kufuor was administering the oaths of office and
secrecy to eight out of the 10-member Board at the Castle, Osu.
He said there was a
very strong negative perception among the public of how petroleum pricing was
made, most of them suspecting that there was much politicisation.
President Kufuor said
the public felt there was undue political influence in fixing the prices and
suspected that the government was over-taxing the citizenry in manipulating the
prices, adding, "this does not augur well for the nation".
He said the
government was therefore, falling on the Board to endeavour to disabuse the
minds of the public of this misconception of government in fixing petroleum
prices in the country.
Referring to the huge
debts at the Tema Oil Refinery (TOR), President Kufuor said the debt build up
threatened the general debt situation of the country and the financial sector,
especially the Ghana Commercial Bank (GCB).
He said government's
decision to rationalize the situation led to the hard and difficult decision to
increase the prices of petroleum products that the people had to bear.
President Kufuor said as part of the rationalization process, government
decided that the processes attached to petroleum pricing should be left to an
independent body to give further confidence to the Ghanaian public and show
government's commitment to transparency and involvement of the people in
governance.
He asked the Board to
perform its duty with total transparency, due diligence and ensure their
decisions was balanced to meet the demands of the consuming public and the
economic cost recovery requirements of the petroleum industry in the country.
Professor Ivan
Addae-Mensah, former Vice-Chancellor of the University of Ghana, Legon and
Chairman of the Board said petroleum permeates every facet of nation building
and its issues had far national and international repercussions.
He said petroleum
would continue to dominate all the facets of the country's economy unless an
alternative was found. Professor Addae-Mensah said Ghana went through a
difficult situation before it had to come to terms with the petroleum industry,
therefore, the Board had to study a complex issue to arrive at a decision fair
to all the stakeholders.
He said the Board
would ensure fairness, firmness, and transparency and be accountable to the
people, adding, "we should be fearless and bold to make pleasant and
unpleasant decisions".
The Chairman said
members would not have any parochial interest of the society or sectional
interest of those in the industry. He said there was the need for the Board to
avoid allowing political consideration to dominate their deliberations but the
best interest of the nation should be their watchword.
Other members of the
Board who swore the oaths were, Mrs Gifty Affenyi-Dadzie, Chief Executive
Officer of the First African Financial Services, Kwame Gyasi, a lecturer at the
University of Ghana, Legon, Ken Ohene-Agyapong, MP for Assin North, Mrs
Angelina Baiden-Amissah, MP for Shama, Mike Afedzi Gizo, MP for Shai-Osudoku.
The rest were, Dr.
Humphrey O.K. Ata, Managing Director of Atlantic Computers and Electronics
Limited and Isaac Okyeremah Banor. The members absent were Mr. Kwame Pianim, an
Economic Consultant and Kwesi Adu-Amnkwaa, General Secretary of the Trades
Union Congress (TUC).
The NPTB shall have
primary responsibility for assessments of ex-refinery prices of all petroleum
products at TOR or imported for distribution on the Ghana market to ensure
their alignment with the national petroleum pricing formula.
It shall exercise
general oversight and also seek to achieve maximum economics and financial
benefit of all procurement of petroleum products for Ghana while providing for
consumer satisfaction in availability of reliable product services throughout
the country at all time.
Under the terms of
reference, the NPTB shall ensure at all times sustenance of equity and balance
in the import parity equivalent for all products produced in the oil refinery
relative to direct imports of finished petroleum products.
It shall manage the
implementation of the National Petroleum Pricing Formula to ensure optimal
price-cost, re-alignment and effective cross-subsidisation of all critical
products without creating uncompetitive or distortions in the pricing trends
for the market.
The NPTB shall
provide the mechanism for regular review of allowable ex-refinery prices and
such other charges as may be applicable under the pricing formula for the
petroleum distribution market.
The Board is to work
with the Energy Commission to ensure that the Oil Marketing Companies (OMCs),
which are directly responsible for distribution of the products to the
consuming public, comply with the established pricing levels and display
requirements at all times.
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Accra (Greater Accra)
03 April 2003- Standard Chartered Bank (SCB), the highest priced equity, on
Wednesday rose by 2,000 cedis and gave the GSE All-Share Index, the main market
index, a big shot in the arm despite a loss in the share price of Aluworks
Limited (ALW).
The Index ended 20.09
points higher at 1,663.80 points from 1,643.71 on Monday. Change for the year
edged up at 19.24 per cent. SCB, which had not made any move for several weeks,
ended trading at 32,001 cedis. There were five other price changes - four up,
one down.
ALW was the only
loser, going down by 300 cedis at 4,000 cedis. SSB Bank was 344 cedis better at
6,400 cedis, Patterson Zochonis rose by nine cedis at 2,025 cedis, Ghana
Commercial Bank was six cedis richer at 5,118 cedis and British American
Tobacco gained four cedis at 1,106 cedis.
Total shares traded
ended the day at 210,300 cedis, down from 2,127,500 shares on Monday when there
was a bloc buying of SSB Bank shares. Market capitalisation ended higher at
7,542.87 billion cedis from 7,494.16 billion cedis.
The following are the
last prices of listed equities in cedis:
ABL 420
AGC 28,500
ALW 4,000 -300
BAT 1,106
=4
CFAO 67
CPC 630
EIC
5,005
FML
2,009
GBL 520
GCB 5,118 +6
GGL 1,218
HFC 1,221
MGL 257
MLC 310
MOGL
19,751
PAF 750
PBC 390
PZ 2,025 +9
SCB 32,001 +2,000
SPPC 390
SSB 6,400 +344
SWL 285
TBL 4,900
UNIL 5,600
CMLT 460
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Tamale (Northern
Region) 03 April 2003-The Association of Chartered Certified Accountants (ACCA)
has entered into an arrangement with Barclays Bank to make it possible for
students of accountancy to pay their remittance fees into ACCA's accounts with
the bank's branches free of charge.
In the past, students
had to pay up to 35 pounds sterling through foreign bank drafts for every
transfer they make, irrespective of how much one was transferring. Mrs. Zuwera
Ibrahimah Mohammed, the Administrator of ACCA- Ghana, said this at the
inauguration of the Chartered Certified Accountants Students Society in Ghana
(CCASSIG).
The London branch of
the ACCA sponsored the Tamale branch, which is the fifth to be inaugurated in
the country. Mrs Mohammed said the government's policy of zero-tolerance for
corruption would not be achieved without qualified accountants and well-trained
accounting technicians.
Mrs Mohammed appealed
to organisations and employers to assist their staff to train to become
professional accountants, saying, "it is a good investment to make and the
pay back is quite good."
She said ACCA had
about 400 qualified members and affiliates and close to 11,000 students but
noted with concern that less than 0.5 per cent of the number are people of
northern extraction.
Mrs. Mahama appealed
to people of the three northern regions to take advantage of the services and
facilities that ACCA would offer them through CCASSIG to train to become
professional accountants.
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Sunyani (Brong Ahafo)
03 April 2003- Kwasi Adu-Amankwaah, Secretary General of the Trades Union
Congress (TUC) on Tuesday said the Congress had submitted a Bill on Incomes to
Parliament and expressed the hope that the House would discuss it after the
Easter recess.
He stated: "The
country needs a well-tailored and agreeable minimum wage for its workers, not
necessarily for the benefit of those still in the service but most importantly
for those who might go on pension to also enjoy invalidity, old age and
survival benefits".
Addressing the
first-quarter meeting of the Sunyani District Council of Labour in Sunyani,
Adu-Amankwaah said it was true that Government determined the minimum wage,
"but it did so in consultation with the other stakeholders, especially
Labour, which serves the interests of the majority of the working class".
He compared the 1992
and 1999 statistics on the income situation in the country and said whilst in
1992 the lowest paid workers had 1.2 per cent increase and the highest earning
group enjoyed 36.5 percent, the income of the lowest paid workers reduced to
0.3 percent as at 1999, whilst that of the highly-paid workers jumped to 42 per
cent.
He said the changing
consumer price index and the rate of inflation called for the fixing of a wage
increase as and when necessary. Explaining the TUC's last-minute acceptance of
the Government's recent minimum wage rate as against the Congress's proposed 68
per cent, the Secretary-General said the intervention of President J.A. Kufuor,
coupled with the proposed 2003 budgetary statement on expected expenditure of
13 trillion cedis as against eight trillion cedis for last year, "there
was nothing else our team could do but to give in to avoid dislodging the
national budgetary programme for the year".
Adu-Amankwaah noted
that despite the fact that the government approved minimum wage of 9,200 cedis
was below the TUC's demand, it was not all that bad "since under that
figure 40 per cent of the country's labour force is expected to live within one
US dollar as against the previous year".
He reminded workers
that the fight for survival in the labour industry could not be achieved in a
day and that even if that could be possible it had to be done collectively. The
Secretary General endorsed the government's proposed national identification
system, which he said, would not only serve the purpose of voting but also for
the nation's marketing system.
"The credit
system in the country is weak and such an identification system will go a long
way to help trace a credit beneficiary even if she or he decides to abscond
after taking a government loan".
Adu-Amankwaah also
endorsed the Government's Education Trust Fund (GETFUND) but called for a more
effective monitoring to ensure that such facilities were put to better use as
expected under the programme.
He, however,
disagreed with the proposed 2.5 per cent deduction from workers' social
security pension fund towards the National Health Insurance Scheme, and called
on the government to clarify the situation.
If the government
really means to seek the welfare of workers health-wise, then such monies
should be channelled through a private insurance company in the form of payment
of a premium, he said.
He stated that if the
2.5 per cent was deducted from a contributor's social security scheme, then it
would mean the person would not qualify for the full 17.5 per cent pension, but
only 15 per cent.
The law that
established the scheme in 1965 states that all being well with its operation,
it should last till the year 2050, but if the government's proposed 2.5 per
cent interference should be allowed to stay, then the original life-span of the
scheme would be reduced to 2020 at the expense of contributors.
On the on-going
US-led war against Iraq, the TUC Secretary-General described it as "unfortunate"
and called on the United Nations General Assembly to redouble efforts and solve
the situation to save the life of poor innocent civilians, mostly children.
In a four-point
resolution, the meeting noted that the government had not as yet issued a White
paper on the payment of the new minimum wage of 9,200 cedis announced in
February. It, therefore, called on the government to do so as quickly as
possible.
The workers also
expressed their disapproval of the proposed 2.5 per cent deduction from their
Social Security contributions towards the National Health Insurance Scheme and
suggested that the government should look elsewhere for funds to establish the
scheme.
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Accra (Accra Greater)
03 April 2003- Tourism raked in a total of 519.5 million dollars from 482,643
tourists, who arrived in the country last year. This gave 34.6 per cent rise
compared to the 447.8 million dollars posted in 2001 from 438,883 arrivals.
The sector in 2000
made 386 million dollars from 399,000 visitors. Briefing the media in Accra, Mr
Kwamena Bartels, Outgoing-Going Torism Minister, said the number could go up if
the required tourist facilities such as sites and hotels were brought to
acceptable standards and airfares brought down to realistic levels.
The Ghana Tourism
Board (GTB) has encouraged the upgrading, rehabilitation and licensing of 164
new accommodation units, 29 new restaurants, 42 tour and travel operations and
nine new car rental companies.
To further this aim,
the Ministry, he said was pursuing a programme to increase budgetary
allocation, establish a tourism development fund and to seek donor support. It
is also to strengthen institutional linkages through inter-ministerial
committees and entering into discussions with the Board of Airlines for
reduction in airfares and encourage more investment in the hotel sector.
"The Ministry is
also zoning attraction sites for investment, establish land banks for
investment promotion, investment promotion tours enhancing human resource
capacity through the tourism capacity development initiative, which we have
secured a 4.9 million dollars assistance from the USAID."
He said the Ministry
has proposed a Tourism Development Fund, as part of the 15-year Tourism
Development Plan, which would be derived from a portion of visa fees, airport
tax and bed tax from the hotels. He said: "all this would come on stream.
But first have to go through the Ministry of Finance and Parliament for
approval".
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