Ghana recommends her economic policies to ECOWAS

Cocoa Processing Company to double production

Accra (Greater Accra) 11 Aug ’99

Ghana on Tuesday called on ECOWAS countries to adopt some of her economic policies, which are leading not only to internal growth but are also geared towards rapid integration of the West Africa sub-region.

This would lead to an accelerated introduction of a single currency in the region, Dr Kwabena Duffuor, Governor of Bank of Ghana, said when he opened a two-day seminar on the significance of a single monetary zone for the West African sub-region organised by West Africa Monetary Agency (WAMA) at the Trade Fair Centre, Accra on Tuesday.

He said through the implementation of Ghana’s policies, her "monetary growth and inflationary pressures have declined considerably, culminating in an end-of-year inflation rate of 15.7 per cent in 1998."

Dr Duffuor said "by the end of June this year the rate of inflation had dropped further to 10.3 per cent, compared with a target of nine per cent which we have set for the end of 1999."

"These efforts demonstrate the commitment of Ghana not only to meet our national targets but also to conform to targets set for the achievement of regional objectives."

The Governor said despite "the recent decline in Ghana's terms of trade, resulting from depressed world cocoa and gold prices and increasing oil prices, it is our hope that we will be able to sustain these achievements to ensure growth of the economy. This will enable Ghana to qualify for membership of the single monetary zone when it takes off"

He said Ghana's commitment for the attainment of an integrated economy within the sub-region has been demonstrated by the introduction of the export free zone concept.

Dr Duffuor called on member countries to educate people on the importance of a single currency, saying "the benefits of a single currency do not accrue only to banking and trade relations, but also to the entire populace as it would promote efficiency in payments systems and ensure increased productivity."

"The concepts and challenges of monetary integration must, therefore, be discussed among policy makers and all citizens in our sub-region to create awareness and generate support."

Dr Duffuor said the sub-region, with a population of 210 million people and endowed with natural resources, has a great potential for intra-regional trade.

Chief (Dr) J.O Sanusi, Governor, Central Bank of Nigeria, and Chairman of the Committee of Governors of ECOWAS Central Banks, asked participants who are representatives of ministries of finance and Central Banks to brainstorm on issues that would lead to the adoption of a single currency in the sub-region.

He said trade could not thrive in the face of corruption and lack of infrastructure and communication.

Chief Sanusi called for a political will that would create a stable environment that would pave the way for a single monetary zone.

Mr Antoine M.F. Ndiaye, Director-General of WAMA, appealed to member countries to ensure the implementation of the ECOWAS Travellers' cheque, which is the "solid foundation towards the single monetary zone.

GRi../

Tema(Greater Accra) 11 Aug ’99

Mr P K Awua, Managing Director of Cocoa Processing Company (CPC), said on Tuesday that the company is to execute a five-year corporate plan, under which its current annual production of 25,000 tonnes of cocoa products would be doubled.

He said the company, which produces cocoa butter, cocoa liquor, cocoa cake and cocoa powder for export, has embarked on an expansion programme to increase the various chocolate products within the next three years.

Mr Awua announced this when delegates attending the 30th Commonwealth Parliamentary Association (CPA) Africa Region Conference in Accra visited the factory.

About 150 delegates from 19 African countries are attending the nine-day conference, which officially opens on Wednesday. Nigeria, Namibia, Zimbabwe and Burkina Faso are attending as observers.

Mr Awua said as part of measures being taken under the Agricultural Sector Adjustment Credit Programme, the Ghana Cocoa Board on October 26, 1992, granted financial autonomy to CPC.

Mr Awua said CPC, which was initially a subvented and loss-making organisation, has turned around in the past four years as a profit-making company.

For instance, he said, from a modest profit of 2.9 billion cedis in 1992-93 when it became autonomous, CPC increased its profit margin to 14.8 billion cedis in 1996-97.

Mr Awua said the company's quality products have won for it international recognition, adding that it has thrice won gold medals in 1980, 1982 and 1989 in the Internationally recognised Monde Selection Competition in Belgium.

The Managing Director added that in the fourth entry into the competition in 1997, all of its products - eight, including drinking chocolate - won gold medals.

Mr Awua assured the delegates that the company would maintain the quality of its products to enable them to stand the test of time.

At the Ghana Ports and Harbours Authority (GHPA), the delegates were met by the Director-General, Mr Kwaku Dua Boateng, and other officials, who conducted them round the Tema Port and later took them on nearly an hour cruise in one of the GPHA's tug boats.

Mr Boateng hoped the visit would open avenues for collaboration between the GPHA and other African member-countries of the CPA, which have port facilities, to improve harbour management on the continent.

Mr Francis Joash Ayume, Speaker of the Ugandan Parliament, on behalf of the delegates, expressed gratitude to the GPHA for the warm reception accorded them and said they would carry back home fond memories of the visit.

GRi../