Ghana to lose 450 billion cedis in cocoa

Second Ghana Handicraft Fair opens

Ghanaian and Indian Chambers of Commerce Meet

Accra (Greater Accra) 27 Aug. '99

Ghana stands to lose 450 billion cedis in cocoa revenue by the end of the year, a deputy Minister of Employment and Social Welfare, Mr Austin Gamey, said on Thursday.

He noted that a reduction in gold prices, another major foreign exchange earner, is "already depriving 2,000 people of their jobs in the mining sector".

Inaugurating the Polytechnic Administrators Association of Ghana (PAAG) in Accra, Mr Gamey said the situation is being worsened by price hikes in crude oil, on which the economy heavily depends.

This he said "has compelled government to prioritise its development strategies to maintain a balance between revenue and expenditure."

The occasion was under the theme, "Creating an enabling environment for teaching and learning in polytechnics to help attain the Vision 2020 dream".

The deputy Minister therefore urged workers of tertiary institutions to base their demands on the economic realities facing the country.

He said the consistent reduction in commodity prices on the global market is worsening the country's economic conditions and, therefore, demands on government must reflect such conditions.

Mr Gamey noted that since human resource is critical for the development of the country, training systems must provide marketable skills and enable workers to learn new skills more effectively.

Employers must also help address the training needs of job seekers in tertiary institutions by providing on-the-job training for them during vacations.

Mr Kwesi Holison, National President of PAAG, said the objectives for establishing polytechnics could not be realised without the services of polytechnic administrators.

He, therefore, suggested that government policy on the salary structure for polytechnics should be designed to encourage staff recruitment and retention.

GRi../

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Accra (Greater Accra) 27 Aug. '99

Handicraft exports increased by 35 per cent from four million dollars in 1997 to six million dollars in 1998, Dr Mrs Mary Grant, Member of the Council of State announced in Accra on Thursday.

Opening the second Ghana International Handicrafts Fair, Mrs Grant said the increase in export earnings demonstrates the sector's potential value to the economy and must be given the proper focus and attention.

The 11 days fair at the Ghana International Trade Fair Centre, La, has 130 exhibitors showcasing a wide range of handicrafts, fashion products and services under the theme - "Marketing Ghana through handicrafts and fashion in the next millenium".

Dr Grant noted that handicraft exports contributed one and half per cent to the total earnings from the non-traditional export sector.

" We need to do more to promote handicrafts and to train and assist the producers to improve upon the quality of their products in order to attract the major buyers from the international market".

She noted that the fashion industry, which portrays national culture could easily market the country but it has been difficult to attract export sales.

The idea of the fair started two years ago as two separate fairs namely, Ghana International Handicraft Fair and Ghana International Fashion Fair, until GIHAF was launched on May six this year as a merger.

The aim of the merger is to create a large forum for the two important areas in the non-traditional exports sector for a better and effective marketing.

Na (Dr) Puoure Puobe Chiir V11, Nandom Na and Member of the Council of State, said the falling prices of cocoa and gold, calls for an accelerated programme of diversification of the economy.

He said the fair offers a good opportunity for Ghanaian businessmen and women in the sector to meet, interact and exchange ideas with their foreign counterparts with the hope of selling more of their products profitably on the world market.

GRi../

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Accra (Greater Accra) 27 Aug. ’99

Business operators within the Ghana National Chamber of Commerce and Industry (GNCCI) and the Indo-African Chamber of Commerce and Industries (I-ACCI) of India have declared their readiness to collaborate to enhance trade between their people.

They also promised to exchange technical and economic expertise.

A memorandum of understanding to the effect was signed in Accra on Thursday between the two chambers. This would formally create a broad framework for greater interaction.

Mr Joseph S Awudu, Second Vice-President of the GNCCI and Mr Vasant Kotadia of the I-ACCI signed for their respective organisations at a meeting between the Ghanaian chamber and a 12-member business delegation from India.

The delegation is led by Dr (Mrs) Vilas Lokhandwala, Honorary Consul of the Republic of Ghana in India.

The Indian Chamber expressed interest in importing, exporting and establishing manufacturing concerns in the areas of pharmaceuticals, steel, plastic wares, spices, cashew, surgical wares, hospital equipment, ready-made garments and fabrics among others.

The Ghanaian Chamber members sought co-operation to finance the expansion of their operations, technology and partnerships in the areas of manufacturing computer papers, cosmetic production and export of non-traditional commodities as well as developing technology for small-scale business operators.

Mr Awudu said it was time to translate the long period of contact between the two countries into business contracts.

He said the GNCCI has received numerous trade enquiries from India and believed that the visit of the delegation would straighten things for a more fruitful business partnerships.

"Our liberalised economy offers ample opportunities for trade and investment.

One major problem of the early nineties, inflation, has been appreciably brought under control.

"From 70 per cent in 1995 to a mid-year rate of 10.4 per cent".

He said indications are that a single-digit-inflation could be achieved by the end of the year.

Mr Awudu said Ghana's economy is growing, "mining is booming, in spite of the low market prices" and manufacturing is also growing steadily.

Exports from Ghana to India have declined over the years from 11.24 million dollars in 1994 to 3.05 million dollars in 1997.

This rose slightly to 3.21 million dollars last year while imports from India kept rising.

In 1994, imports from India stood at 26.60 million dollars appreciating to 72.17 million in 1997. Imports from India currently stands at 77.51 million dollars.

Mrs Joyce Villars, Vice-President of the Association of Ghana Industries (AGI) said Ghana has a lot to learn from India considering the fact that it is more technologically advanced.

She was, however, quick to add that Ghana has an immense potential, which could be of benefit to India.

She told the delegation not to only look at what they would export to Ghana but ensure that there is a balance by allowing Ghanaian imports.

Mrs Lokhandwala said her position has given her a wide range of areas where business operators of the two countries would want to operate.

She expressed the hope that they would take advantage of the broad legal framework that is being established between the two chambers.

GRi../

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