GRi BEF News Ghana 22 - 12- 2000

GTFC pays dividend on two years' operations

Accra (Greater Accra) 22 December 2000

The Ghana Trade Fair Company (GTFC) on Thursday presented 60 million cedis dividend to the government covering two years of its operations as limited liability company and announced plans to change the present focus of the international trade fair centre to a multi-purpose trade centre.

This means that a number of activities would be held simultaneously without any conflict. Mr. Kwesi Ahwoi, Chairman of the company's board of directors said this when he presented the cheque for the dividend and out-doored the master plan for the new look centre designed by the Kwame Nkrumah University of Science and Technology (KNUST).

The plan comprises spacious exhibition halls, a three-star hotel, a cinema complex, shopping arcade and a convention centre.

The rest are an amphi-theatre, warehouse and a functional children's play ground.

Mr Ahwoi said given the evident dwindling capacity of government to fund the master plan project, the board has decided that funding would be largely private-sector- driven on a leasehold basis.

He said government funding would be restricted to infrastructure rehabilitation and the construction exhibition of halls.

"The first action which has been taken on this is the construction of the new air-conditioned exhibition hall funded by government which is still in progress and will be completed by February next year to host the forthcoming INDUTEC International Trade Fair."

Mr. Ahwoi said the centre has a positive role to play in the policy objectives of making Ghana the gateway to West Africa.

Receiving the cheque, Mr Victor Selormey, Deputy Minister of Finance said the dividend was a surprise to the government because it was not expecting anything from the GTFC.

It was even more surprising because the government was only able to provide a third of the cedi capital component of 832.5 million cedis whereas the dollar component of 86.5 could not be procured for the re-capitalisation of the centre, he said.

The centre was turned into a limited liability company in 1997.

Mr. Selormey said it was gratifying that the centre honoured all its statutory tax obligations and was able to raise such a dividend.

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Don't privatise SSNIT- pensioner

Accra (Greater Accra) 22 December 2000

Mr. Isaac Kwadwo Obeng, a retired senior officer of the Social Security and National Insurance Trust (SSNIT), on Thursday urged stakeholders to review the pension scheme to better serve the interest of workers.

Speaking at a news conference in reaction to mixed feelings on the future of SSNIT, including proposals for its privatisation, following media allegations of corruption and mismanagement against SSNIT management, Mr. Obeng said; "My candid view is that SSNIT may have its shortcomings. To address this, we should be careful in not jeopardising the interest of the very vulnerable and poor worker we wish to defend," he said.

He noted that if the SSNIT expectations are not forthcoming, then stakeholders such as the Trades Union Congress (TUC), Civil Servants Association (CSA), Ghana National Association of Teachers (GNAT) and Ghana Employers Association (GEA) should come together to reform it.

"We should be careful of interest groups who are only interested in managing the fund and not the interest of workers as such," he emphasised.

Mr. Obeng also suggested the formation of a Pensioners Association at workplaces to enable workers to discuss retirement issues long before they retire. He stated that the time has come for pensioners to be represented on the SSNIT Board.

"In developed countries such as the United States of America and the United Kingdom, basic pensions are administered by public bodies and we need to be wary of attempts to undermine our pension scheme," he cautioned.

Mr. Obeng asked the authorities to exercise caution so as not to turn SSNIT into a government by making it what it is not.

"SSNIT is a statutory public trust set up basically to run the National Social Security Pension Scheme for the working population of Ghana covering the following contingencies - old age, invalidity and Death," he added.

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Methodist Credit Union chalks success

Techiman (Brong Ahafo) 22 December 2000

The Techiman Ebenezer Methodist Church Co-operative Credit Union last year granted 94 million cedis to 61 members to expand their businesses. The union also increased its share capital from 2.8 million cedis to 5.2 million cedis during the year.

Madam Elizabeth Dwamena, President, made this known at the union's Fourth Annual General Meeting at Techiman at the weekend.

She said that even though the year was difficult for members, the union's savings jumped from 94.3 million cedis to 127.4 million cedis, representing a 35.1 per cent increase. Madam Dwamena said membership also shot from 222 to 244.

A total of 15.9 million cedis, representing 16 per cent interest, was paid to members, she said, and appealed to them to increase their savings to help boost the financial base of the union.

She announced that, very soon, the union would introduce credit union deposit insurance to members and, therefore, encouraged them not to relent in their efforts to increase their share capital.

Mr. James Okyere, Techiman District Deputy Co-operative Officer, who audited the accounts of the union, said it made a net surplus of 5,118,493 cedis this year as against 5,028,604 cedis for last year.

He commended the management of the union for a good work done in terms of profit maximisation, adding that the union's total assets jumped from 113,579,694 cedis in 1999 to 175,717,705 cedis in 2000, representing a 55 per cent increase.

He recommended the employment of an additional accounts officer to assist the manager at the union's office for effective administration.

Mr. Acheampong Arthur, Brong Ahafo Regional Field Officer of the Department of Co-operatives, advised members not to contract loans for affluent lifestyles.

He asked them to consider the credit union as a foundation on which their economic interest rests, and advised them to repay their loans on time to enable others to benefit from the facility.

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