Minority says 2000 Budget did not offer solutions

Peprah shows confidence in Parliament

Govt provides 26.8 billion cedis for March 26 census

Govt/Social partners reach agreement on tax reduction

Agriculture continues to be the leading sector of economy

Expenditure exceeded what was projected - Peprah

Government to establish Local Government Service

Peprah: Government will support Parliamentary Oversight Committee on Corruption

Budgetary allocation for ministries

Towards poverty Reduction

Government to revise VAT

Measures to curb irregularities in expenditure

Gateway projects to take off in Tema port

Government to commercialise activities of science & technology institutions

Education Trust Fund Bill soon

Communication Infrastructure for Security Agencies

Focus on socio-economic aspect of HIV/AIDS

SOEs generate 10.8 trillion cedis

Two provide 1.5 billion cedis assistance

Accra (Greater Accra) 10 Feb. 2000

Members of the Minority parties in Parliament on Wednesday described the government's 2000 budget statement and economic policy as " hopeless and lacking direction"

They said the government presented unachievable targets and unrealistic solutions to heal the economy after blaming its near collapse on external factors.

" It offered no hope to the millions of Ghanaians who expected better deals in the job, medical and other environments, It just did not offer solutions to weather our hardships," Dr Kofi Konadu Apraku, Minority spokesman on Finance told the GNA in an interview.

He said the statement did not handle issues with that sense of urgency it demanded and therefore it does not inspire the needed confidence in a population, which have suffered economically for a long time.

The member said with such a high level of unemployment, the government was expected to give better incentives to the private sector to expand its base to absorb the teeming jobless youth.

" With no new provisions to boost productivity in agriculture and industry, I find it very difficult to appreciate Mr Peprah's hope that we can achieve the 5.5 per cent projected rise in the Gross Domestic Product (GDP)"

He took the government to task for not including the budget for Defence in the statement and stated, " we will demand the information"

" If we all appreciate the fact that we have had some problems, why don't we all share the burden in making sacrifices?"

Dr Apraku said since the constitution forbids the sponsoring of an alternative budget by a private member, the minority will only offer advice and some alternatives during debate on the statement in Parliament.

" We think that more money should be invested in the education of the youth rather than non-formal education. Agriculture, education and Health are our priorities and we shall always hold that in high esteem."

He regretted that Agriculture, which has helped to reduce inflation, is still not being properly backed to grow as it should.

" According to Vision 2020, we are supposed to be making the 8.0 per cent growth mark but we are now hoping to make 4.0 per cent this year. The current rate is 1.8 per cent."

Dr Apraku said the minority would not support any move to increase the VAT rate by two-and-a-half per cent notwithstanding our concerns on education. It is a tricky one but we will not give in."

The statement proposed an increment in the VAT rate from 10 per cent to 12 and- a- half per cent to fund education.

Mr Moses Asaga, Deputy Minister of Finance, however dismissed the minority claims as " unnecessary."

He said the budget statement is a "fulfilling one stuffed with the needed ingredients to propel the private sector and general growth."

Mr Asaga, Member of Parliament for Nabdam, said: "It (budget) is business and development oriented, farmer friendly and problem solving."

He said the statement has sent the right signals to all and sundry that unemployment is washing away and that lowering inflation will continue."

Mr Asaga said all the target set are achievable because domestically, a lot of things have been taken care of and enough negotiations have secured us the guarantee of enough foreign in-flows."

He said although the government will not give in to blackmail and unnecessary demands for wage increment to throw the economy out of gear, "it will listen to labour demands with a fatherly heart."

Mr Kwadwo Baah Wiredu, NPP -Asante Akim North, said all targets made in the statement are unachievable.

" History tells us that they have never made it and will not make it this time."

Mr Baah Wiredu said the government should have told the nation on how it plans to pay its debts and how to retrieve monies owed it.

"The government is owed 1.5 trillion cedis. What is happening to that money. Is it a gift for some people?"

He said the "poverty alleviation fund" which is expected to relieve the rural folk, offers no hope and that the District Assembly's Common fund does not flow as expected.

" As at now, the third quarter and fourth quarters are not in."

Mr Clement Bugase, Deputy Minister of Food and Agriculture, said: "there could not have been any better budget.

"This budget will consolidate the gains made so far and ensure the smooth transition of the economy to the next stage."

He contended that targets set are achievable because "very realistic projections were made".

Mr Bugase said food production, which has been responsible for reducing inflation levels "will continue because enough budgetary allocation has been given to my ministry to implement our programmes".

Alhaji Alabira Ibrahim, CP-Mion, said the budget was hollow. Government should have consulted a cross section of political parties in the House for better counselling.

GRi./

Return to top

Accra (Greater Accra) 10 Feb. 2000

After surviving a grill at Parliament by the minority for his poor guidance of the economy, Mr Kwame Peprah, Finance Minister, appeared on Wednesday to radiate an admirable confidence.

Speculations had reached its peak that the minority would boycott the sitting after having clashed with the First Deputy Speaker over a ruling in the house on Tuesday.

Their seats were still empty after ten O'clock but Mr Peprah, who had moved from one portfolio to another and now handles the toughest job in the land was not to disturbed.

As soon as the minority settled, he declared: " Mr Speaker, I present the 2000 budget statement and financial policy. Oh please, water."

As Mr Peprah tackled the task of reading the thick pile of papers, he virtually ignored the heckling and booing that came from the minority side.

After delivering his speech and enjoying a standing ovation from the majority, he walked gorgeously to the minority and softly demanded a handshake with them and he had it.

He turned away still holding that confident smile, perhaps, remembering the day they called for his head!

Members will start the forthnight debate on the budget on Wednesday.

GRi../

Return to top

Accra (Greater Accra) 10 Feb 2000

The Government has provided 26.8 billion cedis, to be supplemented by donor support, for the 2000 Population and Housing census slated for 26 March.

Mr Kwame Peprah, Minister of Finance, told Parliament on Wednesday that this year's census marks the beginning of a combined population and housing census in Ghana.

March 26, 2000 has been designated as the census reference night and the enumeration will span three weeks.

He said the census will provide the statistical information essential to governmental policy-making, planning and administration.

Information on the size, distribution and characteristics of the country's population is essential in providing the facts and figures required for the development of sound policies and programmes aimed at fostering socio-economic welfare of the people.

"This year's census will provide comparable basic statistics for the country as a whole and for each region, district and locality therein, thus contributing to the overall-planning process and the management of national affairs.

He said the government is committed to ensuring that the census programme does not only become a success, given the immense benefits the nation stands to gain from it, but also gets the necessary support from every resident in Ghana.

A computerised Population Database Project, which will facilitate the provision of services by various agencies as well as help check fraud, will be initiated this year.

In another development Mr Kofi Agyemang-Duah of the National Census Secretariat said on Wednesday that Preliminary results of this year's national population census would be released within two to three months after the exercise has been conducted.

This is against the widely held perception that it would take years to know the true demographic features of a country after the census.

GRi../

Return to top

Mr Kwame Peprah, Minister of Finance, told Parliament on Wednesday that the government and its social partners have negotiated and reached an agreement on the reduction of taxes on workers' bonus and overtime earnings.

He said to give effect to the agreements reached between the social partners under the auspices of the tripartite committee, the "government intends to lay an Income Tax (Amendment) bill for the consideration of the House to replace the existing sections of the Income Tax Decree 1975 (SMCD 5).

Return to top

Agriculture continues to be the leading sector of the national economy contributing 36.5 per cent of Gross Domestic Product (GDP).

The Service Sector contributed 29.5 per cent and industry 25.2 per cent.

The projected macroeconomic targets for the medium-term (2000 to 2002) include an average real GDP growth rate of 5.4 per cent, an end of period rate of inflation of 8.0 per cent.

The others are an average primary budget surplus equivalent of 4.0 per cent of GDP and an average overall balance of payments surplus of 107 million dollars.

The targets for 2000 are a real GDP growth rate of 5.0 per cent an end of period rate of inflation of 12.5 per cent, an overall broad budget deficit equivalent to 6.1 per cent of GDP and overall balance of payment position of zero.

Under the medium Term Expenditure Framework (MTEF) for 2000 to 2002

total resources for the three-year period amounts to 24,867.7 billion cedis of this 8,633.1 is earmarked for 2000.

District Assemblies Common Fund would rise from 211.5 billion cedis in 2000 to 273.5 billion cedis in 2002.

Total tax revenue is projected to rise from 4,229.4 billion cedis in 2000 to 5470.1 billion cedis in 2002 while non-tax revenues increase from 420.0 billion cedis to 529.0 billion cedis during the same period.

Road Fund would receive 303 billion cedis while the Education Fund gets 200 billion cedis

Receipts from sale of cocoa are projected to decrease by 20 per cent to 435 million dollars as result of low world market prices while that of gold is projected to increase by 4.0 per cent.

Receipts from timber exports are projected to increase to 201.0 million dollars about 27 million dollars higher than 1999.

Contribution from other exports including non-traditional export is expected to rake in 682.0 million dollars an increase of 77 million dollars from last year's figure.

Current account deficit is projected at 379.0 dollars representing 5.9 per cent of GDP.

Net capital inflows are expected to amount to 379.0 million dollars, of which official capital is projected at 264.0 million dollars, a net private capital inflow of 100.0 million dollars and a short-term capital of 15 million dollars.

Ghana's total outstanding debt is estimated to decrease to 5.5 billion dollars in 2000 and to remain approximately at this level through 2002.

Rehabilitation of Job 600 (State House Complex) to be completed at a cost of 75 billion cedis.

National Land Use Plan to be prepared.

Initiation of action to set up "One Stop Shop" offices for land related departments of the Ministry of Lands and Forestry in some regions.

Small and medium scale enterprises engaged in textile, wood, agro processing and packaging sub sectors to be assisted to produce to meet international standards.

Greenbelt zones to be created around Accra-Tema conurbation.

Twenty-eight bridges to be constructed.

An amount of 30.2 billion cedes has been allocated to improve and expand existing senior secondary schools.

Work would start on 26 new health centres countywide.

Fourteen High Court rooms in Accra, Tema and Kumasi are to be computerised.

Ten Community Tribunals and five specialised courts to deal with issues relating to commerce, tax and land are to be established.

Government to allow the operation of pension schemes supplemental to the one being run by the Social Security and National Insurance Trust (SSNIT).

With immediate effect only persons of ministerial rank are allowed to use cellular mobile phones as a matter of right at the expense of government.

Educational Trust Fund to be funded mostly by an increase in the VAT rate by 2.5 per cent.

National external debt is 5,306 million dollars.

Provisional total export receipts for 1999 was 2,031 million dollars.

Value of imports was 2,792 million dollars. Balance of Trade Deficit was 761 million dollars.

Provisional overall national balance of payment deficit was 93 million dollars

The average yearly inflation for September 1999 was 13.1 per cent.

The cedi depreciated by 33.0 per cent in 1999.

Total receipts was 5,845.5 billion cedis

Total expenditure 5,845.5 billion cedis

Total tax revenue was 3,089.1 billion cedis

An amount of 9.2 billion cedis was expended on pre-enumeration

activities towards 2000 population and Housing Census.

Return to top

Mr Kwame Peprah, Minister of Finance, said the total expenditure for 1999 amounted to 5,845 billion cedis or 28.4 percent of the GDP compared with an estimated amount of 6,063.7 billion or 31.1 percent of GDP.

The Minister, who was presenting this year's budget statement to Parliament on Wednesday, said the amount include total interest payment of 1,150.2 billion cedis compared with the original estimate of 1,008 billion cedis.

"Out this total, 871.8 billion cedis for interest on domestic debt exceeded the budget estimate on account of increased domestic borrowing to mitigate the effects of shortfalls in foreign inflows and rise in interest rates on treasury bills."

He said discretionary expenditures amounted to 3,607.3 billion cedis. Out of this, Personal Emoluments accounted for 1,516.3 billion cedis (7.4 per cent of GDP), 16.7 higher than the budget estimate.

"This increase was the result of the implementation of the Universal Salary Structure which took effect from January 1999.

"There was a shortfall in investment expenditure, where 1,704.6 billion cedis was expended, compared to a projected amount of 1,888.3 billion cedis."

Mr Peprah said 130 billion cedis was used to clear domestic arrears on road contracts, higher than the budget estimate of 70 billion cedis.

Return to top

The Ministry of Local Government and Rural Development will during the year promulgate a law for the establishment of the Local Government Service in line with the Government's Decentralisation programme.

Mr Kwame Peprah, Minister of Finance, said the law is aimed at facilitating the process of integrating specified departments and their budgets into those of District Assemblies and Regional Co-ordinating Councils.

He said all over the world, property rates are the most lucrative source of revenue for local governments and contribute significantly to city and town improvements.

Unfortunately, he said, this has not been the case in Ghana, adding that most properties have either not been valued or revalued in the long time.

Metropolitan/Municipal and District Assemblies appear unwilling or unable to collect the rates. Property owners are reluctant to pay and yet the Assemblies "are under constant pressure to provide more and better services".

He said at the core of this problem is the issue of house numbering which has been done so haphazardly that no efficient collection system can be organised.

"Consequently, it has been decided that a national house numbering system involving all Assemblies will be embarked upon this year.

"A national property valuation exercise involving all Assemblies, the Land Valuation Board and private valuers will also be embarked upon.

"District Assemblies will be assisted with modern information technology systems to undertake this assignment and to devise effective collection mechanisms to reduce their growing over-dependence on Central Government funding".

Return to top

The Government on Wednesday said it will support the setting up of a Parliamentary Oversight Committee on the performance of the revenue collecting agencies with special powers to deal with corrupt officials.

It is also considering the establishment of a special task force with specific terms of reference to plug revenue loopholes.

Mr Kwame Peprah, Minister of Finance, said in this year's budget statement to parliament that there are still issues of inefficiency in revenue collection and corruption and misappropriation of revenue collected.

He said the report of such a task force would form the basis for long-term solutions to the problem of revenue leakage.

Mr Peprah urged the Serious Fraud Office (SFO) and the newly created National Anti-Corruption Coalition to be more vigorous in their attack on corruption and be even-handed in their choice of targets, saying: "budgetary support for their activities is guaranteed".

He said for corruption to be effectively controlled, the subject must be "de-politicised", adding that people become defensive about a subject of corruption when the impression is created that one group of people is corrupt and the other is a saint.

Mr Peprah said the government was implementing the recommendations of the National Economic Forum and was on track to achieving a single digit inflation rate until the "external upheavals of last year" rocked the economy.

He thus called for the reconvening of the Forum "to give all of us a chance to revise those aspects of the recommendations which have lost their relevance because of changing circumstances."

Although this is an election year, it is necessary for all parties to resist the temptation to play political football with the economy and to accept that whatever damage may be done in this election year, the party that wins will find it difficult to repair.

Return to top

Accra ( Greater Accra) 10 Feb 2000

Mr Kwame Peprah, Minister of Finance on Wednesday presented this year's budget statement to Parliament

He announced various sums allocated to the ministries to enable them to carry out their programmes.

The Ministry of Finance gets 132.8 billion cedis.

The Ministry of Local Government and Rural Development gets 222.2 billion cedis.

Ministry of Foreign Affairs gets 97.6 billion cedis.

Office Parliament gets 91.3 billion cedis out of which 75 billion cedis

would be used to rehabilitate Job 600 (State House Complex).

Ministry of Agriculture gets 174.9 billion cedis.

Ministry of Lands and Forestry gets 69.2 billion cedis.

Ministry of Mines and Energy gets 237.9 billion cedes

Ministry of Trade and Industry get 71.88 billion cedis Of this amount

19.77 billion cedis would be from government sources and 52.11 billion from donors.

Ministry of Tourism gets 5.8 billion cedis.

Ministry of Ministry of Environment Science and Technology get 72.5 billion cedis.

Ministry of Roads and transport gets 724.5 billion cedis.

Ministry of works and Housing gets 228.0 billion cedis.

Ministry of Education gets 1,032 billion cedis made up of 970.7 billion cedis from government and 62.3 billion cedis from donors.

Ministry of Health gets 340.1 billion cedis

Ministry of Youth and Sports gets 32,5 billion cedis.

Ministry of Employment and Social Welfare gets 17.2 billion cedis of this amount 2.5 billion cedis has been earmarked for investment activities.

The Ministry of Communications and its agencies get 32.2 billion cedis.

The Ministry of the Interior gets 227.6 billion cedis out of which the Police Service gets 126.3 billion cedes.

Judicial service gets 35.4 billion cedis.

GRi../

Return to top

The Government will work to improve further on the decline in the incidence of poverty between 1992 and 1999 as reported under the fourth Ghana Living Standards Survey.

The Minister of Finance, Mr Kwame Peprah, told Parliament on Wednesday that the government's policies in the 2000 budget "are designed to reduce gender, urban-rural and other socio-economic and geographical imbalances while improving further the welfare of Ghanaians in general through sustainable economic growth.

He said as part of the poverty reduction programme, Government has made a non-wage allocation of about 613 billion cedis in the 2000 budget to provide basic services such as education, primary health care and safe drinking water as well as welfare services for vulnerable groups including people with disabilities.

In addition, the District Assemblies will spend an estimated 107 billion cedis from the District Assembly Common Fund to complement government's efforts in poverty reduction this year.

Return to top

The focus of implementation of the Value Added Tax (VAT) this year is to consolidate the gains made in the second year of operation.

The VAT secretariat will institute new measures that would improve on the level of compliance in the areas of registration of eligible businesses, diligent and consistent collection of VAT by registered traders and the promotion of efficiency and effectiveness in its administration.

Mr Kwame Peprah, Minister of Finance, told Parliament on Wednesday that the VAT Service would, therefore, intensify monitoring and surveillance to enhance compliance, particularly in the retail and distributive trades.

He said as part of the process of consolidating VAT, the key parameters of the tax, particularly the coverage, "will be revised to enhance revenue yield".

He said legislative action would be initiated during the year to narrow the scope of exemptions and bring lot more supplies into the scope of the tax as part of the measures to realise the projected enhancement in revenue yield.

The Ministry of Finance will make the release of funds to all MDAs, which collect non-tax revenue conditional on the presentation of quarterly returns on fees and charges to the Ministry and the transfer of same to the Consolidated Fund.

Return to top

The Government on Wednesday announced seven measures to curb irregularities that have created problems for managing expenditures.

Mr Kwame Peprah, Minister of Finance, in his 2000 budgetary statement to parliament on Wednesday listed the measures to be implemented this year as follows:

*The Controller and Accountant-General's Department and the Auditor-General's Department will intensify personnel audits to eliminate any remaining ghost names from the Government payroll.

*The Government will ensure strict compliance with procedures set out for purchases by MDAs. Consequently, the Government will not pay for any purchases made under expenditure items three and four for which no prior approval has been obtained from the Ministry of Finance.

*Similarly, the Government will not accept to fund any international event for which no budgetary provision has been made and no prior approval obtained from Cabinet.

*With immediate effect, only persons of ministerial rank are to use cellular mobile phones as a matter of right at the expense of the Government.

*Permission should be sought from the Chief of Staff, Office of the President, by all officials in Ministries, Departments and Agencies that subsist on the Consolidated Fund before travelling overseas to participate in conferences and seminars.

*To cut down expenditure on foreign conferences and seminars, Ghana's missions abroad should, as much as possible, be requested to send representatives to the conferences and seminars on behalf of the MDAs and reports submitted accordingly.

*To curb the practice whereby in the last quarter of the year there is a rush to submit certificates to the Ministry for payment even when very little or no work has been done, the Project Monitoring Unit of the Ministry will be equipped to carry out verification of all such certificates in collaboration with the Serious Fraud Office before payment is effected.

Mr Peprah said the directive on the need for a certificate for commencement of work before actual construction "starts will be strictly enforced.

"Consequently, no payments will be effected for work done on any projects for which such a certificate has not been obtained from the Ministry of Finance.

"For the avoidance of doubt, these certificates will be required for both on-going and new projects covered in the year 2000 budget and subsequent years."

He said heads of MDAs are to ensure that fixed Assets Registers are maintained as a measure to improve the management of state resources and as required by law.

He said as part of measures to minimise fraud and defalcation of government funds, "prosecution will now be an initial option in all cases of malfeasance revealed in the Auditor-General's report.

Return to top

The Government is undertaking a number of initiatives and projects under the Ghana Trade and Investment Gateway Programme, Mr Kwame Peprah, Minister of Finance, told Parliament on Wednesday.

He said the Gateway projects that would take off this year include the construction of a devanning area in the Tema port area.

Studies leading to the extension and dredging of Quay Two at the Tema Harbour will be undertaken and the installation of X'ray scanning and the Ghana Community Trade Network,

"All these activities when completed would enhance customs revenue generation and at the same time facilitate trade.

"Furthermore, work for the construction and extension of all the off-site infrastructural facilities including road, drainage, water supply and sewage, power and telephone to the Tema Free Zones Enclave will commence this fiscal year."

Return to top

Government intends to commercialise the activities of science and technology institutions under the Ministry of Environment, Science and Technology to reduce their dependence on Government subvention.

Mr Kwame Peprah, Minister of Finance, told Parliament that the law establishing the Ghana Atomic Energy Commission "is being reviewed to make it possible for the Commission to also engage in commercial activities".

He said the legal status of GRATIS would also be reviewed towards "the establishment of a Foundation which will be self-financing and relying less on government subvention".

Return to top

A bill to establish the proposed Educational Trust Fund will be laid before Parliament soon.

Mr Kwame Peprah, Minister of Finance, said the Educational Trust Fund "will be funded mostly by an increase in the VAT rate by 2.5 per cent.

Additionally, District Assemblies are to establish a District Education Support Fund for the implementation of a bursary/scholarship and loan scheme at the second cycle and tertiary levels.

To ensure the availability of qualified teachers in deprived areas, District Assemblies will be encouraged to sponsor candidates for admission into teacher training colleges who "will be bonded to take up appointments within the sponsoring districts."

Return tot op

The Government proposes to integrate and modernize the existing communication infrastructure of the security agencies to replace the out-dated stand-alone systems which are neither effective nor cost efficient.

Mr Kwame Peprah, Minister of Finance, told Parliament on Wednesday that the new approach "will ensure a more effective nation-wide network with the capacity to meet new challenges in maintaining law and order, in the fight against crime and to safeguard national security.

Return tot op

Mr Kwame Peprah, Minister of Finance, said on Wednesday that the government will focus more attention on HIV/AIDS not only as a health problem but also as a social and economic problem.

He told Parliament that the government is, therefore, preparing a national policy on the management of HIV/AIDS.

Government will appoint and strengthen a Co-ordinating Committee for the integration of the many HIV/AIDS related activities of the Ministries of Health, Education, Food and Agriculture, Employment and Social Welfare and Youth and Sports.

He said Government will support particularly HIV/AIDS control activities under the Ghana School Health Education Programme in order to sensitise students on the dangers of HIV/AIDS.

Return to top

Accra (Greater Accra), 10^th February 2000

Revenues from 25 state owned enterprises (SOEs) increased from 510.1 billion in 1993 to 10.8 trillion cedis by December 1998.

Profits for 16 of the SOEs rose from 71.0 billion to 1.8 trillion cedis within the same period.

Mr. Frank Ocran, Executive Chairman of the State Enterprises Commission said on Wednesday at the signing of the year 2000 performance contract by chief executive officers and chairmen of board of directors of SOEs and the government in Accra.

Mr. Peter Wiafe Pepera, Deputy Minister of Trade and Industry represented the government.

The contract enjoins heads of state institutions to improve on the productivity and maximise profit as well as achieve development targets.

Mr. Ocran said tax contributions of 12 of the 29 SOEs augmented from 21.7 billion cedis in 1993 to 81.0 billion cedis in 1998.

He said nine out of the 29 paid 15.2 billion cedis as dividend to government in 1998.

In 1993, 1.1 billion cedis was paid to government as dividend.

Mr Ocran said 29 companies participated in the Performance Monitoring and Evaluation (PME) which allows the individual enterprises to set targets and assess their performances.

He said the results from the PME system has so far been positive and impressive adding that SOEs are significant.

Mr. Ocran pointed out however, that some SOEs have not been living up to expectation.

"There are still SOEs among us whose audited accounts are not up to date or are produced at a time when the usefulness of the document is questionable.

"There are yet other SOEs which are overwhelmed with numerous legal cases simply because management have failed to tackle the issues as they come by."

Mr. Ocran commended the Ghana Civil Aviation Authority (GCAA) and all SOEs for working hard to avoid the millennium bug.

In a speech read for him, the Deputy Minister of Finance, Mr Victor Selormey urged Chief Executives of SOEs to exhibit transparency and accountability to justify the autonomy granted them.

He said the encouraging financial data on the performance of SOEs show a marked improvement adding that there is still more to do.

Mr Selormey asked them to work hard and ensure maximisation of inflow of funds to government by using modern cost-effective management tools to run the affairs of SOEs for the realisation of the objectives of Vision 2020.

He said the PME system provides adequate rewards for the nation and managements of SOEs.

He called for the support of all stakeholders in order to achieve more feat for the country.

Mr Selormey said the government expects all managers of SOEs to fulfil their financial statutory obligations through satisfaction of tax obligations and payment of dividends.

GRi

Return to top

Kuntanase (Ashanti), 10^th February 2000

The government has through the assistance of the International Fund for Agricultural Development (IFAD) and the United Nations Development Programme (UNDP) made available over 1.5 billion cedis to support farming and micro-economic activities of the Bosomtwe Rural Bank.

The money is to be advanced to more than 2,000 beneficiaries made up of women groups engaged in gari processing and palm oil extraction, farmers, fishermen, marketers of agricultural produce and "susu" groups.

Mr. Johnny Archibrah, General Manager of the Bosomtwe Rural Bank, administrators of the loans, disclosed this on Wednesday at the bank's savings mobilisation campaign at Kuntanase.

He announced special loan packages by the bank to help people in its catchment area to improve on their living standards.

These new products include, salary budget account, farmers saving scheme and a special women's loan facility.

He said the bank has introduced a mobile banking system to bring banking services to the doorstep of people in areas that are not easily accessible, he added.

Mr. Archibrah appealed to customers who have received loans from the bank to ensure early repayment to enable it to support the economic activities of the people.

The chairman of the Board of Directors, Mr. J.E. Sarkodie, asked the people to buy more shares to raise the total share capital from 78 million cedis to 100 million cedis.

The bank, established 18 years ago, now has a total deposit of 3.6 billion cedis.

The bank donated 1,000 cement blocks to support the construction of a palace for the Kuntanase paramountcy.

GRi

Return to top