Ghana goes for domestic debt fund to cushion fiscal policy
Ministerial changes…NDC gearing up for 2000 pools
AGC faces court action
Ghana more corrupt than Nigeria
Post-Rawlings drama begins…Soldiers refuse to march for 31st
Storm over Millennium Award…Frayed Moslem nerves
Ghana goes for domestic debt fund to cushion fiscal policy
The High Street Journal reports in a front-page story that the rising tide of Ghana's domestic debt stock may have prompted the government to engineer a debt fund.
The paper says that the fund, which is being considered by countries from which Ghana gets support on concessional basis, will be an account to be managed by the Bank of Ghana.
The story says that the fund's main aim is to create a pool of donor funds from which the government can draw to reduce the large domestic debt burden on the administration.
According to the story, the sources that will fill the pool include bilateral and multilateral donors, which are expected to make pledges preferably, two years in advance, as to what their commitments to the pool will be.
The High Street Journal says that the pool, which will constitute the Ghana Domestic Debt Fund, is to be denominated in dollars, interest bearing and domiciled with an international bank in the United States or Europe.
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The Statesman
Ministerial changes…NDC gearing up for 2000 pools
In its top story, the Statesman says that political pundits see yesterday's dramatic ministerial changes as NDC's response to the Joint Action Committee's recent public statement to go all out to win the 2000 elections.
The Committee comprises five main opposition parties. The paper notes that six Regional Ministers who were posted outside their regions in January, last year, are back to base.
It says that the 1999 reshuffle was widely speculated as a warning to the Reform Party sympathisers and the talk in town is that the NDC is satisfied with the results achieved by their changes.
In the changes, Mr Joshua Alabi is back as the Greater Accra Regional Minister, while Alhaji Seidu Iddi, Volta Regional Minister returns to the Northern Region. Lt-Col Charles Agbenaza returns to the Volta Region and is replaced in the Central Region by Mr Jacob Arthur, MP for Mfantsiman West.
Mr David Osei-Wusu, Upper West Regional Minister comes back to Brong Ahafo, Mr Donald Adabre, to Upper East while Alhaji Sulemana goes back to Upper West.
Dr John Abu, moves to the Ministry of Mines and Energy, leaving the Ministry of Trade and Industry to his deputy, Mr Dan Abodakpi, MP for Keta, who becomes the substantive Minister, Commander P.M.G. Griffiths (rtd), moves from the Ministry of Communications to the Trade and Industry Ministry as Deputy.
Owuraku Amofa, leaves the Ministry of Tourism to become a Deputy at the Ministry of Communications, Nana Paddy Acheampong, until the changes was a Deputy Minister of Health, takes over from Owuraku Amofa as Deputy Minister of Tourism.
Other nominations are Prof. Kwame Danso Boafo, Ambassador to Cuba is now the Minister of Health, with Mr Charles Martey Kpabitey, a senior officer with the Agricultural Development Bank, as a Deputy Minister of Health. Mrs Cecilia Johnson, Deputy minister, is now the Minister of Local Government and Rural Development, taking over from her boss, Mr Kwamena Ahwoi, who becomes a Minister of State responsible for Planning and Regional Economic Co-operation and Integration.
Mr Daniel Ohene Agyekum, until the reshuffle, the Greater Accra Regional Minister, becomes a Minister of State at the Presidency, responsible for Chieftaincy Affairs and Protocol.
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Daily Graphic
AGC faces court action
In a front-page story, the Daily Graphic reports that four shareholders of Ashanti Goldfields Company (AGC), led by Adryx Mining and Metals Limited, have filed a writ at an Accra High Court to unseat the directors of AGC.
They are also said to be seeking an order to compel the AGC to convene an extraordinary general meeting to propose resolutions for the election of a new board of directors.
The Graphic says that the shareholders, who together hold approximately 4.2% shares, are also seeking an authority from the court to permit the sale of all, any part of the company's interest in the mining assets.
The paper says that the writ filed by an Accra law firm, also seeks in the interim, to restrain the existing directors of Ashanti from entering into any agreement, contract or undertaking, which may impair or substantially reduce the ability of any new board , which may be elected at the extraordinary general meeting to deal with the company's affairs as it might otherwise choose.
According to the Graphic, the company intends to vigorously defend the proceedings in court.
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The Guide
Ghana more corrupt than Nigeria
The Guide in a front-page screamer reports the Nigerian Minister of Works and Housing, Chief Tony Anenih as contending that the indices for corruption may be higher in Ghana than in Nigeria.
He is said to have mentioned specifically the area of road construction in the two countries. The paper says that Chief Anenih was reacting to accusations levelled against him by his fellow Nigerians in various leading newspapers about corruption within his Ministry in the award of contracts for road construction.
The Nigerian Minister is said to have held a press conference to put his case across and give a comparative figures in the industry in respect of roads for the two countries.
According to the Guide, the revelations by the Nigerian Minister indicate that Ghana spends more money on road construction of the same value, length and quality than neighbouring oil-rich Nigeria.
The paper says that comparative analysis made by the Nigerian Minister confirms that for every kilometre of road of 50mm-asphalt overlay, Ghana spends $170,000 while Nigeria spends just $70,000.
According to him, while Nigeria spends $89,200 for every kilometre of resurfacing (double surface dressing), Ghana spends $160,000 per km, about 100% more. On regravelling, Chief Anenih is reported as saying that Ghana spends $42,000 per km while Nigeria spends $50,000 per km.
He is said to have also disclosed that Ghana spends $136,000 per km as against $50,000 per km in the area of upgrading from gravel to single surface dressing in Nigeria…
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The Independent
Post-Rawlings drama begins…Soldiers refuse to march for 31st
In a front-page banner headline story, the Independent says that one of the biggest events on the Ghanaian calendar ever since President Jerry Rawlings staged his own successful coup d'etat on December 31, 1981, has been the annual celebration of the day.
The paper notes that for year, military parades and elaborate route marches have marked the day and not even a Supreme Court order in 1992 outlawing the celebration of December 31 as a public holiday, has prevented President Rawlings from celebrating the event 'Nicodemously' with parades and military marches through streets of Accra, the national capital.
The Independent says that but something unusual happened on December 31, of the last millennium. Accra did not see the usual pomp and pageantry that have marked previous celebrations.
There was no route march through some street of Accra. The paper says that of course, there was the annual rally at the El-Wak, which in previous years was the climax of the route march. According to the Independent, for once, the soldiers refused to take part in any route march to celebrate December 31.
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The Ghanaian Chronicle
Storm over Millennium Award…Frayed Moslem nerves
The Ghanaian Chronicle writes that sparks are still flying nearly two weeks after the hugely publicised "Millennium Excellence Award" ceremony ended on a sad and fraudulent note.
In a lead story, the paper says that the event turned out to be a three-dimensional fraud loaded with differing layers of deception.
According to the Chronicle, the scene that appeared to be the most innocuous has turned out to be the most sensitive, fraying Islamic sensitivities in the process.
The paper says that outraged Moslems, who saw their National Chief Imam, Sheikh Usman Nuhu Sharubutu, "lured" by the organisers to personally present an excellence award to a brewery, are insisting on an unqualified apology.
The Chronicle says that it is sacrilegious to have a true Islam, much more an Imam, to have a public encounter with alcohol or anything to do with the production and consumption of it, especially during the Holy month of Ramadan.
According to the paper, the ceremony was packaged as a private sector initiative by Mr Ashim Morton, chief executive of Ghana Classifieds, it was designed at the Castle and passed on to Mr Morton to publicise.
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