No decision to replace liquidated banks- Minister
Cabinet endorses credit agreements, treaties
No decision to replace liquidated banks- Minister
Accra (Greater Accra), 28th January 2000
Government has not decided or discussed the establishment of a new bank to replace the liquidated Co-operative Bank and the Bank for Housing and Construction, the Minister of Communications John Mahama said on Thursday.
He said as usually done after liquidation, the assets of the two banks would be sold and the proceeds used to recover financial and other liabilities left behind.
However, the door is not closed to the establishment of a new bank by private entities, Mr. Mahama said, adding "the liquidators have received interests in the assets of the two banks, which might probably be invested in a new facility."
Mr Mahama was answering questions during a post-cabinet briefing in Accra.
He said after a thorough discussion of the liquidation of the two banks, Cabinet directed the Minister of Finance to ensure the early payment, in full, of customers' deposits as well as salaries and entitlements of workers of the two banks to alleviate their suffering.
The Minister explained that government considered various options to transform the distressed banks into viable ones but to no avail.
For instance, the BHC was put on divestiture but it was difficult to obtain interests as investors shy away after looking through its performance record, he said, adding that after this and many other options failed to yield results, the only way was to liquidate.
He gave the assurance that the initial transfer problems faced by customers of the two banks are being solved quickly.
GRi
Cabinet endorses credit agreements, treaties
Accra (Greater Accra), 28th January 2000
Cabinet has endorsed for Parliamentary approval agreements on three credit facilities totalling 62.8 million dollars to finance various projects and programmes.
They include 32 million dollars from the International Development Association (IDA) and the World Bank to partly finance the second phase of the Functional Literacy Programme from January 2000 to December 2004.
The Programme would cover some 200,000 learners per cycle of 21 months for five years with the target population aged between 15 and 45 years, focussing mostly on women and rural dwellers, Mr. John Mahama, Minister of Communications, said at a Post-Cabinet briefing in Accra on Thursday.
The second is a 20.9 million dollars Credit Agreement between Ghana and Agence Francaise de Development to finance the rehabilitation of selected arterial roads in the Sekondi-Takoradi and Tema areas.
It covers the 63-kilometre (km) Sekondi-Inchaban stretch of the Trans-West African Highway, the 48-km Adiembra road, the 2.4 km Tema-Ashiaman stretch that passes under the Motorway, Tema Manhean road, and the VALCO road linking the Akosombo road through the Industrial area.
The third agreement is a mixed credit facility of 9.9 million dollars between the government on one hand and the Institute De Credito, HSBC Bank Plc and Sucursal, all of Spain, to finance the Akwapim Ridge Water Supply Project.
A loan agreement between Ghana and the Austrian government for the turnkey construction of three 60-bed District Hospitals was also endorsed.
The hospitals are to be built in Sogakope in the Volta Region, Tarkwa in the Western Region and Gushiegu in the Northern Region at the cost of 250 million Austrian shillings each.
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Tamale CEPS makes big swoop
Tamale (Northern Region), 28th January 2000
The Customs Excise and Preventive Service (CEPS) office in Tamale has seized large quantities of uncustomed goods worth 435 millions cedis in two separate operations in the Northern region.
The goods, made up of polyester materials, have attracted duties and penalties totalling 574 million cedis.
Mr. Ofei Tenkorang, a senior collector, who led the operations team told newsmen on Wednesday that they acted on a tip off.
In the first operation on January 18, the team uncovered the goods hidden in an abandoned farm house at Kpendua, near Deboya, in the West Gonja district.
The second consignment was seized in a house at Sakasaka in Tamale on January 23.
Mr. Tenkorang said the owners have been given one month to pay the value and penalties or forfeit the goods to the state.
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