Accra (Greater Accra) 29 January 29 - Dr Paul Acquah, Governor of the Bank of Ghana (BoG), on Monday called for a sustained harmonisation of economic statistics and concepts in the ECOWAS Sub-region to give meaning to the criteria for single currency convergence.
"For instance, there should be no ambiguity in the definition of the budget deficit for central government whether it be measured to include subventionary agencies or district assemblies."
Dr Acquah told participants at a three-day workshop on Monetary Union under the auspices of the West African Monetary Institute (WAMI) and the Bank of England (BoE) in Accra that explicit criteria for consumption and production must be clearly budgeted for or excluded, adding that existing divergences must also be accounted for.
Dr Acquah said: "questions on statistical measurements aside, there is the need to harmonise the accounting systems, banking regulations, budget nomenclature, legal framework of public accounting and practices ... which would weave the fabric for efficient functioning of financial and other institutions within a competitive regional economic space."
Dr Acquah urged the six countries in the fast track mode - Ghana, Nigeria, The Gambia, Sierra Leone, Liberia and Guinea - to pursue efficient financial markets and integrated financial systems that hold the key to good monetary policy.
The Governor urged governments in the region to also place the issue of barriers to movement of goods and people on fast track to give real meaning to the ECOWAS Trade Liberalisation Scheme and other protocols signed by member countries.
"Otherwise, the benefits of integration will be elusive. Thus, progress on this track is a test of commitment to integration in the sub-region." He noted that since there was political will and commitment to move ahead with monetary integration, it was the responsibility of the technicians and experts to help define the challenges and propose solutions to them.
Dr Acquah prayed for proper homework, "including the necessary macro-economic polices and structural reforms, while strengthening trade and sector linkages that are essential for economic growth."
Dr M. D. Ojo, Director-General of WAMI, said the Institute had produced two reports on the progress of microeconomic convergence. "In addition, the Institute has finalised work on an Exchange Rate Mechanism for countries of the zone.... WAMI has also surveyed payment systems in the countries of the zone and identified the necessary reforms that would be required to improve payments in the region for effective implementation of a common monetary policy".
Dr Ojo said WAMI was focusing on the harmonisation of statistics and development of common rules and regulations for banks in the zone. The workshop has resource persons from the BoE, who would share their experiences within the European Monetary Board with their WAMI counterparts.
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Salaga (Northern Region) 29 January 2002 - Ghana spent a total of 150 million dollars on the importation of fish to supplement local produce last year in spite of the country's high inland and marine fishing potential.
In this regard, District Chief Executives have been urged to give the fishing industry their maximum support in their various districts to revamp the industry and reverse this trend.
In an address delivered at the fifth monthly meeting of District Chief Executives in the Northern Region at Salaga, on Friday, Mr Ishmael Ashitey, Minister of Fisheries, said the continuous importation of food items that could be adequately produced in Ghana, did not augur well for the nation's economy.
Hence, it was the duty of District Chief Executives to help fishermen in their areas to improve upon their businesses so as to produce enough fish. Mr Ashitey said the government was out to generate wealth for Ghanaians and not to plunge them into further state of poverty, and urged all stakeholders in the food industry to help produce adequate food to feed the nation.
He called for the monitoring of fishing methods and vessels by District Chief Executives in their respective areas to ensure that fishermen do not operate with unauthorised fishing nets.
Mr Ashitey was on a working tour of fishing communities along the Volta Lake.
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Accra (Greater Accra) 29 January 2002 - A 20-cedi loss by Aluworks Limited (ALW) brought down the Ghana Stock Exchange (GSE) All-Share Index by 0.43 points on Monday to wipe out the gains made during last week.
The main market index went down from 956.76 points to 956.33 points. ALW lost 20 cedis at 4,280 cedis in poor trading that saw only 6,800 shares changing hands from another low of 23,800. All other equities remained the same.
The change for the year also went down to 0.04 per cent. Market capitalisation also went down at 3,904.78 billion cedis from at 3,905.61 billion cedis.
The following are the closing prices of the equities in cedis:
ABL 320
AGC 18,800
ALW 4,280 -20
BAT 627
CFAO 60
EIC 3,061
FML 950
GBL 1,000
GCB 1,570
GGL 905
HFC 952
MGL 241
MLC 145
MOGL 18,500
PAF 800
PBC 450
PZ 1,010
SCB 20,551
SPPC 341
SSB 2,200
UNIL 2,300
CMLT 430
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Ho (Volta Region) 29 January 2002 - A Regional Investment Promotion Co-ordinating Group (RIPCG) for the Volta Region was inaugurated on Monday at Ho with a call on its members to brace themselves up for a fierce inter-regional competition for investors.
The group, which is the second in the country after the one in the Western Region, coincide with the inauguration of the Ghana Investment Promotion Centre (GIPC) regional office.
While the RIPCG would promote investment activities at both the regional and district levels, the GIPC regional office would provide professional advice and guidance to investors.
In a speech read on his behalf, Mr Jake Obetsebi-Lamptey, Minister of Information and Presidential Affairs urged the authorities in the region to streamline land acquisition procedures by making these less cumbersome for investors.
Mr Obetsebi-Lamptey suggested the creation of industrial parks or estates in the region as a matter of urgency to facilitate the establishment of manufacturing outfits. He urged the RIPCG to concentrate on areas in which the region has comparative advantage while exploring opportunities offered by the African Growth and Opportunities Act (AGOA) of the US government.
Mr Obetsebi-Lamptey, recommended to the group to examine crop cultivation, livestock rearing, fishing and agro-processing as well as textile, craft industry, ornamental and beauty products, among others in the region.
"Above all, I believe that your greatest asset is the very high potential for tourism that exists in this region. "Sooner rather than later, the vast investment opportunities in this sector would be highlighted and aggressively marketed," he added.
Mr Kwesi Abease, Chief Executive of the GIPC said the clamour for investment worldwide has become so fierce that countries like Ghana would have to turn to their local investors and the foreign ones already in the country.
He stressed the need to correct the one-sided investment profile in the country where for example between 1994 and 2001 out of the 1200 foreign investments in the country, Greater Accra alone had 948 (78 per cent) with the remaining 32 per cent shared among the other regions and the Volta Region taking 20 (1.65 per cent).
The Brong Ahafo, Upper West and Upper East regions attracted less than 0.5 per cent with Ashanti Region attracting 90 investment projects. The Western, Central, Eastern and Northern regions had 57, 41, 36 and 13 projects respectively, he said. Mr Kwasi Owusu-Yeboa, Volta Regional Minister expressed that the GIPC office would not be a dormant unit but spearhead the investment drive in the region.
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Accra (Greater Accra) 29 January 2002
Currency Buying Selling
US Dollar 7,180.82 7,376.27
Pound Sterling 10,131.42 10,409.39
Swiss Franc 4,218.26 4,331.83
Canadian Dollar 4,459.06 4,577.57
Japanese Yen 53.72 55.15
S/African Rand 631.42 645.77
Euro 6,214.45 6,383.00
CFA Franc 9.47 9.73
Naira 64.31 66.06
Ecowas/WAUA
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