Ashanti to hold GIFEX in December
BAC equips GESTA with management skills
Deputy Minister resolve two-year labour dispute
Board members of three state institutions named
GSE Index back to modest volume after Friday's record close
Accra (Greater Accra) 17 July 2001
The Bank of Ghana (BOG) on Monday urged Parliament to change the banking laws to reflect the provisions establishing the West African Central Bank (WACB), which will come into being next year.
This is important to ensure that statutes of national central banks and other relevant national legislations are compatible with the West African Monetary Zone (WAMZ) agreement, Mr Van Lare Dosoo, Deputy Governor, said at the opening of a workshop in Accra on: "The role of Parliament in regional co-operation and integration: the West African currency."
He explained that under WACB statutes the BOG would become a branch of WACB and "will no longer have the autonomy of currency issue or implementation of monetary policy."
"Furthermore, under the Statues, Article 15.1 of the WAMZ the central government, local or public authority is prohibited from receiving credit from the central bank except in exceptional cases where temporary shortfalls in receipts are accommodated to a maximum of 10 per cent of the previous year's tax revenue," Mr Dosoo said.
"In addition, Article 15.5 of the WAMZ statute provides that all restriction on the movement of capital between member states and third countries are prohibited.
"Parliament in its wisdom will have to give legal backing to these statutes by changing the laws on our statute books to reflect the provisions of the West African Central Bank."
The workshop was organised by the Parliamentary Select Committee on Foreign Affairs in collaboration with the West African Monetary Institute (WAMI). It is to provide first hand information for lawmakers on the current integration programmes of ECOWAS especially the proposed common currency.
The Deputy Governor said many of the provisions are incompatible with sections of Ghana's constitution and laws governing the operation of the Bank of Ghana.
"It is, therefore, important that Parliament carefully considers the provisions of the WAMZ agreement so as to effect the appropriate changes in law to give effect to the agreement. If this is not done eventually, all our best efforts towards the realisation of the common currency will come to naught."
Mr Dosoo said managers of the economy must do more to help the country attain the requisite convergence criteria for entry into the Second Monetary Zone.
The establishment of a second monetary zone is to merge the currencies of several English-speaking countries in the sub-region.
Dr Kwesi Nduom, Minister of Economic Planning and Regional Co-operation, in a speech read for him said the workshop marks a new partnership between the Executive and Legislature in promoting regional integration.
"This partnership will ensure that the legislature is well informed about regional agreements that need to be ratified by national parliaments before they are implemented at the national level."
Dr Nduom said the non-ratification of ECOWAS protocols by some member countries was one of the major problems hindering the implementation of the numerous agreements in the sub-region.
He said his ministry supports the fast track approach of integration in sub-region.
Dr Nduom said it is in this direction that an inter-ministerial committee, known as the National Sensitisation Committee, has been set up to support the ECOWAS and WAMI in sensitising the various stakeholders on the West African Common Currency.
The Speaker of Parliament, Mr Peter Ala Adjetey commended the organisers of the workshop, saying that against the background of globalisation, it appears rapid integration is the only way small nations can survive.
He stressed the need for integration to cover agriculture and industrial production, trade, currencies and infrastructure.
Mr Adjetey said Parliament was ready to support the efforts of leaders in the sub-region towards integration.
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Kumasi (Ashanti Region) 17 July 2001
An Ashanti-Ghana Industrial Furniture Exhibition (GIFEX) to showcase the beauty and technological innovations in the country's furniture and other wood products is to be held in Kumasi in the middle of December.
The 10-day exhibition has as its theme: "Conservation of Ghana's forest through more value added processing", a press release singed jointly by the Co- Chairmen of the Planning Council of the exhibition, Mr Samuel Akum-Young and the Reverend Samuel K. Fugah said.
The Furniture and Wood Workers Association of Ghana (FAWAG) and the Small-Scale Carpenters Association (SSCA) are the organisers.
The release said a formal launching ceremony would be held at the forecourt of the Timber Secretariat in Kumasi on Thursday, August 16.
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Kumasi (Ashanti Region) 17 July 2001
A four-day management appreciation seminar to upgrade the entrepreneurial and management skills of 50 members of the Ghana Electronic Servicing Association (GESTA) has ended in Kumasi.
The Business Advisory Centre (BAC) of the National Board for Small-Scale Industries (NBSSI) organised the course.
The participants were taken through business purpose and operations, characteristics of an entrepreneur, management in a small enterprise, record keeping, costing and pricing, marketing and customer relations and introduction of business planning.
Closing the seminar, Mrs Beatrice B. Boakye, Head of the Ashanti BAC, said her outfit has so far assisted 50 GESTA members to register their businesses with the Registrar General's Department.
She said the upgrading of the knowledge and skills of the technicians was designed to make them competitive in the job market.
Mrs Boakye said she was convinced that the trainees had been equipped with new knowledge and skills that would make them better entrepreneurs.
Mr Kwame Buor, Ashanti Regional Chairman of the Association of Small-Scale Industries (ASSI), said the vision of the association was to give members the type of training that would enhance their business.
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Kumasi (Ashanti Region) 17 July 2001
A lingering labour impasse that has for the past two years created uneasy calm at the Kumasi GIHOC Footwear Factory has now been amicably resolved following the intervention of the Deputy Minister of Trade and Industry, Mr Akwasi Osei-Adjei.
The workers, who were demanding the replacement of Nana Agyeman Tiatoa, the Acting General Manager and had barred him from entering the plant backed down from their hard lined position and accepted to work with him, at a meeting with the Deputy Minister.
They had accused Nana Tiatoa of incompetence and running down the factory through unilateral decisions.
Addressing the workers after separate meetings with the management and the Labour Union's Executive, Mr Osei-Adjei noted that without industrial peace and harmony, there was no way the government could source funds to re-capitalise the factory that was now in a state of distress.
He said no investor would be prepared to put money into a company with a tradition of bad labour relations.
The Deputy Minister said the government would not hesitate to conduct thorough investigation into any suspected act of malfeasance and deal appropriately with those found guilty.
In line with the policy of promoting the patronage of "made in Ghana" goods, the Ministry was making efforts to get orders for the factory from the security services.
Mr Osei-Adjei said everything would be done to take full advantage of the ECOWAS market by exporting more goods and reducing imports.
The workers should show commitment and be ready to make some sacrifices to help resuscitate the factory.
Mr Peter Nkansah, the Chief Engineer, who doubled as the Acting General Manager and Mr Adu Afful, the Union Chairman, on behalf of the management and workers, respectively, thanked the Deputy Minister for his intervention.
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Accra (Greater Accra) 17 July 2001
The government on Monday named the membership of the boards of the Ghana Trade Fair Company Limited (GTFCL), Ghana National Procurement Agency (GNPA) and National Board for Small-Scale Industries (NBSSI).
Mr Eddie Imbeah-Amoako, former Executive Secretary of the Association of Ghana
Industries (AGI), chairs the six-member board of the Ghana Trade Fair Company
Limited.
Mrs Elizabeth Joyce Villars, Vice President of AGI and Chief Executive of
Camelot Limited, Mr Gabby Nketiah Nsiah, Special Aide to the President, Mr
Victor Okuley Nortey, MP for Ablekuma Central, Mr Prince Oduro Mensah, MP for
Techiman South and Ms Esther Dzifa Ofori, Chief Executive of GTFCL are the other members.
Nana Akwasi Kuma, an Engineering Consultant and Gyasehene of Ofinso Traditional Area, is the chairman of the six-member GNPA board.
The other members are Mr Kingsley Agyeman, Managing Director, Kingsman Enterprise Limited, Mr Abraham Ossei-Aidoo, MP for Tema West, Mr Paa Kofi Ansong, businessman and PRO of the Ghana Union of Traders Association, Mr K.
Agyei Addo and Mr Abel Adusei, Chief Executive of GNPA.
Mr Jude Arthur, Managing Director of First Atlantic Bank Limited is the chairman of the eight-member NBSSI board.
The other members are Mr Victor Anang, Executive Secretary of the Association of Small-Scale Industries, Dr Nii Ashong, Research Fellow at the Centre for Policy Analysis and Mr Kennedy Agyapong, MP for Assin North.
Other members are Ms Afia Adoma Sarpong, Managing Director of Adoma Sarpong Company Limited, Ms Emelia Agyapong, a lawyer and women's rights consultant,
Alhaji Musah, a contractor and Nana Dr Baah Boakye, Chief Executive of NBSSI.
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Accra (Greater Accra) 17 July 2001
After closing at a record 3.3 million traded shares on Friday, traded volumes slumped on the Accra bourse on Monday to a mere 12,900 shares.
The GSE All-Share index, the key stock measure, however, rose a modest 0.33 points to 934.90 from 934.57, due to a 10-cedi increase by Unilever Ghana Limited (UNIL).
Trading a total of 11,800 shares, UNIL's price increased from 1,810 to 1,820 while the other stocks' prices remained unchanged.
The other companies that traded shares are Patterson Zochonis (700), Enterprise Insurance Company (200), and Accra Brewery Limited (100) and Aluworks (ALW) (100), bringing the total volume of shares traded to 12,900.
Market capitalisation was slightly up at 3,789.86 billion cedis from 3,789.24 billion cedis.
The following are the last prices of listed equities in cedis:
ABL 630
AGC 18,500
ALW 12,100
BAT 550
CFAO 60
EIC 2,890
FML 853
GBL 1,300
GCB 1,600
GGL 900
HFC 952
MGL 240
MLC 130
MOGL 19,600
PAF 350
PBC 450
PZ 640
SCB 21,000
SPPC 306
SSB 2,300
UNIL 1,820 +10
CMLT 425
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