Ghana to become agro-based economy by 2010--Dr Apraku
Government sells drill ship to defray debt
Accra (Greater Accra) 27 July 2001
Dr Kofi Konadu Apraku, Minister of Trade and Industry on Thursday said the agricultural sector is being strengthened to make Ghana an agro-based economy by 2010.
He said most of the agricultural raw materials being produced are to be processed to add value to them for export to earn more foreign exchange for the country.
Dr Apraku was speaking on "Investment opportunities in the Trade and
Industry sector" at a meeting with the 20-member Chief Executives of Moroccan companies who are on a two-day visit to Ghana in Accra.
He said Ghana has enjoyed a steady trade with Morocco since the past three years and total trade within the period on the average was 2.8 million dollars in favour of Morocco.
Dr Apraku said trade increased from 2.4 million dollars in 1998 to 2.8 million dollars last year a growth of 17 per cent and Ghana's exports consisted of sawn timber while the major import was fish, adding "there is a lot of room for further expansion of trade between the two countries."
He said the Ghana Investment Promotion Act of 1994, provides guarantees to all enterprises free transferability through any authorised dealer bank in freely convertible currency of dividends or net profits attributable to a foreign investment.
Dr Apraku said government has entered into bilateral investment promotion and protection agreements with some countries to enhance the protection and security of the investment regime and is prepared to enter into similar agreement with Morocco.
Madam Hawa Yakubu, Minister of Tourism said an arts and crafts village is to be established where artisans would be grouped to produce items for the export market.
At these villages provision would be made for the use of credit cards, travellers cheques and other means of transactions for tourists.
Madam Yakubu said the political commitment to promote tourism and package it well has been a major problem and the trend is being changed under the NPP government.
Mr Ishmael Ashitey, Minister of State for Fisheries called for assistance from Morocco to monitor the Ghanaian waters where many vessels poach with ease. Ghana also needs to use modern technology in fishing.
He said last year, Ghana imported 150 million dollars worth of fish and this could be reduced through aqua-culture which is predominant in Morocco.
Mr Mourad Cherif, leader of the delegation said their mission is to establish contacts with their Ghanaian counterparts for the success and mutual benefits of the two countries.
"We are here to have fruitful discussion with the private sector for our mutual benefit."
He said Morocco had difficult moments between 1983 and 1993 when inflation was about 12 per cent and trade deficit of about 12 to 14 per cent and therefore had to liberalise the economy, change the legal and tax system and other measures to attract foreign investment.
Mr Cherif said now inflation has been reduced to two per cent and balance deficit of three per cent, macro economic indicators have been stabilised to promote private sector participation in the economy.
GRi…/
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Accra (Greater Accra) 27 July 2001
The grand draw of the Star Kist Peel and Win Promotion was held in Accra on Thursday with Ms. Isabella Osei-Wusu from Kumasi winning the first prize of a return air ticket to London.
The four-month raffle organised by Parry Company was aimed at encouraging Ghanaians to patronise Made-in-Ghana products.
The second prize of "Akuaba cute kitchen", a kitchen cabinet costing 4.5 million cedis, went to Ms Regina Gyatsen of Accra while Mr Desmond Boye-Doe won the third prize of a Bosch Food Processor. In all, 450 prizes totalling over 50
million cedis would be given out.
Mr Sidney Koranteng, Media and Events Manager in charge of the draw, said all prizes would be given to winners on August 4 at the La Trade Fair centre where there would be a re-launch of the Star Kist product.
He said the new product, which would be easy to open, is named New Star Kist Easy 'O'.
GRi…/
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Accra (Greater Accra) 27 July 2001
Government on Thursday said it has negotiated the sale of "The Discover," a drill ship owned by the GNPC, at 47 million dollars to defray a debt owed by the Corporation to Societe Generale.
A statement signed by Ms Elizabeth Ohene, Government Spokesperson, said the erstwhile Chief Executive of the GNPC, Tsatsu Tsikata, incurred the debt "when he dabbled in the derivatives market and lost heavily."
A High Court in London awarded 47 million dollars including seven million dollars in costs and interest to Societe Generale.
The statement said Mr Tsikata as security for his losses had offered the drill ship to Societe General, which tried to enforce the judgement by selling the ship which was then detained off the shores of Oman.
"As part of the negotiated settlement by the government, the Bank agreed to orderly and commercial sale of the ship," the statement explained, adding that the Minister of Energy would hold a press conference next week on details about the transaction and other related matters.
GRi…/
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Accra (Greater Accra) 27 July 2001
Mr Albert Kan-Dapaah, Minister of Energy on Thursday announced plans to restructure the Ghana National Petroleum Company (GNPC) to save the cash-strapped company from going further into the drain.
Mr Kan-Dapaah, who made this known to the media in Accra, said the high indebtedness of the company was due to the fact that the former management diverted from its mandate of exploring for gas and crude oil and ventured into other capital-intensive projects.
He said GNPC has over 700 workers on its pay roll, which is also a drain on the national income.
Mr Kan-Dapaah said the completion of the restructuring exercise would be preceded by the appointment of a management board to get the company back into business.
GRi…/
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