GRi Business, Economics & Finance 02 – 07 - 2003

ECOWAS Scheme being pursued-Minister

Kumasi (Ashanti Region) 2 July 2003- Mr Ishmael Ashitey, Minister of State at the Ministry of Trade, Industry and President's Special Initiatives, has said that the ECOWAS Trade Liberation Scheme (ETLS) under the ECOWAS integration arrangement was being pursued with the hope of adopting a common regional currency by the year 2007.

This is to help expand trade transaction and business in the West Africa Sub-Region. Presenting a paper at a workshop on Ghana's Evolving Trade Policy and Poverty Reduction and Wealth Creation" in Kumasi, Mr Ashitey said the Abuja Treaty and the African Union also held potential for intra-Africa trade.

The workshop was organised by the Parliamentary Select Committee on Trade, Industry and Tourism in collaboration with the Friedrich Ebert Foundation.

Mr Ashitey said the Ministry as the main policy making and implementing agency needed to be strengthened and resourced to meet the challenges of trade development and wealth creation.

Mr Sampson Kwaku Boafo, Ashanti Regional Minister, noted that the liberation of the Ghanaian economy necessarily entailed the sustained marketing and promotion of locally manufactured goods.

He stressed that in today's global market economy, the competitiveness of industry in any country largely depended on the World Trade Systems (WTS) and the institutions that governed trade between nations. "The World Trading Systems is, therefore, critical to the performance and consequent survival of industries throughout the world", he said.

Nana Asante Frempong, Chairman of the Committee, expressed the hope that the three-day workshop would enable members of the Committee to understand current trade agreements, adding, "in the country like ours, there is the need for MPs to have access to information and also be well-informed so that they contribute effectively to debates in Parliament".

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Gov’t tackles micro economic issues

Mpraeso (Eastern Region) 2 July 2003- The Minister of Communication, Mr Albert Kan-Dapaah, has said the government had put in place adequate fiscal measures to enhance the country's micro economic environment.

He said due to prudent measures to streamline structural defects in the economy, multi-national financial organisations and other donors including the World Bank and the International Monetary Fund (IMF) had confidence in the economy and had financed several development projects.

Mr Dapaah was addressing a New Patriotic Party rally on Monday at Mpraeso in the Kwahu South District of the Eastern Region. He said the government would not shirk its responsibility and would fulfil promises the party made to Ghanaians during the 2000 election campaign to adopt effective monetary measures and improve the living standards of the people.

The Minister appealed to all supporters of the party to co-operate and support the government to initiate effective policies and programmes to enhance the country's economic growth and development.

The Member Parliament (MP) for Abetifi, Mr Eugine Atta Agyapong, said the World Bank and the British government had given the government 125 million dollars and 130 million pounds sterling loans respectively to support the budget.

The Deputy Minister for Works and Housing and MP for Atiwa, Dr Obrempong Yeboah, said the government has secured a loan to put up affordable houses for workers throughout the country.

The Eastern Regional Minister, Dr Francis Osafo Mensah, advised party supporters to be abreast with government policies and programmes to enable them to explain it to the people in order to diffuse the opposition's propaganda.

He said the contractor working on the Nkawkaw Sports Stadium had obtained certificate to start work on the project while Construction Pioneers had also decided to resume work on a portion of the Nkawkaw-Atibie road.

The Regional Minister said telephone facilities would be extended to Abetifi before the opening of the Presbyterian University at Abetifi in October while the telephone exchange at Mpraeso would be extended to cover other towns on the ridge.

The District Chief Executive (DCE), Mr Raymond Osafo Gyan, said the government had awarded the Nkawkaw town, the Fodoa Kwahu-Praso, Kwahu Tafo-Adawso and Abetifi-Abene roads on contract while the Akwasiho-Suminakese-Hwehwee and Kwahu Tafo-Miaso feeder roads would be rehabilitated.

He said some white farmers from Zimbabwe had invested in the area and would cultivate large hectares of soya beans for processing and export while efforts are being made to establish brick and tile factory to process clay deposits in the district.

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