The programme
would involve the development of an export-oriented industrialization drive,
focused on agro-processing and manufacturing activities that would include mass
mobilisation of the rural communities and other vulnerable groups.
It would also
involve the development of a comprehensive import substitution
industrialisation programme targeted at producing locally, 70 percent of all
non-petroleum government imports as well as 50 per cent of all processed food
and agricultural products imported into the country by individuals and
companies.
Ishmeal Ashitey, Minister of State, at the Ministry of Trade, who
announced this in
The policy
would facilitate technology audit, retooling of obsolete equipment,
sub-contracting and packaging. The Pinacle award has
been designed to reward entrepreneurs, business executives and Ghanaian
individuals both at home and abroad for excelling in their chosen fields of
endeavours.
It would
identify and unearth existing and potential talents and skills in both
corporate and non-corporate
It is being
instituted by the Industrial Pinacle Africa Network,
a subsidiary of Sound and Vision Multikom Network
Limited, in collaboration with Association of Ghana Industries, (AGI) Ministry
of Trade and Industry, National Board of Small Scale Industries, Ghana Chamber
of Mines, and other organisations.
The Pinacle award would highlight the achievements and
successes of nominees in their respective categories and the first award is
scheduled for March 2004 to coincide with the celebration of
Ashitey, who represented Vice President Alui Mahama, commended the
organizers of the award and urged AGI and other similar award organisers to
bring the various private sector award initiatives under a common fold to avoid
duplications.
Abu-bakar Saddique Boniface, Deputy
Minister of Trade and Chairman of the IPA explained that selected winners from
all over the country would be awarded with prizes ranging from financial
support for production, technology and consultancy services, industrial or life
insurance, certificates and plaques, and trade promotion in both local and
international markets.
He said such an
award for
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"As far as
we are concerned there are no problems with our payroll because the Controller
and Accountant-General had paid all our salaries up to the month of June,"
he told the Ghana News Agency (GNA) in an interview in
"If there
were problems, the Ministry of Finance would not have ordered the Controller to
pay us our salaries," he said. Otoo was reacting
to a statement made by Eugene Ofosuhene, Deputy
Controller and Accountant-General on Wednesday that problems with the Education
Ministry's payroll budget had derailed the entire payroll structure of
government.
Otoo also denied knowledge of any scheduled meeting next week with the
office of the Controller and Accountant-General to rectify the alleged anomaly.
He said he was surprised when he heard the report on radio on Thursday morning.
"I cannot
offer any further comment because as I have said there are no problems with our
payroll." Ofosuhene made the assertion when he
delivered a lecture at this year's Public Accountancy Week in
In his
presentation he said, "until we met with the
Minister of Education to resolve the Ministry of Education's payroll budget
situation, which had currently derailed the entire payroll structure in the
country, salary releases would not come". "The problem at MOE is so
huge that there appears to be some concealing of names so they are unable to
provide us with realistic figures for their budget."
Ofosuhene said the Ministry of Defence would be an exception
since their salaries were paid fortnightly.
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The other two
are a levy of 0.5 per cent of the Cost Insurance Freight (CIF) value of all
goods imported from non-AU countries and a levy on air tickets to or from
The suggestions
were contained in a report submitted by the experts to the Committee of
Permanent Representatives (COREP) of the AU Summit in
The AU would
need at least $65m, a figure twice its current budget, to meet its operating
costs. It is seeking alternative sources of funding to prevent pressure which
insufficient funding could put on its future organs. Under the second
suggestion of the CIF, which is currently being applied in the European Union
(EU), the West African Economic and Monetary Union (UEMOA) and in the Economic
Community of Central Africa (CEMAC), it would earn the AU about 600 million
dollars yearly or 20 times the annual budget the former Organisation of African
Unity operated with.
Other sources
of earnings suggested by the report included systematic commercialisation of
Pan African Trade Fairs, the sale of publications and the search for
partnerships and grants. The report, however, said whatever the relevance of
such measures, contributions from member states should be the main source of
funding and should continue for a few more years.
The experts
recommended that the contributions from member states should be integrated into
national legislations and provide for stronger sanctions where necessary
through penalties for arrears.
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Currency Buying Selling
U.S.
Dollar 8,602.45 8,767.55
Pound
Swiss
Franc 6,340.34 6,459.34
Canadian
Dollar 6,239.56 6,356.17
Danish Kroner
1,214.79 1,339.52
Japanese
Yen 73.18 74.56
South African
Euro 9,774.02 9,960.49
CFA Franc 14.90 15.18
Naira 68.14 69.45
ECOWAS
WAUA 12,383.67
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Presenting the
half-year stock market review in
The All-Share
Index almost doubled to 49.41 from January to June this year as compared to
28.01 per cent for the same period last year. Indeed the Index moved from
1,395.31 points at the beginning of January to 2,084.72 points in June.
The gain in the
index, even at half-year rate, was above the prevailing annual interest
equivalent on 91-day treasury bills of 35.27 per cent at end June 2003. The
gain was again above the June 2003, 12-month inflation rate of 29.80 per cent
as well as the 45.96 index gain recorded for the whole of 2002.
He said market
capitalization at the end of the period was ¢8.652bn as against the ¢4.429bn
while percentage increase in market capitalization was fixed at 39.9 per cent.
The figure for the same time last year was a low of 13.5 per cent. He
attributed the increase to the rise in share prices of nearly all the listed
equities.
Yamoah singled out the listing of Cocoa Processing
Company as contributing a huge ¢538bn of total increase in market
capitalization from ¢861.48m issued shares in February this year. The CFAO and
the Ashanti Goldfield's additional listings contributed ¢10bn and ¢62bn,
respectively, to the change in capitalization. Market capitalization went up by
just 13.4 per cent to ¢4.429bn in the first-half of last year.
Yamoah said volume of shares traded was ¢51.38m, raking
in ¢256.0bn. Volume of shares traded from January to June last year was 32.46
per cent and earned only ¢59.30bn. The value of bonds traded by corporate
members closed at the period at $529,000 compared to the $249,750 posted last
year.
Earnings from
the Government of Ghana Index Linked Bonds (GGILBS) dropped, fetching a meagre
¢2.75bn against the ¢22.22bn for last year. Yamoah
explained the situation to the recent increase in inflation due mainly to the
increase in petroleum prices, which has made treasury bills more attractive.
The major
increase in the volume and value of shares was the arrival of Societe General Group into SSB Bank operations where they
bought controlling interest.
GRi
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