GRi Business, Economics & Finance 17 – 07 – 2003

Minister negotiates tariff between companies

Inter-bank exchange rates of the cedi

Expedite action on re-introduce of ESB - PSWU

Minister negotiates tariff between companies

Accra (Greater Accra) 17 July 2003 - Prof Christopher Ameyaw-Akumfi, Minister of Ports, Harbours and Railways (MPHR) on Wednesday negotiated a five percent tariff increment between the Ghana Railway Company (GRC) and the Ghana Manganese Company (GMC) for the hauling of manganese from Nsuta to the Takoradi harbour

A statement from Ahmed Ayuba, Special Assistant to MPHR said the increase from $3.35 to $3.52 per metric tonne has been agreed upon by the two organizations.

The statement said the increment in the tariff rate would enable the GRC to improve upon its performance and fulfil its projected haulage target for the year. It also said the GRC is to restructure a short-term loan facility provided to the company by GMC to improve its haulage capacity.

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Inter-bank exchange rates of the cedi

Accra (Greater Accra) 17 July 2003

Currency Buying Selling

U.S. Dollar 8,599.36 8,771.18

Pound Sterling 13,664.38 13,939.16

Swiss Franc 6,189.14 6,309.31

Canadian Dollar 6,168.19 6,287.96

Danish Kroner 1,289.82 1,314.90

Japanese Yen 72.70 74.12

South African Rand 1,106.88 1,124.44

Euro 9,585.68 9,772.27

CFA Franc 14.61 14.90

Naira 68.14 69.50

ECOWAS WAUA 12,384.06

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Expedite action on re-introduce of ESB - PSWU

Ho (Volta Region) 17 July 2003 - Abraham T. D. Okine, General Secretary, of the Public Services Workers Union (PSWU) of the Trades Union Congress (TUC), on Monday called on the government to keep faith with workers and expedite action on the re-introduction of the End-of-Service-Benefits (ESB).

He urged the government to remove all bottlenecks inhibiting the smooth implementation of the ESB, since the announcement by the National Tripartite Committee in September 2002, for its restoration.

Addressing the Volta Regional Delegates Conference of the Union at Ho, he noted that proposals for review of the various Collective Bargaining Agreements (CBAs) have been submitted but "it seems government is paying lip-service to the issues involved.

Government through the Ministry of Finance and Economic Planning should mandate State-Own-Enterprises (SOEs) to go ahead and negotiate the new ESB," he said.

"Our members concerns are that the negotiations on the issue have stalled and are not taking things lightly, " Okine added. Mensah Nyarko, National Chairperson of PSWU, called on workers to resist government policies that were "anti-worker" and some prescribed by the Breton Woods Institution as detrimental to their welfare.

He asked branches of the Union to brainstorm and contribute to topical national issues instead of wasting time on trivial issues. A five-member Regional Executive Council was elected under the chairmanship of James Atsu Hattoh, Jerry Etse Agbo and Ms Evelyn Klokpodzi first and second Vice-Chairpersons and Daniel Mensah and Kenneth Koduah, first and second Trustees respectively.

Hattoh pledged to work with the executive members as a team to justify the confidence reposed in them.

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NEPAD, a driving force - Kufuor

Abuja (Nigeria) 17 July 2003 - President John Agyekum Kufuor has referred to NEPAD as a driving force behind many joint undertakings of major investments, in promoting regional and continental integration and other economic activities.

He said, today, NEPAD has gained international recognition through its activities.

President Kufuor said the NEPAD initiative has brought Africa to the realisation of the need to collaborate, locally and internationally for rapid development.

He said the West African Gas Pipeline and the ECOWAS Bank for investment are perfect examples of such collaborations. President Kufuor made these remarks at the on-going 6th Leon H. Sullivan Africa African-American Summit in Abuja, Nigeria.

The NEPAD initiative, he said, is gradually changing the political, economic and business landscape of Africa. Appraising the economic potentials of Africa, he said, with the right appreciation of the factors of a positive transition, coupled with the massive resources and an estimated untapped population of over 600 million will belie any simplistic evaluation of the problems of Africa.

He said, there could not have been an apt theme: "Africa The Continent Of Possibilities." The theme, he said, reinforces the emergence of a new crop of African leaders, determined to stamp out the perceived negative factors and tendencies prevalent on the continent.

Nigerian President, Olusegun Obasanjo, in a tribute, described Leon H. Sullivan, the founder of the summit as a man, who was totally devoted to serving humanity and that his vision was to "build bridges from his country of birth to his country of origin."

He described the summit as the most eloquent testimony of the trans-Atlantic bond, which has been designed to heal scars of the slave trade as well as focus on the great economic potentials, and opportunities that exist in Africa.

President Blaise Compaore of Burkina Faso called on his colleagues to endeavour to make Africa an attractive investment destination. Other messages came from Presidents of Zimbabwe, Benin, Sao Tome and Principe and the Vice-President of Kenya.

Meanwhile, President Kufuor and other African leaders at the summit have condemned the military coup in Sao Tome and Principe. They called on all democrats and people of Africa to condemn such acts, which they described as detrimental to the progress of Africa.

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