Forensic Audit of GNPC begins this week
Vice-President Aliu Mahama meets Chinese bamboo experts
Accra (Greater Accra) 25 June 2001
The Government will this week appoint an accounting firm to undertake a forensic audit of the Ghana National Petroleum Corporation (GNPC) to ascertain its current state and financial standing.
The forensic audit promised in this year's budget is also meant to establish whether GNPC did engage in any financial malpractice in its investments and operations, much of which has been described as "non-core activity."
GNPC was established in 1983 under PNDC Law 64 to undertake exploration, production and development of petroleum and had the exclusive right for the
exploration, development and production of petroleum in Ghana. Mr Albert Kan-Dapaah, Minister of Energy, in a speech read for him in Accra during the presentation of reports by two committees on GNPC and Saltpond Oil Project, did not mention which firm would handle the financial audit.
"It is hoped that an accounting firm will be appointed within the next few days to undertake that forensic audit," he said.
"Most of these investments did not yield the financial benefits that were contemplated. Furthermore, by concentrating on all these non-core activities, GNPC did not sufficiently focus on its primary objective of finding hydrocarbons in Ghana."
The activities of GNPC resulted in the establishment of subsidiary companies such as the Ada Songhor Salt Limited, Energy Products Limited, Connexat Limited, Prestea Sankofa Gold Limited, Western TeleSystems, Valley Limited and Globaltouch Holdings Incorporated.
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Accra (Greater Accra) 25 June 2001
Chinese experts in bamboo cultivation and utilisation are in Ghana to assist the Ministry of Lands, Forestry and Mines to adopt the technology.
Professor Zhu Zhaohua of the Chinese Academy of Forestry and International Network for Bamboo and Rattan who led a four-member delegation to brief Vice-President Aliu Mahama on the industry said the cultivation and use of bamboo dates back to 6,000 years and has over 5,000 registered products exported mainly to Japan, North America and Europe.
Bamboo production, which has increased employment opportunities for about five million rural farmers in China, can be used as food, apparel, panelling, handicrafts, industrial works and medicine without any adverse effect on the environment.
Professor Zhaohua, whose visit is a follow up to a workshop the Chinese network organised for Ghanaian scientists and entrepreneurs in China last November, expressed the hope that the two countries would cooperate to boost the growth of the industry.
Alhaji Mahama said large-scale processing and utilisation of bamboo would complement efforts by Ghana to upgrade the forestry industry, promote re-forestation and create jobs.
He called on the Network to support their Ghanaian counterparts to initiate the project as soon as possible and add value to their products.
Dr Kwaku Afriyie, Minister of Lands, Forestry and Mines said bamboo production would be incorporated into the National Reforestation Programme since it has a short gestation of five years and can check land degradation. It can be used as a substitute for timber products by 60 per cent.
Dr Andrew Oteng Amoako, Deputy Director of the Forest Research Institute, said research into the four bamboo species in Ghana shows that they can be cultivated between three and five years on a large scale to make up for the three million cubic metres of timber required annually for industrial use.
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Garu (Upper East) 25 June 2001
The Bawku East Small Scale Farmers Association (BESSFA) Rural Bank at Garu made a profit of 152 million cedis last year as against a deficit of 59 million cedis in 1999.
The bank also disbursed loans to over 99 groups, totalling 177.5 million cedis, Board Chairman, Mr Solomon Atiiga announced at the weekend at the bank's 11th annual general meeting of shareholders.
Mr Atiiga said customers deposit rose from 993.2 million cedis in 1999 to 1.525 billion cedis last year, while the bank's deposit level rose to two billion cedis as at May this year.
The bank invested 1.6 billion cedis in treasury bills as at May this year, as against 1.3 billion cedis at the same time last year.
However, Mr Atiiga said due to the bank's poor performance in 1999, the annual general meeting decided that the reserves were still not substantial enough to pay dividends.
He said loan repayment improved over that of last year, with the rate put around 90 per cent and appealed to those who still owe to pay now.
The Upper East Regional Minister, Mr Mahami Salifu, commended the staff of the bank and the local community for the bank's good performance over the years.
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