Tema Oil Refinery to be re-commissioned in July
Hermis Insurance for German companies investing in Ghana
Internal Revenue Service to mobilise 174b cedis from Ashanti region
Germany Writes Off Ghana's $6 Million Debt
Rome (Italy) 10 June 2002 - Major rehabilitation works at the Tema Oil Refinery (TOR) estimated at about 200 million dollars would be commissioned in July. The initiative was aimed at modernising the refinery so that it could produce varieties of fuel and lubricants, which were mostly being imported now.
Mr Joseph Henry Mensah, Senior Minister and Leader of the Government Economic Team, who announced this, mentioned that the measure was to ensure that the refinery operated under modern trend of production.
The minister was addressing the Ghanaian community in Rome, Italy as part of President Kufuor's three-day official visit to the country, were the President would also participate in a three-day world food summit being organised by the Food and Agriculture Organisation of the United Nations.
Mr Mensah said Ghana's economy had stabilised and people had confidence in the fiscal and monetary policies being pursued by the government. The senior noted that the culture of silence in the country had been broken and called on Ghanaians to support the government towards national development. Samsung and S.K. Corporation of South Korea would undertake the rehabilitation project.
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Hamburg (Germany) 10 June 2002 - Germany is ready to extend the Hermis Insurance cover to German companies, which choose to undertake business in Ghana.
Delivering the keynote address at a symposium on the theme: "Ghana-Gateway to West Africa" held in Hamburg on Friday, President John Agyekum Kufuor said the decision was the outcome of a meeting held between a government delegation and Chancellor Gerhard Schroeder held at the Federal Chancellery in Berlin.
Under the Hermis Insurance Scheme, the German government would insure companies and investors who undertake ventures in Ghana as a guarantee that their investments were secured from risks.
Since 1961, Germany has been one of the most consistent and generous of Ghana's development partners, President Kufuor said Africa has been seen as a continent of wars, famine and instability, which cannot be denied because the West Africa Sub-Region has been plagued with instability.
"Despite this, there is now a strong commitment to peace and good governance in the sub-region with Ghana taking the centre-stage", he added. President Kufuor said his government has instituted measures to ensure a disciplined financial regime that would enable businessmen plan ahead and take informed decisions.
President Kufuor said, as some of the measures the Ministry of Private Sector Development was established to assist businessmen and investors deal with the red tape and bureaucracy that bedevilled business people and investors.
He said apart from a sound financial and macro-economic atmosphere, business required the right political and social atmosphere. "Hand in hand with the disciplined financial and economic regime, therefore, government has determined to adhere strictly to the rule of law," he added.
President Kufuor said the judiciary was being strengthened to dispense fast and unbiased justice. He said government was determined to protect property rights and guarantee that investors were free to bring in and take out their monies with pleasure.
President Kufuor said government was prepared to enter into bilateral agreements to protect and promote foreign direct investment to re-assure their development partners that their monies would be safe in Ghana.
"The atmosphere is right, the workforce is enthusiastic and there is a business-friendly government in place. We want to make Ghana a prosperous country, come and partner us', he stressed.
Mr Nikolaus W. Schues, vice-president of Humburg Chamber of Commerce said the symposium was to assist and encourage businessmen from Hamburg to identify and unearth business opportunities in Africa.
He said the chamber was prepared to offer support for African products to have access to European Markets. Mrs Bianca Buchmann, president of the African Association said the association was prepared to assist guide and transform uncalculated risks into viable assets for business.
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Mamponteng (Ashanti Region) 10 June 2002 -The Ashanti Regional office of the Internal Revenue Service (IRS) has targeted to collect 174 billion cedis in revenue this year, Mr John E.K. Sotenga, Assistant Commissioner of Taxes of the IRS in Ashanti, said on Friday.
This target included a National Reconstruction Levy (NRL) of five billion cedis, Mr. Sotenga was briefing the eighth regional meeting of District Chief Executives (DCEs) in Ashanti at Mamponteng in the Kwabre district on the operations of the IRS in the region.
He said the IRS since January to May has been able to mobilise 60 billion cedis, which is far beyond the target. The Assistant Commissioner stressed that the IRS has seven district offices out of the 18 districts in the region collecting the taxes.
He appealed to the DCE's to assist the IRS to educate the tax-payers on the need to pay their taxes, adding that, collection of taxes in the region has not been encouraging for the past two years.
Mr Samuel Kofi Otabil, Head of the Valued Added Tax (VAT) office in Ashanti, also briefed the meeting on the activities of VAT and asked the DCE's to patronise items of organisations that charge VAT.
He urged them to mount educational campaigns for business organisations and employers to register with VAT to enable the office mobilise revenue to enhance the economic development of the country.
Addressing the meeting, Mr Sampson Kwaku Boafo, Ashanti Regional Minister, asked the DCEs to ensure that bye-laws, rules and regulations, regulating public conduct are strictly enforced to instil discipline in the society. "Let us be strict, firm and fair in the enforcement of the rules to ensure prompt delivery of justice", he said.
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Accra (Greater Accra) 10 June 2002 - Finance Minister, Yaw Osafo Maafo says Germany has agreed to write off over $6 million that Ghana owes the former
German Democratic Republic, which is due for payment.
Ghana is expected to formally apply for the debt relief under the HIPC Initiative. Mr Osafo-Maafo told newsmen in Berlin-Germany that the Federal republic has agreed to finance the construction of a dual carriageway from Nsawam to Apedwa on the main Accra-Kumasi trunk road.
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