SSNIT contribution is crucial in small-scale
businesses
Accra (Greater Accra) 03 March 2001
The Convention People's Party (CPP) on Thursday urged the government to unconditionally reject the Highly Indebted Poor Country (HIPC) initiative.
"The CPP categorically rejects the HIPC initiative on the grounds that it is not a solution to Ghana's debt crisis, and we accordingly advise the Kufuor administration to do likewise," Dr. Abubakar Al-Hassan, the party's national Chairman and Leader said in Accra.
Stating the party's position at a news conference in Accra Al-Hassan suggested a prudent management team to handle the fiscal policies of government.
He said growing concern since the 1970s about the ability of third world countries to pay its debt and the pressure from civil society under the banner of jubilee 2000 forced the IMF, the World Bank and their partners to produce a debt relief initiative.
"There is evidence to suggest that this was a shrewd move by these institutions to mollify public opinion which has spurred up mass protest for total debt cancellation."
He said HIPC is a debt reduction mechanism, which promises to deal with the debt crisis of developing countries, and designed to tackle debts owed to commercial, bilateral and multilateral creditors, mainly of the G7 countries, the World Bank, IMF and regional development banks.
Dr, Al-Hassan said the central aim of HIPC is to enable the countries to achieve a sustainable debt level within a period of six years, and to meet current and future debt repayment obligations in full without compromising economic growth among other things.
The CPP national chairman said most of the Group of Seven countries now openly acknowledge the failure of the HIPC framework.
"The fact that Uganda, the first country to pass through the initiative, has now reverted to an unsustainable debt situation, is very instructive to those waiting in the queue," Dr Al-Hassan asserted.
He said although the call by the Trade Union Congress for a national debate is laudable, the party believes that socio-political groups and other stakeholders have all made their position clear with a call for its rejection.
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SSNIT contribution is crucial in
small-scale businesses
Accra (Greater Accra) 02 March 2001
Small-scale businessmen and women such as barbers, dressmakers, and refrigerators have been advised to join the Social Security Pension Scheme since the risk of old age is real to everyone.
Mr. Emmanuel Lamptey, Greater Accra Regional Manager, National Board for Small-Scale Industries (NBSSI), gave the advice at a day's seminar on the Social Security Pension Scheme for small-scale businesses in the informal sector.
"Don't look at the small incomes you are earning because old age would certainly come to meet you," Mr Lamptey cautioned the participants drawn from four small-scales businesses.
They are the Ghana Tailors and Dressmakers Association (GTDA), Ghana Association of Barbers and Saloon Owners (GABSO), Association of Refrigerator Repairers and representatives of the Small-Scale Business Association.
He said it is no more safe to relying on the extended family today as it used to be for financial and other forms of assistance due to the economic difficulties in Ghana, adding "preparation towards one's future is an individual effort".
Government, he said, cannot afford free pension allowance just like other advanced countries do because its tax base is comparatively small. Mr. Lamptey said all working people qualify to join the scheme and become beneficiaries after 20 years.
GRi…/
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