State organisations sign performance contract agreement
Accra (Greater Accra) 20 March 2002 - Sixty projects have so far been established since the Homecoming Summit organised last year, raking in a total of 30.42 million dollars of investment.
The investments covered areas such as agriculture, export trade, manufacturing, general trade, service, tourism, building and construction, Mr Stephen Asamoah-Boateng, Co-ordinator National Economic Dialogue, said on Tuesday. In agriculture, there were seven projects, which were valued at 0.88 million dollars and one export trade project valued at 1.04 million dollars.
He said the manufacturing industry had a 1.33 million dollar investment for 15 projects. General trade had one project at 6.59 million dollars, the service sector had 26 projects at 17.72 million dollars and Tourism had nine projects valued at 1.91 million dollars. The building and construction industry had one project which cost 0.95 million dollars.
GRi../
Send your comments to viewpoint@ghanareview.com
Accra (Greater Accra) 20 March 2002 – The Government is to introduce an import system that allows importers to pay duties on their wares before they arrived in the country.
Known as the GC Net Customs Mechanism, the concept is to facilitate quick and efficient customs and excise procedures at the various ports and make Ghanaians and investors feel more comfortable and willing to come and do business.
The mechanism, which is in its final stage of development, would require importers to pay for and submit documents on their wares to the Customs, Excise and Preventive Service (CEPS) before they arrived.
"This would ensure that importers can clear their goods within a maximum of 48 hours of their submitting the counterpart papers to the port authorities," Mr Ferdinand Ayim of the Ministry of Information and Presidential Affairs told a press conference in Accra on Tuesday.
Mr Stephen Asamoah-Boateng, Co-ordinator National Economic Dialogue and Kwabena Antwi of the Ghana Investment Promotion Centre (GIPC) addressed the press briefing that was at the instance of the Homecoming Secretariat. It was to deliver a summary report of the outcome of the Summit, which was aimed at bringing Ghanaians abroad home to discuss ways of helping the motherland.
Mr Asamoah-Boateg noted that the problem of clearing goods at the ports had been identified as a major impediment not only to Ghanaians living abroad but also to investors and potential investors desiring to make Ghana their business destination.
He said the secretariat had had several meetings with CEPS on the mode, scope and duration of clearing goods, which "we all agreed has to be shortened and made much easier than at present".
Mr Asamoah-Boateng said with the passing of Legislative Instrument 1691, granting dual citizenship to Ghanaians abroad, "our compatriots abroad will feel needed and be part of the efforts to move this country forward".
Presenting a half-year status report as at December 2001, Mr Asamoah-Boateng said another secretariat, the non-resident Ghanaians Secretariat, had been established and located within the Flagstaff House to liaise with all Ministries, Departments and Agencies (MDA) to ensure implementation of the recommendations.
"So far, we have worked to prepare a comprehensive data on Ghanaian professionals abroad. Those in North America and Europe have completed preparing data on medical and accounting professionals," Mr Asamoah-Boateng said.
"Other areas such as teaching, consultancy and the entertainment industry are being prepared. We can easily identify about one million of our compatriots whose resource and goodwill the country would enjoy on a regular and constant basis."
On the systematic build-up of a core of highly trained Ghanaians abroad, who would return to build the nation, he said, "the implementation of the recommendations of the Summit will be done in phases."
"For now we are looking at the mass of Ghanaian professionals already out there and to see how their talents and skills could be tapped. Thereafter, we can take a look at creating that reputable resource base of young Ghanaian professionals."
He said post-Homecoming Summit non-resident Ghanaian joint venture investment in the last quarter of 2001, amounted to 30.42 million dollars. This was 30 per cent of the 97.3 million dollars of foreign direct investment that came into the country.
Mr Asamoah-Boateng said the NRG secretariat was working with the Bank of Ghana (BoG), Ministry of Finance and SEM Financial Services to issue a certificate of deposit, set up a NRG Development Fund and establish a privatisation fund.
"An account will soon be opened at Bank of Ghana to facilitate the process of transfer, making monitoring easier and enhancing the confidence of NRG's in the management of funds," he said.
GRi../
Send your comments to viewpoint@ghanareview.com
Accra (Greater Accra) 20 March 2002
Currency Buying Selling
US Dollar 7,482.09 7,677.45
Pound Sterling 10,658.99 10,941.13
Swiss Franc 4,502.40 4,617.10
Canadian Dollar 4,721.80 4,842.07
Japanese Yen 56.96 58.43
S/African Rand 624.16 635.29
Euro 6,599.58 6,763.39
CFA Franc 10.06 10.31
Naira 66.07 67.80
Ecowas/WAUA 9,438.00 -----------
GRi../
Send your comments to viewpoint@ghanareview.com
Accra (Greater Accra) 20 March 2002 - Nineteen state-owned enterprises (SOE) on Tuesday signed performance contract agreements, which sets out objectives and target to be achieved, with the government at a ceremony in Accra.
The signing, which was witnessed by the Chief Executives of the enterprises, was done by sector ministers or their deputies, while the chief executives signed for their respective organisations.
The organisations were the Precious Minerals Marketing Company, GIHOC Distilleries Company, Ghana Ports and Harbours Authority, Ghana Supply Company, Community Water and Sanitation Agency, Ghana Water Company, Tema Development Corporation, State Housing Company, Architectural and Engineering Services Company and Graphic Communications Group Limited.
The others were the Irrigation Development Authority, Ghana national Procurement Agency (GNPA) Limited, Omnibus Service Authority (OSA) Transport, Ghana Post Company, Ghana National Theatre, Ghana COCOBOD, Ghana Railways Corporation and Grains and Legumes Development Board.
The Ghana Civil Aviation Authority (GCAA) did not turn up. Five others - the Volta River Authority (VRA), Electricity Company of Ghana (ECG), Tema Oil Refinery (TOR), Ghana Oil Company (GOIL), Ghana Broadcasting Corporation (GBC) would later sign theirs after clarification with their respective sector ministers, Mr Ronny Apaloo, Acting Executive Director of the Performance, Monitoring and Evaluation Department (PME) of the State Enterprises Commission (SEC) told the GNA.
He said for various organisational, administrative and financial reasons, the New Times Corporation, Assembly Press, Ghana Highway Authority and Ghana Airways backed out of the negotiations prior to the signing of the agreement.
The Ghana News Agency, he said took part in the negotiations, but its position with the SEC was not clear as it was under the National Institutional Renewable Programme.
Speaking at the signing ceremony, Dr Gheysika Agambila, a Deputy Minister of Finance expressed happiness at improvement in the SOE sector since it was launched in 1989. However, he said inadequate return on investment in SOEs was a serious source of concern to the government.
He said out of the 31 SOEs expected to pay dividends, only six declared and paid dividends of 25.15 billion cedis for the financial year 2000, while projected dividends for 2001 and 2002 amounted to 20.29 billion and 6.7 billion cedis, respectively.
"These are very indeed depressing figures, but my belief is that the performance contracting system ... will be used to maximise returns on investments to the government. Dr Agambila urged the enterprises to place emphasis on higher productivity, efficiency and profitability to guarantee their growth and development.
He further reminded state enterprises that have not declared dividend to adopt prudent management practices and make the best use of their resources to meet the expectations of their shareholders.
Mr Frank Ocran Executive Chairman of the SEC reminded SOEs that have defaulted in their quarterly reporting to reverse the trend and report regularly to enjoy the benefits that accrue from it. He also urged the organisations to file and honour their tax returns to the Internal Revenue Service to facilitate their operations.
GRi../
Send your comments to viewpoint@ghanareview.com