GRi Business, Economics & Finance 12 – 03 - 2003

Find solutions to NEPAD problems - Nduom

Trade Union not in favour of SNNIT funding Health Insurance

TUC says it has right to negotiate

Auditors asked to do clean jobs

Auditors should be proactive not reactive

Ghana is a haven for investment

Ghana placed second

 

 

Find solutions to NEPAD problems - Nduom

 

Elmina (Central Region) 27 March 2003- The Minister of Economic Planning and Regional Integration, Dr Paa Kwesi Nduom, on Wednesday said the NEPAD initiative would only achieve its aims and objectives if there was peace and stability in Africa.

 

''Peace and stability is the only instrument that can bring real integration of the African continent.'' Dr Nduom said this at the opening of a three-day NEPAD African civil society forum at Elmina under theme: "building stronger partnerships with civil society."

 

The forum, which NEPAD Secretariat, South Africa, organised in collaboration with Centre for Democratic Development (CDD) and NEPAD Ghana, is being attended by 80 participants drawn from various African and international civil society groups, and government representatives.

 

It is aimed at building a stronger partnership between NEPAD and Africa civil society groups. Dr. Nduom expressed regret that some African countries did not show interest in issues that concerned the continent but concentrated on issues outside the continent.

 

He cited the war in Iraq and said most African countries were calling for its end but failed to say anything about the war in Nigeria, the Central African Republic and the famine in Malawi. Dr Nduom expressed concern about the formal and informal trade barriers put in place by African countries and said they were affecting the economic growth and development of Africa.

 

He said lack of inter-African trade had brought about lack of confidence in African products, hence killing the African market. The Minister called on the forum to come out with measures that would enhance the free movement of goods, services and people in Africa.

 

Ms. Thaninga Shope-Linney, Marketing and Communication Officer of NEPAD, South Africa, said NEPAD's activities would not succeed if individual countries were not committed and involved in the activities of NEPAD.

 

She called on media practitioners to champion the activities of NEPAD and to help change the image of Africa. Dr Baffour Agyeman-Duah, Associate Executive Director of CDD, pledged the support of the centre to help strengthen civil society and increase participation in NEPAD development process.

 

He was hopeful that the participants would come out with concrete proposals to guide civil society to achieve peace, security and development in Africa.

GRi.../

 

Send your comments to viewpoint@ghanareview.com

 

Return to top

 

Trade Union not in favour of SNNIT funding Health Insurance

 

Ho (Volta Region) 27 March 2003- The Social Security and National Insurance Trust's (SSNIT) ability to support pensions on each worker's monthly contribution of 17.5 percent would be compromised if the government's proposal to use 2.5 percent of the contributions to fund the National Health Insurance Scheme (NHIS) goes ahead.

 

Kwasi Adu-Amankwa, Secretary-General of the Trades Union Congress (TUC), said this when he addressed the Ho District Council of Labour on Wednesday on aspects of the 2003 budget, the national minimum wage and the TUC's position on areas affecting labour.

 

Adu-Amankwah said analyses showed that when the present level of 17.5 percent contribution per contributor is maintained SSNIT would be able to support pension payments up to 2050 before changes could be made towards the sustenance of the Scheme.

 

On the other hand if 2.5 percent out of the 17.5 percent is hived off to operate the NHIS then changes would have to be made to the scheme by 2020 to sustain it. Adu-Amankwah said the changes would include an upward adjustments of the pension age and the rate of contributions, support by government through taxes and reduction in the benefits under the scheme.

 

The Secretary-General said there was indication that the government's proposal was not supported by feasibility or technical appraisal and consultations with the contributors and the SSNIT Board. He said these anomalies threatened the viability and implementation of the NHIS.

 

Adu-Amankwah said lack of clarity by government on the proposal, made it difficult for workers to support it. ''If there had been consultations with workers other ideas would have been put forward to secure much greater benefits under the Scheme.''

 

Adu-Amankwah said the issue of Health Insurance for pensioners was also in doubt in the proposal under the NHIS because ''contributors today will become pensioners tomorrow.'' He said the government's other proposition of financing the NHIS from "expenditures and transactions is unclear as it did not specify that the NHIS would be financed from an increase in the Value Added Tax (VAT), excise duty or sales tax."

 

Another area of concern to labour in the 2003 Budget was the lack of clarity on the proposed petroleum Debt Recovery levy of 640 cedis per litre. Adu-Amankwah said it was not clear whether the levy had already been factored into the January petroleum price increases or it is a new levy.

 

The Secretary-General however, commended the government for increasing the import duties on rice and poultry products and suggested that the revenue to accrue from such duties should be re-directed towards revamping the agriculture sector. Adu-Amankwah lauded government's move towards issuing National Identification Cards to the citizenry and appealed to all institutions related to the project to collaborate to avoid conflicts.

GRi.../

 

Send your comments to viewpoint@ghanareview.com

 

Return to top

 

TUC says it has right to negotiate

 

Ho (Volta Region) 27 March 2003- Kwasi Adu-Amankwah, Secretary-General of the Trades Union Congress (TUC), on Wednesday said the TUC's position as representatives of labour and social interests qualified it to negotiate the national minimum wage for the labour sector.

 

He was speaking at a meeting of the Ho District Council of Labour in response to issues relating to the legitimacy of the TUC to negotiate the minimum wage on behalf of workers. Adu-Amankwah said the Ghana TUC was the most representative of all labour organisations in the country as its membership cuts across several sectors of the economy and is the most diverse.

 

''The TUC negotiates the minimum wage taking into consideration labour which are not organised but needed protection.'' ''The TUC also takes into account the interests of pensioners whose remuneration is based on the negotiated minimum wage. TUC members will one day become pensioners."

 

Adu-Amankwa said those who sought to spread misinformation about the legitimacy of the TUC to negotiate the minimum wage therefore, were only throwing dust into the eyes of workers. He said this year's National May Day celebrations would be celebrated under the theme; "Democratic workers participation and improving incomes-dividends of good governance."

 

This, he said, was meant to emphasise the fact that good governance is not limited to Rule of Law alone but also focuses on workers participation in decision-making and improved incomes. He said the war in the Gulf poses a serious challenge to the national economy, which is dependent on oil imports and therefore, vulnerable to the dislocations in the international oil market as a result of the war.

GRi.../

 

Send your comments to viewpoint@ghanareview.com

 

Return to top

 

Auditors asked to do clean jobs

 

Accra (Greater Accra) 27 March 2003- The Auditor-General on Wednesday charged auditors of the service to endeavour to do quality work by producing reports that leave no room for doubts and criticisms.

 

"Only by doing good quality work and producing very good reports can we raise the image of the service and gain respect of the citizens of Ghana," Edward Dua Agyeman, Auditor-General said. He was speaking when he presented copies of the first performance audit reports on the supply and distribution of textbooks to Senior Secondary Schools (SSS) to some officials of the service at ceremony in Accra.

 

The new audit performance reports would feature auditing of value for any contract unlike the conventional auditing of expenditure. "There has been a great deal of criticism from the government about our performance in Ghana and these types of reports are the only way of addressing those concerns."

 

Agyeman noted that the production of the report demonstrates the capability of the service to produce good quality work that meets the expectations of the people. He urged development partners who were providing technical support and funding for the project to increase their budget for the programme to continue.

 

He noted that the new performance audit department would ensure proper accountability of the taxpayers' money. "Effective performance audits can lead to better use of resources by public bodies and provide support to democratic governments by enhancing accountability and transparency, improved operations and better decision-making." Wilfred Handerson, Project Manager, said performance audit would ensure effective use of resources and financial savings to the taxpayer.

GRi.../

 

Send your comments to viewpoint@ghanareview.com

 

Return to top

 

Auditors should be proactive not reactive

 

Accra (Greater Accra) 27 March 2003- Government should help fashion a system which would ensure that auditors are proactive rather than being reactive to avoid high financial loss to the nation. "This will save government billions which go down the drain through procurement fraud and unprofessional practices before forensic auditing is carried out, Kofi Quarshie, a private management consultant, said on Wednesday.

 

Speaking at the end of a two-day seminar organised by Ghana Supply Company Limited he said managers of stores could commit errors given the intricacies their work entails. The seminar, which was on the theme: "Stores and Inventory Management", was aimed at equipping the participants with skills to effectively manage inventory for the survival of their organisations.

 

He said considering the backdrop in managing stores, it was imperative for, especially internal auditors, to regularly assess the work of store managers to enhance their performance and reduce the tendency of mismanagement.

 

Quarshie expressed dissatisfaction at the manner auditors do their work saying, "the quarterly procedure of reviewing financial documents is not the best since irreversible errors would have been committed already".

 

He noted that auditors' attitude of examining historical records, checking balance sheet and verifying reports to detect errors must be changed to the adoption of pragmatic approach of preventing error. "Embark on defect prevention analysis as opposed to defect detection analysis to save the nation big revenue," he said.

 

Quarshie said auditors assume backstage posture for reports to be released and scrutinised instead of getting involved to anticipate possible problems and fashion out solution to curtail them. He said instances where individuals were prosecuted for allegedly causing financial loss do not benefit the nation since those monies were not retrieved. Quarshie urged store managers to attach importance to inventory control to avoid under-stocking and over-stocking, adding, "this is will help to mitigate losses".

GRi.../

 

Send your comments to viewpoint@ghanareview.com

 

Return to top

 

Ghana is a haven for investment

 

Accra (Greater Accra) 27 March 2003- President John Agyekum Kufuor on Wednesday urged African-American investors to look up to Ghana as a haven of peace, qualitative and affordable labour to partner and invest.

 

He said, "we see you as part of us, as corporate entities and the facilities in Ghana are good for investments, you could make more legitimate millions of dollars". President Kufuor was addressing a 20-member delegation of the National Black Chamber of Commerce of the US, on a week's tour of the country to explore business investment opportunities, at the Castle, Osu.

 

The tour brokered by Ghana's Ambassador to the US, Alan Kyerematen is also to strengthen the bonds of trade between Ghana and the US. President Kufuor said members of the Chamber and other investors could gain access to the US markets with their products from Ghana, through the African Growth and Opportunity Act (AGOA) visas status provided for Ghana and export their products to the US market free from quota and tariffs.

 

He asked them to use their tour to have a genuine access of the investment climate in the country and take advantage of Ghana's main assets, which are the people, who are friendly and quick to learn.

 

Kyerematen said one of the objectives set up by the Ghana Embassy in the US was to deepen and enhance economic co-operation between the two countries. He said such a venture would promote trade and investments, therefore, there was the need to have institutional partners to work with the Chamber that represents the African-American Business Community of about 190 chapters in the US.

 

Kyerematen said the Chamber had chosen Ghana as the first point of call on the African continent. Harry C. Alford, leader of the delegation, said since their arrival they had analysed and studied the situation on the continent and selected Ghana.

 

He said through their interactions with the various ministries, they had more information to make the right decisions on investments in Ghana. Among those present was Vice President Alhaji Aliu Mahama, Joseph Henry Mensah, Senior Minister and Mr Kwesi Abeasi, Chief Executive of the Ghana Investment Promotion Centre (GIPC).

GRi.../

 

Send your comments to viewpoint@ghanareview.com

 

Return to top

 

Ghana placed second

 

Accra (Greater Accra) 27 March 2003- Ghana placed second to Austria in this year's World Association of Investment Promotion Agencies competition. Ghana was presented with a trophy at the Association's general meeting held in Vienna in January.

 

This was announced by Kwesi Abeasi, Chief Executive of the Ghana Investment Promotion Centre (GIPC) when he presented the trophy and a giant logo of the Centre for the competition to President John Agyekum Kufuor at the Castle, Osu.

 

President Kufuor commended the Centre for the honour bestowed on the country. The logo read: " Searching for an Investment Location? Think Ghana-Gateway to West Africa ", depicting the opportunities, incentives and guarantees on investments in Ghana.

GRi.../

 

Send your comments to viewpoint@ghanareview.com

 

Return to top