IMF Director: Ghana's economic reforms a model for Africa
Company to undertake rice project
Accra (Greater Accra) 01 May 2002 - Mr Abbas Mirakhor, International Monetary Fund (IMF) representative on Tuesday said the success of Ghana's economic reforms in the next few years would be the best and a model for Africa.
"Ghana successfully reached the decision point and would reach the completion point under the HIPC Initiative within the next few years to become the best and model for Africa", Mr Mirakhor told newsmen after a courtesy call on President John Agyekum Kufuor at the Castle, Osu.
He said the fund had reviewed the achievements made by Ghana under the New Patriotic Party (NPP) administration over the past year and commended the government for its micro economic stability which was on its way to achieve economic growth.
Mr Mirakhor said he had had a good idea of the track record of Ghana's economy and with the drop in inflation rate from about 40 per cent by the end of December 2000 to the current rate of 16 per cent it was likely to drop to a single digit next year.
"Unlike the previous years when the exchange rate had depreciated, now there is stability. This economy is going to grow and its efforts are being recognised with the transparency in the fiscal and monetary policies and good governance", he said.
Mr Yaw Osafo-Maafo, Minister of Finance, said the government could improve on the current economic growth of four per cent when it was able to sustain the achievements made so far.
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Accra (Greater Accra) 01 May 2002
Currency Buying Selling
US Dollar 7,655.82 7,826.64
Pound Sterling 11,150.70 11,403.41
Swiss Franc 4,717.88 4,821.33
Canadian Dollar 4,882.95 4,990.33
Japanese Yen 59.83 61.14
S/African Rand 723.80 732.97
Euro 6,910.02 7,060.06
CFA Franc 10.53 10.76
Naira 64.84 66.29
Ecowas/WAUA 9,456.95 ----------
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Juapong (Volta Region) 01 May 2002 - An European Company, King Crown Rice, is to undertake a multi-million cedi rice out-grower project in the North-Tongu District of the Volta Region soon. Under the project, the company would provide machinery, seeds, extension services and a guaranteed market for the produce.
Mr. Nicholas Ahiadorme, the District Chief Executive for North-Tongu, announcing this at a meeting with chiefs of the district at Juapong on Monday, the European investor had gone round the Ashanti, Central, Western and parts of the Volta regions before deciding that the black soil in the North-Tongu District was most suitable for rice production.
A team, comprising a photographer, soil analyst and a farmer was expected in the district shortly to begin integrated studies to design strategies and modalities for the scheme.
GRi../
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