Accra (Greater Accra) 28 May 2003 - The U.K. government is working to raise a total of $50bn from the Organization for Economic Cooperation and Development (OECD) members through the International Finance Facility (IFF) to support Africa's development process.
Fashioned after the Marshall Plan, the IFF would be separate and distinct from current support that African economies are enjoying from the World Bank, International Monetary Fund and other donor partners.
Yaw Osafo-Maafo, Minister of Finance and Economic Planning, told the Ghana News Agency Business Desk shortly after he met Paul Boateng, Chief Secretary of the UK Treasury in Accra, that the latter was in the country to canvass Ghana's support among Finance Ministers of Africa and the G8 for the Facility.
The Facility would help meet the internationally agreed Millennium Development Goals. The founding principle of the IFF is long term, but conditional funding guaranteed to the poorest countries by the richest countries. It would seek to raise the amount of development aid from just over $50bn a year today to $100bn per year in 2015.
The IFF would be in existence for around 15 years, with the period for repayment lasting around 30 years. Osafo-Maafo said he mentioned the need for the IFF to be an additional resource and not taken out of existing resources already being provided by the OECD members and other traditional development partners.
"This is important so that an existing funding programme is not stopped, repackaged under another name and brought back to us." He stressed that the Facility must come in the form of the Marshall Plan for Europe after the Second World War and that of the Japanese.
"The Facility must recognise the different problems of the various countries such as the macroeconomic situation and how they are performing against other indicators." The Finance and Economic Planning Minister indicated that accessing the resource should not be a problem.
The conditionalities should be minimal and almost free as the indices to be used should not be stringent as to enable the countries that qualified to resolve huge social and economic imbalances affecting them. "There should be a basic qualification as to who qualifies," Osafo-Maafo said, adding that all the 53 African states could not get the money immediately.
Osafo-Maafo said Boateng agreed with the view and expressed the hope that an understanding would be reached soon on the subject.
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Accra (Greater Accra) 28 May 2003 - The Third National Economic Dialogue (NED) ended in Accra on Tuesday with participants calling on government to focus on implementing the recommendations made to it by the various stakeholders.
They noted that when taken seriously, it was possible to ensure a smoother and more agreeable development process that would make Ghana a better place to live in. Dr Boeh-Ocansey, Director-General of the Private Enterprise Foundation
(PEF), said they accepted the process of dialogue and expressed the hope that, " we can build on this to develop our democracy.
"We are committed to the NED and hope that our partners, especially government would work within the parameters so agreed at this meeting." He asked government to take another look at the review and monitoring process to make the outcomes more acceptable to all.
Kwesi Adu-Amankwah, Secretary-General of Trades Union Congress (TUC) urged government as the lead agency, to promote the items noted in the final document and ensure that it was made available to all Ghanaians.
This, he noted would ensure that all the stakeholders moved along with the programme. He said he hoped that the dialogue would not become a shot in the dark, but a continuous affair that would become a cardinal source of information to be tapped for development.
John Mahama, Member of Parliament for Bole, representing the Minority in Parliament, declared support for the process and expressed the hope that with time all groups in the society could be represented.
He said the Minority was, however, not happy with the spate of waste in the system and asked government to halt it. "It is important to note that the dialogue not only aimed at increasing revenue generation but to stop the huge waste in the system from the Presidency to the District Assemblies.
He said the economy was too donor driven and called for the setting up of a potent internally generated source for financing development. Dr Nii Noi Ashong, Minister of State at the Ministry of Finance and Economic Planning, said the NED had come to stay and would ultimately complement the Ghana Poverty Reduction Strategy and later be included in the national budget so that poverty could be eradicated.
Closing the event the Senior Minister, Joseph H. Mensah called for a new approach to the management of the country's resources and impressed on the private sector and indeed all others to lend a hand to make Ghana a better place.
"We must aim at expanding our resources, services and make conditions more appealing to our people," he said, adding that the current situation even in Accra was scandalous.
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Accra (Greater Accra) 28 May 2003 - The Ghana Stock Exchange made a modest gain on Tuesday with the GSE-All-Share Index, the benchmark measure going up 3.71 points in a dull market.
The index, which made very impressive gains, last week, closed at 1,847.91 points from 1,844.20 points at the previous close on Friday. Only 39,100 shares changed hands in a dull market that saw just five out of the 25 listed equities selling shares, a drop from 146,300 shares on Friday.
On the broader market, there were two price changes - all positive. Accra Brewery Limited gained 19 cedis at 450 cedis and Guinness Ghana Limited was up ¢50 at ¢2,250.
Market capitalisation hit ¢8,001.69bn compared to ¢7,992.66bn during the last trading session. The change in the year to date now stands at 32.44 per cent.
The following are the last prices of listed equities in cedis:
ABL 450 +19
AGC 28,500
ALW 4,000
BAT 1,703
CFAO 72
CPC 630
EIC 5,005
FML 2,218
GBL 550
GCB 5,400
GGL 2,250 +50
HFC 1,600
MGL 258
MLC 400
MOGL 19,950
PAF 750
PBC 380
PZ 2,040
SCB 36,001
SPPC 390
SSB 7,000
SWL 285
TBL 5,300
UNIL 6,762
CMLT 460
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Mankessim (Central Region) 28 May 2003 - The Flagbearer of the National Democratic Congress (NDC), Professor Evans John Atta Mills on Monday urged the government to reduce the price of Premix Fuel to make life bearer to fishermen.
Prof. Mills said the high cost of fuel has almost collapsed the fishing industry in the country since fishing expedition is a venture of uncertainties. He made the call at a mini-rally at Mankessim as part of his two-week tour of the Central Region.
A large number of party supporters and sympathisers defied the earlier down pour and invaded the rally grounds making crowd control very difficult for the police and his bodyguards.
Prof. Mills said the hike in the prices of fuel has a telling effect on farmers who could not convey their products to the market centres and added that when they were able to reach the markets they did not get good prices for their items.
He advised the elderly people in the society to educate the youth on the socio-economic situation of the country at the time PNDC came to power to enable them judge whether PNDC/NDC did something good for the country or not.
He said the debt, which NPP government claimed they have inherited was accumulated from the previous governments including that of the Progress Party which is the root of NPP.
On the judgement of the Quality Grains case, the NDC Flagbearer said it was unfortunate that the court did not take into consideration the fact that some machines at the project site were being used for milling the country's paddy rice.
Jacob Arthur, Member of Parliament for Mfantseman West said Ghanaians should expect further high cost of living as the Consumption Tax Bill of two-and- half percent, which has been laid before Parliament would worsen the already precarious situation when passed.
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Accra (Greater Accra) 28 May 2003 - The Government on Tuesday promised its unflinching support for the private sector but stressed that it must not be seen as the sector's sole customer. "Indeed, the sector should be cautioned not to expect to be spoon fed by government even when it is not performing as expected," President John Kufuor said.
He was speaking at the opening of the Third National Economic Dialogue (NED), which seeks to evolve a broad-based consensus with stakeholders in an effort to accelerate national development.
It is under the theme: "Building A Growing Economy Together." Politicians, academicians, the media, economists and the public are attending the event. There would be presentations by the Private Enterprise Foundation, Trades Union Congress (TUC) and the Minority Leader.
The President noted that the private sector was doing quite well but asked them to be market sensitive on both the local and foreign fronts.
"This is the way forward for the private sector to succeed," he said. He said the sector had shown its preparedness to lead the economic growth by sharing ideas with government at various forums.
President Kufuor praised the services sector, which, he noted, remained relatively strong with the agricultural sector also showing marked improvement.
President Kufuor said government would continue to streamline the tax and business systems and create an environment where business became more efficient and profitable. He said in this regard, the removal of duties on import on computer parts had resulted in vigorous production activities in the assembling of computers locally.
"This is opening job opportunities for our youth and it is hoped that the reduction of stifling bureaucratic practices would lead to expansion of the formal economic sector."
Commenting on the NED, President Kufuor said some people were sceptical and thought the economic dialogue was going to be another talk shop or that his administration would lack the political will to implement recommendations made. "This is the third Dialogue, so it must have become clear that the scepticism was unfounded...."
He said a positive example of joint commitment borne out of the NED was the partnership in governance reflected in the recent decision reached on the minimum wage by government, employees and labour. "It is the hope of government that the dialogue would continue to search for lasting solutions to enable all stakeholders to work in the same direction to enhance the quality of life of our people."
President Kufuor said pursuant to the first, second and the current NED, it was imperative to develop a new work ethic that would ensure that business communities succeeded.
In this, four basic rules must be observed. "First budding businesspersons should plan measurable goals, the nation must take a second chanceto look at cultural practices that take too much of critical time. "Cultural practices like funerals and mourning as well as extended family demands must be looked at again. "Also we must develop and inculcate in us the third principle, which is the savings habit... as well as adjust to modern business practices."
President Kufuor explained that the low savings rate in the economy tended to be explained away with the paucity of income. Whereas there was some truth in this, this explanation could only be part of the truth, he said.
"We should be providential in our expenditure so as to leave a margin of whatever we earn for the future of our children, our retirement or for a rainy day." He said in the short term, government was seeking to lead society and the economy into cultural transformation and modernization.
"This should engage the attention of all in the society - government, employers, labour, students, the media and the entire citizenry should be part of this drive."
Dr Paa Kwesi Nduom, Minister of Energy and a member of the NED Coordinating Committee, said it was important to note that the National Economic Dialogue was not just about narrow economy.
"This is the only broad-based national dialogue Ghana has that brings together people from all walks of life ... in consultation and to shape a way forward.
"This national dialogue does not belong to anyone, institution, government agency or sector of the economy. It belongs to all of us." He said Ghana has begun a journey of shedding its HIPC mentality so that "we can become builders of wealth that can be shared by all Ghanaians".
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Accra (Greater Accra) 28 May 2003 - The Ghana Cocoa Board on Tuesday announced that cocoa purchases for the 2002/03 Main Crop Season would end at the close of business on Thursday 29 May 2003.
A statement from the Board signed by its Public Affairs Manager, Chris Awuah said, however, that to assist the Licensed Buying Companies (LBCs), to obtain the final returns from their up-country stations, the Board would accept returns on the declared purchases until Thursday 5 June 2003.
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