Ghana reiterates disapproval at world trade system
Akim Bosome Rural Bank makes 28 million cedis profit
Jubilee 2000 restates need to cancel third world debt
Akim Bosome Rural Bank makes 28 million cedis profit
Akim Swedru (Eastern Region) 22 Nov '99
Akim Bosome Rural Bank Limited, at Akim Swedru, in the Birim South district, made a net profit of 28 million cedis after tax in 1998 as against 20 million cedis in 1997.
The Bank's cash and short-term assets almost tripled from 121 million cedis in 1997 to 352 million cedis in 1998.
Its investment in treasury bills and in discount houses went up from 35 million cedis to 112 million cedis while advances to customers increased from 88 million cedis to 130 million cedis.
Mr Kwaku Owusu Baah, Chairman of the Board of Directors of the Bank announced these at the annual general meeting of the bank at Akim Swedru at the weekend.
The Bank mobilised 923 million cedis in 1998 as against 761 million cedis in 1997, while its share capital of 6.4 million cedis increased to 18 million cedis.
The Board Chairman said in order to meet the Bank of Ghana's minimum share capital of 30 million cedis requirement, an investment forum should be organised at Akim Swedru.
To improve efficiency, provide better services and control wage bills, Mr Baah said the Board has decided to computerise the operations of the Bank.
In another development, the Board of Directors and staff of the Bosome Rural Bank and the South Birim Rural Bank at Achiase have inaugurated a joint co-operation union to foster cordial relationship between the two sister banks in respect of their operations.
Mr Appiah Marfo, Executive Secretary of the Union, said they co-operate and exchange fruitful ideas and strategies by organising periodic symposia, seminars and workshops for the staff and the board members.
GRi../
Jubilee 2000 restates need to cancel third world debt
Accra (Greater Accra) 22 Nov. '99
Jubilee 2000, a non-governmental organisation, on Monday asked donors to the Consultative Group (CG) Meeting on Ghana to consider the precarious situation of her economy and use it as a basis for the cancellation of third world debt.
International donor organisations, including the World Bank and International Monetary Fund (IMF) are due to begin a two-day meeting in Accra on Tuesday at which Ghanaian officials and donor partners would discuss fiscal policy issues facing the country for the donors to pledge financial assistance.
Mr Akoto Ampaw, National Co-ordinator of Jubilee 2000, who acted as the spokesman for the coalition, was speaking at a press conference in Accra to re-state its commitment to fight for the cancellation of third world debt.
He said the meeting comes at an opportune time, that is, against the background of a severe crisis in the national economy, which had been hailed by creditor countries and institutions.
It described Ghana's situation as an irony, saying even though the country has been servicing its debt faithfully since 1983, the debt servicing ratio or the cost of debt to be serviced keeps mounting.
" ...far from reducing her debt ... debt servicing has paradoxically evolved with increasing dependence and the continuing rise in Ghana's debt stock from a modest one billion dollars in 1982, when the PNDC seized power, to over six billion dollars in 1999.
"It would seem that the more we service our debts the more indebted we become."
Mr Ampaw said a cancellation of debt should not be predicated on the usual conditionalities.
He urged the Japanese government to review its negative stand on debt cancellation in the light of Ghana's listing as a highly indebted poor country.
Mr. Ampaw called for an open-minded reassessment of structural adjustment against the background of the origarrme's performance in the past two decades.
He further called on Ghanaians, irrespective of party affiliation, to join the coalition.
The group plans to hold a march to present a paper to the CG meeting.
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