Inflation rate to be reduced to single digit - Kufuor
Tema workers hoist flags for End of Service Benefit
Accra Bourse continues to struggle, Index barely inches up
Toronto (Canada) 06 November 2001 - Ghana's inflation rate would be reduced to a single digit by the year 2002 to pave the way for improved business and other vibrant economic activities, President John Agyekum Kufuor said on Monday.
A statement issued by the Office of the President in Accra said President Kufuor was speaking to a cross-section of Ghanaians living in Toronto, Canada, at the beginning of his four-day official visit to Canada at the invitation of the Canadian Governor - General, Madam Adrienne Clarkson and Prime Minister Jean Chretien.
President Kufuor said the inflationary rate, which stood at 42 per cent had drastically reduced to 28 per cent due to sound economic policies while the national currency the cedi had also stabilized fairly.
He said barely 11 months after his government came into office interest rate had plummeted from about 52 per cent to 32 per cent.
Ghanaians in the Diaspora and the global business community should, therefore, invest in Ghana to enable the country to attain the desired economic status it had yearned for over the years.
The government he said had had to take some tough and sometimes unpopular decisions necessary to rebuild the economy and said their dividends would begin to show soon.
The President declared: "the era of winner takes all, is over in Ghana," adding that people were now appointed to positions based on what they could do to benefit Ghana. "I, therefore, encourage all to come home and invest without any fear or hesitation."
President Kufuor said, even though, Canada offered numerous opportunities there was nowhere that Ghanaians could make more money than in Ghana.
He said his government upheld the rule of law and gave the assurance that their investment in Ghana would be secured, adding that efforts were underway to address the frustration they encountered at the country's ports when trying to clear their goods.
The outgoing Ghana High Commissioner to Canada, Mr Oliver Lawluvi said the President's visit would create an indelible mark in the memory of Ghanaians there since it was the first in the history of Ghana.
He announced that the Legislative Instrument (LI) establishing the Dual Citizenship Act and Regulations would become law soon and, therefore, urged them to take advantage of it.
Mr Hackman Owusu Agyeman, Foreign Minister, noted that Ghana had gone through a very silent revolution and set the trail in motion. He, therefore, called on all to come home and contribute their quota to the national rebuilding process.
In appreciation of the visit Ghanaians living in Canada and the NPP branch in North America presented plaques to the President Kufuor and his wife.
Ms Elizabeth Ohene, Minister of State at the Presidency, Dr. Adombila Agambila, Deputy Finance Minister and other top government officials are accompanying President Kufuor.
GRi../
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Accra (Greater Accra) 06 November 2001 - The government has begun a partial liberalisation of external marketing of cocoa by allowing qualified Licensed Buying Companies (LBC's) to export 30 per cent of their domestic purchases starting from the
2000/2001-crop season.
Export licences were issued in June to LBC's to enable them prepare for the new season.
According to the Third Economic Reform Policy Operation of Ghana, usually known as Letter of Development Policy to the World Bank and International Monetary Fund made available to the Ghana News Agency, the government has promised to deepen competition in internal marketing by giving all LBC's equal access to Cocobod's warehousing and crop financing facilities.
The Letter of Development Policy is a top-secret document developing countries prepare for the World Bank stating definite programmes intended to attract, enhance, and sustain support from the Bretton Woods institutions, their affiliate organisations and partners.
Areas the document covers are politics, policy background on ways of changing the macro-economic environment, debt management, poverty reduction strategy, direction for policy reforms, private sector development, governance, public sector management, divestiture, HIV/AIDS, cocoa and land administration.
The document stressed the enforcement of regulations and laws applying to the repatriation of cocoa export earnings, adding that it would maintain the retention of two per cent enjoyed by the Cocoa Marketing Company to all cocoa exporters.
"A major step to further liberalise external marketing of cocoa will be the discontinuance of price discounts on cocoa supplied to domestic producers, allowing processors to buy cocoa at free on board (FOB) prices, import low grade and cheaper cocoa only for purposes of processing and encouraging local processing through non-price incentives."
"The Ministry of Finance," according to the document, " will verify this on a regular basis." It noted that farmers were to be assisted to rehabilitate and replant old abandoned and destroyed farms with high yielding hybrid varieties and mass spraying of cocoa farms which was underway and would end at the start of the 2002/2003 season.
GRi../
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Accra (Greater Accra) 06 November 2001 - The Management of the Bank of Ghana said on Monday that it had received with grave concern news about theft within the offices of the Cedi House building of the Bank, the second this year.
It said in a statement issued by Mr James Odei, the Secretary, that a report it had received indicated that a number of computers were tampered with and the processors stolen from the offices of the Bank, including the Agricultural Development Bank.
The statement said the theft occurred on October 30 and it had been reported to the Economic Crime Bureau of the Police, adding that investigations had started and some personnel of the Bank were assisting the police.
The statement said in the first theft case computer processors were stolen from the offices of the Banking Supervision Department. Police investigations have not yet been completed.
"Management is taking precautionary measures to prevent such incidents in future and appeals to the Police to expedite action on these cases in order to find the culprits, who will face the full rigours of the law when arrested."
GRi../
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Tema (Greater Accra) 06 November 2001 - The Tema District Council of Labour (TDCL) has decided to hoist red flags at all working establishments in the municipality for one week starting from Monday, November 5, following government's refusal to act on the proposed restoration of the End of Service Benefits (ESB) to workers.
A resolution adopted at its general meeting and released to the Ghana News Agency on Monday expressed the Council's desire to witness concrete commitment on the part of government towards the de-freezing of the ESB.
The resolution signed by Mr Mohammed Baba Tairo, Secretary of the TDCL said the workers demand was a matter of course since past government functionaries had benefited from the ESB.
"In the light of the refusal of the Minister of Manpower Development and Employment to initiate any action in that direction and also failure to acknowledge receipt of our concern as at the time of the meeting, the Council had no alternative than to act in this direction."
It said the action was to forewarn the government that until it took steps to meet the leadership of the Trades Union Congress (TUC) to de-freeze the ESB, the council would be compelled to take further actions at the appropriate time.
The resolution was copied to the related sector ministries, Tema Municipal Chief Executive, TUC and all District Councils of Labour.
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Accra (Greater Accra) 06 November 2001 - A network of local radio stations that aims at marketing Micro and Small Scale Enterprises (MSEs) through broadcasting was launched in Accra at the weekend after a five-day intensive training programme to enhance their capacity.
The stations, which include Choice FM, Top Radio, Capital Radio, Shaft FM, Obonu FM, Eastern FM and Asta FM, are to undertake special programmes to assist government to identify the obstacles militating against the performance and growth of SMEs and help find solution to them.
It was sponsored by AFRINET, an independent media consultancy, FIT Ghana, a non-governmental organisation involved in the development of SMEs and the International Labour Organisation (ILO).
The 25 participants, four of whom came from radio stations in Nigeria, Benin and Uganda, were taken through specific radio programming that would meet the needs of their target audience.
The programme has already been held in Uganda and targets Tanzania as its next step. Resource persons came from South Africa, Uganda, Nigeria and Germany.
Dr Kofi Konadu Apraku, Minister of Trade and Industry said in a speech read on his behalf that the programme was a positive manifestation of government's policy of using the private sector as the engine of growth.
He said a Ghana Investment Fund would be established to provide the necessary financial resource through the grant of short, medium and long-term credit facilities to investors by designated financial institutions.
Dr Apraku said the government's trade and industry policy objective was to increase productivity and create a vibrant, competitive and innovative industrial sector capable of competing in the global economy.
"Innovations and initiatives such as the MSE special radio programme network will change our attitudes and mindset regarding the way we have been doing things, especially in this era of positive change."
He said the country could no longer operate on the fringes of mediocrity adding that excellence must be its focus. He urged participants to let the training enhance their capacity to push the private sector forward.
Mrs Judith Agyeman, General Manager of Capital FM, mentioned commitment to local news, community service, business etiquette and audience research as the four basic areas that made a successful radio station.
She advised the participant to adhere to these areas to enable them to market themselves as well as the communities they were serving.
Mr Fred Oware, Chief Executive Officer of Choice FM, who chaired the function, called on government to fulfil its promise of assisting the private sector.
Mr Gavin Anderson, Technical Adviser of the ILO, expressed the hope that within the next two years, about 15 African countries would benefit from the training programme.
GRi../
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Accra (Greater Accra) 06 November 2001 - The GSE continued to struggle on Monday with the All-Share Index, the key stock gauge, barely inching up under heavy bearish sentiments.
The index was up by only 0.07 points at 961.08 from 961.01 points from Friday when it ended flat.
Shares that changed hands fell to 12,400 from 20,900 on Friday. Only eight of the 22 listed equities sold shares, with Aluworks selling the highest number of 8,300.
There was only one price change, a five-cedi gain by Patterson Zochonis at 1,005 cedis.
Market capitalisation was up marginally at 3,913.99 billion cedis from 3,913.85 billion cedis. Below are the closing prices of the listed equities in cedis:
ABL 320
AGC 18,800
ALW 4,300
BAT 627
CFAO 60
EIC 3,001
FML 950
GBL 1,300
GCB 1,550
GGL 900
HFC 952
MGL 241
MLC 145
MOGL 18,001
PAF 800
PBC 450
PZ 1,000 +5
SCB 20,500
SPPC 340
SSB 2,300
UNIL 2,300
CMLT 430
GRi../
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