Regional workshop on Government Securities opens

Dr Chris Itsede, Director-General of the West African Institute for Financial Management (WAIFEM), said on Monday that a good government securities market was essential to facilitate the achievement of monetary objectives.

In a speech read for him by Mr Arthur Ankrah, Director Financial Sector Management Department of WAIFEM, at a regional workshop on pricing and marketing of Government Securities, Dr Itsede said the securities market was an alternative to central bank funding of budget deficit because of its minimal distortion on monetary policy.

Besides, it provided instruments for effective monetary policy management. The one-week course is necessitated by the growing pressure on most countries to bridge financing gaps through reliance on domestic sources and also because domestic mobilisation is crucial to the launch of the West African Monetary Zone. Dr Itsede said the existence of such a market could enable the Government to respond to shocks, he said.

He said when a Government Securities Market was complemented with a sound domestic debt management strategy; it could relax the fiscal burden by reducing debt service costs over the medium to long term period thereby reducing Government exposure to interest rate and other financial risks.

At the microeconomic level, such a market could strengthen overall financial stability, enhance financial intermediation and spur competition among financial services providers. "As Government and Private Sector Securities Markets develop, commercial banks tend to develop related financial infrastructure and products and intermediate credit more competitively."

But for a successful development of the Market, conditions such as a sound macro-economic policy framework, prudent and sustainable fiscal policies, property rights and an effective legal, tax and regulatory infrastructure are required. Also important are efficient and secure settlement mechanisms and a liberalized financial system.

Dr Itsede called for the nurturing of primary dealers while a secondary dealer system was being evolved.GNA

Asantehene's convoy involves in accident

Barely 24 hours after the convoy of Vice-President Aliu Mahama got involved in a motor accident that claimed the lives of three security details, another accident involving the convoy of Asantehene, Otumfuo Osei Tutu II has occurred in Brong Ahafo.

An eyewitness, Mr. Kwame Siaw, a teacher, told the Ghana News Agency on telephone he was on board a metro mass transit bus when the accident occurred near Bawuah Farms at Nsoatre, off the Sunyani-Berekum road.He said a Mercedes Benz saloon car driven by one of the sub-chiefs in the Asantehene's convoy, in an attempt to avoid hitting the vehicle in front of him veered off the road and somersaulted into the bush.

The convoy was travelling to Seikwa in Tain district to attend the 15th anniversary celebration of the enstoollment of Nana Kweku Dwuma Ankoana II, Omanhene of Seikwa Traditional Area and the launch of an Educational Endowment Fund.Meanwhile the injured have been taken to the Berekum Governemnt Hospital and are responding to treatment.

When contacted, Chief Superintendent Christian Yohonu, Commander of Sunyani Municipal Police confirmed the incident.In another development, the four injured persons in the accident at Chiraa, near Sunyani, involving the Vice President's convoy were reported to be responding to treatment at the Regional Hospital in Sunyani when GNA visited the hospital.

They are Mr. Peter Ekpedzor, 46, driver, Mr. Awortwi Bonni Fred, 25, bondman, Mr. Edward Bediako 28 and Mr. Abdul Rahman, 35, both cameramen of Metro TV.

The names of the dead were not disclosed as the hospital's authorities said they were waiting for directives from the Vice President's office before they could do so.Meanwhile, Barima Afari Minta II, Chief of Chiraa, has, on behalf of the chiefs and people of the area expressed condolences and sympathy to President Kufuor and Vice President Aliu Mahama and the families of the victims of the accident.

In a telephone conversation with the Ghana News Agency, the chief said the chiefs and people were really saddened at the incident and expressed the hope that all Ghanaians would console with the bereaved families of the victims who suffered in the course of rendering services to the state.

He reiterated his appeal for a re-designing of the road from Sunyani to Techiman to avoid the recurrence of such accidents and the subsequent loss of lives.The chief noted that the nature of the road had made it accident-prone, culminating in many deaths in this year alone.

Nana Afari cited that there are as many as 35 curves on the road, coupled with many hilly points and this had made it quite difficult for drivers not conversant with the nature of the road to ply on it safely.
Source:GNA

Veep in Accident - Three Die

One of the cars in the Vice President, Aliu Mahama’s convoy was yesterday involved in a fatal motor accident at Chira, near Sunyani in the Brong Ahafo Region, at about 2:30pm.

At least two people, believed to be the vice president’s security guards, died on the spot, while a third died at the hospital.

The convoy was en route to Sunyani after paying a courtesy call on the Omanhene of Techiman Traditional Area, Oseadeyo Akumfi Ameyaw IV, and inspecting the up-grading project of the Asuogyaman Secondary School in Awirewa,Techiman.

One of the seven persons on board the Land Cruiser, with registration number GR978W, died instantly while the other died on the way to the hospital.

Five others including media personnel and the driver sustained various degrees of injury, with one in a very critical condition.

The five, who are receiving treatment at the Sunyani regional hospital, are likely to be flown to the 37 Military Hospital today for further treatment.

The bodies of the deceased have been deposited in the morgue awaiting autopsy.

The site of the tragedy is said to be a flash point, known for such fatal accidents.

It is a sharp curve on a slope and drivers who are not familiar with the road run into frequent accidents.

The driver of the vehicle, which was directly behind that of the Vice President’s, is said to have veered off the road in an attempt to prevent his car from hitting the vice’s and consequently somersaulted. The vehicle which had one of its front tires busted was damaged beyond repair.

An eyewitness explained that about seven cars behind the accident vehicle, including that of the Vice President’s would have suffered the same fate, but for the skillfulness of the driver.

At the time of filing this report, the driver was also receiving treatment.

In a related development one of the Vice President’s dispatch riders was also thrown off his motor-bike, while traveling to Techiman earlier in the morning.

The front tyre of the bike busted around Yawhimah, 10 minutes drive from Sunyani.

He was apparently saved because of his helmet.

Work on National Electronic Fibre Backbone takes off soon

Professor Mike Ocquaye, Minister of Communication on Saturday said work on the National Electronic Fibre Backbone to make Ghana an Information Technology (IT) motorway would begin soon.

Parliament had already approved a 30 million dollar loan with an additional 50 million dollar grant from China for the facility to make internet connectivity and general IT networking easier to accelerate development prospects in the country.Prof. Ocquaye announced this when addressing a durbar to climax the maiden homecoming of Old Students Association of Dzodze Penyi Secondary School (DZOPOSA) at Dzodze.He said another 40 million dollar scheme called E-Governance system in which IT would be applied in policy implementation between Government, Ministries, Departments, Metropolitan; Municipal and District Assemblies as well as the business community was also in the offing.Prof. Ocquaye noted that there were prospects in the country's youth in IT as the new economic lifeline in the world and asked all and sundry to take advantage of the system to build their capacity in knowledge, business and education.He commended DZOPOSA for coming together to propel the growth of their alma mater in the right spirit of nation building. "I urge you the students to learn hard despite the situation in the school because victory is sweet after a great battle. Performance is the essence of education or else we are wasting our time," Professor Ocquaye said.Professor Ocquaye suggested that a system be devised for evenly distribution of educational facilities in schools to avoid the situation in some deprived schools.He presented three sets of computers being the first batch of five sets from Internet Ghana for a proposed computer laboratory in the school and pledged to negotiate with the management of Ghana Telecom (GT) to extend a line to the area from Denu to hook the computer centre onto the net.Dr Emmanuel Srofenyo, a Medical Practitioner and President of DZOPOSA said the association spent about 400 million cedis mobilized from members and 400 bags of cement donated by the management of Diamond Cement company for the expansion and refurbishment work on the old school library which was inaugurated as part of the homecoming. Mr Ebenezer Attieku, Headmaster of Dzodze Penyi Secondary School changed from Dzodze Training College in 1972, had continued to grapple with inadequate and poor facilities and commended DZOPOSA for its programmes to rehabilitate some of the infrastructure. He expressed appreciation to Government for the construction of a multi-million cedi assembly and dinning hall project at the school. 2

Source: GNA