Visiting Canada’s Governor-General tours Gratis Foundation

Canada’s Governor-General, Ms Michaelle Jean on Tuesday toured the Gratis Foundation at Tema as part of her official State visit to the country and expressed satisfaction with the operations there.

Mrs Cecilia Kafui Asibey-Bonsu, Quality Assurance and Materials Manager of Gratis, led the Governor-General to tour the Metal Machining; Welding/Fabrication; Woodworking/pattern Making; Foundry; Textile Training and Design Sections. Since 1987, Canada, through the Canadian International Development Agency (CIDA), has provided approximately 13 million Canadain dollars about 105 billion cedis to assist the Gratis Foundation to promote the development of appropriate technologies and training in Ghana. She expressed satisfaction with the innovations introduced into the operations and entreated them to come out with quality products to be able to meet standards on the world market which has become highly competitive. Ms Jean was equally enthused on seeing the ladies working on the heavy machines and encouraged them to strive hard to rob shoulders with their men counterparts to be able to set up their own businesses. Seeing products like the boiling tank; steamer; palm oil expellant and palm fruit stripper among other devices, the Governor-General praised the officials of the Foundation for their ingenuity. The Governor-General, who is also the Commander-in-Chief of Canada, explained that her visit was to afford her the opportunity to see at first hand how her country’s financial contributions and investments were being utilized and also to strengthen the existing relations between the two countries. She noted that Ghana, with her vibrancy in civil society; right directions in governance and dynamism had the potential for rapid progress that could be an inspirer to the rest of Africa. With that she impressed on Ghanaians to take their destiny into their own hands and to strive to achieve successes through the new generation of entrepreneurship, which contributed to fast development. The Commander-in-Chief was accompanied by Mrs Margaret Amoakohene, Ghana’s Ambassador to Canada, and Mr Don Bobiash, Canada’s Ambassador to Ghana. Gratis Foundation is a non-governmental foundation that promotes marketable technologies and entrepreneurial skills for the growth of industry and business enterprises in Ghana and West Africa. Its activities among other things manufacturing with a focus on agriculture/agro processing; the provision of environmental/sanitation equipment; technology-based training aimed at equipping trainees with the requisite technical, vocational and entrepreneurial skills.GNA

Kuffour to Attend 1st African South American Summit

President Kuffour will be in Nigeria tomorrow to attend the First Afrcian South American Summit.

The maiden Abuja summit will see south american countries and their African counterparts forge deeper bilateral relations to better the lives of their people.

The president will be accompanied by Ghana's foreign minister Nana Akuffo Addo. They are expected back on Thursday.

Governor General of Canada in Ghana

Governor General of Canada Michaelle Jean takes part in a dance while the President of Ghana John Agyekum Kufur looks on during an arrival ceremony for Jean at Kotoka airport in Accra, Ghana, Monday.

BoG explains the re-denomination of cedi

The Bank of Ghana (BoG) on Monday said the design and the features of the new notes and coins, which would replace the current cash in circulation, would soon be made known to the public.

Briefing the press in Accra, Mr Van Lare Dosoo, First Deputy Governor of the Bank, said there would be practical guidelines and a coherent education programme for the public before the switch to the new denomination.

He said the Ghana Cedi to be introduced in July 2007 would receive legislation from Parliament to validate it use. The Governor, Dr Paul Acquah last Saturday announced the re-denomination of the cedis by setting 10,000 cedis to one new Ghana Cedi (GH Cedi) which would also be equivalent to 100 Ghana Pesewas (Gp).

This means that 500,000 cedis would be equivalent to 50GH Cedis; 200,000 cedis would be equivalent to 20GH cedis; 100,000 cedis would be equivalent to and 10GH cedis; 5,000 cedis would be equivalent to 50Gp; 2,000 cedis would be equivalent to 20Gp and 1,000 cedis would be equivalent to 10Gp.

The series of the new set of notes would be 0ne GH Cedi, Five GH Cedis, 10 GH cedis, 20 GH cedis and 50 GH cedis whilst the coins take 1Gp, 5Gp, 10Gp, 20Gp, 50Gp.

Both the old and new cedi bank notes and coins would be in physical circulation for a period of six months after which the old notes and coins would only be exchanged at the Bank of Ghana and any commercial or rural bank. After the period, the old notes would not be legal tender but could be exchanged at the banks for the new currency.

The external value of both the old and new currencies would be the same as the purchasing power would not change because the cedi would not be devalued or re-valued. Explaining the rationale further to journalists at the press briefing, Dr Ernest Addison, Head of Research, BoG, said experience elsewhere had shown that re-denomination of a currency by dropping zeros in the relative prices of domestic price relation led to significant efficiency gains in the context of strong economic fundamentals and macroeconomic stability.

This, he said, was the situation characterizing Ghana’s economy today hence the major policy decision. He said the growth environment of the economy was strong and positive, with all the underlining conditions such as inflation, interest rates, money supply and exchange rates showing good expectation of policy credibility.

Dr Addison said the benefits the new notes and coins would bring to the economy were incalculable. He said it would reduce the cost and overall risk of carrying large sums of notes, inject efficiency in the payment system, in particular the use of Automated Teller Machines (ATMs), and simplify accounting records.

Dr Addison said it would also reintroduce the culture of using coins in Ghana, promote tourism expenditures, make significant gains in cost of bank notes production and facilitate the introduction of the use of vendor machines and car parking meters. Dwelling on the implementation process, Ms Catherine Ashieley of the Issues Depart of the BoG, said 49 countries world wide had successful gone through the process of re-denomination.

She said research analysis had shown that within the first three months of introduction, about 75 per cent to 80 per cent of the old currency was likely to be withdrawn from circulation since most people would like to switch to the new denomination as early as possible.GNA