China to help build Bui city

Mr. Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning on Wednesday said government had allocated 20 million dollars for the construction of a city at Bui in line with the Bui dam project.He said the money allocated for the construction of the city formed part of a 600 million dollars loan to be funded by the Chinese government through a mixed credit facility.

Mr. Baah-Wiredu said lessons from the construction of the Akosombo dam has necessitated that a well-planned city, the likes of Tema, be put in place to accommodate all those who would be displaced due to the construction of the dam."The Bui city with its own university is expected to accommodate over one million inhabitants in the next 30 years," he told Mr Zhang Keyuan, out-going Chinese Ambassador who called at his office to bid him farewell.Mr Zhang, who had been in Ghana for almost four years was being recalled to his home country.Thanking Mr Zhang, through whose effort Ghana was about to implement the Bui Hydro-Electric Power Project, the Minister expressed the hope that Mr Zhang could stay to witness the sod cutting scheduled for June 15.

The project had been on drawing board for more than 85 years. "With the engineering, procurement and construction contract already signed between the government of Ghana and the project contractors, the way is paved for work to start on the project soon," Mr Baah-Wiredu said.He said Mr Zhang's duty in Ghana had been one of the most active and fruitful periods in Ghana-China bilateral co-operation initiated in the early 1960s."Your term of office has witnessed an unprecedented expansion of the Chinese Government support to Ghana as China is now Ghana's third largest bilateral development partner," The Finance Minister said. He called for a better trade relationship with an increase in exports from Ghana.Mr Zhang expressed his appreciation to President John Agyekum Kufuor, Ministers of State and the people of Ghana for the hospitable and excellent relationship saying he had enjoyed the nearly four years stay in Ghana.He said he would have wished to stay much longer in Ghana to complete the projects that were initiated during his tenure of office, but promised to encourage his successor to be committed to the completion of all those projects.He named some of the projects as the construction of an office complex for the Ministry of Defence, the rehabilitation of the Peduase Presidential Lodge, the Kumasi Youth Centre project and the Bui Hydro-Electric Power Dam project.He noted that bilateral relations, as well as trade between Ghana and China had deepened over the last three years, including the signing of a number of financial agreements and contracts with the government on various projects."I hope the bilateral relationship would be enhanced to a new level with the new ambassador to be," Mr Zhang said.
Source:GNA

Enact law to check mishandling of the cedi

The Rev Robert Nelson Adayi, Executive Director of Treds Envitech Limited, an environment management company on Tuesday called on the government to enact a law to deal with the mishandling of the Ghanaian currency.This, he said, would curb the practice where citizens treated the currency with contempt by writing on it, mended it with black cellotape and soiled it with oil, defacing it.

Rev Adayi said this when he met with workers at Asamankese in the Eastern Region to educate them on the new currency and how to handle money. "No country mishandles money like Ghana," he said. "All the foreign currencies used in Ghana are always in good shape because the least defect will render the money useless," he added.He said a law to make tattered and defaced notes illegal tender was a sure way of giving the currency some importance and value.

a"This will put fear into the citizens and even the banks which sometimes issue such notes in the name of legal tender." Rev Adayi noted that with new notes to be introduced in July, it was appropriate for government to set up laws to protect the currencies to avoid spending huge sums on reprinting.He therefore advised the workers to handle the new notes with care and pay attention to the various advertisements in the media to enable them to understand the education campaign. 8 May 07
Source:GNA

Kufuor lauds Toure on Mali election victory

President John Agyekum Kufuor on Monday congratulated the Malian President Amadou Toumani Toure on his re-election for a second term. "I believe it is as much a testimony to the maturity of the country's political and democratic institutions under your presidency, as it is a tribute to your personal commitment to the tenets of democracy and transparency, very much appreciated by Africa and the wider international community at this critical period of the continent's history," President Kufuor said in a letter to President Toure.

A press release signed by Mr Andrew Awuni, Press Secretary to the President and Presidential Spokesman, said as President Kufuor, who is the current Chairman of African Union, prepares to welcome Heads of State to Accra for the forthcoming AU Summit, he believes that the overriding themes of debates, the personal and collective commitment of African leaders to the continent's renaissance would very much determine the destiny of the continent for years to come.

It said President Kufuor also looked forward to deepening the long-standing bilateral relations and expanding the frontiers of cooperation between Ghana and Mali to benefit both countries mutually.GNA

Ghana's New Money

Kufuor to visit South Africa on Sunday

President John Agyekum Kufuor, Chairman of the African Union, leaves Accra for Johannesburg, South Africa, on Sunday to attend the opening of the Seventh Ordinary Session of the Pan-African Parliament (PAF).He is scheduled to address the Parliament, the first time ever, by an AU Chairman.A press release signed by the Press Secretary and Presidential Spokesperson, Mr Andrew Awuni, said the Session would focus on four major issues - Environment and Climate Change, Peace and Security, NEPAD and the African Peer Review Mechanism (APRM) as well as the Union Government of Africa.

The PAP was established in March 2004 in accordance with Article 17 of the Consultative Act of the AU, as one of its organs provided for in the treaty establishing the African Economic Community signed in Abuja, Nigeria, in 1991.The release said whilst in South Africa, President Kufuor would also hold bilateral talks with his South African counterpart, President Thabo Mbeki and other senior Government Officials. He is expected back home on Wednesday, May 9.
Source:GNA

BOG Starts Circulating New Ghana Money Today

The Bank of Ghana (BoG) will this morning launch the new Ghana Cedis and Pesewas at the Bank’s auditorium, High Street Accra. The introduction of the new currency has become necessary as a result of re-denomination of the Ghanaian currency the cedi, which takes effect on July 1, 2007.

When the redenomination takes effect, ¢100,000 would represent the current ¢1,000,000.00 and ¢10,000 the current ¢100,000, while the current ¢10,000 would be the same as ¢1.00 within the new currency.According to the Ghana Central Bank however, the quantity and quality of goods that an equivalent of the money in circulation now can purchase would be the same as what the new cedi currency which would be launched tomorrow would be able to procure, hence the refrain that has run through adverts aired and played on air for some months now.Officials of the bank say the added advantage of the new currency is that it would be less cumbersome to carry and also enhance business transactions while maintaining the value of the Ghanaian cedi.

As to whether the new currency would match up with the major currencies of the world, Esi Hammond of the Public Relations Unit, Bank of Ghana asserted that the rate of exchange would still be determined by the market foraces of demand and supply. “It is not the redenomination or re-calibration of the cedis that would check prices and thus influence inflation but the interplay of sound macro-economic practices.Fiscal discipline is needed and when monetary policies go haywire that brings about inflation, but when government does its part and does not overspend, that checks rise in inflation which has been kept steady for a while,” the BoG official stated.
Source:GHP

Princess Ann's Visit in Pix