Workers March Against Sale of ADB

Workers on Thursday staged a demonstration against the proposed sale of the Central Bank's 48 per cent share in the Agricultural Development Bank, as pressure mounted on the government to abandon the proposal.Scores of members of the Tema District Council of Labour (TDCL) of the Trades Union Congress (TUC) started the demonstration at Tema and ended in Accra.

The demonstrators, accompanied by brass band music, presented a petition protesting against the proposed sale of the shares to Nana Akomea, Minister of Manpower, Youth and Employment.The Chairman of the TDCL, Mr Wilson Agana said previous sales of state enterprises such as Ghana Airways had not yielded any dividends and ADB must not be allowed to suffer the same fate.A number of Banks, including Stanbic Bank, have expressed the desire to buy the shares, but this has been met by the wave of protests from the workers of the Bank, civil society, TUC and political parties.

Mr. Agana said it was important that workers' concerns and interests were taken into consideration, adding that the march was therefore in support of the resistance by the TUC against government's intention to sell the shares and mobilize public support among workers and farmers.Nana Akomea told the demonstrators that he had been asked by President John Agyekum Kufuor to receive the petition and he would hand it over to Cabinet, which was meeting on Thursday. He said he wanted to dialogue and had therefore called a meeting with the TUC next week to discuss the issues. The TDCL has dismissed arguments that ADB needed a total amount of 250 million dollars instead of its current 66 million dollars to operate effectively.

"It is important to point out that this argument is flawed because it is not possible for any financial institution in the world to always have the ability to raise the needed capital required for a specific project," the TDCL said."We cannot simply for the purpose of improving efficiency, assume that ADB should be sold to a private foreign strategic interest." Last month TDCL gave government a two-week ultimatum to rescind its intended decision to sell the 48 percent shares of ADB, or members would take to the streets.Mr. Joseph Henry Mensah, former Senior Minister who supports the sale of the Central Bank's shares, has said what is at stake in the debate of off-loading the shares of the Bank of Ghana ADB is not a simple "sale" but a "reorganisation" of the Bank so that it would have more strength to serve the interests of the farming community and the operators of small and medium-scale industry throughout Ghana. He said whatever the achievements of the ADB in the past 50 years, it was manifest that today, with a net worth of just US$66 million, that it was in no position to cater adequately for the urgent need to modernize and re-equip Ghanaian agriculture."That need for agricultural transformation was the sole purpose for establishing the ADB with state resources. "And indeed, most of those resources were being contributed by these same farmers and self-employed entrepreneurs: so it was also a matter of equity to extend to them the benefits of the nation's financial system."13 Sept. 07
Source:GNA

Australia Beats Ghana's Black Queens 4-1

Australia won its first ever Women's World Cup match on Wednesday with Lisa De Vanna scoring two goals in a 4-1 victory over Ghana in a Group C match.
Australia, 0-7-2 in three previous World Cups, came up with a strong performance against the Africans. Sarah Walsh and Heather Garriock also scored for the Australians.
Ghana failed to clear the ball from its end in the 14th minute, and Walsh took advantage with a left-foot shot that beat the goalkeeper.
Anita Amankwa had two chances to tie the score, but failed to convert. She misplayed a shot toward an open net in the 20th minute, then took one too many touches in trying to get past the Australian goalie and lost the ball in the 33rd minute.
De Vanna came on in the second half and the move quickly paid off. First she hit the bar on her first scoring chance, then made it 2-0 when she knocked home Walsh's cross in the 57th minute.
Garriock scored on a header in the 69th to make it 3-0.
Ghana scored its only goal moments later when Amankwa took a pass, stepped inside a defender and calmly placed her shot past the goalie.
De Vanna closed out the scoring in the 81st minute. After taking a pass from Garriock, Ghana goalie Memunatu Sulemana rushed up to defend, but when she failed to reach the ball De Vanna knocked it into the open net.
Australia faces Norway on Saturday, and Ghana takes on Canada.

Stars Humbled By Saudi Arabia

Saudi Arabia senior national side thrashed their Ghana counterparts 5-0 in a friendly international match at the King Fahad Stadium on Tuesday, SEPTEMBER 11th.
The AFC Asian Cup 2007 runners-up got their first goal in the fifth minute through Yasser Al-Qahtani, as a result of a defensive blunder by Captain Michael Essien.
Saud Kearairi scored the second goal in the 25 minute. Three second half goals - from Yasser Al-Qahtani and two penalties taken by Saad Al-harthi(57') and Redha Tukar Fallatah (92') added to Ghana's woes.
This Ghana's worst defeat since the infamous "Bochum Massacre", i.e. 6-1 defeat to Germany in the early 90s
Line up: Kingston, Painstil, Shilla, Dickoh, Hans Adu Sarpei; Laryea Kingston/Ayew, Anthony Annan, M. Essien, Eric Addo/Prince Tagoe, Sulley Muntari/Barusso, Mathew Amoah/Agogo

Presidency not retirement package - Botwe

Mr Daniel Kwaku Botwe, an aspiring flag bearer of the ruling New Patriotic Party (NPP) on Sunday declared, "The post of a Chief Executive Officer of Ghana, the Presidency should not be considered as a retirement package"."The job is four years and possible eight years continuous strenuous labour, which demands dynamisms, vigour, resilience and the tenacity to endure. This is not a place for the aged.

Their place is the Council of State," Mr Botwe stated in an interview with the Ghana News Agency in Accra."It's not an end of service package for successful service to the nation. Ghana deserves the services of an energetic and hard working personality to continue the transformation and maximize the economic gains for the benefit of the citizens," he said."To rule a country requires a dynamic organisational structure, good communication network and a high degree of meticulousness for a Third World country to standout among the community of nations" Mr Botwe stated."I am endowed with potentials capable of leading the NPP to victory," he said and urged delegates to the December 22, Special National Delegates Congress of the NPP to elect him as the flag bearer of the party for Elections 2008.

Mr Botwe reminded the delegates that the destiny of the party and Ghana was in their hand and said "You are under obligation to elect a flag bearer for the NPP and President for Ghana. You must therefore maintain your focus in the face of wooing antics by most of the aspirants to attract you attention and votes. Choose a leader who can broaden our party's support base and win Elections 2008".The NPP former General Secretary also advised the National, Regional, Constituency Executives as well as polling station chairmen to continue to nurture the bond of unity that had made the party a unique political organisation to forestall internal bickering that could destroy and distract it from its goals.He said, "I have been there before. Processes leading to congress are stressful moments, but as commanders of our great party you need to keep your focus, as posterity will never forgive you if you fail to organize a free, fair and transparent congress, we have a tradition to defend, the Danquah/Busia philosophy."Mr Botwe who was also a former Minister of Information said if he were given the nod to lead the party, he would put premium on the training of polling agents, ward chairmen and other identifiable executives on the dynamics of modern politicking and the electoral systems.Mr Botwe identified rumour mongering was a major drawback to the party's progress describing it as "a cancerous growing deep into its rank and file".He appealed to party activists to feel free to come out with their grievances and be prepared to engage in dialogue to enable the party to grow in unity.Mr Botwe assured NPP executives that if he were made the flag bearer he would continue to work assiduously with them as a team, marshal all resources and logistics to ensure effective organisation. He noted that he was the most popular and dynamic of the presidential aspirants."My experience in politics especially gained since the 2000 elections, has adequately equipped and exposed me to design the necessary strategies to enable the party to win the next general elections, I have done it before and I will do it again," he said. "Dan Botwe is already a market brand in Ghanaian politics my previous position as General Secretary afforded me the opportunity to tour the length and breadth of this country to interact directly with the people from all walks of life".He called on the members to vote for him as their presidential candidate to promote unity among the people of Ghana regardless of ethnic origin, religion, position, gender, occupation; status in society or political affiliation."I will bring together like minded citizens of the country so that they will strive for Freedom and Justice by the appreciation and protection of human rights and the Rule of Law through the practice of true democracy."To build in this country a free and democratic system of government under which all citizens will be able to contribute to the welfare, peace and prosperity of our nation and keep its people free from dictatorship and oppression."To harness to the full the human and natural resources of the country and ensure development of all Regions and Districts of the country without discrimination, these are my humble commitment," Mr Botwe stated.
Source:GNA

Economy sound for offshore banking

Central Bank Governor, Dr. Paul Acquah on Friday assured investors, who would want to take advantage of the offshore banking facility, that the country had in place a tight regulatory environment to protect their funds.Speaking at the launch of the first ever off-shore banking facility in West Africa, which is a joint venture between the government and Barclays Bank, Dr. Acquah said the Banking Act and other pieces of legislation should offer investors the necessary guarantee that the country was a safe haven for them to lodge their funds.

Offshore banking is the provision of tailor-made banking services for non-resident, expatriates and institutions to save their money abroad rather than those in their home countries. It offers a tax efficient environment for a wide range of savings and investment products.The management of Barclays Bank Ghana Limited was granted a General Banking License by the Bank of Ghana to operate the facility under the International Banking Component of the International Financial Services Centre.The International Financial Services Centre, which is part of a comprehensive financial sector development programme, will have a full range of non-bank financial services.Dr. Acquah described the launch of the centre as a significant landmark in banking in the country, attributing the achievement to the sound economic performance in the last six years and stable political environment.He urged the management of Barclays to exhibit strong operational strength and integrity to meet the best practices in the world, saying it was the only way that the country would enjoy the benefits of the International Financial Services Centre.Finance Minister Kwadwo Baah-Wiredu enumerated the advantages that would accrue to the country with the launch of the offshore banking facility.These include making available a pool of capital inflows that institutions and companies could tap into to spur the country's economic development as well as enhanced country's revenue generation.Mr. Frits Seegers, Chief Executive Officer, Global Retail and Commercial Banking Barclays said the initiative would put Ghana into prominence in the financial arena and promote cross-border business within the West Africa sub-region."By becoming an international financial services centre, Ghana will see benefits including new jobs, increased foreign exchange inflows, and skills transfer in international banking. This will place Ghana on the map for international financial markets, opening new markets that have not been available before."Mrs Margaret Mwanakatwe, Managing Director of Barclays Ghana Limited, said the bank was committed and prepared to deal with the challenges associated with international banking services. She said Barclays would offer such services without compromising efficient and effective customer service.
Source:GNA

Kufuor launches Ghana's landmark offshore banking

Ghana on Friday celebrated a historic landmark in its banking industry with the launch by President John Agyekum Kufuor of In-Country Offshore Banking Services in Accra. The facility, a joint venture of Ghana and the Barclays Bank, is the first of its kind to be established in West Africa and is seen as an important step towards the realization of the Government's vision of making the country a major financial hub of the Sub-Region. It would provide banking services to non-resident customers by creating a portfolio of assets and liabilities and other investment products.This way the country is expected to gain through more foreign exchange inflows, job creation and skills transfer in international banking.Former Nigerian President Olusegun Obasanjo, Vice President Alhaji Aliu Mahama, Ministers of State, Members of Parliament and Government delegations from Nigeria, Togo, C=F4te d'Ivoire and Burkina Faso attended the ceremony.President Kufuor said the Government was fully aware of the numerous challenges and difficulties inherent in the operation of the facility and gave the assurance that the necessary safeguards had been put in place to stave off abuses.Legal and administrative measures, he said, had been enacted to provide the needed checks and balances within the economy in particular and society in general."These measures should promote best practices in service delivery. More importantly, they should affirm the good faith and determination of the entire society to make Ghana a safe, secure and peaceful environment for investment."President Kufuor, through whose initiative the offshore banking had become a reality, said the nation already was acknowledged as investor-friendly and asked that the "Project" should exploit this positive image in securing the confidence of foreign and domestic customers.It must help to transform the financial system for accelerated socio-economic development."It is gratifying that the results of the years of hard work on the macro-economy and the commitment to good governance are yielding fruits. The economy is stable, inflation and interest rates are declining while the Cedi maintains its value against major trading currencies."
Source:GNA

Parliament Is A Rubber Stamp - MP

Hon P.C. Appiah-Ofori, the Member of Parliament for Asikuma Odoben Brakwa has stated that the current parliament is a rubber stamp, dedicated with blindly approving all that the government pushes before it. He has also stated that the current government only rewards those who sing its praises, and that all those who dedicate themselves to offering criticism of government policies and programmes can only expect to be denied the right to serve in government.

Hon. P.C. Appiah-Ofori, who is a leading member of the ruling New Patriotic Party (NPP) made these claims during a news programme on an Accra based radio station on Wednesday.Speaking to newsmen in reaction to a recent report by the Centre for Democratic Development (CDD) that there is a perception that parliament is a rubber stamp, Hon Appiah Ofori expressed his agreement.“Yes I agree with the CDD. When a motion is brought into parliament members make it a case of towing party lines so therefore vote on party lines,’ Hon. Appiah Ofori said. He said that the phenomenon does not allow development for Ghana. Explaining his point, he said that the former Provisional National Defence Council (PNDC) passed the Minerals Law in 1986 which was too favourable for the mining companies.He said that when the NPP came to power it decided to change the law and he suggested that a clause be put in the law to make it mandatory for the mining companies to retain a high percentage of their earnings in Ghana.“I did all I could but none of them supported me. After the motion was off the table some of the MPs came to me and said P.C. what you said was true,” he said. He said that the MPs refused to support him because they were afraid.“They are the people who get the ministerial positions,” he said.Asked if expressing critical thought would militate against one getting a position in government, Hon. Appiah-Ofori answered in the affirmative, and said that he did not go to parliament to get a ministerial position, but to serve.“My people did not vote for me to go and enrich myself, they voted me to go and help build the country for the voters to also enjoy the good life. So when government brings the policy and it is not good for the people of Ghana I will not support it,” he said.
Source:Searchlight