60% of old currency notes replaced - BoG

The Bank of Ghana (BoG) on Monday said 60 per cent of the old currency had been withdrawn from circulation and replaced with the new currency.Dr Paul Acquah, Governor of the Central Bank, answering questions from the media during a briefing of the Monetary Policy Committee (MPC) in Accra after its deliberations last week, said at the start of the exercise in July, about 9.1 trillion cedis was withdrawn and replaced with 5.45 trillion Ghana Cedis.

"This leaves an outstanding of about 3.6 trillion cedis yet to be replaced," he added.It is expected that the outstanding old currency would be completely withdrawn by December, 2007, the date set for the end of the main redenomination exercise.The BoG embarked on the redenomination exercise in July 2007 to reduce the burden of accounting and cutting the risk of carrying large sums of physical cash.Dr Acquah also announced that the Central Bank had divested its interest in the Agricultural Development Bank (ADB) to the Financial Investment Trust, a body that takes into custody government shares for onward investment either to the public or a strategic investor.

Therefore in principle, the divestiture has taken place and the Central Bank has moved on with the process," he explained. He said the idea was to ensure that the BoG, as the regulator of the banking industry, was not seen as a player as well.Dr Acquah said the issue of divestiture and/or acquisition of any Bank by another had to do with the services that the Bank had to offer. Asked what the response should be for the ADB situation, Dr Acquah said: "Whatever action would be taken should be done with the focus that the agricultural sector will be enhanced and the agricultural focus should be maintained in the Bank."Any bank or institution that buys into ADB and dilutes the original intent of the Bank should not be entertained.

"Our main focus as a regulator is to ensure that a real financial industry is developed in the country. Any new Bank that comes into Ghana should be an internationally active Bank as a major criterion and we would consider a Bank with this kind of reputation."Merchant Bank Ghana Limited, Robo Bank of Netherlands and Stanbic Bank of South Africa have expressed interest in taking up the 48 per cent shares that the BoG is disposing of in ADB. Dr Acquah said if the right thing was done within a competitive atmosphere shareholders would have value for money with guaranteed quality service.
Source:GNA

Stop showing disrespect to our Veep

Mr. George Ayisi-Boateng, one of the most loyal stalwarts and defenders of the NPP in the party's World Bank capital of Kumasi has appealed to NPP presidential aspirants and their supporters to stop showing disrespect to "our sitting Vice President".Mr. Ayisi-Boateng has probably defended NPP government policies and personalities on radio programmes in Kumasi than many a sector minister or MCE or DCE.

Speaking to ADM last week in an exclusive telephone interview from his base in Kumasi, he said he had observed with "increasing disquiet and disappointment the way in which some of these aspirants and their supporters are targeting the VP."Without mentioning names, he said "let who the cap fits, wear it."He said he had never hidden his support for the VP "from the beginning, because my conscience and instincts tell me that's the right thing to do and he is the right man at the right time to lead the NPP into another victory.

God did not let the President Kufuor choose him as Vice President for nothing."He said because Alhaji Aliu Mahama is "our sitting Vice President, it does not matter whether he is also a presidential aspirant or not, that office he is still occupying deserves our respect."He said in Ghana's constitutional arrangement, Alhaji Aliu Mahama is Ghana's No 2 all the way to January 7 2009 when he moves to the No. 1 position or makes way for someone else. This entitles him to all the courtesies attached to his office and "above all, the respect and loyalty of all those who say they are genuine NPP supporters."It is an NPP government, he told ADM, that is currently running the affairs of Ghana.

On the pinnacle of the government, he said, sits President Kufuor and "right after him is Vice President Aliu Mahama; any person, whether in the NPP or NDC who shows disrespect to Aliu is also extending it to Kufuor."He said "when we talk of the Presidency, we are referring to President Kufuor, Vice President Aliu Mahama and all the officials under them."By the same token, he explained, "in the legislature, it is Mr. Sekyi-Hughes, the Speaker of Parliament and his officers and in the Judiciary, Mrs. Georgina Wood, the Chief Justice and her officers."Mr. Ayisi-Boateng said he is particularly "saddened by the fact that Aliu is minding his own business, he has not insulted any aspirant, he does not use foul language, he is a man of a few words and yet they are attacking him so unfairly and viciously." He asked which of them is perfect.

"If we all mean to descend into the gutter, no one will remain standing?He said he is however not surprised because "they must know in their heart of hearts that he is the man to beat, he is the obvious choice of the people, he cuts across the political divide, the man who the NPP, NDC, PNC, CPP and the others would be comfortable with as a president, so they are trying to destroy his chances, not realizing that it is the NPP's chances they are also diminishing." Showing a degree of exasperation, he said, "why cut your nose to spite your face?"He called on the NPP leadership and elders to immediately call to order all "these people who by their blind ambition want to undermine the presidency.

"He asked: "Where is the Code of Ethics they said they have instituted? Who enforces it?"Mr. Ayisi-Boateng, an Ashanti man, has not hidden his support for the Vice President. He has always held to the belief that if the NPP rallies behind the Vice President instead of looking for excuses to dump him, it would set a new image for the often regarded Akanistic party and easily win Election 2008. He told ADM that he hopes the aspirants would not degenerate into "gutter politics, in which case we could as well start preparing to hand over the keys of the new Flagstaff House presidential complex to the NDC."
Source:Accra Mail

U17 WC: Starlets progress to round 16

Starlets progress to round 16 in style Ulsan (SK), Aug. 26, GNA - The National U-17 soccer team, the Black Starlets on Sunday made Ghana proud in Ulsan, South Korea when they played a determined game to defeat "threatening" Colombia to qualify to the next stage of the World U- 17 competition.

Before the game, the Ghanaians were relying on the performance of some weak teams who would place in third positions to qualify into the round of 16 on superior goal aggregate if they failed to beat Columbia. Head coach Sellas Tetteh and his boys had promised Ghanaians of a win, which indeed came their way but their next hurdle is how to beat their next opponents, Brazil to sail through to the quarter-finals. The Starlets came into the match with a lot of determination and were favourites to all the connoseurs in Ulsan including the Korean media who later told the GNA Sports that Ghana could easily eliminate Brazil in their next game.

From the referee's whistle, the Starlets dominated play with accurate man - to - man passes and delicate ball control characteristic of Ghanaian players but failed to translate their numerous chances into more goals.
Sadick Adams and Abeiku Quansah entertained the crowd with their moves as they surged towards the Colombian goal but their opponents did well to defend solidly to prevent any early goals.

On the 16th minute mark, Ishmael Yartey had a glorious opportunity to open scoring but the Colombian keeper Mauricio Acosta was alert to save his side by making a good save.
The Starlets continued to mount pressure and in the 32nd minute, Ransford Osei opened scoring after Quansah had meandered his way through the Colombian defense to cross the ball, which found the hungry and waiting foot of Abeiku who made no mistake to slot in the ball for the opener.

They continued to mount the pressure and earned five corner kicks in the half but they failed to utilise any of them.
The Colombians tried to match the Starlets with their physique and height but they could not redeem the goal for referee Craig Thomas of Scotland to bring the proceedings of the first half to an end after one minute of time added on.
The Colombians came back from the recess with full of fight and seem to out-class the Ghanaians initially but Ransford Osei caused a stir in their camp when he nearly increased the tally with just one minute into the second half.

The Colombians pulled a surprise on Ghana when Carlos Rarmos was able to beat the Starlets defense and cross the ball into the 18 yard box, which Christian Nazarith made no mistake to equalise in the 60th minute.
The equalizer gingered the Colombians to make scary moves towards Ghana's goal area but their efforts were always contained by the Ghanaian defense.
The Starlets took control of the match from the 70th minute and used their experience and beautiful game play to get the winning goal in the 84th minute when Ishmael Yartey made no mistake to slot in the ball to create merry making among the Ghanaian fans.

Even though the Starlets had so many scoring chances, they failed to make use of them to increase the tally until the referee brought the proceedings to an end after three minutes of added on time amidst cheers from the Korean fan and the handful of Ghanaians.
Ghana finished second in Group 'F' and would be meeting Brazil who also placed second in Group 'B' on Wednesday, August 29.
Source:Caesar Abagali

Pix From Bui Sod-Cutting Ceremony