GSE makes 'worldwide' record

The Ghana Stock Exchange (GSE) recovery has reached a phenomenal point, once again recording the highest year-to-date returns worldwide; but it seems that many local fund managers that invest on the market are still holding a 'wait and see' attitude.

The GSE's negative 46.58% return last year made it the worst performer among the general poor showing of stock markets across the world - not sparing the many equity-based funds that make their profit on the market.

The gradual recovery of the GSE from the beginning of this year came to confirm analysts' forecast that the market would bounce back to positive returns, but last week Friday's 22.96% year-to-date posted by the GSE – the highest return recorded in the world so far – has beat even the most optimistic forecasts.

Contrary to the norm, not a single fund manager has been able to beat the GSE so far; available updates by Gold Coast Securities (GCS) Research show that the NTHC Horizon Fund, which came closest to the GSE, recorded a year-to-date return of 10.46% for the same period.

Other returns made on equity-based funds were SAS Fortune Fund 10.45%; the newest on the market - the Capital Growth Fund - returned 8.17%; Gold Fund 6.18%; and HFC Equity 5.21%. Anidaso Mutual Fund, the only fund currently managed outside of the capital city, recorded a year-to-date return of 4.96% while Epack, the oldest fund on the market, returned 4.64%.

Some Funds suffered a similar fate in 2008, the year the GSE came top of the world with a 58.05% year-to-date for the year. HFC Equity Fund posted a return of 38.89% that year and Gold Fund recorded 37.32% while the Epack, owing to the abysmal performance of the other African markets where it invests, returned a woeful negative 3.84%.

Historically, fund managers' active participation on the market in the years 1997, 1998, 2000, 2001, 2002, 2005, 2006 and 2007 saw them reap huge capital gains for their small fund holders .

Collins Appiah, Head of Research at GCS, the owners of Gold Fund in an interview with B&FT said the passiveness of fund managers this time round could be stemming from the fact' that the" market has just recovered from a deep recession, "and' therefore it is worthwhile that fund managers watch the market for some time before remixing portfolios where necessary," he stated.

Collins, who was optimistic the trend would reverse by close of year, added that last year's recession triggered a wave of redemption by fund holders which continued into the first quarter of this year. "It is the main factor why we have not recorded an impressive performance so far," he said.

The unimpressive performance of the funds - which invest at least 75 percent of their assets on the capital market, stand in comparison to some stocks that have outperformed the GSE.

Ghana Commercial Bank (GCB), which lost 32.73% last year to fall to GH¢0.74, recovered this year to GH¢1.12, representing 1.1 2% year-to-date gain. Cal Bank (Cal) lost 40% last year to GH¢0.20 but has regained to GH¢0.28, to present 40% gain so far. SIC, the biggest insurance firm, also lost 46% last year to GH¢0.27 but has now risen to GH¢0.36, the equivalent of 29.63% year-to-date gain.

Derrick Mensah, also of GCS Research, noted that equity-dominated fund managers in Ghana put not less than 45% of their investments into financial stocks, which has helped to keep their heads above water since the financial stocks have been doing extra well.

"The downside therefore is as a result of the poor showing of the other category of stocks since the year began; such as the brewery, manufacturing and lCT stocks and some of the consumer goods, and distribution and trading stocks," he noted.

According to Collins, these stocks will soon pick up when short-term interest rates and yields on fixed income securities fall further, as expected.

According to him, the benchmark 91-day Treasury bill rate - now at 13.29% - should fall further to single digits by close of year. "If this forecast by the Bank of Ghana is anything to go by, then investors should be paying more attention to the stock market for higher gains and most of these stocks would be beneficiaries," he stated.

He therefore foresees that the current favourable showing of money market funds and balanced funds as compared to equity dominated funds will most likely change in favour of the latter.

Latest updates have quoted a year-to-date return .of 21.58% on the Mfund and 20.41 % on the HFC Unit Trust, both money market funds.

Bright Quaye, also a researcher at GCS, advised investors in mutual funds and unit trusts not to de-invest too quickly at this time because fund managers are experts who are able to take far more informed decisions on their investments than they can do on their own as small fund holders.

"Fund managers are able to diversify their investments on the capital market, which helps to reduce the risk on investments to the barest minimum. As small fund holders, they may not be able to invest in blue chip stocks that earn very high returns, but buying into a mutual fund is an avenue to do so," Bright cautioned.


Source: B&FT

Ghana is in search of banks with excellent records - Prez Mills

President John Evans Atta Mills on Tuesday invited banks with excellent track records and experience to assist in the development of Ghana's oil industry.

He welcomed investors with sound credentials and re-emphasized that government would get everybody on board in the development of the country's emerging oil industry.

President Mills gave the invitation when Mr Peter Sands, Group Chief Executive Officer of Stanchart Bank, who is in the country to assess the performance of the bank, paid a courtesy call on him at the Osu Castle in Accra.

President Mills stressed that government would ensure that the best practices would be followed in the oil industry.

He said government had also put in mechanisms to ensure that there was transparency and sound management of oil proceeds so that the benefits would be felt by all.

President Mills assured the banking and investor community of government's support so that together they would work to overcome the challenges of the industry for mutual benefit.

Mr Sands said Ghana was a very important country for Stanchart and applauded the Government of Ghana in its efforts towards the development of the economy.

He said such sound economic management was what informed Stanchart's choice of Ghana as one of the countries in West Africa to operate.

Mr Sands presented a book on the history on the operations Stanchart to President Mills.


Source: GNA

Ghana is 53-Years-Old Today

Ghana before Independence on March 6,1957 was called Gold Coast. The earliest Europeans to arrive here were the Portuguese in the 15th Century. On their arrival, they found so much gold between the River Ankobra and the Volta and subsequently named it “da Mina”, meaning The Mine. In 1482, the first castle was built in the Gold Coast by the Portuguese at Elmina. This was built to enhance their trading activities especially gold and slavery.

By 1598, the Dutch were in the Gold Coast to also trade. They built forts along the coastal areas notable among them being the Komenda fort. In 1637, they captured the Elmina castle from the Portuguese and that of Axim (Fort St. Anthony) in 1642.

Many other European traders came to the Gold Coast to trade. These included the British, Danes and Swedes. These European traders built several forts along our coastlines. In 1872, the Dutch lost interest in the coast and ceded their forts free to the British. Thus ended a period of Dutch occupation lasting 274 years. By 1874, the British were the only Europeans in the Gold Coast and thus made it a crown colony. This in effect gave them total control.

The British government established their headquarters at Cape Coast Castle. This had been their headquarters since 1662 and is one of the greatest historical sites in the country. It has numerous dungeons which were used to keep slaves before being transported to the Diaspora.

There had been many wars fought between the people of the Gold Coast and the British over governance. In 1874, an army under Sir Garnet Wolseley crossed the Pra River into the Asante territory. The Ghanaians referred to this War as the “Sagrenti War” because they could not pronounce Sir Garnet’s name correctly. The British force, this time proved too strong for the Asante who, after a long and brave fighting, agreed to sign a peace treaty at Fomena. At about the same time the British defeated the Anlo people in the Volta area. On the 12th of September, 1874, the whole of Southern Ghana including Anloland became a British colony. The Capital was removed from Cape Coast to Accra two years later.

After the Second World War (1939-1945), things began to change in the then Gold Coast. The discrimination against educated Ghanaians in the civil service was on the increase and high positions were reserved for whitemen while Ghanaians became hewers of wood and drawers of water. The European and Asian firms were also seriously exploiting the Africans. The Ex-servicemen (Ghanaian soldiers who fought in the World War), helped in another way to expose the weakness of the British. They realized that they performed better than the whites on the battlefield. These Ex-servicemen again saw the struggle for independence in India and Burma where most of them went to fight. They were therefore inspired to struggle against the same British in Ghana after the their return from the war.

The first political party was formed in August 1947 by Paa Grant, Dr. J.B Danquah and others. It was named the United Gold Coast Convention (U.G.C.C). Its slogan was “Self government within the shortest possible time”. The U.G.C.C. therefore invited Dr. Kwame Nkrumah home from his studies to become the full-time General Secretary of the Party. The U.G.C.C. had earlier on criticized the Burns Constitution of 1946 introduced by Sir Allan Burns who was governor by then.

In January 1948, Nii Kwabena Bonne III, a Ga Chief organized a general boycott of all European imports. A series of riots followed the boycott in early February, 1948. The last straw that broke the camel’s back was the famous February 28, 1948 incident. A batch of unarmed Ex-servicemen marched to the Christiansborg Castle on that day to submit a petition to the Governor about their poor conditions. Superintendent Imray, a white police officer, ordered the policemen at the castle to shoot. When the police refused to do so, Imray himself opened fire on the unarmed soldiers at the Christiansborg crossroad. Three of the leaders namely; Sergeant Adjetey, Private Odartey Lamptey and Corporal Attipoe fell dead. Thereafter, riots broke out in Accra. European and Asian stores were looted by the angry mob. The rioters forced open the Central Prison and set free its inmates.

After the riots, the Nationalist leaders in Ghana sent a strong worded cable to the Secretary of State in London. They blamed the Governor, Sir Gerald Creasy, greatly. They called him “Crazy Creasy” because he had failed to handle the problems facing the country. The Secretary of State however blamed the Nationalist leaders for being responsible for the disturbances in the country. Consequently, six of the leading nationalist were arrested and detained. They were popularly referred to as the BIG SIX. These leaders were Dr. J.B Danquah, Dr. Kwame Nkrumah, Obetsebi Lamptey, Akuffo Addo, William Ofori Atta and Ako Adjei.

The U.G.C.C. which awakened fervent national consciousness in the Gold Coast was what might be described as a liberal group with its slogan of “Self-government in the shortest possible time.” This attitude did not please Nkrumah who wanted “Self-government Now”.

Following disagreement of ideologies, Kwame Nkrumah left the U.G.C.C. and formed a more radical and nationalist party – Convention People’s Party (C.P.P) on June 12th, 1949 with its motto “self-government now”. He was joined by Kojo Botsio, K.A Gbedemah and others.

On 9th January, 1950 the C.P.P organized a nation-wide boycott and strike for workers and the masses. The people refused to buy all British goods. Workers were warned not to cause any trouble. In the cause of the riots however, two policemen were shot dead. On January 21st 1950, Nkrumah and other leading C.P.P members including Kojo Botsio and K.A. Gbedemah were imprisoned at the James Fort Prison, Accra, on charges arising from pursuing what was termed as “Positive Action” against the Government. The imprisonment of Nkrumah made him a hero and martyr in the eyes of the people.

In 1951, the pace was set for general elections. Dr Kwame Nkrumah was in prison when the elections were conducted. He overwhelmingly won the elections and was released by the then Governor, Sir Charles Noble Arden-Clark to head the new government. This however became the British Colony’s first African government. In March 1952, Kwame Nkrumah was designated Prime Minister. He was to appoint a cabinet, which was not to be responsible to the Governor but the Assembly.

Dr. Kwame Nkrumah in June 1953 submitted proposals for a new constitution. It was upon those that the April 1954 constitution was introduced making the country virtually self-governing. This new constitution provided for an All-African cabinet from an enlarged legislature. A general election followed in June 1954 from which the C.P.P won 79 out of the 104 seats of the National Assembly.

In 1956, another election was held in response to a pledge by the British Secretary of State for the colonies that if the newly elected legislature, by a reasonable majority, passed a resolution calling for independence; a firm date for the changeover would be announced. C.P.P won 71 out of the 104 contested seats. The British Mandated Togoland also held a plebiscite to join the Gold Coast.

This action opened the way for Ghana’s Independence and on 6th March, 1957, the curtain was drawn on the old order. The country emerged as the first country in Africa, South of the Sahara to regain independence from colonial rule. A new chapter was opened in the history of Ghana. On the eve of Ghana’s independence, Dr Kwame Nkrumah (then Prime Minister) proclaimed at the old Polo Grounds in Accra: “ At long last, the battle has ended and Ghana, our beloved country is free forever.” The nation however became a republic on 1st July, 1960 with Dr. Kwame Nkrumah becoming the first President.

President Mills reshuffles Ministers-Full Statement

President John Evans Atta Mills on Monday reshuffled his Cabinet. A statement from the Office of the President on Monday signed by Mr. Mahama Ayariga, Presidential Spokesperson said Mr. Martin Amidu, had been appointed Minister-designate for the Interior; Mr. John Tia replaces Mrs. Zita Okai-Koi as Minister-designate for Information, whilst Mrs. Okai-Koi becomes the new Minister for Tourism.

Mr. Enoch Teye Mensah as Minister-designate for Employment and Social Welfare, whilst Mr. Stephen Amoanor Kwao moves to the Office of the President as Minister of State and Mr. Alban S.K. Bagbin, Majority Leader replaces Mr. Albert Abongo as Minister-designate for Water Resources, Works and Housing. Others are Mrs. Juliana Azumah-Mensah, Ministry of Women and Children's Affairs.

Ms Akua Sena Dansua becomes the new Minister for Youth and Sports; Mr. Moses Magbenba replaces Mr. S.S. Nanyina as Northern Regional Minister-designate; Mr. John Gyetuah, Deputy Minister of Trade and Industry moves to the Office of the President as Minister of State-designate and Mr. Mahama Ayariga, Deputy Minister-designate for Trade and Industry.

Mr. Inusah Abdulai Fuseini replaces Dr. Kwabena Donkor as Deputy Minister-designate for Energy; Mr. Nasamu Asabigi, Deputy Minister-designate for the Northern Region. The statement said Mr. Cletus Avoka, former Minister of the Interior
and Mr. Abdul-Rashid Pelpuo, former Minister of Youth and Sports are to be re-assigned whilst Alhaji Iddi Saani is to be replaced as Deputy Minister of Water Resources, Works and Housing.

HAITI IN RUINS-PLEASE HELP IF YOU CAN

Port-au-Prince, Haiti (CNN) -- International aid groups were feverishly trying to get supplies into quake-ravaged Haiti on Thursday to prevent the situation from going from "dire to absolutely catastrophic."

The search-and-rescue efforts are the top priority.

"The ability to get people out of that rubble is paramount," said Jonathan Aiken, a spokesman for the American Red Cross. "You have a very limited time to accomplish that before people die and before you start to get into issues of diseases."

Behind the scenes, a massive coordination effort involving dozens of aid groups, the Haitian government, the United Nations and the U.S. military was under way to get food, water, tents and other supplies to survivors of the 7.0-magnitude earthquake.

Ian Rodgers, a senior emergency adviser for Save the Children, said aid efforts were at a "tipping point."

"People are without water; children are without food and without shelter," he said. "What we will see with the lack of water is the possibility of diarrheal diseases and, of course, that can kill children in a matter of hours if not tended to appropriately.

"It is very possible," Rodgers said, "that the situation can go from dire to absolutely catastrophic if we don't get enough food, medicine and work with children and their families to help them."
In the United States, President Obama promised the people of Haiti that "you will not be forsaken."

"Today, you must know that help is arriving," Obama said.

Precise casualty estimates were impossible to determine. Haitian President Rene Preval said Wednesday that he had heard estimates of up to 50,000 dead but that it was too early to know for sure. The Haitian prime minister said he worries that several hundred thousand people were killed.

The country's infrastructure has been devastated, the scope of the calamity enormous. "The government personnel that would normally lead these types of responses, they themselves have been affected," Rodgers said.

The Haitian government stopped accepting flights Thursday because ramp space at the airport in the capital city, Port-au-Prince, was saturated and no fuel was available, said Federal Aviation Adminstration spokeswoman Laura Brown.

Meanwhile, the pier used for delivery of cargo to Port-au-Prince was "completely compromised" by Tuesday's earthquake, said CNN's Eric Marrapodi. Three ships filled with medical supplies, food, clothing and water were turned away, he said. Roads leading into the city from the dock were bucked about 5 feet high by the earthquake, he said.

Relief agencies are focusing on food, shelter, medical care and communications, all of which will help establish a sense of security, Aiken said. "The people will at least know that the world is paying attention to them."

Supplies and security

A bottleneck of supplies has built up while authorities have tried to get Haiti's main airport functioning. Rubble-strewn roads, downed trees and a battered communications network have hampered humanitarian efforts. Aftershocks continue to jolt the region, causing further fear and panic among residents.

"We're going to have to wait for this pipeline of aid coming in from various places around the world to be set up and put into full gear before Haitians can get all the help that they need," Aiken said. "You're going to start seeing some progress on that today."

While planes were able to bring in the first round of supplies, the question became, Aiken said, "how do you get it to the folks who need it?"

Impact Your World: How you can help

Haiti isn't accustomed to quakes and doesn't have the heavy equipment or specialized machinery to help clear the rubble, Aiken said. Aid groups and government agencies are coordinating to get the equipment in.

"It's basically a matter of clearing out the rubble, making sure that areas are workable, that you have security that can protect these supplies and that you have security in place to help people," Aiken said.

U.S. Secretary of State Hillary Clinton said a contingent of 2,000 U.S. Marines will help the international peacekeeping and police force established after the 2004 ouster of then-President Jean-Bertrand Aristide.

"We'll try to support them as they re-establish authority," Clinton said.

The American Red Cross emptied a warehouse in Panama that had been filled with everything from cooking kits to toiletries to medical supplies and tents. That load of supplies is likely to make it into Haiti on Thursday, Aiken said. "Our effort is immediate relief and supplies."

"The needs are overwhelming at this point in time," Rodgers said. "We are going to be doing our best to respond to that, but obviously that's a big task at hand."

Medical emergency

Hospitals in Port-au-Prince have collapsed, and the few facilities still open can't handle the needs of the injured. The United States and other countries were dispatching medical supplies, facilities and personnel. People who suffered broken bones from falling debris have been unable to get treatment; there's simply too many of them.

"We need medical help," Haitian President Rene Preval said. "Some of the hospitals, they collapsed. The hospitals, they are full, and they put people in the outside."

SOURCE:- cnn

MINISTRY OF INFORMATION PRESS STATEMENT

Government mourns Courage Quashigah Government has expressed deep shock at news of the sudden demise of former Minister for Health Major Courage Quashigah (Rtd) on Tuesday. A statement signed by the Minister for Information, Zita Okaikoi said government wishes to convey its condolences on behalf of Ghanaians to the family of the former Minister. “We are saddened by this disturbing news, coming just days after the country lost the Founder and Leader of the Great Consolidated Popular Party (GCPP).” The statement recognized Major Quashigah’s contributions, both as a military officer and politician, to the development of the country.


Hon. Zita OKAIKOI (Mrs.) MINISTER FOR INFORMATION ACCRA

Rgold @ Egypt 2009 u 20

Pix @ gold

Gold Pix

Obama praises, scolds Africa On Ghana Trip

On his first visit to Africa since becoming President, Obama chose Ghana. This has left many asking why. However, Ghana is seen by many as an example of what African governance should be.

Speaking to Parliament in Accra, President Obama called for 'good governance' in Africa and hailed Ghana thriving democracy. Ghana has created it positive outlook with peaceful transfer of power. It has become a 'model of democracy' in Africa. Obama's visit will be a great boost to what Ghanians have already created: meaningful democracy.
Obama argued that Africa is part of the world and Africa's affairs are relevant to what happens in the world.

"We wanted to make sure to come to an African country after the G8 and after my business in Moscow to emphasise that Africa is not separate from world affairs." Obama said
He acknowleged the colonial contributions to Africa's problem, however, Obama said that the West is not responsible for all that happens in African. He added that the future of Africa is in the hands of Africans.

"...the West is not responsible for the destruction of the Zimbabwean economy over the last decade, or wars in which children are enlisted as combatants."
Obama's visit will be a positive challenge to African leaders who have decided to entrench themselves in leadership, stalling their country's developmen programs. This entrenchment leads to public discontent and wars.

These wars are what Obama called 'millstone around Africa's neck.'
Seeing the program some African nations have made, Obama said that 'despite the progress that has been made - and there has been considerable progress in parts of Africa - we also know that much of that promise has yet to be fulfilled.'

Obama also acknowledge what the world media always ignores: the brighter side of Africa.
"Here in Ghana, you show us a face of Africa that is too often overlooked by a world that sees only tragedy or the need for charity."

Ghanians and African will use Obama's visit as a source of inspiration.
Source:AP

Obama addresses Ghana's Parliament

US President Barack Obama will address Members of Parliament at the Conference Centre, Saturday afternoon.He is to unveil his special policy statement on Africa.

The conference centre as expected is illuminated with shades of all political and social opinions.Ex- Presidents Kufuor and Rawlings are seated in anticipation of the policy statement.Detail of what happens are as follows;12:15 Presidents Obama and Mills walk into the conference room amidst applause from dignitaries.12:17 National Anthems of the two countries are played 12:23 Speaker of Parliament, Joyce Bamford Addo welcomes President Obama and all other dignitaries.12:30 President Mills mounts the dais and formally welcomes the US President and family to Ghana.He thanks the US President for choosing Ghana as his first destination in Sub-Saharan Africa.

He spells out Ghana's dream of building a resilient economy and pledges the new oil find in Ghana will be used judiciously in building the economy.He charges the US President and the International Community to make good their pledges to third world countries.He is sure Africa will employ its imaginative means to solve the teething challenges that confront the continent.Mr. President Akwaba, Akwaba, Akwaba he says.12:39 Speaker thanks President Mills and invites President Obama onto the dais.12:40 Obama takes to the dais in an infectious smile and greets the dignitaries and begins his speech

.The vision of the world would be shaped not only by the things that happen in Rome, but what happens in Accra as well, he says.He calls for mutual respect from all countries in the world.He admits there has been considerable progress made but much more still remains to be done.He lauds Ghana for a peaceful transition even in a closely fought elections, adding minority deserves as much praise as the majority.It is a new moment of great promise but will not be fought by old giants like Nkrumah, Kenyatta, but by new breed of African leaders.

He calls for good governance by Africa.He spells out four main tenets which African leaders must aspire to;(i) Democracy(ii)Opportunity(iii) Health(iv) PeaceDemocracy Africa doesn't need strong men; It needs strong institutions.Opportunity With better governance by African leaders, there is strong opportunity for partnership with the US.We will put more resources into the hands of those who need it, Obama promises, adding the $3.5 billion food initiative is in line to ensuring more partnership between developed and developing countries.

Public Health Too many people die of diseases which should'nt kill them.Obama promises to continue ex-President Bush's $63 billion to pursue the goal of ending deaths from polio, AIDS and other minor diseases in Africa.Conflicts Conflicts has become too akin to Africa.Diversity should not be the source of conflict but rather to uniteStrife for peace which is necessary for development.Welcomed steps by AU, ECOWAS to bring the peace needed in AfricaCharges Ghana to lead the fight for continental peace.To the youth of Ghana, Obama says the world is what you make of it.

He charges them to hold their leaders accountable for their actions.1:14 Obama ends his address and takes his seat amidst a thunderous applause from dignitaries.1:15 Speaker thanks Barack Obama for his policy statement.1:17 Anthems for the two nations are played as Obama exchanges pleasantries with the MPs and dignitaries present.1:20 Obama departs the hall of the International Conference Centre.

Notice to Prospective Gold & Diamond Buyers

Ghana is endowed with mineral deposits such as gold, diamond, manganese and bauxite. There are also unexploited economic deposits of iron ore, limestone, kaolin, feldspar and silica sands. We welcome all prospective investors including persons who wish to deal in gold or other precious minerals in Ghana and are indeed prepared to offer the necessary assistance.

In Ghana, one can only deal in gold or other precious minerals upon the grant of a valid license by the Minister of Lands and Natural Resources. Anyone offering such minerals for sale should therefore hold such a license.

For the avoidance of doubt, all prospective buyers of gold or other precious minerals and their foreign business collaborators are hereby advised to, in the first instance, contact the Minerals Commission in exploring or confirming business opportunities relating to the purchase and export of gold or other precious minerals from Ghana.

To verify the authenticity of any company or individual proposing to sell gold or other precious minerals from Ghana to you or your company, you may contact:

The Chief Executive Officer,

Minerals Commission,

P.O. Box M248, Accra, Ghana.

Tel: (233-21) 772783,779823,773053,771318.

Fax: (233-21) 773324.

E-mail address: mincom@mc.ghanamining.org

URL: www.ghana-mining.org

Source:

Minerals Commission,

Minority walkout of parliament over $ 5,000 allegation

Minority MPs on Monday staged a walk out in Parliament following a repeated accusation that they (Minority) received a $5,000 bribe to approve last years’ purchase agreement with Vodafone.

The minority in a heated debate over a loan agreement had questioned government’s commitment to apply the funds for the purposes for which the loan was contracted.

They cited the over ¢100,000 spent on snacks during the transition period, fearing the loan when approved would be misused.

According to Joy FM’s Parliamentary Correspondent, Sammy Darko, this did not go down well with the Majority in Parliament.

MP for Sene, Twumasi Appiah, in a rebuttal accused the Minority MPs for taking $5,000 as compensation before voting for the sale of 70 per cent shares of Ghana Telecom to Vodafone.

The Minority were outraged by the repeated accusation, more so when it had not been proven by the accuser, P.C. Appiah Ofori, himself a Minority MP for Assikuma-Odoben-Brakwa.

According to Sammy Darko, the minority demanded for a retraction and an apology, something Twumasi Appiah was not ready to render.

The Minority subsequently staged a walkout after the Sene MP failed to apologise.

The speaker has thus referred the accusation to the Privileges Committee for investigations to be conducted on the allegation.

Meanwhile, the House has deferred the approval of the loan agre
ement because it could not raise the numbers for a vote.

Ghanaians loose confidence in government's ability to fight corruption

A survey conducted by the Ghana Integrity Initiative (GII), a civil society organisation fighting corruption, indicates that the trust Ghanaians have in the government ability to fight corruption had dropped from 67 per cent in 2007 to 58 per cent in 2009.

The survey which saw a total number of 1,190 respondents randomly selected from all the 10 regions was aimed at covering all categories of the society.The survey also portrayed public officials or the civil service to be the most corrupt institution in the country, with a score of 4.2 followed by the Judiciary with a score of 4.1 then political parties with a score of 3.6.The rest are the business and private sector with a score of 3.3, Parliament with a score of 3.1 and then the media with a score of 3.0.

Addressing the media on the survey on Wednesday, Mr Vitus Azeem, Executive Secretary of the GII, called for a very strong Code of Conduct and its enforcement for civil and public servants as well as political appointees."Furthermore GII calls for more civil education to sensitize Ghanaians on the deleterious effects of corruption. Ghanaians must learn to be loyal to the state rather than to friends, relatives and members of their ethnic groups," he added.

Mr Azeem said shoddy works on the roads, lack of potable water, education and health care, were the by-products of kickbacks and bribery.He appealed to those in the private sector to sign onto the Ghana Business Code, where companies are furnished with detailed policies with regard to bribery-related issues.Mr Azeem urged the government to impose penalties such as blacklisting, fines and contract cancellation on firms whose employees engage in acts of corruption.The Executive Secretary called for the passage of the Right to Information legislation without further delay, as it would prove to be an effective anti-corruption tool.

He called for adequate resources for all accountability institutions to enable them to perform their duties effectively and also for a political leadership that has no "cobwebs in its cupboard", to lead the fight against corruption.On the 2009 Global Corruption Barometer (GCB), he noted that 68 per cent of the respondents perceived political parties to be the most corrupt institution in the country, followed closely by the civil service (public officials and civil servants) and parliament with percentages of 63 and 60 respectively.

He noted that the 2009 GCB which was carried out by Transparency International, the parent organisation of the GII, surveyed a total of 73,123 people in 69 countries and territories around the world including Ghana and nine other African countries. 03 June 09
Source:GNA

Scandal at Sports Ministry: Mills seeks answers

President Mills has instructed the Minister of Sports, Alhaji Muntaka Mubarak, to present a detailed written response to an alleged gross financial malfeasance he has been involved in at his ministry.

In a report addressed to the President John Evans Atta Mills, a copy of which was intercepted by Asempa FM, the Principal Accountant at the Sport Ministry, chronicled a long list of transactions and requests made by the minister since assuming office three months ago.The minister is said to have demanded monies amounting to several thousands of Ghana cedis in lieu of expenses made on behalf of the Black Stars. He allegedly made requests for monies for unofficial expenses.

The minister is also said to have travelled with his girlfriend to the finals of the CHAN tournament played early February in Abidjan and charged the cost to his ministry, contrary to advice from his office.The document also mentions the minister as allegedly taking $2000 as imprest to cater for hotel bills and other expenses at the tournament but made the imprest holder of this Sports Ministry pay for the expenses.According to the document, while the minister claimed top guns of the NDC government had paid $10,000 as landing charges for the aircraft which conveyed the government officials to the CHAN, he turned round to demand a refund of the amount from the ministry.

“The accountant released the money ($10,000) to him through the Chief Director. The minister could not produce receipt to date,” the report claimed.It continued that the minister had taken per diem of GH¢2,000 for the Ghana-Benin match in Kumasi “though he was told that his maximum per diem entitlement was GH¢1,120.

In what appeared to be the biggest transaction entered on the instruction of the minister, the document said Mr Mubarak had signed a covering letter to the Ministry of Finance demanding the release of a whopping GH¢1,410,051.58 to the National Sports Council (NSC) when the Office of the Chief of Staff had not been consulted.

The report also mentioned the minister to have personally arranged accommodation and feeding expenses of the Black Stars players and officials in Kenya and Sudan in pre-match campings, without the involvement of any other official of the his ministry.The last charge in the six point report claimed the Hon Mubarak had requested a refund of GH¢674.02 as expenses for baby oil, baby food and other household items although he was advised against such requests.

The minister is said to have presented an oral response to the president Tuesday but was asked to return with a more detailed written response.The unfolding saga is reminiscent of the story of Mallam Issah who was jailed on charges of theft during the previous administration.

Obama to Reward Ghana's Democratic Strides

In a country like ours, good news is hardly heard. Or to put it better, bad news sells!! I normally do not sound this pessimistic, but its good to call a spade what it is and not a big spoon .
Ok...so Obama is coming to Ghana in July...! Good News isn't it?

I think it is, and we as Ghanaians and Africans in general must be glad the president of (arguably) the most powerful country in the world is visiting. This is not the first time a sitting US president will be visiting Ghana. I remember with fond memories President Clinton's visit during president Rawlings' time. It was a sight to behold! President Bush followed up with another one during President Kufours time and now Obama in Prof. Mills' reign......that amazing!

To whom much is given, much more is expected

The statement form the White House on the visit could not have been clearer, “ the purposes of the forthcoming Obama visit to Ghana’s is for ”strengthening the US relationship with one of our most trusted partners in sub-Saharan Africa,” and also for ” highlighting the critical role that sound governance and civil society play in promoting lasting development.”

As small as we are, with our National growth rate stuttering, and our national coffers almost dry, we still do have an exportable commodity. Who would have thought that Ghana would be the beacon of hope for democracy in the sub-region and Africa as a whole?

We have come this far, not because we have better humans than the countries in turmoil, but because we have decided that leadership matters and democratically electing our leaders, is the way to ensure lasting development. Lessons from our recently held elections point to a somewhat tolerating citizenry. We have showed that we are willing to respect the voice of the masses even if we think their choice is wrong.

That is what America is built on and we are on our path to replicating that with success. This puts enormous pressure on all as a people to be mindful of the position we occupy in the eyes of the world. Often, countries start on this path and loose sight of who they are. The result is what we see in places like Kenya, Ivory Coast and some other previously stable states. Ghanaians, must be schooled to know that elections are not about life and death and its definitely not worth it dying for any politician.

Opportunities

Mr. Obama will not bring a big sack of US Dollars to Ghana. He certainly will not be signing any fat checks to us either. Don't let this disappoint you because he is bringing something more than money. He is a president with popular appeal. A man many can hardly say NO to. He has such charisma and presence and eloquence that cannot be ignored. Ghana should cease the moment and profit from this visit. The economic, social, cultural, and political ramifications are countless. This is the only way we can get real results or benefits.

I urge our ever enterprising women and men who take advantage of all occasions to make some money on the side. This is a huge moment for market. Anything about the Obama's is sellable. Just make sure you don't infringe on any copyright laws. The US hates that.

Man of Words and Action

The president of the free world is unique in his ability to back all his words with action. He is a gifted orator. He speaks of the same things you have said before, but when he speaks of things you hear them as though they were new.

That's not all that he is. He takes action and makes him and his words relevant. Ghana has over the years become a country of “big talkers”. Lots of words with no action. Talk is cheap...fellow Ghanaians! Lets learn this gift from the US president. Again, we must take steps to advertise our good wares to the world.

If you do business in the dark, you are probably selling something illegal and people will buy/bid you at the price you are advertising. We have used our media to largely advertise our country negatively. We are all to blame because if there are no buyers, there will be no sellers. Lets project our nation positively.

Lets tell our story without necessarily degrading the Ghanaian and Africans in general. Ghana will be representing tho whole continent on this visit. I urge all the put our best behavior. We are known for our hospitality. Lets showcase that too.
I urge all political party leaders to make this a thing for Ghana, and not something for the NDC or NPP or CPP or KVI...
May God Bless our homeland Ghana, and make our Nation Greater and Stronger.

Source:- Isaac TETTEH

Gambian government held liable for 44 Ghanaian deaths

The Gambian government has been found liable for the mass murder of some 44 Ghanaians and natives of other West African countries, a joint UN and ECOWAS investigative team has disclosed.

The deceased, mostly immigrants, were found dead, 2005, in the Tangy forest in Banjul in what the Ghanaian government said was state sponsored killing.

After years of near diplomatic row between the two countries dotted with several failed commissions of enquiry, the UN and ECOWAS investigative team say the Gambian government should be held accountable.

The Government was not found directly responsible for the murders, but it failed to protect the lives of the immigrants in its jurisdiction.

By international law, countries must take responsibility for protecting the lives of its residents.

In a detailed report handed to Ghana's Foreign Minister Alhaji Mohammed Mumuni in Nigeria, two persons, one Captain Taylor and Gambian resident, Laminu Tunkara must be hunted and prosecuted for their role in the murders.

The two allegedly lured the victims from Senegal to Gambia with the promise of providing a vessel to ferry them to Europe, but that turned out to be a scam.

The stranded victims were arrested, later released but were found dead in the Gambian forest in a murder suspected to have been carried out by some gang element.

The committee has recommended the Gambian government pays compensation to the families of the victims. The two governments must however agree on the amount to be paid.

The bodies are to be exhumed and given a befitting burial in their native countries.

Ghana's Interior Minister Cletus Avoka told Joy News he is satisfied with the recommendations even though there are still some unanswered questions.

According to the Minister, the Gambian government has expressed reservations over payment of compensation claiming that that will amount to complicity in the murders.


Story by Nathan Gadugah/Myjoyonline

NDC Canada regroups

The British Columbia Branch of the National Democratic Congress (NDC), Canada Chapter is inviting members, sympathizers, well-wishers and the Ghanaian community in and around the Province of British Columbia to a meeting Sunday, May 17, 2009, at 14455, 78th Avenue, Surrey, BC (near the Surrey Newton bus exchange).

A statement issued by the branch said the meeting is one of many geared towards constituting the British Columbia Branch of NDC Canada Chapter ahead of its official inauguration slated for June 6, 2009.

“The meeting is being organized by Friends of His Excellency Prof. John Evans Atta Mills, President of the Republic of Ghana resident in Vancouver BC,” the statement explained, and listed six main issues to be discussed at the meeting;

• The Interim Executive Committee of the BC Branch
  
• Identify a venue and plan activities for the joint inauguration the BC and Alberta Branches of NDC Canada Chapter
  
• Logistics for the joint inauguration
  
• Familiarization visit of NDC Canada National Executives to Vancouver, BC from June 3 -7, 2009
  
• Visit of Hon. Dr. Mustapha Ahmed, MP (NDC) for Ayawaso East to Vancouver, BC
  
• Outreach programs in the BC and Alberta Provinces of Canada.

The statement further explained that “The BC Branch Meeting is being organized with an open mind. This meeting however, is not a public forum. It is an NDC party meeting and there are expectations that those who will attend, do so because they are interested in joining the NDC or renewing their support for the NDC. All NDC members, well-wishers, sympathizers and the entire Ghanaian community in and around the BC Province are cordially welcome.”

Contacts: NDC Canada Chapter’s BC Representative Dr. Clement Apaak on 778-895-9242 or e-mail caapaak@yahoo.ca

General Secretary of NDC Canada Chapter, Mr. Charles N. Nkansah, on 514-999-9194 or email: info@ndccanada.com.


Source: NDC Canada Chapter (info@ndccanada.com)

Otumfuos 10th Anniversary celebrations Pix

The Asantehene, Otumfuo Osei Tutu II, on Sunday called for due recognition for the chieftaincy institution, explaining that the noble traditional organ has a critical role to play in national development and cohesion.He said Ghana has demonstrated to the world that central governance can partner very effectively with traditional governance, and since his ascension of the Golden Stool as king, he and his elders have emphasized both locally and internationally, that traditional rule has a responsibility to partner central government and all its agencies.

Otumfuo made the remark when he addressed a grand durbar of chiefs and people of the Ashanti Kingdom, which was also attended by President J.E.A. Mills and several former heads of states and government, including Jerry John Rawlings, Festus Gontebanye Mogae of Botswana, Olusegun Obasanjo of Nigeria, Ahmed Tejan Kabbah of Sierra Leone and Jose Mario Aznar, former Prime Minister of Spain.

Dressed in splendid kente cloth and several golden adornments and carried in a palaquin through some principal streets of Kumasi, Otumfuo, also called for the celebration of African civilization for its immense but inadequately documented contribution to world civilization, said Africans must be proud of their culture.

“In the past ten years, we have strengthened the institution of traditional leadership. We have used all the opportunities available to preserve and protect our culture and all its values. We have taken the institution outside the borders of Ghana and shared views and ideas with our counterparts in various parts of the world.

“During the period, we used various platforms offered to us in other parts of the world to emphasie the important roles traditional institutions in Africa, especially chieftaincy, is playing and can play in an era of so-called globalization.”

AU must recognise traditional leaders

He said apart from initiating debates at various forums on the need to position African traditions and culture in the dynamics of the globalization position.

“In fact we have even proposed elsewhere that the African Union should consider giving traditional authorities in Africa, a seat in their deliberations,” he said.

Otumfuo expressed disquiet over what he said was the impact of ‘modern journalism, where activities of traditional institutions such as in resolving disputes, receive inadequate coverage relative of the law courts.

He said he will soon outdoor a 10-year development package, explaining that it will serve as his kindgdom’s contribution to national development. They package will include ambitious programmes for Economic Development, a Savings and Loan Agency to help small scale entrepreneurs, ICT Education among the youth and the aged, Tourism, Sports and a private Royal University.

Pix

Mills Returns

Mills Flies Out

Otumfuo Vists JJ

Rawlings: No vendetta, yes, but justice must prevail

Ex-President Jerry John Rawlings says the failure of leadership to sanction wrong doing is what corrupts societies more, and not the mere aberrations.

He said he agrees perfectly with President John Evans Atta Mills in denouncing vendetta by his administration, but it would be wrong and dangerous on his part to also let perpetrators of infractions escape justice.

Ex-President Rawlings who made the comments at his Ridge residence during a courtesy call on him and his wife, Nana Konadu Agyeman Rawalings by the Asantehene, Otumfuo Osei Tutu II, said so many people, including him, have suffered unnecessary vilification and wrongs for which there should be justice.

He said on leaving office as president, he and others were perceived as wrong doers and made to suffer some aberrations, describing the instances as unfortunate.

“Nobody is asking for vendetta, we all want peace. But we must seek too for the wrongs.”

The Asantehene, accompanied by a retinue of his chiefs, was in Accra to visit President Mills at the Castle to congratulate him on his election victory and assumption of office as President of Ghana, and to invite him to Kumasi on April 26, 2009, to attend a durbar being part of activities marking his (Otumfuo’s) 10th anniversary since his ascension of the Golden Stool.

Otumfuo extended a similar invitation to ex-President Rawlings, who expressed his profound visit to the king for his noble visit, and described it as a symbol of the unity, peace and sense of purpose Ghanaians need to cultivate for nation building.

He implored President Mills to recognize the enormity of work on the hands of his administration, and urged him to seek the counsel of the nation’s elders, including chiefs, in seeking the best for the people.

Ex-President Rawlings gave hints of agitations in the ruling National Democratic Congress, and said he had just returned from a meeting of the party’s leadership where he reminded them that the party was voted into power by a party machinery run both by visible party people, and several others from without the party, and counseled against disunity.

On behalf of his family and party, he expressed gratitude for the King’s visit and promised to honour his invitation.



Story by Isaac Yeboah

Victorious Satellites present trophy to President Atta Mill

Players, management and technical teams of victorious African U-20 champions, Black Satellites on Tuesday arrived in Accra on Tuesday from Rwanda, and later presented the trophy to President John Evans Atta Mills at the Castle, Osu, in Accra.
The President warmly received the team and congratulated the players on their spectacular performance in the tournament.
”On behalf of the people of Ghana, we recognize your unique achievement.
“Rest assured that, we’ll give you some special bonus for winning this trophy,” President Atta Mills assured the team.
The President, a former Chairman of the Board of Directors of Accra Hearts of Oak praised the Satellites for their unrelenting spirit, which, he said, proved the kind of mettle they were made with.
He paid tribute to the past government for initiating the process that
led to the victory of the gallant boys.
President Atta Mills said the Satellites had done, not only themselves
honour by the triumph but also their families, friends and the nation.
“Ghana thanks you,’’ the President said.
Satellites Skipper, Dede Ayew said the team was happy to have brought the cup home.
He expressed thanks to the President for giving them the qualification bonus and said the team would work hard to clinch the World Under-20 tournament scheduled for Egypt next September.
The Satellites Coach, Sellas Tetteh said the win showed the determination of the boys to win the World Cup.
It was also a mark for many of the boys to graduate into the senior team, Black Stars and prepare for the World Cup next year.
GNA

Vice President Mahama returns from AU Summit

"Agbenaa"

Winner Banner