Lead Story, Mon Jan 26, 2009
story: Emmanuel Adu-Gyamerah
THE Minister of Education-designate, Mr Alexander Tettey-Enyo, has dropped the hint that one of the first things the National Democratic Congress (NDC) government is likely to do in the educational sector is abolish the four-year duration of the senior high school (SHS) and revert to the earlier three-year programme.
Outlining his vision for the Education Ministry to which he had been nominated as minister by President John Evans Atta Mills, Mr Tettey-Enyo, a former acting Director-General of the Ghana Education Service, said the four-year programme had been announced by the past administration without putting in place the needed infrastructure, syllabi and textbooks to make it work.
Speaking to the Daily Graphic in Accra, the Member of Parliament (MP) for Ada stated that the government would initiate moves to abolish the four-year programme by first seeking an amendment to the Education Law which was passed by the Fourth Parliament last year.
The first batch of four-year SHS students under the reforms introduced by the government of the New Patriotic Party (NPP) is expected to enter the fourth year in the 2010/2011 academic year.
He said changing the name of junior secondary schools (JSS) to junior high schools (JHS) and that of senior secondary schools (SSS) to senior high schools was, however, not an issue.
“What is important is the duration of the system and the new government will go strictly by its manifesto and reverse the decision of the NPP government,” he noted.
Explaining why the NDC deemed it fit to re-introduce the three-year second-cycle education, Mr Tettey-Enyo said the various committees and conferences on the duration of the country’s education supported the three -year system.
He said the change in the duration from three to four years was a political decision taken by the NPP, since even the Anamoah-Mensah Committee which it put in place endorsed the three-year duration.
“It was, therefore, surprising that the then government came out with a White Paper to introduce the four-year secondary system,” he said.
He noted that even though a lot of responsibilities had been taken over by the government, the four-year duration would put a lot of stress on parents and heads of second-cycle institutions.
Commenting on the frequent policy changes in education, Mr Tettey-Enyo stated that there was the need for a stabilised educational system which could be reviewed from time to time to suit changing social, economic and technological trends.
On the training of teachers, he indicated that efforts would be made to upgrade all teacher training colleges to tertiary institutions, while all courses offered at the basic school level would be taught at the tertiary level.
He added that the NDC was committed to its campaign pledges to teachers and so everything possible would be done to improve on their conditions of service.
He stated that presently there was lack of clarity in the salary levels of teachers on different grades and expressed the hope that the operation of the single spine pay system would address such anomalies to enable teachers to know what they were entitled to every month.
In 1990, Mr Tettey-Enyo was the Director in charge of Secondary Education, while in 1994 he was assigned a new position as Director in charge of Manpower and Training, before becoming the Deputy Director-General in 1999.
In 2000, the presidential nominee became the acting Director-General of the GES and even though he was due for retirement that year, he had an extended contract to stay on till 2001.
Wednesday, January 28, 2009
Friday, January 23, 2009
Appiah-Pinkrah explains NPP’s defeat
Page 15, Fri Jan 23, 2009
Story: Emmanuel Adu-Gyamerah
THE New Patriotic Party (NPP) Member of Parliament (MP) for Akrofrom, Mr Kwabena Appiah-Pinkrah, has explained that the defeat of the party in the 2008 elections was a clear manifestation that Ghanaians are not prepared to allow any single party to dominate the political scene for a long period.
He said what was important, now that the party was in opposition, was for members of the party to effectively mobilise themselves and restrategise in order to capture political power.
Speaking to the Daily Graphic, Mr Appiah-Pinkrah said it would be good for NPP to take into consideration promises made by the National Democratic Congress (NDC) during its electioneering and constantly remind the electorate about the shortfalls of the government.
“The wild promises made by the NDC, which resulted in its victory in the December 2008 elections, should be regularly monitored to keep the government on its toes,” he said.
He, therefore, called on Ghanaians to unite to build the country by using their abilities to push the development of the country forward.
“Let us continue to believe in Ghana. This should not be a mere slogan but a working tool,” he said.
Touching on the strength of the NDC and the NPP in Parliament, Mr Appiah-Pinkrah said there should be a consensus building among the two sides to ensure that the work of the House was not hampered.
“Let us have the interest of our people at heart and ensure that we do not adopt entrench positions in matters bordering on national interest,” he said.
Story: Emmanuel Adu-Gyamerah
THE New Patriotic Party (NPP) Member of Parliament (MP) for Akrofrom, Mr Kwabena Appiah-Pinkrah, has explained that the defeat of the party in the 2008 elections was a clear manifestation that Ghanaians are not prepared to allow any single party to dominate the political scene for a long period.
He said what was important, now that the party was in opposition, was for members of the party to effectively mobilise themselves and restrategise in order to capture political power.
Speaking to the Daily Graphic, Mr Appiah-Pinkrah said it would be good for NPP to take into consideration promises made by the National Democratic Congress (NDC) during its electioneering and constantly remind the electorate about the shortfalls of the government.
“The wild promises made by the NDC, which resulted in its victory in the December 2008 elections, should be regularly monitored to keep the government on its toes,” he said.
He, therefore, called on Ghanaians to unite to build the country by using their abilities to push the development of the country forward.
“Let us continue to believe in Ghana. This should not be a mere slogan but a working tool,” he said.
Touching on the strength of the NDC and the NPP in Parliament, Mr Appiah-Pinkrah said there should be a consensus building among the two sides to ensure that the work of the House was not hampered.
“Let us have the interest of our people at heart and ensure that we do not adopt entrench positions in matters bordering on national interest,” he said.
Suma Rural Bank makes progress
Page 33, Friday Jan 23, 2009
Story: Emmanuel Adu-Gyamerah
THE Suma Rural Bank in the Jaman North District of the Brong Ahafo Region, increased its deposits from GH¢970,472 in 2006 to GH¢1.056 million in 2007.
The share capital of the bank also increased from GH¢50,497 to GH¢56,297 during the same period with its statutory reserve inching up from GH¢54,015 to GH¢54,758.
The Chairman of the Board of Directors of the Bank, Mr F.O Gyan, made this known at the 22nd Annual General Meeting (AGM) of shareholders of the bank at Suma Ahenkro.
He said in order to further increase the bank’s deposits, its microfinance programme had been revamped, with the restructuring of the ‘Susu’ product with more mobile bankers being engaged to undertake door-to-door banking in a number of communities.
In addition, two new investment products, “Big Six” and “Anidaso” had been introduced and their impact had been very effective in the bank’s operations, Mr Gyan said.
According to him, the bank was currently considering re-opening its agency at Camp Junction, near Sefwi-Adabokrom in the Western Region, in order to improve the performance of the bank’s Akuafo Cheque purchases and save farmers in the area from travelling far for banking services.
In an address, the Managing Director of the ARB Apex Bank, Mr Eric Osei-Bonsu called on community and rural banks to ensure good customer care to whip up the interest of their customers in doing business with banks.
He, therefore, called on the banks to invest in customer care by organising regular training programmes for both old and new staff.
Mr Osei-Bonsu also advised the rural banks to always ensure that they selected directors with the requisite education and experience to contribute to the effective management of their institutions.
Story: Emmanuel Adu-Gyamerah
THE Suma Rural Bank in the Jaman North District of the Brong Ahafo Region, increased its deposits from GH¢970,472 in 2006 to GH¢1.056 million in 2007.
The share capital of the bank also increased from GH¢50,497 to GH¢56,297 during the same period with its statutory reserve inching up from GH¢54,015 to GH¢54,758.
The Chairman of the Board of Directors of the Bank, Mr F.O Gyan, made this known at the 22nd Annual General Meeting (AGM) of shareholders of the bank at Suma Ahenkro.
He said in order to further increase the bank’s deposits, its microfinance programme had been revamped, with the restructuring of the ‘Susu’ product with more mobile bankers being engaged to undertake door-to-door banking in a number of communities.
In addition, two new investment products, “Big Six” and “Anidaso” had been introduced and their impact had been very effective in the bank’s operations, Mr Gyan said.
According to him, the bank was currently considering re-opening its agency at Camp Junction, near Sefwi-Adabokrom in the Western Region, in order to improve the performance of the bank’s Akuafo Cheque purchases and save farmers in the area from travelling far for banking services.
In an address, the Managing Director of the ARB Apex Bank, Mr Eric Osei-Bonsu called on community and rural banks to ensure good customer care to whip up the interest of their customers in doing business with banks.
He, therefore, called on the banks to invest in customer care by organising regular training programmes for both old and new staff.
Mr Osei-Bonsu also advised the rural banks to always ensure that they selected directors with the requisite education and experience to contribute to the effective management of their institutions.
Wednesday, January 21, 2009
MPs deny details of Chinery-Hesse Report
Page 3, Wed, Jan 21, 2009
Story: Emmanuel Adu-Gyamerah
ALTHOUGH some Members of Parliament (MPs) have denied knowledge of the adoption of the Chinery-Hesse Committee’s final report on emoluments for constitutional office holders, investigations have revealed that the report was adopted by the House just before the Fourth Parliament was dissolved on January 6, 2009.
The report was adopted during a closed-door session of the day’s sitting, during which many MPs from both sides of the then Parliament were present.
Some of the MPs who were present, however, argued that they had not been aware of that aspect of the report which spelt out the emoluments for ex-President J.A. Kufuor and other future ex-presidents..
The official report of Parliament (the Hansard) for January 6, 2009, however, did not capture the proceedings of the closed-door meeting of the House during which the issue had come up for discussions.
The only portion of the Hansard of January 6, 2009 that gave glimpses of reports that had been discussed captured the Speaker saying, “Honourable members …. We need to take about 30 minutes to go through these reports and we need to do so when the House is cleared. So let us have a closed-door sitting for 20 minutes, please, and we may then come back.”
But, like some members of the public who are shocked by the contents of the report, some MPs who were in the House when the report was adopted on January 6, 2009 said they had been handed a raw deal.
Some of them said although they had taken part in the closed-door sitting that adopted the final report of the Chinery-Hesse Committee, they had not been aware that it contained emoluments for ex-presidents.
The Deputy Majority Leader, Mr John Akologu Tia, however, said during the closed-door sitting on that day the then Deputy Majority Leader, who is the current Minority Leader, Mr Osei Kyei-Mensah-Bonsu, had presented the document to the MPs who were eager to hear about their ex-gratia before the House was dissolved.
He stated that it was only Mr Kyei-Mensah-Bonsu who had a copy of the document during the sitting and he had read the portion that affected the MPs to the House.
He confirmed that although some of the MPs had not been around, majority of them from both sides of the House had been present when the report was adopted.
Mr Tia said because the House had been in a hurry for the dissolution ceremony, and MPs had been anxious to know about their ex-gratia and when that portion of the report was read to them, they hurriedly adopted the report, only to know later that it also contained the emoluments of ex-presidents.
He stated that he knew about some aspects of the draft report, since he had been a member of that Parliament’s Ad-Hoc Committee that dealt with the committee, and criticised the aspect that spelt out emoluments for ex-presidents.
“I can understand the sentiments of my colleagues who are shocked about ex-presidents’ end-of-service package because they had seen a copy of the 181-page report only when the House was about to be dissolved, without being given a chance to read its content,” he said.
Mr Tia mentioned Mr Hackman Owusu-Agyeman, the MP for New Juaben North, as the one who had moved the motion for the adoption of the report but could not recollect the MP who had seconded the motion.
He said the proper procedure had not been followed before the House adopted the report.
Some MPs from the Majority side who spoke to the Daily Graphic, however, insisted that the matter did not come before the House for debate on January 6, 2009.
One of such MPs was the current Majority Chief Whip, Mr E.T. Mensah, who insisted that the issue “must be revisited and reviewed when the House resumes sitting on January 27, 2009”.
“The then Majority side pulled a fast one on us and we will insist that the issue is revisited,” he said.
Other MPs who supported the call for a review of the report included Mr David Assumeng-Tetteh (NDC, Shai-Osudoku) and Mr Rashid Pelpuo (NDC, Wa Central).
When Mr Kyei-Mensah-Bonsu was reached on phone, he could not state his side of the issue because he was driving from Kumasi to Accra.
.
Story: Emmanuel Adu-Gyamerah
ALTHOUGH some Members of Parliament (MPs) have denied knowledge of the adoption of the Chinery-Hesse Committee’s final report on emoluments for constitutional office holders, investigations have revealed that the report was adopted by the House just before the Fourth Parliament was dissolved on January 6, 2009.
The report was adopted during a closed-door session of the day’s sitting, during which many MPs from both sides of the then Parliament were present.
Some of the MPs who were present, however, argued that they had not been aware of that aspect of the report which spelt out the emoluments for ex-President J.A. Kufuor and other future ex-presidents..
The official report of Parliament (the Hansard) for January 6, 2009, however, did not capture the proceedings of the closed-door meeting of the House during which the issue had come up for discussions.
The only portion of the Hansard of January 6, 2009 that gave glimpses of reports that had been discussed captured the Speaker saying, “Honourable members …. We need to take about 30 minutes to go through these reports and we need to do so when the House is cleared. So let us have a closed-door sitting for 20 minutes, please, and we may then come back.”
But, like some members of the public who are shocked by the contents of the report, some MPs who were in the House when the report was adopted on January 6, 2009 said they had been handed a raw deal.
Some of them said although they had taken part in the closed-door sitting that adopted the final report of the Chinery-Hesse Committee, they had not been aware that it contained emoluments for ex-presidents.
The Deputy Majority Leader, Mr John Akologu Tia, however, said during the closed-door sitting on that day the then Deputy Majority Leader, who is the current Minority Leader, Mr Osei Kyei-Mensah-Bonsu, had presented the document to the MPs who were eager to hear about their ex-gratia before the House was dissolved.
He stated that it was only Mr Kyei-Mensah-Bonsu who had a copy of the document during the sitting and he had read the portion that affected the MPs to the House.
He confirmed that although some of the MPs had not been around, majority of them from both sides of the House had been present when the report was adopted.
Mr Tia said because the House had been in a hurry for the dissolution ceremony, and MPs had been anxious to know about their ex-gratia and when that portion of the report was read to them, they hurriedly adopted the report, only to know later that it also contained the emoluments of ex-presidents.
He stated that he knew about some aspects of the draft report, since he had been a member of that Parliament’s Ad-Hoc Committee that dealt with the committee, and criticised the aspect that spelt out emoluments for ex-presidents.
“I can understand the sentiments of my colleagues who are shocked about ex-presidents’ end-of-service package because they had seen a copy of the 181-page report only when the House was about to be dissolved, without being given a chance to read its content,” he said.
Mr Tia mentioned Mr Hackman Owusu-Agyeman, the MP for New Juaben North, as the one who had moved the motion for the adoption of the report but could not recollect the MP who had seconded the motion.
He said the proper procedure had not been followed before the House adopted the report.
Some MPs from the Majority side who spoke to the Daily Graphic, however, insisted that the matter did not come before the House for debate on January 6, 2009.
One of such MPs was the current Majority Chief Whip, Mr E.T. Mensah, who insisted that the issue “must be revisited and reviewed when the House resumes sitting on January 27, 2009”.
“The then Majority side pulled a fast one on us and we will insist that the issue is revisited,” he said.
Other MPs who supported the call for a review of the report included Mr David Assumeng-Tetteh (NDC, Shai-Osudoku) and Mr Rashid Pelpuo (NDC, Wa Central).
When Mr Kyei-Mensah-Bonsu was reached on phone, he could not state his side of the issue because he was driving from Kumasi to Accra.
.
Mrs Afeku to adopt open-door policy
Page 16, Friday, Jan 16, 2009
Story: Emmanuel Adu-Gyamerah
THE New Patriotic Party (NPP) Member of Parliament (MP) for Evalue-Gwira, Mrs Catherine Afeku, has promised to adopt an open-door policy during her tenure of office.
“Now that the election is over, it is good for me to reach out to everybody in the constituency, so that together, we can forge ahead in unity for our common good,” she said.
Speaking to the Daily Graphic, Mrs Afeku said she was overwhelmed by the support she received from people across the corners of the constituency during the election.
She said with that at the back of her mind, it was incumbent on her as a representative in Parliament, to work hard to meet the aspirations of people who have reposed their confidence in her.
Mrs Afeku said that as a woman, women in the constituency in particular, and the country in general could count on her as a reliable partner in development.
The MP stated that one of her priorities was how to unearth the potential of the youth and promised to work hard to provide employable skills to as many of them as possible.
She said to achieve her aim, she would soon establish a micro-finance centre to provide financial assistance to women and the youth to either establish or expand their businesses.
Touching on the defeat of the NPP during the December elections, Mrs Afeku urged the teeming supporters of the party not to be down-hearted, but work towards re-claiming power during the 2012 general election.
“The NPP has shown what it can do to improve on the living conditions of the people and the party will definitely be given another mandate during the next general election,” she said.
Story: Emmanuel Adu-Gyamerah
THE New Patriotic Party (NPP) Member of Parliament (MP) for Evalue-Gwira, Mrs Catherine Afeku, has promised to adopt an open-door policy during her tenure of office.
“Now that the election is over, it is good for me to reach out to everybody in the constituency, so that together, we can forge ahead in unity for our common good,” she said.
Speaking to the Daily Graphic, Mrs Afeku said she was overwhelmed by the support she received from people across the corners of the constituency during the election.
She said with that at the back of her mind, it was incumbent on her as a representative in Parliament, to work hard to meet the aspirations of people who have reposed their confidence in her.
Mrs Afeku said that as a woman, women in the constituency in particular, and the country in general could count on her as a reliable partner in development.
The MP stated that one of her priorities was how to unearth the potential of the youth and promised to work hard to provide employable skills to as many of them as possible.
She said to achieve her aim, she would soon establish a micro-finance centre to provide financial assistance to women and the youth to either establish or expand their businesses.
Touching on the defeat of the NPP during the December elections, Mrs Afeku urged the teeming supporters of the party not to be down-hearted, but work towards re-claiming power during the 2012 general election.
“The NPP has shown what it can do to improve on the living conditions of the people and the party will definitely be given another mandate during the next general election,” she said.
Economy in better shape now than 2001. Claims Minority in Parliament
Frontpage, Friday, Jan 16, 2009
Story: Emmanuel Adu-Gyamerah
THE Minority in Parliament yesterday stated that the country’s economy was in a far better shape as of the end of December 2008 than what the New Patriotic Party (NPP) inherited in January 2001.
They said the country’s Gross Domestic Product (GDP) was projected to be growing at 6.6 per cent at the end of December 2008, the highest in recent times, while inflation stood at 18.1 per cent, compared to the 40.5 per cent inflation the NPP inherited in 2001.
The Minority made the assertion at a press conference “to set the records straight, since it is our belief that the people of this country, including the new administration, need to be properly informed about the health status of the economy as of December 31, 2008”.
Addressing the conference, the Minority Leader, Mr Osei Kyei-Mensah-Bonsu, noted that over the past few days the nation had been inundated with misinformation about the state of the nation’s economy.
He stated that the situation had arisen as a result of “the seemingly purposeful twist of facts as stated by the Country Director of the World Bank” and their subsequent rectification which had left the average Ghanaian confused.
In its Wednesday, January 7, 2008 edition, the Daily Graphic reported that the World Bank had painted a gloomy picture of the Ghanaian economy which indicated that the macro-economic situation that the incoming government was inheriting was “extremely worrisome”.
In its January Report signed by its Country Director in Accra, Mr Ishac Diwan, and copied to the then Minister of State at the Ministry of Finance and Economic Planning, Dr Anthony Akoto Osei, and the Governor of the Bank of Ghana (BoG), Dr Paul Acquah, the bank warned that the incoming administration would inherit high fiscal and balance of payment deficits that were unsustainable, given the current state of international financial markets.
Quoting mid-December data provided by the BoG and the Ministry of Finance, the World Bank said in the coming years the country would have to spend 14 per cent of its total GDP to service its fiscal deficit, while the balance of payment deficit would be larger.
The paper quoted the report as predicting “a socially painful financial crisis” if urgent steps were not taken to reduce the twin deficit.
Reacting to that, the Minority Leader said the recent furore over the state of the economy had raised questions over the fiscal and current account deficits of the country, saying that the World Bank report suggested a high deficit of about 13.8 per cent of GDP.
He said the increase in deficit could be explained by certain developments which were not likely to be experienced in the immediate future.
He explained that 3.5 per cent GDP of the deficit resulted from capital expenditures financed by proceeds from sovereign bonds, which would not occur in 2009, while, as a result of the higher-than-anticipated increase in oil prices, the government’s direct spending on purchases of crude oil for the Volta River Authority (VRA) increased by an additional 1.9 per cent of GDP.
Mr Kyei-Mensah-Bonsu added that as a result of the oil and food shock, the government had to remove tariffs on some products and pay subsidies on electricity tariffs, which amounted to about 0.5 per cent of GDP.
He stated that the current account deficit was paid for mainly by drawing international reserves from $2,836.7 million in 2007 to $2,036.0 million at the end of December 2008, which was far more than the $233.4 million gross international reserves the Kufuor administration inherited in January 2001.
He noted that Ghana achieved an increasing pace of growth, micro-economic stability and poverty reduction in the past eight years, with the ultimate aim of attaining a middle-income status by 2015.
Mr Kyei-Mensah-Bonsu explained that despite the energy crisis and rising crude oil and food prices in 2008, the projected 6.6 per cent economic growth was far better than the 3.7 per cent growth the party inherited in 2001.
Throwing more light on the country’s exchange rate regime, the Minority Leader said the exchange rate of the dollar to the cedi in September 1998, which was ¢2,450 to a dollar, had climbed up to ¢7,000 by December 1999, representing a decline of about 285 per cent in 15 months.
He stated that while the cedi/dollar nominal exchange rate depreciation declined from 49.8 per cent in 2000 to 0.9 per cent in 2005, it started depreciating again from 1.1 per cent in 2006 to 4.8 per cent in 2007 and to 20.1 per cent at the end of December 2008.
On interest rates, Mr Kyei-Mensah-Bonsu said the 91-day treasury bill rate which stood at 38 per cent in 2000 fell to its lowest level of 9.6 per cent in 2006 and rose to 24.7 per cent in December 2008, while the lending rate, which had been in the region of 50 per cent, had reduced to 26.4 per cent by December 2008.
Story: Emmanuel Adu-Gyamerah
THE Minority in Parliament yesterday stated that the country’s economy was in a far better shape as of the end of December 2008 than what the New Patriotic Party (NPP) inherited in January 2001.
They said the country’s Gross Domestic Product (GDP) was projected to be growing at 6.6 per cent at the end of December 2008, the highest in recent times, while inflation stood at 18.1 per cent, compared to the 40.5 per cent inflation the NPP inherited in 2001.
The Minority made the assertion at a press conference “to set the records straight, since it is our belief that the people of this country, including the new administration, need to be properly informed about the health status of the economy as of December 31, 2008”.
Addressing the conference, the Minority Leader, Mr Osei Kyei-Mensah-Bonsu, noted that over the past few days the nation had been inundated with misinformation about the state of the nation’s economy.
He stated that the situation had arisen as a result of “the seemingly purposeful twist of facts as stated by the Country Director of the World Bank” and their subsequent rectification which had left the average Ghanaian confused.
In its Wednesday, January 7, 2008 edition, the Daily Graphic reported that the World Bank had painted a gloomy picture of the Ghanaian economy which indicated that the macro-economic situation that the incoming government was inheriting was “extremely worrisome”.
In its January Report signed by its Country Director in Accra, Mr Ishac Diwan, and copied to the then Minister of State at the Ministry of Finance and Economic Planning, Dr Anthony Akoto Osei, and the Governor of the Bank of Ghana (BoG), Dr Paul Acquah, the bank warned that the incoming administration would inherit high fiscal and balance of payment deficits that were unsustainable, given the current state of international financial markets.
Quoting mid-December data provided by the BoG and the Ministry of Finance, the World Bank said in the coming years the country would have to spend 14 per cent of its total GDP to service its fiscal deficit, while the balance of payment deficit would be larger.
The paper quoted the report as predicting “a socially painful financial crisis” if urgent steps were not taken to reduce the twin deficit.
Reacting to that, the Minority Leader said the recent furore over the state of the economy had raised questions over the fiscal and current account deficits of the country, saying that the World Bank report suggested a high deficit of about 13.8 per cent of GDP.
He said the increase in deficit could be explained by certain developments which were not likely to be experienced in the immediate future.
He explained that 3.5 per cent GDP of the deficit resulted from capital expenditures financed by proceeds from sovereign bonds, which would not occur in 2009, while, as a result of the higher-than-anticipated increase in oil prices, the government’s direct spending on purchases of crude oil for the Volta River Authority (VRA) increased by an additional 1.9 per cent of GDP.
Mr Kyei-Mensah-Bonsu added that as a result of the oil and food shock, the government had to remove tariffs on some products and pay subsidies on electricity tariffs, which amounted to about 0.5 per cent of GDP.
He stated that the current account deficit was paid for mainly by drawing international reserves from $2,836.7 million in 2007 to $2,036.0 million at the end of December 2008, which was far more than the $233.4 million gross international reserves the Kufuor administration inherited in January 2001.
He noted that Ghana achieved an increasing pace of growth, micro-economic stability and poverty reduction in the past eight years, with the ultimate aim of attaining a middle-income status by 2015.
Mr Kyei-Mensah-Bonsu explained that despite the energy crisis and rising crude oil and food prices in 2008, the projected 6.6 per cent economic growth was far better than the 3.7 per cent growth the party inherited in 2001.
Throwing more light on the country’s exchange rate regime, the Minority Leader said the exchange rate of the dollar to the cedi in September 1998, which was ¢2,450 to a dollar, had climbed up to ¢7,000 by December 1999, representing a decline of about 285 per cent in 15 months.
He stated that while the cedi/dollar nominal exchange rate depreciation declined from 49.8 per cent in 2000 to 0.9 per cent in 2005, it started depreciating again from 1.1 per cent in 2006 to 4.8 per cent in 2007 and to 20.1 per cent at the end of December 2008.
On interest rates, Mr Kyei-Mensah-Bonsu said the 91-day treasury bill rate which stood at 38 per cent in 2000 fell to its lowest level of 9.6 per cent in 2006 and rose to 24.7 per cent in December 2008, while the lending rate, which had been in the region of 50 per cent, had reduced to 26.4 per cent by December 2008.
Thursday, January 15, 2009
NDC will strengthen Parliament — Veep
Page 13, Thursday, Jan 15, 2009
Story: Emmanuel Adu-Gyamerah
THE Vice- President, Mr John Dramani Mahama has given assurance that the National Democratic Congress (NDC), would strengthen Parliament to enable it play its expected role in the current dispensation.
“Having being a Member of Parliament (MP) for 12 years, I am aware of the numerous constraints of the MPs, which is not enabling them to give off their best,” he said.
Mr Mahama was speaking at the Accra International Conference Centre, when members of the Parliamentary Press Corps paid him a courtesy call.
The courtesy call was to enable members congratulate the Veep for his assumption of office and wish him well in his new position.
He stated that there was the need to improve on the working conditions of MPs and “this is what the NDC government will work towards to make the work of the current crop of MPs easier”.
Touching on the work of the media, Mr Mahama stated that the government had the responsibility of expanding the frontier of free expression in the country.
He gave the assurance that the media would be free to work under the NDC government.
The Vice-President, therefore called on government institutions to feel free to place advert in every paper or radio of their choice despite the political inclination of that paper.
Mr Mahama said although the challenges facing the government were enormous, the NDC government was up to the task in fulfilling on its campaign promises.
The Vice- President stated that the government was currently putting structures to enable it take full control of the economy and called on Ghanaians to have patience since the NDC had been in government for a few working days.
He thanked the members of the Parliamentary Press Corps for their assistance during his days as MP and asked them to continue to render such selfless devotion to ensure the growth of the legislature.
The Dean of the Parliamentary Press Corps, wished the Vice-President well and asked him to continue to be interested in the work of the media.
Story: Emmanuel Adu-Gyamerah
THE Vice- President, Mr John Dramani Mahama has given assurance that the National Democratic Congress (NDC), would strengthen Parliament to enable it play its expected role in the current dispensation.
“Having being a Member of Parliament (MP) for 12 years, I am aware of the numerous constraints of the MPs, which is not enabling them to give off their best,” he said.
Mr Mahama was speaking at the Accra International Conference Centre, when members of the Parliamentary Press Corps paid him a courtesy call.
The courtesy call was to enable members congratulate the Veep for his assumption of office and wish him well in his new position.
He stated that there was the need to improve on the working conditions of MPs and “this is what the NDC government will work towards to make the work of the current crop of MPs easier”.
Touching on the work of the media, Mr Mahama stated that the government had the responsibility of expanding the frontier of free expression in the country.
He gave the assurance that the media would be free to work under the NDC government.
The Vice-President, therefore called on government institutions to feel free to place advert in every paper or radio of their choice despite the political inclination of that paper.
Mr Mahama said although the challenges facing the government were enormous, the NDC government was up to the task in fulfilling on its campaign promises.
The Vice- President stated that the government was currently putting structures to enable it take full control of the economy and called on Ghanaians to have patience since the NDC had been in government for a few working days.
He thanked the members of the Parliamentary Press Corps for their assistance during his days as MP and asked them to continue to render such selfless devotion to ensure the growth of the legislature.
The Dean of the Parliamentary Press Corps, wished the Vice-President well and asked him to continue to be interested in the work of the media.
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