THE Ghana Coalition of Non-Governmental Organisations in Health has embarked on a massive membership drive to enable it to streamline and expand its activities in the communities, especially among the urban poor.
It has become necessary to step up the activities of the coalition in the face of the rise in diseases among the urban poor and it seeks to do this by pooling resources from the numerous NGOs in Health to undertake projects, instead of the present situation where the duplication of functions is retarding progress on the health front.
The Chairman of the Greater Accra Regional Coalition of NGOs in Health, Mr Eric Agbozo, who spoke to the Daily Graphic, said the impact of NGOs in Health could be considerable when they came under one umbrella.
He said membership was open to all organisations whose work impacted on health, both locally and internationally, faith-based organisations (FBOs), academia, professional groups, research institutions and networks of NGOs.
He said the Coalition of NGOs in Health, established in 2000, was the outcome of the Dakar Declaration by the World Health Organisation to streamline and co-ordinate the activities of all NGOs in the country for greater impact.
He said the coalition had drawn up a constitution and established a management team, with a 15-member board to supervise its activities to achieve its objective of assisting to ensure quality health for the people.
He said already more than eight NGOs which had operated separately had joined the coalition to ensure efficient delivery of health services to the vulnerable in society by supporting health activities in the communities.
Mr Agbozo commended the Royal Netherlands Embassy in Ghana for assisting the coalition to undertake its activities in the health sector, especially carrying out advertisements in its membership drive campaign in the communities.
Sunday, December 27, 2009
Monday, December 21, 2009
REVIEW TAX-FREE THRESHOLD...TUC urges govt (LEAD STORY, DEC 21)
Story: Abdul Aziz
ORGANISED labour has called on the government to review the three-year old tax-free threshold of GH¢240 per annum to reduce the burden on workers in the formal sector of the economy.
By the prevailing tax-free threshold, only workers who earn less than GH¢240 per annum or GH¢20 per month are exempt from tax and, according to the Trades Union Congress (TUC), that had not changed since it was fixed in 2006, even though salaries had increased during the period.
At a media interaction last Friday, the Secretary-General of the TUC, Mr Kofi Asamoah, argued that in that scenario it was the workers in the formal sector who bore the heavy income tax burden and cautioned that the TUC would not allow its members to continue to be treated unfairly, while wealthy people in the so-called informal sector were left off the hook.
He said the TUC submitted proposals to the government for the 2010 Budget Statement and Economic Policies to review the tax schedule but was disappointed to observe that attention was not paid to the demand of TUC on taxes on income in the 2010 budget.
The secretary-general said the silence of the budget on the TUC demand for a review of income taxes meant that the government intended to continue its over-reliance on taxing the formal sector workers.
Mr Asamoah said the TUC had every reason to believe that the government would tax workers more because its revenue projections were based on direct taxes as contained in the 2010 budget.
He stressed that the Congress expected to see a significant shift from the situation where formal sector workers had become an easy prey for the tax authorities and served notice that next year the TUC would do whatever it would take to ensure that workers in the formal sector were treated fairly under the single spine structure when it was implemented in the public service.
On the oil discovery, Mr Asamoah said Ghana had no reason to fail in utilising oil revenues to turn the economy around and deliver improved living conditions for its people.
He said the TUC expected that the oil revenue would be used to eradicate poverty and misery from the country and that the dependence on foreign aid and its associated conditionalities would soon be a thing of the past.
Mr Asamoah also called on the government not to ratify the Interim Economic Partnership Agreement initiated by the former government. Instead he proposed that the government should partner Ghana’s neighbours in the Economic Community of West African States (ECOWAS) to negotiate a trade agreement that served the development interests of the sub-region.
Mr Ransford Tetteh, the President of the Ghana Journalists Association (GJA), said the GJA and TUC had the same desire to work towards improved service conditions for workers.
He said as a result of their common bond, the GJA was ready to collaborate with the TUC to share experiences to ensure that journalists earned adequate remuneration for their work.
ORGANISED labour has called on the government to review the three-year old tax-free threshold of GH¢240 per annum to reduce the burden on workers in the formal sector of the economy.
By the prevailing tax-free threshold, only workers who earn less than GH¢240 per annum or GH¢20 per month are exempt from tax and, according to the Trades Union Congress (TUC), that had not changed since it was fixed in 2006, even though salaries had increased during the period.
At a media interaction last Friday, the Secretary-General of the TUC, Mr Kofi Asamoah, argued that in that scenario it was the workers in the formal sector who bore the heavy income tax burden and cautioned that the TUC would not allow its members to continue to be treated unfairly, while wealthy people in the so-called informal sector were left off the hook.
He said the TUC submitted proposals to the government for the 2010 Budget Statement and Economic Policies to review the tax schedule but was disappointed to observe that attention was not paid to the demand of TUC on taxes on income in the 2010 budget.
The secretary-general said the silence of the budget on the TUC demand for a review of income taxes meant that the government intended to continue its over-reliance on taxing the formal sector workers.
Mr Asamoah said the TUC had every reason to believe that the government would tax workers more because its revenue projections were based on direct taxes as contained in the 2010 budget.
He stressed that the Congress expected to see a significant shift from the situation where formal sector workers had become an easy prey for the tax authorities and served notice that next year the TUC would do whatever it would take to ensure that workers in the formal sector were treated fairly under the single spine structure when it was implemented in the public service.
On the oil discovery, Mr Asamoah said Ghana had no reason to fail in utilising oil revenues to turn the economy around and deliver improved living conditions for its people.
He said the TUC expected that the oil revenue would be used to eradicate poverty and misery from the country and that the dependence on foreign aid and its associated conditionalities would soon be a thing of the past.
Mr Asamoah also called on the government not to ratify the Interim Economic Partnership Agreement initiated by the former government. Instead he proposed that the government should partner Ghana’s neighbours in the Economic Community of West African States (ECOWAS) to negotiate a trade agreement that served the development interests of the sub-region.
Mr Ransford Tetteh, the President of the Ghana Journalists Association (GJA), said the GJA and TUC had the same desire to work towards improved service conditions for workers.
He said as a result of their common bond, the GJA was ready to collaborate with the TUC to share experiences to ensure that journalists earned adequate remuneration for their work.
Wednesday, December 16, 2009
4 RIVER BASIN AUTHORITIES MEET IN ACCRA (PAGE 3, DEC 16)
FOUR river basin authorities are to be integrated into the Economic Community of West African States (ECOWAS) regional development strategy for collaboration in resources exploitation to reduce poverty in the sub-region.
The four authorities are the Volta Basin Authority (VBA), the Niger Basin Authority, the Senegambia River Authority and the `Mano River Union Zone.
The Minister of Water Resources, Works and Housing, Mr Albert Abongo, dropped the hint when he hosted the third Session of Ministerial Council of six countries forming the VBA in Accra yesterday.
The six countries are Ghana, Cote d’Ivoire, Mali, Benin, Burkina Faso and Togo.
Mr Abongo said when the integration was concretised, it would enhance collaboration in the implementation of joint projects, as well as monitoring and evaluation.
He noted that that would go a long way in helping to realise the vision of the leaders and technical experts, which was to reduce poverty in the sub-region, as well as satisfy the aspirations of the communities in the river basin by exploiting the water resources, including fisheries.
He said his ministry viewed the hosting of the session of the Ministerial Council as an opportunity to exhibit the commitment and political will to see to the effective functioning of the newly created VBA.
The session, he said, could also ensure the enhancement of the international co-operation necessary for the rational and sustainable management of the water resources of the Volta River basin.
The Chairman of the Ministerial Council, Mr Laurent Sedgo, who is the Burkinabe Minister of Agriculture, Water and Fisheries Resources, said there was abundant political will which facilitated the formation of the VBA.
He said the basin held a lot of potential to reduce poverty and that opportunity should be seized for sustainable development for the mutual benefit of the countries involved.
The four authorities are the Volta Basin Authority (VBA), the Niger Basin Authority, the Senegambia River Authority and the `Mano River Union Zone.
The Minister of Water Resources, Works and Housing, Mr Albert Abongo, dropped the hint when he hosted the third Session of Ministerial Council of six countries forming the VBA in Accra yesterday.
The six countries are Ghana, Cote d’Ivoire, Mali, Benin, Burkina Faso and Togo.
Mr Abongo said when the integration was concretised, it would enhance collaboration in the implementation of joint projects, as well as monitoring and evaluation.
He noted that that would go a long way in helping to realise the vision of the leaders and technical experts, which was to reduce poverty in the sub-region, as well as satisfy the aspirations of the communities in the river basin by exploiting the water resources, including fisheries.
He said his ministry viewed the hosting of the session of the Ministerial Council as an opportunity to exhibit the commitment and political will to see to the effective functioning of the newly created VBA.
The session, he said, could also ensure the enhancement of the international co-operation necessary for the rational and sustainable management of the water resources of the Volta River basin.
The Chairman of the Ministerial Council, Mr Laurent Sedgo, who is the Burkinabe Minister of Agriculture, Water and Fisheries Resources, said there was abundant political will which facilitated the formation of the VBA.
He said the basin held a lot of potential to reduce poverty and that opportunity should be seized for sustainable development for the mutual benefit of the countries involved.
Tuesday, December 15, 2009
IMPROVE UPON REVENUE MOBILISATION ...Duffuor charges agencies (PAGE 14, DEC 15)
THE Minister of Finance and Economic Planning, Dr Kwabena Duffour, has charged the revenue agencies to improve on revenue mobilisation to generate the much-needed resources for national development, in view of the global credit crunch which has affected inflows from the country’s development partners.
He explained that the quest to improve economic development had greatly been affected by the global economic crisis which had significantly reduced the revenue available for development, as well as the ability of the country to access funds from the development partners.
He said that situation had made it imperative for the revenue agencies to revisit the need to improve and diversify domestic revenue generation strategies.
Dr Duffour, who made the call at the opening of a conference for VAT Administrators in Africa (VADA) in Accra last Friday, said the government had decided to establish an integrated tax administration to be managed by a single revenue authority.
He noted that streamlining tax mobilisation efforts would result in effectiveness in generating more revenue for developmental efforts
Dr Duffour stressed that the country should seek to grow economically and become self-sufficient in order to provide for the growing population, saying that was the challenge most countries would like to overcome.
The Minister of Finance said the integration of the various tax agencies to be administered by a single revenue administration was a policy direction which had been tested and proved to be very successful.
He, therefore, called on the staff of the revenue agencies to position themselves to take up the challenge of becoming multi-skilled in tax collection
He said the integration in tax agencies in countries such as Kenya and Rwanda had proved to be beneficial, both to the public and the revenue agencies as a whole.
He said Ghana was, therefore, advancing from an inferior method of administering taxes to a superior phase where meagre resources could be optimised.
He said through integration, the country could be in a position to offer better developmental prospects which called for specialisation in the respective fields of tax administration
Dr Duffour said when those challenges were accomplished, tax administration in the country would become dynamic.
The Commissioner of VAT Services, Mr Anthony Minlah, said VADA was established with the aim of bringing together commissioners and administrators of VAT in Africa and also serve as a platform for generating ideas by brain-storming on operations of the tax.
He explained that the quest to improve economic development had greatly been affected by the global economic crisis which had significantly reduced the revenue available for development, as well as the ability of the country to access funds from the development partners.
He said that situation had made it imperative for the revenue agencies to revisit the need to improve and diversify domestic revenue generation strategies.
Dr Duffour, who made the call at the opening of a conference for VAT Administrators in Africa (VADA) in Accra last Friday, said the government had decided to establish an integrated tax administration to be managed by a single revenue authority.
He noted that streamlining tax mobilisation efforts would result in effectiveness in generating more revenue for developmental efforts
Dr Duffour stressed that the country should seek to grow economically and become self-sufficient in order to provide for the growing population, saying that was the challenge most countries would like to overcome.
The Minister of Finance said the integration of the various tax agencies to be administered by a single revenue administration was a policy direction which had been tested and proved to be very successful.
He, therefore, called on the staff of the revenue agencies to position themselves to take up the challenge of becoming multi-skilled in tax collection
He said the integration in tax agencies in countries such as Kenya and Rwanda had proved to be beneficial, both to the public and the revenue agencies as a whole.
He said Ghana was, therefore, advancing from an inferior method of administering taxes to a superior phase where meagre resources could be optimised.
He said through integration, the country could be in a position to offer better developmental prospects which called for specialisation in the respective fields of tax administration
Dr Duffour said when those challenges were accomplished, tax administration in the country would become dynamic.
The Commissioner of VAT Services, Mr Anthony Minlah, said VADA was established with the aim of bringing together commissioners and administrators of VAT in Africa and also serve as a platform for generating ideas by brain-storming on operations of the tax.
Sunday, December 13, 2009
EXPERTS DRAW PLANS FOR MANAGEMENT OF VOLTA RIVER (PAGE 3, DEC 12)
EXPERTS from six West African countries forming the Volta Basin Authority (VBA) are to draw a strategic plan towards the sustainable utilisation and management of the water resources of the Volta River.
A meeting of the technical experts, currently taking place in Accra, will herald the Third Ministerial Council session of the Volta Basin Authority scheduled for December 15 to discuss the strategic plan.
The six countries are Ghana, Mali, Burkina Faso, Benin, Togo and Cote d’Ivoire.
Mr Albert Abongo, the Minister of Water Resources, Works and Housing, who opened the meeting, said regional integration was an important trigger and a panacea for the realisation of national development agendas.
He said it was against that backdrop that Ghana and its neighbours sharing the resources of the Volta had demonstrated genuine concern to develop and realise the optimum utilisation and management of the shared water resources.
Mr Abongo, whose speech was read on his behalf by his deputy, Alhaji Sani Iddi, said after a short period the collective efforts and co-operation had culminated in the establishment of the Volta Basin Authority.
He said the VBA was envisaged to promote the proper management and development of the water resources, as well as ensure the equitable sharing of the benefits accruing from the exploitation of the resources.
The minister commended members of the technical experts committee for their immense contribution and commitment leading to the setting up of the VBA as a recognised international organisation.
He said with the convention finally in force, VBA had entered into a new permanent phase of making VBA viable and a model institution worthy of emulation
He, therefore, urged the technical team to view the meeting as a unique session that ought to be conducted with commitment, understanding and consensus building.
Dr Abongo said it was important to fashion innovative programmes and plans that would elicit the needed support and draw in the required participation of all key national and regional stakeholders.
Mr Ben Ampomah, the Executive Secretary of the Water Resources Commission (WRC), said the meeting was designed to deliberate on pertinent plans and programmes that aimed at further strengthening the institutional set-up and capacity of the authority.
Mr Ampomah urged the technical team to extend its support to the Executive Directorate of VBA in the execution of its functions, especially in its relationship with the national focal bodies.
Dr Charles Biney, the Executive Director of VBA, said the authority was fortunate because it had the opportunity of learning from other older and well-established basin organisations not only in West Africa but also from all over the world, and that had helped to ease tension and conflict among nations using common water resources.
A meeting of the technical experts, currently taking place in Accra, will herald the Third Ministerial Council session of the Volta Basin Authority scheduled for December 15 to discuss the strategic plan.
The six countries are Ghana, Mali, Burkina Faso, Benin, Togo and Cote d’Ivoire.
Mr Albert Abongo, the Minister of Water Resources, Works and Housing, who opened the meeting, said regional integration was an important trigger and a panacea for the realisation of national development agendas.
He said it was against that backdrop that Ghana and its neighbours sharing the resources of the Volta had demonstrated genuine concern to develop and realise the optimum utilisation and management of the shared water resources.
Mr Abongo, whose speech was read on his behalf by his deputy, Alhaji Sani Iddi, said after a short period the collective efforts and co-operation had culminated in the establishment of the Volta Basin Authority.
He said the VBA was envisaged to promote the proper management and development of the water resources, as well as ensure the equitable sharing of the benefits accruing from the exploitation of the resources.
The minister commended members of the technical experts committee for their immense contribution and commitment leading to the setting up of the VBA as a recognised international organisation.
He said with the convention finally in force, VBA had entered into a new permanent phase of making VBA viable and a model institution worthy of emulation
He, therefore, urged the technical team to view the meeting as a unique session that ought to be conducted with commitment, understanding and consensus building.
Dr Abongo said it was important to fashion innovative programmes and plans that would elicit the needed support and draw in the required participation of all key national and regional stakeholders.
Mr Ben Ampomah, the Executive Secretary of the Water Resources Commission (WRC), said the meeting was designed to deliberate on pertinent plans and programmes that aimed at further strengthening the institutional set-up and capacity of the authority.
Mr Ampomah urged the technical team to extend its support to the Executive Directorate of VBA in the execution of its functions, especially in its relationship with the national focal bodies.
Dr Charles Biney, the Executive Director of VBA, said the authority was fortunate because it had the opportunity of learning from other older and well-established basin organisations not only in West Africa but also from all over the world, and that had helped to ease tension and conflict among nations using common water resources.
Wednesday, December 2, 2009
ACT BY CONSENSUS, MNC TOLD (SPREAD, DEC 2)
THE outgoing Chairman of the National Media Commission (NMC), Mr Paul Adu-Gyamfi, has asked the reconstituted NMC to act by consensus, bearing in mind the determination to serve the national interest, as against regime interest.
He further advised the commission to design and implement programmes which would promote high journalistic standards in the country.
Mr Adu-Gyamfi gave the advice at a press conference yesterday to express appreciation to the media and the people of Ghana for their co-operation and unflinching assistance during his tenure of office to ensure press freedom in the country.
He said over the past four years, Ghana consistently performed well on all the major international indices for the assessment of media freedom, culminating in the all-time best score last year as the African country with the freest media by Reporters Without Borders.
Mr Adu-Gyamfi said his tenure saw the publication of the Guidelines for Political Journalism and the Guidelines for Local Language Broadcasting which were developed in response to demands from media practitioners and other stakeholders.
He said the Guidelines for Local Language Broadcasting had been specially developed to guide broadcasters to harness the benefits of linguistic pluralism and diversity, with the overall belief that local language broadcasting fulfilled citizens’ dual entitlement to freedom of expression and the right to information.
The former chairman said as part of efforts to promote journalistic standards, the NMC conducted a number of training programmes for journalists and media practitioners, saying that the most extensive of the training programmes was the media and peace building training which was undertaken in all the 10 regions.
He said another significant intervention undertaken to improve the quality of media practice in Ghana was the media and national development conference which brought together all the key stakeholders in the media in Ghana to reflect on the future of the industry.
Mr Adu-Gyamfi appealed to media personnel to extend the same co-operation accorded him to the new Chairman, Mr Kabral Blay Amihere, saying that he was confident that the new chairman would continue with the transformation of the commission into a world-class institution.
For his part, Mr Amihere said the NMC had a rainbow composition and that gave it a grand opportunity to forge ahead as a non-partisan organisation with the supreme interest of serving Ghana.
He said all stakeholders, including the Private Newspaper Publishers Association of Ghana (PRINPAG), the Ghana Journalists Association (GJA) and the government, had a role to play to empower a governance institution such as the NMC to impact positively on the socio-economic development of the state.
Mr Amihere stressed that the commission would discharge its duties with the highest sense of responsibility by leading by example and consensus so that the fortunes of the country would be built on a free media.
He further advised the commission to design and implement programmes which would promote high journalistic standards in the country.
Mr Adu-Gyamfi gave the advice at a press conference yesterday to express appreciation to the media and the people of Ghana for their co-operation and unflinching assistance during his tenure of office to ensure press freedom in the country.
He said over the past four years, Ghana consistently performed well on all the major international indices for the assessment of media freedom, culminating in the all-time best score last year as the African country with the freest media by Reporters Without Borders.
Mr Adu-Gyamfi said his tenure saw the publication of the Guidelines for Political Journalism and the Guidelines for Local Language Broadcasting which were developed in response to demands from media practitioners and other stakeholders.
He said the Guidelines for Local Language Broadcasting had been specially developed to guide broadcasters to harness the benefits of linguistic pluralism and diversity, with the overall belief that local language broadcasting fulfilled citizens’ dual entitlement to freedom of expression and the right to information.
The former chairman said as part of efforts to promote journalistic standards, the NMC conducted a number of training programmes for journalists and media practitioners, saying that the most extensive of the training programmes was the media and peace building training which was undertaken in all the 10 regions.
He said another significant intervention undertaken to improve the quality of media practice in Ghana was the media and national development conference which brought together all the key stakeholders in the media in Ghana to reflect on the future of the industry.
Mr Adu-Gyamfi appealed to media personnel to extend the same co-operation accorded him to the new Chairman, Mr Kabral Blay Amihere, saying that he was confident that the new chairman would continue with the transformation of the commission into a world-class institution.
For his part, Mr Amihere said the NMC had a rainbow composition and that gave it a grand opportunity to forge ahead as a non-partisan organisation with the supreme interest of serving Ghana.
He said all stakeholders, including the Private Newspaper Publishers Association of Ghana (PRINPAG), the Ghana Journalists Association (GJA) and the government, had a role to play to empower a governance institution such as the NMC to impact positively on the socio-economic development of the state.
Mr Amihere stressed that the commission would discharge its duties with the highest sense of responsibility by leading by example and consensus so that the fortunes of the country would be built on a free media.
Tuesday, December 1, 2009
RE-CAPITALISATION OF BANKS...First phase completed (PAGE 33, DEC 1)
THE Bank of Ghana has completed the first phase of the re-capitalisation of banks in the country to allow the banks to participate in the opportunities in the emerging oil industry.
The expectation is that the re-capitalisation process will build up adequate capital to match risk exposures and provide further stability to the financial system in the country.
Mr K. B. Amissah-Arthur, Governor of the Bank of Ghana, made this known at the annual dinner of the Chartered Institute of Bankers held in Accra last Saturday.
He, however, warned that additional capital could also contribute to instability if not managed efficiently and with integrity.
He explained that as bankers with additional resources sought adequate returns there was bound to be increasing vicious competition within the banking system.
He said that the competition would raise the possibility of banks engaging in extremely risky investments.
The Governor said that if governance structures and controls were not sufficiently robust, a crisis of significant impact could be created.
He said fortunately the Bank of Ghana (BoG) had put in place a regulatory framework to promptly identify emerging vulnerabilities in the financial system.
He said regulators in advanced countries were collaborating to avert future crises, and that banks in the country ought to develop initiatives to institute similar processes.
He urged banks in the country to build on the substantial progress already made to ensure that they played a greater role in the transformation of the Ghanaian economy.
Mr Amissah-Arthur urged banks to re-orient themselves to play a catalytic role as financial intermediaries in the economic development process.
He said to undertake that responsibility, banks ought to disclose their pricing and fees charged in the delivery of their services to the public, saying that his interaction with the banking public revealed that they were not happy with the cost of borrowing and that was the single most important concerns the public had against the banking system.
He explained that as the rate of inflation and treasury bill rates reduced it was expected that it would lead to lower lending rates.
The Governor said the Bank of Ghana would continue to publish the Annual Percentage Rates (APRs) to serve as a tool to promote transparency and competitive pricing in the provision of banking services.
The President of the Chartered Institute of Bankers, Mr Isaac Owusu-Hemeng, said the drilling of oil and the completion of the Bui Dam was bound to accelerate the nation’s industrialisation capacity and drive.
He said these developments, coupled with pragmatic forward looking macro-economic policies, were expected to change the economic and financial landscape of the country..
Mr Owusu-Hemeng said, however, that without a well- functioning financial system underpinned by a banking industry which is led by well trained, competent and honest bankers the newly found wealth would turn out to be an illusion as the benefits to the nation would not be realised.
New fellows and associates were inducted into the institute at the well attended annual dinner.
The expectation is that the re-capitalisation process will build up adequate capital to match risk exposures and provide further stability to the financial system in the country.
Mr K. B. Amissah-Arthur, Governor of the Bank of Ghana, made this known at the annual dinner of the Chartered Institute of Bankers held in Accra last Saturday.
He, however, warned that additional capital could also contribute to instability if not managed efficiently and with integrity.
He explained that as bankers with additional resources sought adequate returns there was bound to be increasing vicious competition within the banking system.
He said that the competition would raise the possibility of banks engaging in extremely risky investments.
The Governor said that if governance structures and controls were not sufficiently robust, a crisis of significant impact could be created.
He said fortunately the Bank of Ghana (BoG) had put in place a regulatory framework to promptly identify emerging vulnerabilities in the financial system.
He said regulators in advanced countries were collaborating to avert future crises, and that banks in the country ought to develop initiatives to institute similar processes.
He urged banks in the country to build on the substantial progress already made to ensure that they played a greater role in the transformation of the Ghanaian economy.
Mr Amissah-Arthur urged banks to re-orient themselves to play a catalytic role as financial intermediaries in the economic development process.
He said to undertake that responsibility, banks ought to disclose their pricing and fees charged in the delivery of their services to the public, saying that his interaction with the banking public revealed that they were not happy with the cost of borrowing and that was the single most important concerns the public had against the banking system.
He explained that as the rate of inflation and treasury bill rates reduced it was expected that it would lead to lower lending rates.
The Governor said the Bank of Ghana would continue to publish the Annual Percentage Rates (APRs) to serve as a tool to promote transparency and competitive pricing in the provision of banking services.
The President of the Chartered Institute of Bankers, Mr Isaac Owusu-Hemeng, said the drilling of oil and the completion of the Bui Dam was bound to accelerate the nation’s industrialisation capacity and drive.
He said these developments, coupled with pragmatic forward looking macro-economic policies, were expected to change the economic and financial landscape of the country..
Mr Owusu-Hemeng said, however, that without a well- functioning financial system underpinned by a banking industry which is led by well trained, competent and honest bankers the newly found wealth would turn out to be an illusion as the benefits to the nation would not be realised.
New fellows and associates were inducted into the institute at the well attended annual dinner.
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