4/26/10
Story: Mary Mensah
THE Ministry of Defence (MoD) yesterday handed over construction equipment to the 48 Engineers Regiment to enhance the execution of various construction projects the unit is currently undertaking.
They include two graders, two payloaders, two back hoe diggers, four tipper trucks and one roller.
Presenting the equipment at a ceremony in Accra, the Minister for Defence, Lt-General J. H. Smith (retd), said the gesture formed part of the government's promise of improving the standards of the Ghana Armed Forces and, to a larger extent, the country as a whole.
He said in his State of the Nation Address, President John Evans Atta Mills promised to establish a new Engineers Regiment in the northern sector of the country to help take up engineering commitments in that area and help facilitate the government’s infrastructure development agenda.
He said that also entailed equipping the 48 Engineers Regiment to become a more vibrant construction-oriented unit in pursuance of the socio-economic development plan of the country.
Lt-Gen Smith said the regiment had made a great impact in the Afram Plains with the construction of feeder roads and various projects in Sefwi Wiawso and its environs.
He hinted that the regiment had been tasked to submit proposed designs for a pilot project to construct classrooms for deprived communities, adding that various proposals were also far advanced with the Ministry of Roads and Highways and the Ministry of Water Resources, Works and Housing to acquire more contracts for the regiment.
The Commandant of the regiment, Lt Col Mohammed Mustapha, said the regiment had the capability and human resource but was not adequately equipped to enable it to carry out its assigned duties and roles effectively.
He said the regiment had mapped out strategies to use the equipment as the foundation to further equip itself to full capacity.
Tuesday, July 13, 2010
ECOBANK GHANA HOLDS AGM (Business Page)
4/23/10
Story: Mary Mensah
ECOBANK Ghana Limited has posted a 67 per cent growth in its profit before tax, which increased from GH¢ 44 million in 2008 to GH¢ 72.68 million for last year.
The Chairman of the Board of Directors of the bank, Mr Tei Mensah Mante said the sterling performance of the bank amidst stiff competition also let to growth in profit after tax which increased from GH¢ 34 million to GH¢ 597 million within the period under review.
“This performance was driven by growth in our income streams. Interest income increased by 81 per cent from GH¢ 68.7 million to GH¢ 131.4 million,” Mr Mante said.
He added that fees and commissions also grow by 112 per cent from GH¢ 288 million to GH¢ 448.2 million, although operating cost also shot up by 35 per cent.
According to the chairman total assets of the bank also appreciated by 51 per cent from GH¢ 19.7 million in 2008 to Gh¢1.38 billion last year, a phenomenon which Mr Mante was an indication of the banks “strength and capability to remain competitive in the industry.”
He said given these results the board has proposed a dividend of 18 Ghana pesewa per share an increase from 16 Ghana Pesewa per share and this 13 per cent increase for shareholders is in addition to the bonus issue that occurred in the year.
He said globally though the worst of the credit crisis appears to be behind and real recovery has been sluggish in spite of the wide ranging public stimuli programs in all the major economies and unemployment in particularly remains a very challenging problem for all.
He said in view of this the central banks of most developed economies are still pursuing low interest rate policies and LIBOR rates are below 1 per cent adding that the central banks of emerging and developing economies are also cutting rates aggressively.
Mr Mante indicated that the bank has consistently remained amongst the highest performers in the return on equity in the financial industry demonstrating the viability of the bank as a premier destination for investor funds.
The Managing Director of the Bank, Mr Samuel Ashitey Adjei said the local economy remained downbeat with tightly controlled public spending and the management of fiscal policy produced an improvement of most indices over 2008.
He said eventhough commodity prices made good gains in 2009, except for the first quarter of the year inflation has been on the decline during 2009 ending the year just below 16 per cent, the lowest level since May 2008.
Mr Adjei said the real GDP growth rate of 4.5 per cent though modest was to be expected considering that global demand was yet to return to normal levels and that the current GDP was sustained mainly by domestic demand.
He said the risk management strategy of the bank is to build a well diversified and well managed risk portfolio in defined target markets to generate high return on capital adding that Ecobank’s preparation towards full compliance with the Basel II framework for risk management are also far advanced.
He said the bank is more accessible now with nine new branches added in 2009 including the first branch in the Volta region at Aflao and this brings the total branch network to 52 branches countrywide.
“The banking industry will remain increasingly competitive and we believe that market penetration will increase but with strong leverage on our continental network and representative offices in key destinations of commerce, we are confident of outperforming our competition,” he said.
The Managing Director noted that Ecobank remains a leading bank in Ghana with a penchant for innovation and excellent customer service and look forward for a brighter future with their shareholders and other stakeholders to build a solid bank delivering great returns on investments.
Story: Mary Mensah
ECOBANK Ghana Limited has posted a 67 per cent growth in its profit before tax, which increased from GH¢ 44 million in 2008 to GH¢ 72.68 million for last year.
The Chairman of the Board of Directors of the bank, Mr Tei Mensah Mante said the sterling performance of the bank amidst stiff competition also let to growth in profit after tax which increased from GH¢ 34 million to GH¢ 597 million within the period under review.
“This performance was driven by growth in our income streams. Interest income increased by 81 per cent from GH¢ 68.7 million to GH¢ 131.4 million,” Mr Mante said.
He added that fees and commissions also grow by 112 per cent from GH¢ 288 million to GH¢ 448.2 million, although operating cost also shot up by 35 per cent.
According to the chairman total assets of the bank also appreciated by 51 per cent from GH¢ 19.7 million in 2008 to Gh¢1.38 billion last year, a phenomenon which Mr Mante was an indication of the banks “strength and capability to remain competitive in the industry.”
He said given these results the board has proposed a dividend of 18 Ghana pesewa per share an increase from 16 Ghana Pesewa per share and this 13 per cent increase for shareholders is in addition to the bonus issue that occurred in the year.
He said globally though the worst of the credit crisis appears to be behind and real recovery has been sluggish in spite of the wide ranging public stimuli programs in all the major economies and unemployment in particularly remains a very challenging problem for all.
He said in view of this the central banks of most developed economies are still pursuing low interest rate policies and LIBOR rates are below 1 per cent adding that the central banks of emerging and developing economies are also cutting rates aggressively.
Mr Mante indicated that the bank has consistently remained amongst the highest performers in the return on equity in the financial industry demonstrating the viability of the bank as a premier destination for investor funds.
The Managing Director of the Bank, Mr Samuel Ashitey Adjei said the local economy remained downbeat with tightly controlled public spending and the management of fiscal policy produced an improvement of most indices over 2008.
He said eventhough commodity prices made good gains in 2009, except for the first quarter of the year inflation has been on the decline during 2009 ending the year just below 16 per cent, the lowest level since May 2008.
Mr Adjei said the real GDP growth rate of 4.5 per cent though modest was to be expected considering that global demand was yet to return to normal levels and that the current GDP was sustained mainly by domestic demand.
He said the risk management strategy of the bank is to build a well diversified and well managed risk portfolio in defined target markets to generate high return on capital adding that Ecobank’s preparation towards full compliance with the Basel II framework for risk management are also far advanced.
He said the bank is more accessible now with nine new branches added in 2009 including the first branch in the Volta region at Aflao and this brings the total branch network to 52 branches countrywide.
“The banking industry will remain increasingly competitive and we believe that market penetration will increase but with strong leverage on our continental network and representative offices in key destinations of commerce, we are confident of outperforming our competition,” he said.
The Managing Director noted that Ecobank remains a leading bank in Ghana with a penchant for innovation and excellent customer service and look forward for a brighter future with their shareholders and other stakeholders to build a solid bank delivering great returns on investments.
PERMANENT GARRISONS AND AIRSTRIPS TO BE ESTABLISHED IN ALL REGIONS (Center Lead)
22-04-10
Story: Mary Mensah
Permanent garrisons and airstrips are to be established in the regions where there are none to speed up security response in times of emergency or trouble.
Already a new garrison has been established in Bawku to manage and contain the violence in that part of the country while plans are also underway to have permanent military presence in the Upper West, Central and the Eastern regions.
Taking his turn at the Meet-the-Press series in Accra yesterday, the Minister of Defence, Lieutenant General J. H. Smith, said plans were also far advanced to provide every military person with a personal weapon.
He said the government was actively trying to secure funding for the purchase of a new fleet of armoured vehicles, engineer equipment, personal weapons and gear and naval boats among others for the Ghana Armed Forces (GAF) to enable them to respond quickly to situations.
Lt Gen Smith said the nation’s ability to create safe and secured environment to facilitate the oil and gas exploration would depend on the ability of the Ghana Air Force to establish air dominance over the areas of operations.
He indicated that Ghana had been relatively stable over the past few years but might not be insulated completely from the lingering northern conflict, drug trade, armed robbery, the exploitation of marine resources by foreign poachers and environmental degradation, which underscored the need to come up with strategies to secure the new oil and gas industry.
He said the Gulf of Guinea suffered from pervasive insecurity, which resulted in financial losses of $2 billion a year.
Lt. Gen. Smith said the maritime security should be well resourced by way of provision of surveillance equipment and the enforcement of relevant international conventions to which Ghana was signatory.
“The Ghana Armed Forces at all times should be professionally ready to meet the envisaged threats of chieftaincy disputes, land disputes, ethnic conflicts coup d’etat, natural disasters, among others, to safeguard our national interest,” the minister said.
On the way forward for the GAF, the minister stated that the Defence Ministry had designed a three-phased programme to revamp the GAF by the year 2025.
Already, he said, a board was in place to work out the technical details and the cost component.
He said Ghana’s contribution towards global peace and security was demonstrated by its massive participation in external peacekeeping operations.
So far there are five troops participating in La Cote d’ Ivoire, Liberia, DR Congo, Chad and Lebanon.
Additionally there are military observers and skeletal staff officers in other peacekeeping operations.
Brigadier General Smith said currently 3,250 troops were deployed for peace support operations in the five listed missions.
To that end, he said, regular pre-operations training were routinely organised at the Bundaase Training Camp to coincide with the rotation schedules of the UN missions.
He asserted that serious efforts were being made to improve the logistical and infrastructure base of the ministry to provide some descent living and office accommodation for the military personnel.
He said the ministry would improve upon the combat readiness of the Army, Navy and the Air Force through the provision of major and strategic equipment requirement and conduct intensive sea and air patrols in the country’s territorial waters and air space especially the fisheries grounds and the newly discovered oil fields to protect the nation’s maritime assets.
“The Ministry of Defence (MOD) you see operating from the square has already expanded its vision and its horizons into influencing change, acting as a force for good in the region and strengthening the maritime dimensions of Ghana’s security. MOD is mentally and physically engaged in forging partnership that ensures the effective security and public safety of Ghana,” he said.
He said his vision for the Ghana Armed Forces (GAF) since he assumed office was to shift it from its old familiar paradigm into an energetic and useful force that was ready to confront the newer frontiers of defence in the 21st Century.
Story: Mary Mensah
Permanent garrisons and airstrips are to be established in the regions where there are none to speed up security response in times of emergency or trouble.
Already a new garrison has been established in Bawku to manage and contain the violence in that part of the country while plans are also underway to have permanent military presence in the Upper West, Central and the Eastern regions.
Taking his turn at the Meet-the-Press series in Accra yesterday, the Minister of Defence, Lieutenant General J. H. Smith, said plans were also far advanced to provide every military person with a personal weapon.
He said the government was actively trying to secure funding for the purchase of a new fleet of armoured vehicles, engineer equipment, personal weapons and gear and naval boats among others for the Ghana Armed Forces (GAF) to enable them to respond quickly to situations.
Lt Gen Smith said the nation’s ability to create safe and secured environment to facilitate the oil and gas exploration would depend on the ability of the Ghana Air Force to establish air dominance over the areas of operations.
He indicated that Ghana had been relatively stable over the past few years but might not be insulated completely from the lingering northern conflict, drug trade, armed robbery, the exploitation of marine resources by foreign poachers and environmental degradation, which underscored the need to come up with strategies to secure the new oil and gas industry.
He said the Gulf of Guinea suffered from pervasive insecurity, which resulted in financial losses of $2 billion a year.
Lt. Gen. Smith said the maritime security should be well resourced by way of provision of surveillance equipment and the enforcement of relevant international conventions to which Ghana was signatory.
“The Ghana Armed Forces at all times should be professionally ready to meet the envisaged threats of chieftaincy disputes, land disputes, ethnic conflicts coup d’etat, natural disasters, among others, to safeguard our national interest,” the minister said.
On the way forward for the GAF, the minister stated that the Defence Ministry had designed a three-phased programme to revamp the GAF by the year 2025.
Already, he said, a board was in place to work out the technical details and the cost component.
He said Ghana’s contribution towards global peace and security was demonstrated by its massive participation in external peacekeeping operations.
So far there are five troops participating in La Cote d’ Ivoire, Liberia, DR Congo, Chad and Lebanon.
Additionally there are military observers and skeletal staff officers in other peacekeeping operations.
Brigadier General Smith said currently 3,250 troops were deployed for peace support operations in the five listed missions.
To that end, he said, regular pre-operations training were routinely organised at the Bundaase Training Camp to coincide with the rotation schedules of the UN missions.
He asserted that serious efforts were being made to improve the logistical and infrastructure base of the ministry to provide some descent living and office accommodation for the military personnel.
He said the ministry would improve upon the combat readiness of the Army, Navy and the Air Force through the provision of major and strategic equipment requirement and conduct intensive sea and air patrols in the country’s territorial waters and air space especially the fisheries grounds and the newly discovered oil fields to protect the nation’s maritime assets.
“The Ministry of Defence (MOD) you see operating from the square has already expanded its vision and its horizons into influencing change, acting as a force for good in the region and strengthening the maritime dimensions of Ghana’s security. MOD is mentally and physically engaged in forging partnership that ensures the effective security and public safety of Ghana,” he said.
He said his vision for the Ghana Armed Forces (GAF) since he assumed office was to shift it from its old familiar paradigm into an energetic and useful force that was ready to confront the newer frontiers of defence in the 21st Century.
Sunday, May 23, 2010
AFRICOM COMMANDER COMMENDS GHANA MILITARY
23/05/2010
Story: Mary Mensah
THE Commander of the United States Africa Command (AFRICOM), General William E. Ward has commended Ghana's military for supporting critical peacekeeping operations in Africa and other parts of the world.
Ghana is currently the seventh largest peacekeeping contributing nation and has contributed in bringing peace to the global community.
According to General Ward, Ghana was serving as the host of two major international activities: The African Partnership Station which was going on now and an annual exercise known as Africa Endeavour, which will take place in August this year.
He was speaking at the closing ceremony of the Inspector General’s Conference hosted by AFRICOM at the Kofi Annan International Peacekeeping Training Centre at Teshie in Accra.
The purpose of the conference was to share with African military eadership, United States experience in establishing Inspector General (IG) systems as models of defence oversight, and to illustrate how the work of the IG contributes to the defeat of crime and corruption in the military context.
It was attended by representatives from 23 African and European countries and also provided a forum to discuss U.S, Africa and French IG systems.
The Commander indicated that Africa Endeavour was a multinational initiative that encouraged interoperability and information exchanges among African nations.
He said it will also assist the African nations to link their communications network in the deployment planning for regional peace support, peacekeeping, humanitarian, disaster relief operations and enhance and contribute to the work of the African Union to establish Regional African Standby forces.
"It is important to me that our African partners understand our intentions, our intentions are not to create arms of the US military in Ghana or anywhere else in Africa. Our desire is to assist African nations in achieving a more secure and stable environment and do those things they ask of us to achieve their goals", he noted.
On the issue of establishing a base in Africa, General Ward made it clear that the US was not seeking to establish its headquarters or base in Ghana or anywhere else in Africa adding that "my headquarters is in Germany and that is where it will be for the foreseeable future".
General Ward expressed satisfaction at the bilateral relationship between the United States and Ghana and said militaries from the two countries had conducted numerous events and activities through the years.
On his part, the Commandant of the KAIPTC thanked General Ward for his address which will be beneficial to all present.
He said those ideas will advance the course of the various nations in terms of good governance, accountability and professional military conduct.
General Ward later paid a courtesy call on the Chief of Defence Staff (CDS), Lt Gen Peter Blay at the general headquarters and the Minister of Defence, Lt Gen J. H. Smith to discuss issues relating to regional, military, safety and security, partnerships, peacekeeping, training models and programmes.
Story: Mary Mensah
THE Commander of the United States Africa Command (AFRICOM), General William E. Ward has commended Ghana's military for supporting critical peacekeeping operations in Africa and other parts of the world.
Ghana is currently the seventh largest peacekeeping contributing nation and has contributed in bringing peace to the global community.
According to General Ward, Ghana was serving as the host of two major international activities: The African Partnership Station which was going on now and an annual exercise known as Africa Endeavour, which will take place in August this year.
He was speaking at the closing ceremony of the Inspector General’s Conference hosted by AFRICOM at the Kofi Annan International Peacekeeping Training Centre at Teshie in Accra.
The purpose of the conference was to share with African military eadership, United States experience in establishing Inspector General (IG) systems as models of defence oversight, and to illustrate how the work of the IG contributes to the defeat of crime and corruption in the military context.
It was attended by representatives from 23 African and European countries and also provided a forum to discuss U.S, Africa and French IG systems.
The Commander indicated that Africa Endeavour was a multinational initiative that encouraged interoperability and information exchanges among African nations.
He said it will also assist the African nations to link their communications network in the deployment planning for regional peace support, peacekeeping, humanitarian, disaster relief operations and enhance and contribute to the work of the African Union to establish Regional African Standby forces.
"It is important to me that our African partners understand our intentions, our intentions are not to create arms of the US military in Ghana or anywhere else in Africa. Our desire is to assist African nations in achieving a more secure and stable environment and do those things they ask of us to achieve their goals", he noted.
On the issue of establishing a base in Africa, General Ward made it clear that the US was not seeking to establish its headquarters or base in Ghana or anywhere else in Africa adding that "my headquarters is in Germany and that is where it will be for the foreseeable future".
General Ward expressed satisfaction at the bilateral relationship between the United States and Ghana and said militaries from the two countries had conducted numerous events and activities through the years.
On his part, the Commandant of the KAIPTC thanked General Ward for his address which will be beneficial to all present.
He said those ideas will advance the course of the various nations in terms of good governance, accountability and professional military conduct.
General Ward later paid a courtesy call on the Chief of Defence Staff (CDS), Lt Gen Peter Blay at the general headquarters and the Minister of Defence, Lt Gen J. H. Smith to discuss issues relating to regional, military, safety and security, partnerships, peacekeeping, training models and programmes.
GICEL makes part payment to SSNIT
23/05/2010
Story: Mary Mensah
THE Ghana Industrial Commercial Estates Limited (GICEL) yesterday made a final payment of GH¢ 94,978 to the Social Security and National Insurance Trust (SSNIT) in Accra.
This brings to GH¢ 694, 978 total payments so far made to SSNIT by GICEL.
Presenting the cheque at a ceremony, the board chairman of GICEL Mr Kwesi Asemone Edjah thanked the board and management of SSNIT for their support to GICEL during its difficult formative years.
He said the current picture of GICEL shows a vast improvement from what it was 10 years ago when the company was in distress but now it is able to meet all its corporate responsibilities.
The Board Chairman said even though it had been an uphill task GICEL is now firm on the ground and this came about as a result of a new marketing strategy which was adopted in 2007.
He said this new strategy focused on improving the visibility of the estate through effective advertisements and collaboration with the tenants association on the state.
Mr Edjah said this was aimed at attracting manufacturing companies to the estate and improving the marketing of the products and services of the tenants.
Consequently, he said at the end of 2009, 33 per cent of the occupants were into manufacturing as compared to 13 per cent in 2003, adding that GICEL also aggressively pursued tenants who defaulted in their rent payments, repossessed facilities from absentee and absconded tenants and allocated same to new tenants.
“We will also be expanding our operations to the other regions so that SME’s in other communities could also benefit from the Weija experience and be part of the SSNIT informal sector”.
He indicated that GICEL intends to present its future development programmes in the form of strategic plan soon for 2010-2014 and hope they could count on SSNIT’s support.
In 2004, he said SSNIT in conjunction with GICEL took a decision to disentangle itself from the day to day management of the company by appointing a substantive managing director for the GICEL board.
He said by dint of hardwork and strict financial controls and good governance, GICEL Weija had developed into a distinct viable estate which hosts over 400 small and medium scale manufacturing enterprises and small artisans and provides a one stop shop for the businesses to interact and share common ideas.
Receiving the cheque, Dr Frank Odum, Director General of SSNIT thanked GICEL for honouring its promise and said the success of GICEL had brought the informal sector into the SSNIT fold.
He said SSNIT funds were long term investments whose returns it became difficult sometimes to wait for, but this achievement shows that SSNIT was on track.
Story: Mary Mensah
THE Ghana Industrial Commercial Estates Limited (GICEL) yesterday made a final payment of GH¢ 94,978 to the Social Security and National Insurance Trust (SSNIT) in Accra.
This brings to GH¢ 694, 978 total payments so far made to SSNIT by GICEL.
Presenting the cheque at a ceremony, the board chairman of GICEL Mr Kwesi Asemone Edjah thanked the board and management of SSNIT for their support to GICEL during its difficult formative years.
He said the current picture of GICEL shows a vast improvement from what it was 10 years ago when the company was in distress but now it is able to meet all its corporate responsibilities.
The Board Chairman said even though it had been an uphill task GICEL is now firm on the ground and this came about as a result of a new marketing strategy which was adopted in 2007.
He said this new strategy focused on improving the visibility of the estate through effective advertisements and collaboration with the tenants association on the state.
Mr Edjah said this was aimed at attracting manufacturing companies to the estate and improving the marketing of the products and services of the tenants.
Consequently, he said at the end of 2009, 33 per cent of the occupants were into manufacturing as compared to 13 per cent in 2003, adding that GICEL also aggressively pursued tenants who defaulted in their rent payments, repossessed facilities from absentee and absconded tenants and allocated same to new tenants.
“We will also be expanding our operations to the other regions so that SME’s in other communities could also benefit from the Weija experience and be part of the SSNIT informal sector”.
He indicated that GICEL intends to present its future development programmes in the form of strategic plan soon for 2010-2014 and hope they could count on SSNIT’s support.
In 2004, he said SSNIT in conjunction with GICEL took a decision to disentangle itself from the day to day management of the company by appointing a substantive managing director for the GICEL board.
He said by dint of hardwork and strict financial controls and good governance, GICEL Weija had developed into a distinct viable estate which hosts over 400 small and medium scale manufacturing enterprises and small artisans and provides a one stop shop for the businesses to interact and share common ideas.
Receiving the cheque, Dr Frank Odum, Director General of SSNIT thanked GICEL for honouring its promise and said the success of GICEL had brought the informal sector into the SSNIT fold.
He said SSNIT funds were long term investments whose returns it became difficult sometimes to wait for, but this achievement shows that SSNIT was on track.
PMMC to add value to raw gold (Centre Spread)
23/05/2010
Story: Mary Mensah
The Precious Minerals Marketing Company (PMMC) will from next year add value to raw gold by converting it into jewellery before exporting it to maximise returns.
Consequently, the PMMC is to partner with other international jewellery companies for the project to take off on schedule.
The Managing Director of the Company, Mr Reuben Damptey made this known in Accra when the Parliamentary Select Committee for Employment, Social Welfare and State Owned Enterprises paid a familiarisation visit to the PMMC.
He said the company decided to seek a joint ventureship due to the expense involved in the purchasing of the machinery besides the international jewellers have a ready market for the products.
He indicated that already the company had received proposals from companies in Turkey, Egypt and Italy which will be critically examined before submitting a proposal to the board of directors for adoption.
Mr Damptey said the company will maintain its hand -crafted and traditional designs but will also produce other new designs for the market.
He said over the years PMMC have contributed towards the foreign exchange earnings of the country and added that gold exports for 2009 amounted to $75.48 million as against $32.87 million in 2008 representing an increase of 129 per cent.
He said Diamond export has seen consistent growth over the years until it was hit by the 2008 global financial crises which contributed to the continued reduction in the market price of the product whilst the local cost of production went up significantly leading to downward trend in the company’s exports.
The Managing Director said diamond exported by the company amounted to $7.32 million in 2009 as against $20 million in 2008 but revenue from production and sale of gold jewellery has increased consistently and total revenue realised in 2009 amounted to GH¢2, 237, 349.
Mr Damptey said between 2002 to 2009 the company has paid GH¢520,336 as dividend to government and have also met their corporate tax obligations.
He said socially the impact of the company has been felt by the creation of about 500,000 jobs in the small scale mining sector, employment of jewellers in Accra and setting the pace for the growth of the jewellery industry in the country among others.
He said the PMMC is faced with a number of challenges which include keen competition, the upsurge of jewellery shops arround the country selling mainly imported jewellery among others.
The leader of the Committee, Prince Jacob Hayibor, who is Member of Parliament for Hohoe North said the commiittee decided to visit the company to have an insight into their operations in order to be well informed.
He said the mandate of the committee was deruived from Article 103 of the 1992 constitution and order 184 of the standing order of parliament and has 20 members and their duty is to review and study on a continues basis the operations of state enterprises with a view to determining their economy and eficiency.
Mr Hayibor said praised the board and staff of the PMMC for their hard work and dedication and urged them to work even harder in order to meet their aspirations.
Story: Mary Mensah
The Precious Minerals Marketing Company (PMMC) will from next year add value to raw gold by converting it into jewellery before exporting it to maximise returns.
Consequently, the PMMC is to partner with other international jewellery companies for the project to take off on schedule.
The Managing Director of the Company, Mr Reuben Damptey made this known in Accra when the Parliamentary Select Committee for Employment, Social Welfare and State Owned Enterprises paid a familiarisation visit to the PMMC.
He said the company decided to seek a joint ventureship due to the expense involved in the purchasing of the machinery besides the international jewellers have a ready market for the products.
He indicated that already the company had received proposals from companies in Turkey, Egypt and Italy which will be critically examined before submitting a proposal to the board of directors for adoption.
Mr Damptey said the company will maintain its hand -crafted and traditional designs but will also produce other new designs for the market.
He said over the years PMMC have contributed towards the foreign exchange earnings of the country and added that gold exports for 2009 amounted to $75.48 million as against $32.87 million in 2008 representing an increase of 129 per cent.
He said Diamond export has seen consistent growth over the years until it was hit by the 2008 global financial crises which contributed to the continued reduction in the market price of the product whilst the local cost of production went up significantly leading to downward trend in the company’s exports.
The Managing Director said diamond exported by the company amounted to $7.32 million in 2009 as against $20 million in 2008 but revenue from production and sale of gold jewellery has increased consistently and total revenue realised in 2009 amounted to GH¢2, 237, 349.
Mr Damptey said between 2002 to 2009 the company has paid GH¢520,336 as dividend to government and have also met their corporate tax obligations.
He said socially the impact of the company has been felt by the creation of about 500,000 jobs in the small scale mining sector, employment of jewellers in Accra and setting the pace for the growth of the jewellery industry in the country among others.
He said the PMMC is faced with a number of challenges which include keen competition, the upsurge of jewellery shops arround the country selling mainly imported jewellery among others.
The leader of the Committee, Prince Jacob Hayibor, who is Member of Parliament for Hohoe North said the commiittee decided to visit the company to have an insight into their operations in order to be well informed.
He said the mandate of the committee was deruived from Article 103 of the 1992 constitution and order 184 of the standing order of parliament and has 20 members and their duty is to review and study on a continues basis the operations of state enterprises with a view to determining their economy and eficiency.
Mr Hayibor said praised the board and staff of the PMMC for their hard work and dedication and urged them to work even harder in order to meet their aspirations.
GOVT HAS SET UP NATIONAL FOOD BUFFER STOCK COMPANY (Front Page)
19-03-10
Story: Mary Mensah
A novelty entity known as the National Food Buffer Stock Company Limited (NAFCO) has been set up by the Ministry of Food and Agriculture (MoFA) to purchase, preserve, sell and distribute foodstuffs in the country
The company, solely and fully owned by the government, will guarantee farmers an assured income by providing a minimum guaranteed price and a ready market for their produce.
It will also boost agricultural production that will make Ghana the bread basket of the sub-region and ensure the security of farmers and insulate them against losses resulting from the anticipated increases in production.
Inaugurating the board of NAFCO at a ceremony in Accra, the Minister of Agriculture, Mr Kwesi Ahwoi, who is also the chairman of the board, said the mandate of NAFCO, among others, was to mop up excess produce from all farmers in order to reduce post-harvest losses resulting from spoilage due to poor storage and thereby protect farmer incomes.
He indicated that the government, recognising agriculture as the mainstay of the economy, had decided to stop paying lip service to the efforts of farmers by the introduction of initiatives that would boost agricultural production in the country.
Mr Ahwoi said that would help to expand the demand for food grown in Ghana by selling to all state institutions, such as the military, schools, hospitals, prisons, among others.
He said the operations of the company would ensure the stability of food prices, employment creation, the establishment of emergency food reserves, macro-economic stability and increase foreign currency revenue.
He said according to statistics, in 2009 the total domestic production of maize amounted to 1,619, 600 metric tonnes, as against the demand of 1,197, 000 metric tonnes, indicating a surplus of 145,000 metric tonnes which needed to be stored.
Mr Ahwoi said in times past, such surplus went to waste.
The minister said NAFCO would mop up excess food supply and release it to the market at appropriate times to ensure continuous food supply and thereby stabilise food prices.
He said the concept would increase employment, guarantee prices and provide ready market for food items to motivate farmers to increase food production and also others to go into farming.
“It will also sustain the block farming concept within the Youth in Agriculture programme and result in the creation of more employment avenues for the youth of the country," he stated.
Mr Ahwoi charged members of the board to ensure that the company was managed in a manner that would make everybody proud.
Other members of the board are Dr Sam Mensah of SEM Group Limited; Mr Eric Osei-Owusu, a business/consultant and Managing Director of NAFCO; Mr Kwesi Boamah, the acting Chief Director of the Ministry of Food and Agriculture (MOFA); Mr Charles Ofori, Mrs Magdalene Ewurasi Apenteng, a director of the Ministry of Finance and Economic Planning, and Mr Kweku Bram-Larbi.
Mr Osei-Owusu, who spoke on behalf of the other members, pledged to work hard and ensure the success of the company, adding that for now the company would rely on cereals and add perishables as time went on.
Story: Mary Mensah
A novelty entity known as the National Food Buffer Stock Company Limited (NAFCO) has been set up by the Ministry of Food and Agriculture (MoFA) to purchase, preserve, sell and distribute foodstuffs in the country
The company, solely and fully owned by the government, will guarantee farmers an assured income by providing a minimum guaranteed price and a ready market for their produce.
It will also boost agricultural production that will make Ghana the bread basket of the sub-region and ensure the security of farmers and insulate them against losses resulting from the anticipated increases in production.
Inaugurating the board of NAFCO at a ceremony in Accra, the Minister of Agriculture, Mr Kwesi Ahwoi, who is also the chairman of the board, said the mandate of NAFCO, among others, was to mop up excess produce from all farmers in order to reduce post-harvest losses resulting from spoilage due to poor storage and thereby protect farmer incomes.
He indicated that the government, recognising agriculture as the mainstay of the economy, had decided to stop paying lip service to the efforts of farmers by the introduction of initiatives that would boost agricultural production in the country.
Mr Ahwoi said that would help to expand the demand for food grown in Ghana by selling to all state institutions, such as the military, schools, hospitals, prisons, among others.
He said the operations of the company would ensure the stability of food prices, employment creation, the establishment of emergency food reserves, macro-economic stability and increase foreign currency revenue.
He said according to statistics, in 2009 the total domestic production of maize amounted to 1,619, 600 metric tonnes, as against the demand of 1,197, 000 metric tonnes, indicating a surplus of 145,000 metric tonnes which needed to be stored.
Mr Ahwoi said in times past, such surplus went to waste.
The minister said NAFCO would mop up excess food supply and release it to the market at appropriate times to ensure continuous food supply and thereby stabilise food prices.
He said the concept would increase employment, guarantee prices and provide ready market for food items to motivate farmers to increase food production and also others to go into farming.
“It will also sustain the block farming concept within the Youth in Agriculture programme and result in the creation of more employment avenues for the youth of the country," he stated.
Mr Ahwoi charged members of the board to ensure that the company was managed in a manner that would make everybody proud.
Other members of the board are Dr Sam Mensah of SEM Group Limited; Mr Eric Osei-Owusu, a business/consultant and Managing Director of NAFCO; Mr Kwesi Boamah, the acting Chief Director of the Ministry of Food and Agriculture (MOFA); Mr Charles Ofori, Mrs Magdalene Ewurasi Apenteng, a director of the Ministry of Finance and Economic Planning, and Mr Kweku Bram-Larbi.
Mr Osei-Owusu, who spoke on behalf of the other members, pledged to work hard and ensure the success of the company, adding that for now the company would rely on cereals and add perishables as time went on.
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