THE Securities and Exchange Commission (SEC) has called for support from Parliament to enable it to operate the Ghana Stock Exchange (GSE) to mobilise more resources for national development.
According to the SEC, although the GSE was performing quite well, it still faced some major challenges that needed parliamentary support for better performance .
One of the major challenges the SEC cited was its placement under the Ministry of Finance and Economic Planning, which empowers the sector minister to give operational instructions.
The Director-General of the SEC, Dr Nii Kwaku Sowa, made the appeal at a seminar organised by the SEC for members of the Parliamentary Subcommittee on Finance at Koforidua.
Speakers at the forum were Mr Frank Adu, GSE Council chairman, Professor E.V.O Dankwa, SEC chairman, Dr Sam Mensa, GSE Council member, Mr K. S. Yamoah and Mr Ekow Afedzie, managing director and deputy managing director respectively of the GSE, as well as Dr Sowa, who took the MPs through some topics on the stock exchange system.
Topics treated included Capital Markets: A Strategic Partner in Ghana’s Development, Legislative issues and the development of the capital markets, The Securities and Exchange Commission-its Relevance and Operations, Developments on the stock market, Partnering for growth and divestiture and bond issuance, incentives and local content.
According to Dr Sowa, some sections of the country’s securities laws, such as section 140 of the PNDC Law 333, did not ensure SEC’s operational independence because it gave the Minister of Finance powers to operate it by placing it under the ministry.
He said such a directive which was not in consonance with the practices of the International Organisation of Securities Regulators (IOSCO), of which Ghana is a member, was also a disincentive for the growth of the GSE.
Dr Sowa who stated that the best international practice of the stock exchange, as contained in the IOSCO objectives, was to protect investors, ensure fair, efficient and transparent market and reduce risk, called for parliamentary support to deal with the issue.
“We need parliamentary support to strengthen the GSE because the securities market offers the best opportunity for Ghana to harness and utilise long-term resources for growth and development”, Dr Sowah stated.
The speakers also called for more public education on the activities of the GSE which, according to them, had been perceived as elitist.
The Chairman of the Parliamentary Subcommittee on Finance, Mr James Klutse Avedi, was grateful to the SEC for organising the seminar which would put the MPs in a better position to deal with the issue in Parliament.
Earlier, the GSE Chairman, Mr Frank Adu, in his welcome speech said his outfit would continue to organise similar seminars for the MPs, especially new members, every four years.
That, he said, had become necessary because as law makers, they needed to fully understand the stock exchange system to enable them deliberate on it and its related issues, for the well-being of the country.
Wednesday, April 28, 2010
Sunday, April 25, 2010
DON'T LET CRITICISMS DAMPEN SPIRITS (PAGE 22, APRIL 24, 2010)
THE President of the National Association of Local Authorities of Ghana (NALAG), Mr Theophilus Aidoo-Mensah, has urged metropolitan, municipal and district chief executives not to let criticisms dampen their spirits.
Rather, he said, they must regard the criticisms as a challenge that would motivate them to work harder to achieve set goals.
"We have been appointed to the positions to improve upon the living conditions of our people," Mr Aidoo-Mensah said.
Mr Aidoo-Mensah who is also the District Chief Executive for Gomoa West stated that helping to improve upon the living conditions of the people could not be done without facing criticisms.
"Let the criticisms strengthen us to focus but not to discourage us to depart from our set goals," he stressed.
Mr Aidoo-Mensah advised his colleagues not to make themselves armchair executives but go out to make personal contacts and lobby donor agencies, including non-governmental organisations (NGOs) to help their people.
"With the limited national resources, the government alone cannot do everything for our people, therefore we must seek support from elsewhere," he said.
The NALAG President expressed concern about the agitation of some youth for the removal of some chief executives from office, and appealed to the youth to exercise restraint and allow the chief executives time to put things right.
He appealed to his colleagues to handle such issues with tact, and that they should not regard the agitators as enemies.
"We must give them a hearing when they approach us (DCEs)," he said.— GNA
Rather, he said, they must regard the criticisms as a challenge that would motivate them to work harder to achieve set goals.
"We have been appointed to the positions to improve upon the living conditions of our people," Mr Aidoo-Mensah said.
Mr Aidoo-Mensah who is also the District Chief Executive for Gomoa West stated that helping to improve upon the living conditions of the people could not be done without facing criticisms.
"Let the criticisms strengthen us to focus but not to discourage us to depart from our set goals," he stressed.
Mr Aidoo-Mensah advised his colleagues not to make themselves armchair executives but go out to make personal contacts and lobby donor agencies, including non-governmental organisations (NGOs) to help their people.
"With the limited national resources, the government alone cannot do everything for our people, therefore we must seek support from elsewhere," he said.
The NALAG President expressed concern about the agitation of some youth for the removal of some chief executives from office, and appealed to the youth to exercise restraint and allow the chief executives time to put things right.
He appealed to his colleagues to handle such issues with tact, and that they should not regard the agitators as enemies.
"We must give them a hearing when they approach us (DCEs)," he said.— GNA
Thursday, April 22, 2010
PRESIDENT SUPPORTS 91 NEEDY BECE STUDENTS (PAGE 11, APRIL 21, 2010)
THE timely intervention by the President, Prof. J.E.A. Mills has made it possible for 91 final year junior high school (JHS) students, who were facing financial difficulties, to take part in the ongoing Basic Education Certificate Examination (BECE).
President Mills, provided GH¢300 for the feeding of the children who are from poor backgrounds for the five-day period of the examination. The amount was presented on behalf of the President by the District Chief Executive for Kwahu South, Mr Joseph Omari.
The students are from schools in very deprived areas of the Kwahu South District, namely Asubone-Odumase, Adawso Nkwanta, New Oworobong and Kwahu Amanfrom which had been provided with an examination centre at Kwahu Tafo in the Kwahu South District. They needed to be transported to the nearest examination centre at Kwahu Tafo, which is about 10 kilometres away.
Although their parents managed to pay for their transport to the centre and their teachers also secured a place in a school where they would sleep, their parents were not able to give them money for their upkeep.
Realising their unfortunate situation, the students were initially given GH¢300 and provisions with the hope that they would receive additional supplies to enable them to write the examinations.
Making the presentation to the students at the examination centre after writing their first paper, Mr Omari said poverty should not prevent the students from writing the examinations and that was why the President had to come to their aid.
He expressed the hope that the students would do well in the examinations to climb the academic ladder to become professionals and help develop the area.
The DCE later visited some of the examination centres to encourage the students and advised them, their teachers and invigilators not to engage in examination malpractices since that would mar the future of the students.
The students were grateful to President Mills for coming to their rescue and said they would do well in the examinations to justify the assistance given to them.
The Kwahu South District Director of Education, Mr Abraham Adjetey Sowa, who accompanied the DCE during the tour said in all 2,131 students were taking part in the examination in 11 centres and that everything was going on as planned.
President Mills, provided GH¢300 for the feeding of the children who are from poor backgrounds for the five-day period of the examination. The amount was presented on behalf of the President by the District Chief Executive for Kwahu South, Mr Joseph Omari.
The students are from schools in very deprived areas of the Kwahu South District, namely Asubone-Odumase, Adawso Nkwanta, New Oworobong and Kwahu Amanfrom which had been provided with an examination centre at Kwahu Tafo in the Kwahu South District. They needed to be transported to the nearest examination centre at Kwahu Tafo, which is about 10 kilometres away.
Although their parents managed to pay for their transport to the centre and their teachers also secured a place in a school where they would sleep, their parents were not able to give them money for their upkeep.
Realising their unfortunate situation, the students were initially given GH¢300 and provisions with the hope that they would receive additional supplies to enable them to write the examinations.
Making the presentation to the students at the examination centre after writing their first paper, Mr Omari said poverty should not prevent the students from writing the examinations and that was why the President had to come to their aid.
He expressed the hope that the students would do well in the examinations to climb the academic ladder to become professionals and help develop the area.
The DCE later visited some of the examination centres to encourage the students and advised them, their teachers and invigilators not to engage in examination malpractices since that would mar the future of the students.
The students were grateful to President Mills for coming to their rescue and said they would do well in the examinations to justify the assistance given to them.
The Kwahu South District Director of Education, Mr Abraham Adjetey Sowa, who accompanied the DCE during the tour said in all 2,131 students were taking part in the examination in 11 centres and that everything was going on as planned.
Monday, April 19, 2010
HELP FIGHT CORRUPTION, OTHER CANKER (SPREAD, APRIL 19, 2010)
PRESIDENT John Evans Atta Mills has asked the Catholic Church to help in a sustained crusade against corruption and other negative practices that have retarded the country’s development.
That, he stated, had become necessary, since moral persuasion and religious appeal could better deal with the canker at times than the justice system.
The President made these remarks in an address read on his behalf by the Eastern Regional Minister, Mr Samuel Ofosu Ampofo, at the consecration of the Most Rev Gabriel Edoe Kumordji as the first Bishop and Apostolic Vicar of the Catholic Church of a newly created vicariate at Donkokrom in the Kwahu North District (Afram Plains).
The impressive ceremony, which was attended by a number of dignitaries including top Catholic priests from both the country and abroad, was also used to raise funds for the construction of a cathedral in the vicariate.
The Eastern Regional Minister, on behalf of the President, donated GH¢1000 and 200 bags of cement towards the project.
President Mills stated that although his administration would not embark on a campaign of witch-hunting of innocent Ghanaians, it would not also countenance corruption, mismanagement and fraudulent practices.
The President called on Ghanaians to eschew negative partisan politics and put Ghana first in its development endeavours.
President Mills advised the people to serve any government in power and said his administration was open to suggestions and criticism in good faith.
With regard to the development of the Kwahu North District, President Mills said the government would continue with a number of projects and programmes initiated for the rapid development of the district.
He mentioned some of the projects as the rehabilitation of the existing roads and the construction of new ones such as the Mame Krobo-Agogo road that would link the area with the Ashanti Region, provision of two additional pontoons on the Volta Lake and several other initiatives under the Millennium Challenge Account (MDA) and the Afram Plains District Agricultural Development Project (APDADP).
President Mills commended the Catholic Church for partnering the government to provide educational and other social amenities for the people and expressed the hope that the creation of the vicariate in the Kwahu North District would further enhance the development of the area.
He also congratulated the new bishop on his elevation.
In a homily, the Bishop of the Koforidua Diocese, Most Rev Joseph Afrifa Agyekum, dwelt on negative practices such as abortion, murder, same sex marriage and corruption and asked Bishop Gabriel Edoe Kumordji to be courageous in dealing with them.
“Your elevation has come at a time when we have all these negative and sinful practices such as abortion, murder, same sex marriages and corruption and you must speak the truth and be bold in dealing with them”, Bishop Joseph Afrifa Agyekum exhorted the new bishop.
That, he stated, had become necessary, since moral persuasion and religious appeal could better deal with the canker at times than the justice system.
The President made these remarks in an address read on his behalf by the Eastern Regional Minister, Mr Samuel Ofosu Ampofo, at the consecration of the Most Rev Gabriel Edoe Kumordji as the first Bishop and Apostolic Vicar of the Catholic Church of a newly created vicariate at Donkokrom in the Kwahu North District (Afram Plains).
The impressive ceremony, which was attended by a number of dignitaries including top Catholic priests from both the country and abroad, was also used to raise funds for the construction of a cathedral in the vicariate.
The Eastern Regional Minister, on behalf of the President, donated GH¢1000 and 200 bags of cement towards the project.
President Mills stated that although his administration would not embark on a campaign of witch-hunting of innocent Ghanaians, it would not also countenance corruption, mismanagement and fraudulent practices.
The President called on Ghanaians to eschew negative partisan politics and put Ghana first in its development endeavours.
President Mills advised the people to serve any government in power and said his administration was open to suggestions and criticism in good faith.
With regard to the development of the Kwahu North District, President Mills said the government would continue with a number of projects and programmes initiated for the rapid development of the district.
He mentioned some of the projects as the rehabilitation of the existing roads and the construction of new ones such as the Mame Krobo-Agogo road that would link the area with the Ashanti Region, provision of two additional pontoons on the Volta Lake and several other initiatives under the Millennium Challenge Account (MDA) and the Afram Plains District Agricultural Development Project (APDADP).
President Mills commended the Catholic Church for partnering the government to provide educational and other social amenities for the people and expressed the hope that the creation of the vicariate in the Kwahu North District would further enhance the development of the area.
He also congratulated the new bishop on his elevation.
In a homily, the Bishop of the Koforidua Diocese, Most Rev Joseph Afrifa Agyekum, dwelt on negative practices such as abortion, murder, same sex marriage and corruption and asked Bishop Gabriel Edoe Kumordji to be courageous in dealing with them.
“Your elevation has come at a time when we have all these negative and sinful practices such as abortion, murder, same sex marriages and corruption and you must speak the truth and be bold in dealing with them”, Bishop Joseph Afrifa Agyekum exhorted the new bishop.
Sunday, April 18, 2010
BABA JAMAL DONATES TO ORPHANAGE (PAGE 32, APRIL 19, 2010)
IN line with his commitment to the welfare of the less privileged in society, the Deputy Eastern Regional Minister, Mr Baba Jamal Muhamed Ahmed, has presented assorted food items including beverages to the children of ‘My Shepherd Home’, an orphanage at Akwatia.
The presentation of the items formed part of the Deputy Minister's activities during the Easter to make the occasion a memorable one for the children.
Baba Jamal, who has decided to adopt the orphanage, asked the founder, Madam Philomena Adjei, to take good care of the children.
Madam Adjei thanked Baba Jamal for the gesture.
The presentation of the items formed part of the Deputy Minister's activities during the Easter to make the occasion a memorable one for the children.
Baba Jamal, who has decided to adopt the orphanage, asked the founder, Madam Philomena Adjei, to take good care of the children.
Madam Adjei thanked Baba Jamal for the gesture.
Thursday, April 15, 2010
AKUAPEM PRESBYTERY GETS NEW OFFICES (PAGE 39, APRIL 15, 2010)
A MODERN GH¢820,000 office complex for the Akuapem Presbytery of the Presbyterian Church of Ghana (PCG) has been inaugurated by the Moderator of the church, Rt. Reverend Dr Yaw Frimpong-Manso.
The complex, consisting of 15 offices and stores, was funded solely through contributions by members in the presbytery.
Giving the rationale for the construction of the magnificent edifice, the Chairman of the Presbytery, Rev J.O.Y. Mantey, said since the establishment of the presbytery in 1923, it had been administered from classroom structures, which were not suitable for the presbytery with 65,000 members and numerous schools ranging from kindergarten, primary, junior and senior high schools, colleges of education and a university.
He said a hospitality edifice, which is being constructed nearby, would be completed within six months, and thanked members for their contributions towards the execution of the two projects.
Inaugurating the edifice Rt Revd Dr Frimpong-Manso asked the members to maintain the building well.
He also urged the various congregations within the presbytery to uphold the proverbial Presbyterian discipline, which had contributed immensely in moulding the character of the people, especially the youth, for national development.
For his part, Mr Ofosu Ampofo commended the Akuapem Presbytery for making giant strides in both spiritual and physical development.
He was not happy about certain people, including Christians, indulging in all sorts of negative acts to be rich overnight and called for a change of such bad habits.
Mr Ofosu Ampofo called on Ghanaians to sacrifice for their families, communities and the country as a whole.
The ceremony was attended by dignitaries such as the Eastern Regional Minister, Mr Samuel Ofosu Ampofo, some traditional rulers of Akuapem, the clergy, as well as some members from the various congregations of the Presbytery,
The complex, consisting of 15 offices and stores, was funded solely through contributions by members in the presbytery.
Giving the rationale for the construction of the magnificent edifice, the Chairman of the Presbytery, Rev J.O.Y. Mantey, said since the establishment of the presbytery in 1923, it had been administered from classroom structures, which were not suitable for the presbytery with 65,000 members and numerous schools ranging from kindergarten, primary, junior and senior high schools, colleges of education and a university.
He said a hospitality edifice, which is being constructed nearby, would be completed within six months, and thanked members for their contributions towards the execution of the two projects.
Inaugurating the edifice Rt Revd Dr Frimpong-Manso asked the members to maintain the building well.
He also urged the various congregations within the presbytery to uphold the proverbial Presbyterian discipline, which had contributed immensely in moulding the character of the people, especially the youth, for national development.
For his part, Mr Ofosu Ampofo commended the Akuapem Presbytery for making giant strides in both spiritual and physical development.
He was not happy about certain people, including Christians, indulging in all sorts of negative acts to be rich overnight and called for a change of such bad habits.
Mr Ofosu Ampofo called on Ghanaians to sacrifice for their families, communities and the country as a whole.
The ceremony was attended by dignitaries such as the Eastern Regional Minister, Mr Samuel Ofosu Ampofo, some traditional rulers of Akuapem, the clergy, as well as some members from the various congregations of the Presbytery,
RURAL BANK RENOVATES HQRS (PAGE 20, APRIL 14, 2010)
THE renovated headquarters building of the Akuapem Rural Bank at Mamfe has been inaugurated.
According to the Vice Chairman of the bank’s board of directors, Mr Amishadai Owusu Amoah, the renovation of the building and that of its branches, as well as the completion of another building to house its Aburi branch, would further improve its image.
Speaking at the inaugural ceremony attended by members of its board of directors, he said the bank, which was established 30 years ago and had initially operated from rented premises, had over the years witnessed tremendous growth in all aspects, especially assets, deposits and profits, making it one of the best five rural banks in the country currently .
Mr Amoah lauded the board, management, staff, shareholders and customers for their support, which had also made it possible for the bank to honour its social responsibility to the people and communities in its catchment areas.
The District Chief Executive (DCE) for Akuapem North, Mr George Opare Addo, reiterated the government’s commitment to the creation of a congenial atmosphere for businesses in the country to grow.
He commended the bank for its assistance to the people and communities in the area.
The deputy Managing Director of ARB Apex Bank, Mr Duke Osam Duodu, commended the bank for making giant strides.
He, however, asked the management to institute a policy for regular maintenance of the building.
Earlier, the bank handed over a mechanised borehole valued at GH¢10,000 to the Methodist Girls Senior High School at Mamfe.
Speaking at the ceremony, which was attended by a Director of the bank, Mr Asare Buakyi, the General Manager of the bank, Mr K. Anane Kyereme, was hopeful that the borehole would improve the water supply at the school and avert the situation where students had to spend so much time searching for water.
Mr Kyereme said two mechanised boreholes would also be provided each year for the next five years in communities in its catchment areas.
The Headmistress of the school, Madam Janet F. Bediako, expressed the school’s appreciation to the bank for its timely intervention and said the school would take good care of the facility.
In another development, the bank donated GH¢1,000 towards an ongoing anti-rabies vaccination exercise in the Akuapem North District.
The Akuapem North District Director of Health Services, Dr J.K.L. Opare, who received the money, said over the last three months, 30 persons were bitten by dogs, out of which three died from rabies.
He thanked the bank for the assistance.
According to the Vice Chairman of the bank’s board of directors, Mr Amishadai Owusu Amoah, the renovation of the building and that of its branches, as well as the completion of another building to house its Aburi branch, would further improve its image.
Speaking at the inaugural ceremony attended by members of its board of directors, he said the bank, which was established 30 years ago and had initially operated from rented premises, had over the years witnessed tremendous growth in all aspects, especially assets, deposits and profits, making it one of the best five rural banks in the country currently .
Mr Amoah lauded the board, management, staff, shareholders and customers for their support, which had also made it possible for the bank to honour its social responsibility to the people and communities in its catchment areas.
The District Chief Executive (DCE) for Akuapem North, Mr George Opare Addo, reiterated the government’s commitment to the creation of a congenial atmosphere for businesses in the country to grow.
He commended the bank for its assistance to the people and communities in the area.
The deputy Managing Director of ARB Apex Bank, Mr Duke Osam Duodu, commended the bank for making giant strides.
He, however, asked the management to institute a policy for regular maintenance of the building.
Earlier, the bank handed over a mechanised borehole valued at GH¢10,000 to the Methodist Girls Senior High School at Mamfe.
Speaking at the ceremony, which was attended by a Director of the bank, Mr Asare Buakyi, the General Manager of the bank, Mr K. Anane Kyereme, was hopeful that the borehole would improve the water supply at the school and avert the situation where students had to spend so much time searching for water.
Mr Kyereme said two mechanised boreholes would also be provided each year for the next five years in communities in its catchment areas.
The Headmistress of the school, Madam Janet F. Bediako, expressed the school’s appreciation to the bank for its timely intervention and said the school would take good care of the facility.
In another development, the bank donated GH¢1,000 towards an ongoing anti-rabies vaccination exercise in the Akuapem North District.
The Akuapem North District Director of Health Services, Dr J.K.L. Opare, who received the money, said over the last three months, 30 persons were bitten by dogs, out of which three died from rabies.
He thanked the bank for the assistance.
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