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Economy & Investments | Jan 21, 2005

Osafo-Maafo claims credit for economy

Palaver
... As he opens new bank
THE out-going Minister of Finance, Mr Yao Osafo-Maafo, last Wednesday collected all the credit, for the "success" of the economic programme of the country, during the last regime.
Speaking at the launching and inauguration of the Standard Trust Bank of Ghana Limited, with its headquarters in Accra, Mr Maafo boasted of taking measures to reduce inflation from 12.3 per cent to 11.8 per cent, by the end of last year.
He had actually targetted a reduction to a single-digit inflation figure, and expressed the hope that his successor, will achieve that objective.
It will be recalled, however, that the NDC Government, at one stage, was able to bring inflation, done to that level under Mr Kwame Peprah.
The Minister told the gathering about the NPP Government's economic programme, within the next four years.
He made a special appeal to the new bank to pay more attention to the medium and small-scale industries, since the Government counts on the success of these businesses to buttress its programme.
The Minister said the solid macro-economic base, structured by his Ministry, will help to propel the accelerated economic growth that the Government envisages to achieve within the next four years.
In other speeches, it was pointed out that the establishment and inauguration of the bank, will help further cement the bond of friendship between Nigeria and Ghana.
The bank is the 19th to be licensed to operate in the country.
Mr Kwame Pianim, an Economic Consultant, is the chairman of the Board of Directors of the Bank, which has both Nigerians and Ghanaians, as its major share-holders.
Later, Mr Maafo cut the tape to declare the bank open at the Heritage Towers, and for official business to commence almost immediately.
The bank has modern and efficient facilities, which can match or even surpass many of the banks, already in the system.


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