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16.03.2006 Business & Finance

Government to invest 20 million dollars of pension fund in GIA


Accra, March 16, GNA - Parliament on Thursday approved a 20-million dollar loan agreement between government and the Social Security and National Insurance Trust (SSNIT) to finance government equity shares in Ghana International Airlines Limited.

Members voted by voice to give the approval to enhance government's stake in the airline that succeeded the defunct Ghana Airways. Later in the day, the House passed the Custom, Excise and Preventive Service (Management) (Amendment) Bill. The Bill seeks to provide for the removal of the penalty component in the reserve price for forfeited vehicles due for disposal by auction or allocation.

Under the current law anyone who imported a vehicle aged over 10 years into the country had to pay a penalty or in default had the vehicle auctioned at a reduced price. The Bill when it becomes operational will see to the selling of such vehicles at reasonable prices to rake in more revenue for the public purse.