When the first session of the 5th Parliament of the 4th Republic of Ghana resumes on January 27th, 2009, after a short break, one of the interesting things Ghanaians would be witnessing from the House of Legislators would be the Ministerial appointments made by the President John Fiifi Evans Atta Mills, who would be appearing before the Appointments Committee to be vetted .
As Members prepared to go to their various constituencies to enjoy the short vacation, the tonic was set for the difficult task ahead, when the House on Tuesday adopted the Report of Committee of Selection and approved the membership of the Appointments and Business Committees.
The First Deputy Speaker of Parliament, Mr. Edward Doe Adjaho, member for Avenor/Ave is the Chairman of the 26-member Appointments Committee, with Mr. Enoch Teye Mensah, member for Ningo Prampram as the Vice Chairman.
Other Members in the Appointments Committee include; Hon. Sampson Ahi Member for Juaboso, Hon. Dr. Ahmed Yakubu Alhassan, Member for Mion, Hon. Michael Teye Nyaunu, Member for Lower Manya, Hon. Capt. (Rtd) George K. Nfojoh, Member for Ho Centre, Hon. Felix Twumasi-Appiah, Member for Nkoranza South, Hon. Dominic Azumah, Member for Garu Tempane, Hon Juliana Azumah-Mensah, MP for Ho East, Hon .Alhaji Mubarak M. Muntaka, MP for Asawase, Hon. Haruna H. Bayirga, MP for Sissala West and Hon. George Kuntu Blankson Member for Mfantseman East.
The rest are Hon. Alhaji Saani Iddi, MP for Welensi, Hon. Joseph Yieleh Chireh, Member for Wa West, Hon. Osei Kyei-Mensah-Bonsu, Member for Suame (Minority Leader), Hon. Ambrose P. Dery Member for Lawra Nandom, Hon. Joseph Boahen Aidoo Member for Amanfi East, Hon. Samuel Atta Akyea Member for Akim Abuakwa South, Hon. John Jabaah Bennam Member for Zabzugu Tatale, Hon. K. T. Hammond Member for Adansi Asokwa, Hon. Gifty Klenam Member for Lower West Akim, Hon. Ofosu Asamoah Member for Kade, Hon. Frema Osei-Opare, Member for Ayawaso West Wuogon, Hon. Joseph Osei-Owusu, Member for Bekwai, Hon. Hackman Owusu-Agyeman Member for New Juabeng North and Hon. Dr. Matthew O. Prempeh, Member for Manhyia.
The 20-member Business Committee is chaired by the Majority Leader, Mr. Alban Bagbin with his Deputy, John Tia as Vice Chairman.
Other members in the Business Committee include; Hon. Enoch Teye Mensah, Hon Akua Sena Dansua, Hon. Ernest Kofi Yakah, Hon. Yaw Effah-Baafi, Hon. Raymond Tawiah, Hon. Alhaji Abukari Sumani, Hon. Elizabeth Amoah-Tetteh, Hon. Michael Coffie Boampong and Hon. Hajia Mary Salifu Boforo.
The rest are; Hon. Osei Kyei-Mensah-Bonsu (Minority Leader), Hon. Ambrose P. Dery, Hon. Frederick Opare-Ansah, Hon. Gifty Eugenia Kusi, Hon. Nana Abu-Bonsra, Hon. Samuel Kwaku Obodai, Hon Catherine Afeku, Hon. Adamu Dramani and Hon. Yaw Ntow Ababio.
Addressing the House to move the motion for the approval of the report, Hon. Bagbin said the two committees needed to be set up to enable the House programme itself for the task ahead (vetting of Ministers).
The Appointments Committee is primarily responsible for scrutinizing and vetting nominations of the President for Ministerial positions, including members of the Supreme Court of the Republic.
The Business Committee on the other hand is responsible for planning the day to day business of the House.
It is expected that the Appointments Committee would delve deep into the public and private life of those who would appear before it when the House resumes for business on January 27th, 2009.
In 2007, when a similar exercise was done, some nominees including Ken Wuud Nuworsu, Reverend Owusu-Bi and Madam Vicky Bright faced very tough questions when they appeared before the Appointments Committee making it difficult for them to be accepted for their new roles.
The issue about prying into appointees’ private life would again not be spared. But in an interview with some Members of the House, they expressed mixed reactions as some MPs believed that the competence of the personalities would be the most important, whilst others thought otherwise.
One of the new entrants in the House, Hon. Christopher Ameyaw Akumfi, MP for Techiman North said the issue of one’s private life should not be the guiding principle, but rather the capabilities of the person or how he or she would handle the new portfolio.
“To me, the issue of private life is not even necessary. It looks as if when you are into politics, you no longer have a private life. I wish that we don’t spend energies to go into peoples’ private lives. We should just find out whether that person would be able to do the job or not, which is very critical”, he noted.
But Madam Cecilia Obeng Dapaah, Member of Parliament for Abirem thinks otherwise. To her, the issue of private life should be a critical issue when the Appointments Committee begins its work, since the character of the nominees would determine how they would relate to their staff at their new offices.
“If you come into public life, your personal life is on the line. You cannot escape from it. Your character would guarantee that you are not going to be a dictator. When you go to a Ministry, you build a relationship with the technocrats because most of them have been there for long, and it would be prudent to tap their expertise. You need to relate to them in order to produce good results. So character is very important. I don’t see why anybody’s character can be shelved”, she noted.
She however, called on the President to speed up work on selecting his Ministerial appointments to enable the Appointments Committee begin its work.
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Thursday, January 15, 2009
I have had my baptism-Speaker tells House
"Indeed I have had my baptism," was the way The Speaker of Parliament, Joyce Bamford-Addo put it as she went through the process to master work in parliament.
She made the point yesterday while adjourning the House for the first recess of the first sitting of the 5th Parliament in Accra. She thanked members for their cooperation and support which made her responsibility as the Speaker possible.
She urged members to use the vacation, especially the new entrants to study the Parliamentary Standing Orders. "Honourable Members, as you depart to your respective constituencies for this short holiday, I urge you, especially the new ones, to use the opportunity to go through the Standing Orders of the House, among other documents in the Legislature in order to familiarize yourselves with the procedures of the House as I would also be doing," she added. She wished them God's guidance and good rest.
The House, which should have started its business at 10:00 am rather started at 12:15 pm because of the late arrival of the Speaker. Corrections to the previous sittings were the main business of the day in which Hon. Baladu Manu insisted on the correction of a point which was misrepresented in the report.
According to him the Speaker said "I have the discretionary powers" which was answered "We are in parliament" and The Speaker answered as, "And so what." His argument was that the last phrase "And so what" was omitted in the report which he said must be corrected.
The Majority Leader Hon. Alban Bagbin assured him that the document would be crosschecked with the recorded version of the previous proceedings and the necessary corrections done.
The speaker on her part stated that "we are not here to argue about who said what and other wise", however, several corrections were made even where members names were misspelled. The House closed for the recess after the issues were settled.
In a related development, the minority side of the House met the press to officially introduce the new leaders of the minority.
Addressing them, the Minority Leader, Hon Kyei Mensah Bonsu said the NPP which was in the majority in the pervious parliament was now in the minority. "In the past, we were on the right side of the House but now we find ourselves on the left," he said.
He said the appointment of care taker Ministers who assumed responsibility at some Ministries was a matter of concern to the minority.
He said according to the constitution -article 78 gave the mandate to parliament to vet and give approval to Ministers appointed by the President before they assume office. He said the minority was worried as to how to hold these care-taker Ministers accountable if there was any problem.
He wondered how parliament would have over-sight responsibility over these caretaker Ministers since they were not vetted.
Commenting on whether the President had been well inaugurated or not, Hon. Kyei Bonsu said some people who were very critical were of the view that since President John Atta Mills substituted some of the words in the official document of the Presidential oath, they assumed he had not been inaugurated. However, he wondered whether Ghanaians could hold him accountable for that.
He mentioned the Minority leadership of the House as Hon. Ambrose Derry, MP for Lawra/Nandom as the Deputy Minority Leader while the Minority Chief Whip is Hon. Opare-Ansah Frederick, MP for Suhum. He said the First and the Second Deputy Chief Whips were Hon. Kusi Gifty Eugenia, MP for Tarkwa-Nsuaem and Hon Aye Benjamin Kofi, MP for Upper Denkyira West respectively.
She made the point yesterday while adjourning the House for the first recess of the first sitting of the 5th Parliament in Accra. She thanked members for their cooperation and support which made her responsibility as the Speaker possible.
She urged members to use the vacation, especially the new entrants to study the Parliamentary Standing Orders. "Honourable Members, as you depart to your respective constituencies for this short holiday, I urge you, especially the new ones, to use the opportunity to go through the Standing Orders of the House, among other documents in the Legislature in order to familiarize yourselves with the procedures of the House as I would also be doing," she added. She wished them God's guidance and good rest.
The House, which should have started its business at 10:00 am rather started at 12:15 pm because of the late arrival of the Speaker. Corrections to the previous sittings were the main business of the day in which Hon. Baladu Manu insisted on the correction of a point which was misrepresented in the report.
According to him the Speaker said "I have the discretionary powers" which was answered "We are in parliament" and The Speaker answered as, "And so what." His argument was that the last phrase "And so what" was omitted in the report which he said must be corrected.
The Majority Leader Hon. Alban Bagbin assured him that the document would be crosschecked with the recorded version of the previous proceedings and the necessary corrections done.
The speaker on her part stated that "we are not here to argue about who said what and other wise", however, several corrections were made even where members names were misspelled. The House closed for the recess after the issues were settled.
In a related development, the minority side of the House met the press to officially introduce the new leaders of the minority.
Addressing them, the Minority Leader, Hon Kyei Mensah Bonsu said the NPP which was in the majority in the pervious parliament was now in the minority. "In the past, we were on the right side of the House but now we find ourselves on the left," he said.
He said the appointment of care taker Ministers who assumed responsibility at some Ministries was a matter of concern to the minority.
He said according to the constitution -article 78 gave the mandate to parliament to vet and give approval to Ministers appointed by the President before they assume office. He said the minority was worried as to how to hold these care-taker Ministers accountable if there was any problem.
He wondered how parliament would have over-sight responsibility over these caretaker Ministers since they were not vetted.
Commenting on whether the President had been well inaugurated or not, Hon. Kyei Bonsu said some people who were very critical were of the view that since President John Atta Mills substituted some of the words in the official document of the Presidential oath, they assumed he had not been inaugurated. However, he wondered whether Ghanaians could hold him accountable for that.
He mentioned the Minority leadership of the House as Hon. Ambrose Derry, MP for Lawra/Nandom as the Deputy Minority Leader while the Minority Chief Whip is Hon. Opare-Ansah Frederick, MP for Suhum. He said the First and the Second Deputy Chief Whips were Hon. Kusi Gifty Eugenia, MP for Tarkwa-Nsuaem and Hon Aye Benjamin Kofi, MP for Upper Denkyira West respectively.
Depreciation of the Cedi, a worry to Ghanaian investors
Investors in the country have bemoaned the gloomy state of the economy which has been underpinned by the gradual rise of inflation trends, falling oil prices, collapsed capital market and above all the depreciation of the Cedi against major currencies in the foreign exchange market.
Many Investors in the country have expressed concern about how the Cedi has of late been faring against major currencies and the Bank of Ghana's inability to tighten monetary policies to ensure its strong performance against the other currencies in the foreign exchange market.
The Cedi at the close of business last Friday, depreciated against most of the internationally traded currencies -namely the US dollar, the British Pound, the Euro and the Japanese Yen by 1.27%, 6.56%, 0.99% and 3.05% respectively. It, however, appreciated against the South African Rand by 1.33%.
The trend of inflation during last year was not encouraging as it kept on rising month after month, under review. The highest inflation rate the country witnessed during the year was in June, recording an 18.4 percent year-on-year.
From there, the trend started to fall until during the last quarter when it again started to inch up, recording 17.4 percent in November to 18.1 percent in December, an almost 1 percentage point increase over the previous month.
The trend, according to the Government Statistician Grace Bediako, pushed up local prices for imported goods, making consumers spend higher.
Business analysts attributed the rise of inflation to the fall of the Cedi which lost a quarter of its glory in 2008.
The situation, according to the Investors, if not controlled would mar the operations of many businesses in the country. Already, many businesses have signalled their inability to cope up in the capital market, a signal which clearly indicates their stand to fold up if the trend continues.
With the global credit crunch threatening the Developing countries this year, there is a serious concern of job cuts, which many believed would derail the economic success that this country has made.
"The rate with which the dollar and the pound are growing against the Cedi is worrying. This means you will have to exchange more of our currency (Cedi) before you can embark on any business transaction outside the country. If this happens, it is the final consumer who suffers. This is not good for a developing nation like ours and the new government must react now", noted Paul Yeboah, a second hand shoes dealer.
Many Investors in the country have expressed concern about how the Cedi has of late been faring against major currencies and the Bank of Ghana's inability to tighten monetary policies to ensure its strong performance against the other currencies in the foreign exchange market.
The Cedi at the close of business last Friday, depreciated against most of the internationally traded currencies -namely the US dollar, the British Pound, the Euro and the Japanese Yen by 1.27%, 6.56%, 0.99% and 3.05% respectively. It, however, appreciated against the South African Rand by 1.33%.
The trend of inflation during last year was not encouraging as it kept on rising month after month, under review. The highest inflation rate the country witnessed during the year was in June, recording an 18.4 percent year-on-year.
From there, the trend started to fall until during the last quarter when it again started to inch up, recording 17.4 percent in November to 18.1 percent in December, an almost 1 percentage point increase over the previous month.
The trend, according to the Government Statistician Grace Bediako, pushed up local prices for imported goods, making consumers spend higher.
Business analysts attributed the rise of inflation to the fall of the Cedi which lost a quarter of its glory in 2008.
The situation, according to the Investors, if not controlled would mar the operations of many businesses in the country. Already, many businesses have signalled their inability to cope up in the capital market, a signal which clearly indicates their stand to fold up if the trend continues.
With the global credit crunch threatening the Developing countries this year, there is a serious concern of job cuts, which many believed would derail the economic success that this country has made.
"The rate with which the dollar and the pound are growing against the Cedi is worrying. This means you will have to exchange more of our currency (Cedi) before you can embark on any business transaction outside the country. If this happens, it is the final consumer who suffers. This is not good for a developing nation like ours and the new government must react now", noted Paul Yeboah, a second hand shoes dealer.
PBC on flying note
Produce Buying Company, the single largest Licensed Buying Company of cocoa in the domestic market has released its financial statements for the 2007/2008 operational year ended 30th September, 2008.
The results showed a tremendous improvement in the bottom line indicator of the company in relation to the same period in the previous year.
Revenue of the Company increased from GH¢193.18 million in 2007 to GH¢245.48 million in 2008, representing a 27.07% boost for the year.
The Gross Profit position, however, improved by more than proportionate margin of 38.84% as a result of the firm's ability to control its Cost of sales for the period. This, in addition to cost cutting measures on the other expenses of the company, especially the Direct Operating Expense resulted in about 68% improvement in the Company's Operating Profit position from GH¢6.60million to GH¢11.10 million for the same period. Although Net Finance Expenses and Income tax inched up by 33% and 218% respectively for the period, their impact was minimal.
Net Profit therefore stood at GH¢2.11 million signifying a 1,594.72% increase over the previous year's figure of GH¢0.12 million. This consequently increased the Earnings per Share (EPS) significantly from GH¢0.0002 to GH¢ 0.0044.
The performance of the equity on the Exchange however has not been impressive. During the year 2008, its share price fell by GH¢0.03 to GH¢0.21 and has since not recorded any change. It is currently trading at a P/E ratio of 48 multiples.
The results showed a tremendous improvement in the bottom line indicator of the company in relation to the same period in the previous year.
Revenue of the Company increased from GH¢193.18 million in 2007 to GH¢245.48 million in 2008, representing a 27.07% boost for the year.
The Gross Profit position, however, improved by more than proportionate margin of 38.84% as a result of the firm's ability to control its Cost of sales for the period. This, in addition to cost cutting measures on the other expenses of the company, especially the Direct Operating Expense resulted in about 68% improvement in the Company's Operating Profit position from GH¢6.60million to GH¢11.10 million for the same period. Although Net Finance Expenses and Income tax inched up by 33% and 218% respectively for the period, their impact was minimal.
Net Profit therefore stood at GH¢2.11 million signifying a 1,594.72% increase over the previous year's figure of GH¢0.12 million. This consequently increased the Earnings per Share (EPS) significantly from GH¢0.0002 to GH¢ 0.0044.
The performance of the equity on the Exchange however has not been impressive. During the year 2008, its share price fell by GH¢0.03 to GH¢0.21 and has since not recorded any change. It is currently trading at a P/E ratio of 48 multiples.
Huge deficit in economy-Veep declares
The Vice President, John Dramani Mahama has stated that there is a huge deficit in the nation's economy with regards to Gross Domestic Product (GDP), which requires the immediate assistance of donor countries in order to stabilize the economy.
According to him, his government, prior to assumption of office estimated that the budget deficit to GDP was between 9-10 percent, but their four days stay in office has given them a different picture about the economy, which now stands between 13-14 percent budget deficit to GDP.
"This means that there is a very large hole in the budget. Ghanaians were not given the true picture of the economy before the elections", noted the Veep, when the Parliamentary Press Corps paid a courtesy call on him at his temporal office at the International Conference Centre in Accra, yesterday.
GDP is the monetary value of all the finished goods and services produced within a country's borders in a specific time period. It is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory. GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a country's standard of living.
According to the Vice President, the new administration would present a budget to Parliament for consideration in March, but before it does that it would require the assistance of bilateral donors and the donor community to see how to leverage as quickly as possible with some new lines of financing in order to stabilize the economy.
He said, the main challenge of the year for the new government would be how to stabilize the economy, but was quick to add that the transitional team of Finance, headed by Togbe Afede XIV, was working closely with out-gone Ministers of state at the Finance Ministry to put things into order and to take over that portfolio and enact appropriate policies that would put the economy back on its feet.
The Veep was, however, critical on issues that were raised by the Parliamentary Press Corps led by its Dean, Edwin Arthur on matters affecting the media in the country.
Among the issues that were put before him were; charlatans who have of late invaded the profession and has given rise to mediocrity and lowering of journalistic standards in the country, which the Dean attributed to the influx of "mushroom" Journalism Institutions, decline in newspaper sales and the championing of the formation of the West African Parliamentary Reporters Union.
The Dean, therefore, congratulated the Veep on his elevation to the second highest office of the land.
The Veep promised the government's unflinching support in strengthening the media in the country, adding that his government would not be discriminative in the distribution of government advertisement.
According to him, his government, prior to assumption of office estimated that the budget deficit to GDP was between 9-10 percent, but their four days stay in office has given them a different picture about the economy, which now stands between 13-14 percent budget deficit to GDP.
"This means that there is a very large hole in the budget. Ghanaians were not given the true picture of the economy before the elections", noted the Veep, when the Parliamentary Press Corps paid a courtesy call on him at his temporal office at the International Conference Centre in Accra, yesterday.
GDP is the monetary value of all the finished goods and services produced within a country's borders in a specific time period. It is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory. GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a country's standard of living.
According to the Vice President, the new administration would present a budget to Parliament for consideration in March, but before it does that it would require the assistance of bilateral donors and the donor community to see how to leverage as quickly as possible with some new lines of financing in order to stabilize the economy.
He said, the main challenge of the year for the new government would be how to stabilize the economy, but was quick to add that the transitional team of Finance, headed by Togbe Afede XIV, was working closely with out-gone Ministers of state at the Finance Ministry to put things into order and to take over that portfolio and enact appropriate policies that would put the economy back on its feet.
The Veep was, however, critical on issues that were raised by the Parliamentary Press Corps led by its Dean, Edwin Arthur on matters affecting the media in the country.
Among the issues that were put before him were; charlatans who have of late invaded the profession and has given rise to mediocrity and lowering of journalistic standards in the country, which the Dean attributed to the influx of "mushroom" Journalism Institutions, decline in newspaper sales and the championing of the formation of the West African Parliamentary Reporters Union.
The Dean, therefore, congratulated the Veep on his elevation to the second highest office of the land.
The Veep promised the government's unflinching support in strengthening the media in the country, adding that his government would not be discriminative in the distribution of government advertisement.
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