GCB Divestiture Still On The Agenda

Ministry of Finance to submit new proposals on the divestiture of the GCB

The Ministry of Finance and Economic Planning would soon submit new proposals on the divestiture of Government's share in the Ghana Commercial Bank (GCB) to Cabinet.

Nana Addo Dankwa Akufo-Addo, Foreign Minister, who announced this said the Government suspended the divestiture of its share in response to the public view, adding: "GCB should be maintained in such a way that the national interest would over-ride private interest.

"Direct state involvement in state enterprises is not ideal, but the national interest should be taken into consideration when they are being divested," he said.

Nana Akufo-Addo was speaking to newsmen at the on-going Commonwealth Heads of State Meeting (CHOGM) in Abuja after closed door meeting with Mr Chris Mullin, British Minister for Africa.

He said they discussed bilateral and regional issues that included the conflicts in Cote d'Ivoire and Liberia and how the Commonwealth could assist to maintain peace and stability within the West African Sub-Region.

Nana Akufo-Addo said Government's main concern in Britain's investments in Ghana, was on reforms to put the economy back on the mainstream of development.

He said democratic rule was the only way to ensure Ghana's development, adding: "We cannot see any other way. Authoritarian rule has adversely affected our development."

In an answer to a question, Nana Akufo-Addo said the Commonwealth had a future because such meetings brought people from a wide area to find solutions to common problems that affected them.

He said there was always some value of shared common historical experiences that enable nations to fashion out common solutions to problems.