Cape Coast, Mar. 14, GNA - Mr Kwaku Agyeman-Manu, Deputy Minister of Finance and Economic Planning on Saturday said that the government was in the process of deregulating the oil industry, to pave the way for oil marketing companies (OMC's) to import crude oil into the country for the Tema Oil Refinery (TOR) to process for them.

He said this had become necessary, in view of the huge expenditure of about 450 million dollars annually on oil importation for such companies.

Mr Agyeman-Manu, stated this at Cape Coast at a forum on the "2004 Budget Statement and its impact on the lives of Ghanaians," organised by the University of Cape Coast (UCC) branch of the Tertiary Students Confederacy (TESCON) of the New Patriotic Party (NPP).

The Deputy Minister stated that government would provide the necessary checks that would prevent the OMC's from charging exorbitant prices for their fuel, when the new structure became operational. He reiterated that the NPP assumed office at a time when Ghana's foreign exchange reserves could only provide her with inputs for three weeks and that by the end of 2003; the country had a reserve of 1.2 billion dollars.

Mr Agyeman-Manu also recounted other economic achievements of the government, such as the reduction of inflation, and interest rates on lending and stabilising the economy, thereby attracting more investors into the country.

Nana Ohene Ntow, Government's Spokesman on Finance and Economic Planning, condemned the recent 'state of the nation' press conference held by Professor John Evans Atta-Mills, the flag bearer of the National Democratic Congress (NDC) and described his utterances "as a pack of lies without any substance" and stressing that electioneering campaigns could only produce results when they were based on truths and facts.

He pointed out that Prof. Mills could not throw dust into people's eyes, in order to win votes, and that Ghanaians were now politically awake and could decipher truths from falsehood.

The government spokesman, urged the students to be loyal and steadfast in their support for the NPP, to enable it salvage the economy and create the needed job opportunities for all Ghanaians. He advised them to be vigilant during next week's voters' registration exercise to prevent ghost names from being put into the register.

Other speakers at the forum were Messrs Richmond Sam Quarm, MP for Gomoa East, Andy Appiah-Kubi, Chief Executive of the Ghana Free Zones Board and Mr Kwame Amporfo Twumasi, District Chief Executive for Nkoranza in the Brong-Ahafo Region.