Counter-statement issued in response to the article “UNICOF to go on strike” which was published on October 28, 2008 on the website www.ghanaweb.com/GhanaHomePage/News.

In the aforementioned article, incorrect assertions of a defamatory nature regarding ProCredit Ghana are made by the author, who also makes use of what is alleged to be a quote from the chairman of the supervisory board of ProCredit Holding.

There can be no doubt that ProCredit Ghana respects the provisions of the Labour Act of 2003 and the 1992 Constitution. The termination of Mr. Isaac Dekayie’s contract with ProCredit in August 2008 was fully in compliance with the Labour Act, despite statements to the contrary by UNICOF. The matter is now in the hands of the National Labour Commission

In connection on going negotiations with UNICOF, incorrect assertions have been made again and again by UNICOF and its general secretary regarding the management of ProCredit Ghana and the institution’s labour practices. These assertions are being investigated by the judicial authorities in legal proceedings which are currently under way and were initiated by ProCredit Ghana, which brought suit against UNICOF for defamation. As was already noted in a statement published on April 29, 2008, given that the judicial proceedings are still ongoing, ProCredit will not comment publicly on the incorrect allegations, which have been repeated in the article referred to above. The court will determine the truth of the matter.

The statement attributed to Dr. C.-P. Zeitinger, the chairman of the supervisory board of ProCredit Holding, which is quoted in the article is erroneous and defamatory in the extreme. Dr. Zeitinger has never commented on the matters to which reference is made in the alleged quote.

ProCredit and its shareholders consider it important to create a working environment which provides the employees with good working conditions, thus enabling them to provide our customers with the best possible professional services. In line with the priorities that have been set in this area, ProCredit complies with, and respects, all legal provisions.