Inflation rate to be reduced to single digit

TORONTO -- Ghana's inflation rate would be reduced to a single digit by the year 2002 to pave the way for improved business and other vibrant economic activities, President John Agyekum Kufuor said on Monday.

A statement issued by the Office of the President in Accra said President Kufuor was speaking to a cross-section of Ghanaians living in Toronto, Canada, at the beginning of his four-day official visit to Canada at the invitation of the Canadian Governor - General, Madam Adrienne Clarkson and Prime Minister Jean Chretien.

President Kufuor said the inflationary rate, which stood at 42 per cent had drastically reduced to 28 per cent due to sound economic policies while the national currency the cedi had also stabilized fairly.

He said barely 11 months after his government came into office interest rate had plummeted from about 52 per cent to 32 per cent.

Ghanaians in the Diaspora and the global business community should, therefore, invest in Ghana to enable the country to attain the desired economic status it had yearned for over the years

The government he said had had to take some tough and sometimes unpopular decisions necessary to rebuild the economy and said their dividends would begin to show soon.

The President declared: "the era of winner takes all, is over in Ghana," adding that people were now appointed to positions based on what they could do to benefit Ghana.

"I, therefore, encourage all to come home and invest without any fear or hesitation."

President Kufuor said, even though, Canada offered numerous opportunities there was nowhere that Ghanaians could make more money than in Ghana.

He said his government upheld the rule of law and gave the assurance that their investment in Ghana would be secured, adding that efforts were underway to address the frustration they encountered at the country's ports when trying to clear their goods.

The outgoing Ghana High Commissioner to Canada, Mr Oliver Lawluvi said the President's visit would create an indelible mark in the memory of Ghanaians there since it was the first in the history of Ghana.

He announced that the Legislative Instrument (LI) establishing the Dual Citizenship Act and Regulations would become law soon and, therefore, urged them to take advantage of it.

Mr Hackman Owusu Agyeman, Foreign Minister, noted that Ghana had gone through a very silent revolution and set the trail in motion. He, therefore, called on all to come home and contribute their quota to the national rebuilding process.

In appreciation of the visit Ghanaians living in Canada and the NPP branch in North America presented plaques to the President Kufuor and his wife.

Ms Elizabeth Ohene, Minister of State at the Presidency, Dr. Adombila Agambila, Deputy Finance Minister and other top government officials are accompanying President Kufuor.