Page 57: Daily Graphic, January 21, 2010.
Story: Albert K. Salia
THE minimum capital of insurance companies has been increased from $1 million to $5 million.
This follows the approval by the board of the National Insurance Commission (NIC) for the increase as part of efforts to position Ghanaian insurance firms in the oil and gas business.
Mrs Nyamikeh Kyiamah, acting Commissioner of NIC, told the Daily Graphic that the increase would “ultimately allow the industry to retain more business on our market and help grow the industry”.
She said the NIC would soon initiate discussions with the insurance companies on the new levels and the modalities for implementation.
She conceded that the increase in capital base would affect some of the insurance firms as some of them were even currently operating below the prevailing $1 million capital.
Mrs Kyiamah said concerns had also been raised about the increasing number of insurance firms, resulting in some of them engaging in unhealthy industry practices.
According to her, the increase in the capital base, among other measures to be introduced, would automatically kick some of the firms out of business and retain the genuine and vibrant ones in the industry.
Mrs Kyiamah said with the enactment of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act, Act 749, the NIC was procuring technical assistance to develop and issue comprehensive guidelines to help the insurance companies and the intermediaries comply with both the Insurance and AML/CFT Acts.
She said the AML/CFT Act required insurance companies to be reporting agencies and avoiding being used for the purposes of money laundering or for terrorist funding.
On offshore insurance, Mrs Kyiamah said Section 37 of the Insurance Act required that Ghanaian risks should be insured through Ghanaian companies and that contracts with offshore companies should be approved by the NIC.
She reminded the industry players to expect a very strong opposition from international insurers because they were already “doing the business which by law and as a matter of international practice should be done by Ghanaian companies”.
Mrs Kyiamah said the NIC would see to the enforcement of the rules since that could result in the size of the local insurance industry being doubled.
She called on the insurance companies to put in place a programme which would ensure that companies employed a number of graduates per year and gave them specific training to enable them expand their companies.
She said the life sector of the insurance business was growing fast while a full implementation of the provisions of compulsory fire insurance for owners of commercial buildings, both completed and uncompleted, would substantially increase the level of their insurance business.
She said to fully satisfy clients and increase their businesses, high skills professionalism and competence were needed to deal with the emerging challenges.
She said when the insurance companies put in place the machinery to employ graduates and trained them, the firms would “be contributing directly to the level of employment in the economy and general economic development”.
Friday, January 22, 2010
Tuesday, January 19, 2010
Insurance C’ssion to expose insurance malpractices
Page 3: Daily Graphic, January 20, 2010
Story: Albert K. Salia
THE National Insurance Commission (NIC) is to conduct a special audit to expose insurance companies which are engaged in premium undercutting, which is affecting their ability to pay claims.
The acting Commissioner of the NIC, Mrs Nyamikeh Kyiamah, who made this known in Accra yesterday, warned of dire consequences for insurance companies which would be found indulging in unhealthy market practices.
At a meeting with chief executive officers of insurance companies, Mrs Kyiamah said “some of those insurance firms are demonstrating doubtful commitment to the development of our market”.
Some of the firms are alleged to show no respect for the rules and regulations of the insurance business in the country and also indulge in premium undercutting, affecting their ability to pay claims.
Mrs Kyiamah said another area of concern to the NIC was the problem of huge outstanding premium debts on the books of the insurance companies.
She said the ratio of outstanding premiums to gross premiums rose from 34 per cent in 2007 to 43 per cent in 2008, stressing that “this is a serious matter”.
She explained that the result of such huge outstanding premiums was the companies’ inability to invest and which also negatively affected their solvency position.
Mrs Kyiamah said to address some of those problems, the NIC, apart from its inspection and enforcement activities, intended to work closely with approved auditors to ensure that the internal practices of insurance firms not only complied with the law but showed a commitment to the development of the industry.
She noted that the enforcement of the rules had become more urgent as a result of the expected rapid growth in the oil and gas industry in the country.
As part of efforts to support local insurance companies, she said the NIC would design and implement a suitable Risk Based Supervision model for the Ghanaian insurance industry in line with international best practices.
Story: Albert K. Salia
THE National Insurance Commission (NIC) is to conduct a special audit to expose insurance companies which are engaged in premium undercutting, which is affecting their ability to pay claims.
The acting Commissioner of the NIC, Mrs Nyamikeh Kyiamah, who made this known in Accra yesterday, warned of dire consequences for insurance companies which would be found indulging in unhealthy market practices.
At a meeting with chief executive officers of insurance companies, Mrs Kyiamah said “some of those insurance firms are demonstrating doubtful commitment to the development of our market”.
Some of the firms are alleged to show no respect for the rules and regulations of the insurance business in the country and also indulge in premium undercutting, affecting their ability to pay claims.
Mrs Kyiamah said another area of concern to the NIC was the problem of huge outstanding premium debts on the books of the insurance companies.
She said the ratio of outstanding premiums to gross premiums rose from 34 per cent in 2007 to 43 per cent in 2008, stressing that “this is a serious matter”.
She explained that the result of such huge outstanding premiums was the companies’ inability to invest and which also negatively affected their solvency position.
Mrs Kyiamah said to address some of those problems, the NIC, apart from its inspection and enforcement activities, intended to work closely with approved auditors to ensure that the internal practices of insurance firms not only complied with the law but showed a commitment to the development of the industry.
She noted that the enforcement of the rules had become more urgent as a result of the expected rapid growth in the oil and gas industry in the country.
As part of efforts to support local insurance companies, she said the NIC would design and implement a suitable Risk Based Supervision model for the Ghanaian insurance industry in line with international best practices.
Government releases $3 million for seismograph * To record earth tremors
Front Page: Daily Graphic, January 19, 2010.
Story: Albert K. Salia
THE government has approved the release of $3 million for the purchase of a seismograph, the device used to measure and record earth tremors, Alhaji Collins Dauda, the Minister of Lands and Natural Resources, has disclosed.
He told the Daily Graphic yesterday that all the necessary documentation for the release of the amount was at the Ministry of Finance and Economic Planning awaiting the release of the money.
The only seismograph of the Geological Survey Department broke down two years ago.
Alhaji Dauda said he was anticipating that the money would be released by the close of this week to enable the ministry to procure the equipment from Canada.
He, however, said he could not tell how soon the equipment would be brought down but indicated that because of the urgency involved, the ministry would ensure its early delivery as soon as payment was effected.
He explained that when his attention was drawn to the breakdown of the equipment, the ministry wrote to the National Procurement Board seeking approval for sole sourcing from the manufacturers, Nanometrics of Canada, due to the urgency involved, but the board declined the request for sole sourcing.
He said the board insisted that the ministry did an open tender but after he personally intervened and explained that the situation in which the country found itself did not allow for open tender, the board finally gave in.
Alhaji Dauda said the ministry, therefore, wrote to the Finance Ministry on December 29, 2009 for the release of the amount.
“As I speak with you now, officials from my ministry are following up at the Ministry of Finance and Economic Planning for the release of the funds,” he added.
He described the earthquake hoax as a blessing in disguise because it woke everybody up to his or her responsibilities.
He, however, reminded Ghanaians that the equipment did not detect earthquake but only measured and recorded the tremor levels.
A Deputy Information Minister, Mr Sam Okudzeto Ablakwa, said the rumours reinforced the need for mobile phone operators to register SIM cards.
He said it was emerging that the rumour had emanated from a text message, adding that tracing the source would have been easier if SIM cards had been registered.
He said the government was resolute in the registration of SIM cards and indicated that the National Communications Authority (NCA) was leading the way, with the National Security Council Secretariat monitoring events.
The National Security Co-ordinator, Lt Col Larry Gbevlo-Lartey, denied that the registration of SIM cards had been suspended.
He said mobile phone operators requested for an extension of time, which was granted, noting that it was wrong for anyone to say that the registration of SIM cards had been suspended.
He gave the assurance that the authorities would ensure that mobile phone operators fulfilled their obligation by the six-month extension they requested for.
Last year, mobile phone operators were given up to December to register SIM cards but some operators called for an extension of the period.
Story: Albert K. Salia
THE government has approved the release of $3 million for the purchase of a seismograph, the device used to measure and record earth tremors, Alhaji Collins Dauda, the Minister of Lands and Natural Resources, has disclosed.
He told the Daily Graphic yesterday that all the necessary documentation for the release of the amount was at the Ministry of Finance and Economic Planning awaiting the release of the money.
The only seismograph of the Geological Survey Department broke down two years ago.
Alhaji Dauda said he was anticipating that the money would be released by the close of this week to enable the ministry to procure the equipment from Canada.
He, however, said he could not tell how soon the equipment would be brought down but indicated that because of the urgency involved, the ministry would ensure its early delivery as soon as payment was effected.
He explained that when his attention was drawn to the breakdown of the equipment, the ministry wrote to the National Procurement Board seeking approval for sole sourcing from the manufacturers, Nanometrics of Canada, due to the urgency involved, but the board declined the request for sole sourcing.
He said the board insisted that the ministry did an open tender but after he personally intervened and explained that the situation in which the country found itself did not allow for open tender, the board finally gave in.
Alhaji Dauda said the ministry, therefore, wrote to the Finance Ministry on December 29, 2009 for the release of the amount.
“As I speak with you now, officials from my ministry are following up at the Ministry of Finance and Economic Planning for the release of the funds,” he added.
He described the earthquake hoax as a blessing in disguise because it woke everybody up to his or her responsibilities.
He, however, reminded Ghanaians that the equipment did not detect earthquake but only measured and recorded the tremor levels.
A Deputy Information Minister, Mr Sam Okudzeto Ablakwa, said the rumours reinforced the need for mobile phone operators to register SIM cards.
He said it was emerging that the rumour had emanated from a text message, adding that tracing the source would have been easier if SIM cards had been registered.
He said the government was resolute in the registration of SIM cards and indicated that the National Communications Authority (NCA) was leading the way, with the National Security Council Secretariat monitoring events.
The National Security Co-ordinator, Lt Col Larry Gbevlo-Lartey, denied that the registration of SIM cards had been suspended.
He said mobile phone operators requested for an extension of time, which was granted, noting that it was wrong for anyone to say that the registration of SIM cards had been suspended.
He gave the assurance that the authorities would ensure that mobile phone operators fulfilled their obligation by the six-month extension they requested for.
Last year, mobile phone operators were given up to December to register SIM cards but some operators called for an extension of the period.
Moves to complete Police housing project
Page 31: Daily Graphic, January 19, 2010.
Story: Albert K. Salia
THE government has set aside GH¢5.4 million for the completion of 38 of uncompleted housing units to house 570 police personnel across the country.
The completion of the 38 housing units would add to ongoing projects started last year to increase the stock of housing units for the Ghana Police Service.
The move will pave way for the Police Administration to review its suspension on recruitment into the Ghana Police Service by the middle of the year.
The Inspector General of Police (IGP), Mr Paul Tawiah Quaye, told the Daily Graphic that it was only after the review that persons seeking recruitment into the police would know whether or not there would be enlistment.
He said it was expected that by the time the review was also done, the Police Administration would have dealt with most outstanding issues at the police barracks throughout the country, especially sending all wards of police personnel who were above 18 years and squatters out of the barracks.
He said besides the 38 housing units to be completed, there were a number of ongoing projects which were expected to be completed to increase the stock of housing units to accommodate personnel.
The Police Administration last year suspended the enlistment of persons into the Ghana Police Service because of inadequate housing facilities.
As of June last year, the police estimated that it required GH¢987.98 million to solve both its acute residential and office accommodation problems by 2011.
With more than 80 of its residential projects at different locations abandoned, about 58 per cent of the nearly 25,000 personnel are without decent accommodation, with most of them housed in “makeshift facilities” such as canteens, open workshops, kitchens and uncompleted structures.
An audit carried out in 2007 by the Ghana Audit Service (GAS) on the management of residential accommodation of the Ghana Police Service indicated that the complexity of the housing problem was a major reason for the low morale among the personnel, whose responsibility it is to maintain internal security.
It said there was a backlog of about 7,000 personnel waiting to be accommodated since 2006, while rooms measuring 16 square metres were allocated for use by two police families.
Mr Quaye said Police Service Regulations provided that wards of personnel above 18 years must not stay at the barracks.
He said the Police Administration was also exploring the feasibility of sending all non-uniform personnel to rent apartments in communities.
He, however, said the basic challenge there was the 20 per cent allowance of the salaries of personnel allocated for accommodation, which might not be adequate for personnel to get decent accommodation.
He said the Police Administration was determined to make the visibility of police to be felt all over the country, as their presence could deter crime
Mr Quaye, however, said the Police Administration was convinced that police efficiency did not refer to numbers but the competence of the personnel to deal with situations that confronted them in their day-to-day duties.
He said achieving that competence would be through training and re-training, infusion and use of electronic data, creation of criminal database, profiling of criminals and finger print analysis.
“When you have all these in place, one should be talking of efficiency.”
On tent cities, he said, the programme had taken off successfully except that the Police Administration was confronted with the challenge of men, communication gadgets and vehicle.
He said the absence of equipment had greatly hindered the expansion drive of the tent cities.
He reminded the public not to see the tent cities as a substitute for Police Stations and, therefore, called on District Assemblies and traditional authorities to support the Police Administration in the construction of permanent office and residential accommodation in their areas.
He said the response from some Regional Security Councils had been encouraging and mentioned the Eastern, Greater Accra and Central regions as giving positive signals.
Story: Albert K. Salia
THE government has set aside GH¢5.4 million for the completion of 38 of uncompleted housing units to house 570 police personnel across the country.
The completion of the 38 housing units would add to ongoing projects started last year to increase the stock of housing units for the Ghana Police Service.
The move will pave way for the Police Administration to review its suspension on recruitment into the Ghana Police Service by the middle of the year.
The Inspector General of Police (IGP), Mr Paul Tawiah Quaye, told the Daily Graphic that it was only after the review that persons seeking recruitment into the police would know whether or not there would be enlistment.
He said it was expected that by the time the review was also done, the Police Administration would have dealt with most outstanding issues at the police barracks throughout the country, especially sending all wards of police personnel who were above 18 years and squatters out of the barracks.
He said besides the 38 housing units to be completed, there were a number of ongoing projects which were expected to be completed to increase the stock of housing units to accommodate personnel.
The Police Administration last year suspended the enlistment of persons into the Ghana Police Service because of inadequate housing facilities.
As of June last year, the police estimated that it required GH¢987.98 million to solve both its acute residential and office accommodation problems by 2011.
With more than 80 of its residential projects at different locations abandoned, about 58 per cent of the nearly 25,000 personnel are without decent accommodation, with most of them housed in “makeshift facilities” such as canteens, open workshops, kitchens and uncompleted structures.
An audit carried out in 2007 by the Ghana Audit Service (GAS) on the management of residential accommodation of the Ghana Police Service indicated that the complexity of the housing problem was a major reason for the low morale among the personnel, whose responsibility it is to maintain internal security.
It said there was a backlog of about 7,000 personnel waiting to be accommodated since 2006, while rooms measuring 16 square metres were allocated for use by two police families.
Mr Quaye said Police Service Regulations provided that wards of personnel above 18 years must not stay at the barracks.
He said the Police Administration was also exploring the feasibility of sending all non-uniform personnel to rent apartments in communities.
He, however, said the basic challenge there was the 20 per cent allowance of the salaries of personnel allocated for accommodation, which might not be adequate for personnel to get decent accommodation.
He said the Police Administration was determined to make the visibility of police to be felt all over the country, as their presence could deter crime
Mr Quaye, however, said the Police Administration was convinced that police efficiency did not refer to numbers but the competence of the personnel to deal with situations that confronted them in their day-to-day duties.
He said achieving that competence would be through training and re-training, infusion and use of electronic data, creation of criminal database, profiling of criminals and finger print analysis.
“When you have all these in place, one should be talking of efficiency.”
On tent cities, he said, the programme had taken off successfully except that the Police Administration was confronted with the challenge of men, communication gadgets and vehicle.
He said the absence of equipment had greatly hindered the expansion drive of the tent cities.
He reminded the public not to see the tent cities as a substitute for Police Stations and, therefore, called on District Assemblies and traditional authorities to support the Police Administration in the construction of permanent office and residential accommodation in their areas.
He said the response from some Regional Security Councils had been encouraging and mentioned the Eastern, Greater Accra and Central regions as giving positive signals.
Sunday, January 17, 2010
Award scheme for police service
Page 19: Daily Graphic, January 16, 2010.
Story: Albert K. Salia
THE Police Administration is instituting an awards scheme for personnel of the service who contribute exceptionally to the attainment of its goals.
The awards are, therefore, to serve as motivation and encouragement to others.
The IGP, Mr Paul Tawiah Quaye, told the Daily Graphic that the administration was working at the nitty-gritty of the awards to institutionalise them so that they remained part of the Police Service, irrespective of who was the head of the service.
“We want the personnel to realise that the time has come for them to wake up to their responsibilities and commitment and work assiduously for the attainment of service objectives,” he said.
Mr Quaye said the personnel could only do that if they were knowledgeable in their job requirements, specifications and the various regulations and instructions that governed their work.
He urged the personnel to strive at all times to work within those parameters.
“It is only when we do this that we will be displaying a sense of competence and professionalism in our work,” he said.
Mr Quaye gave the assurance that personnel who misconducted themselves would be punished according to service regulations and where criminal action was needed, they would be prosecuted.
The Police Administration has given a strong indication to reduce violent crime by 20 per cent this year, with special focus on armed robbery and drug trafficking.
The target is part of a five-year strategic plan to be outdoored on January 22, 2010 to all Regional Commanders and heads of specialised and operational heads.
The strategic plan outlines effective operational measures and highlights specific objectives, targets and outputs to be obtained in each given year by the respective jurisdictions, with the view to enhancing the work of the police in protecting lives and property and carrying out effective investigations, arrest and successful prosecution.
From January to November 2009, 1,276 robbery cases were recorded, as against 1,347 over the same period in 2008, representing a reduction of 5.3 per cent.
Additionally, the police recorded 598 narcotic offences between January and November 2009, as against 679 cases in the same period in 2008, representing a decline of 11.9 per cent.
Story: Albert K. Salia
THE Police Administration is instituting an awards scheme for personnel of the service who contribute exceptionally to the attainment of its goals.
The awards are, therefore, to serve as motivation and encouragement to others.
The IGP, Mr Paul Tawiah Quaye, told the Daily Graphic that the administration was working at the nitty-gritty of the awards to institutionalise them so that they remained part of the Police Service, irrespective of who was the head of the service.
“We want the personnel to realise that the time has come for them to wake up to their responsibilities and commitment and work assiduously for the attainment of service objectives,” he said.
Mr Quaye said the personnel could only do that if they were knowledgeable in their job requirements, specifications and the various regulations and instructions that governed their work.
He urged the personnel to strive at all times to work within those parameters.
“It is only when we do this that we will be displaying a sense of competence and professionalism in our work,” he said.
Mr Quaye gave the assurance that personnel who misconducted themselves would be punished according to service regulations and where criminal action was needed, they would be prosecuted.
The Police Administration has given a strong indication to reduce violent crime by 20 per cent this year, with special focus on armed robbery and drug trafficking.
The target is part of a five-year strategic plan to be outdoored on January 22, 2010 to all Regional Commanders and heads of specialised and operational heads.
The strategic plan outlines effective operational measures and highlights specific objectives, targets and outputs to be obtained in each given year by the respective jurisdictions, with the view to enhancing the work of the police in protecting lives and property and carrying out effective investigations, arrest and successful prosecution.
From January to November 2009, 1,276 robbery cases were recorded, as against 1,347 over the same period in 2008, representing a reduction of 5.3 per cent.
Additionally, the police recorded 598 narcotic offences between January and November 2009, as against 679 cases in the same period in 2008, representing a decline of 11.9 per cent.
Thursday, January 14, 2010
8 Alleged armed robbers nabbed
Pages 24/25: Daily Graphic, January 15, 2010.
Story: Albert K. Salia
EIGHT young men who were allegedly preparing to embark on a robbery operation within Madina and the Trassaco Valley Estates areas have been arrested by the police.
Five pistols, a crowbar, pliers, Sellotape and other accoutrements were retrieved from the suspected armed robbers.
Those arrested are Stephen Atsu, 30, Yao Anku, 26, George Dadaku, 28, Richard Ntumy, 20, Kwame Nazah, 26, Yaw Adade, 21, Selassie Agbozo, 20 and Fred Agbenu, 26.
All the suspects are currently being held by the Madina Police.
Briefing newsmen in Accra yesterday, the Accra Regional Police Commander, DCOP Rose Bio Atinga, said at about 7p.m. on Wednesday, the Madina Police had information that four armed men had assembled at the Ritz Junction in Madina preparing to go on a robbery operation.
She said the informant indicated that the four armed men had sent an accomplice to buy ammunition for the pistols they were to use for the operation.
She said on seeing the police approach, the four men took to their heels amidst firing and indicated that when the police responded to the firing, the suspected leader, Atsu, gave up and was arrested.
DCOP Atinga said three pistols, one crowbar, a screw driver and Sellotape were retrieved from a bag Atsu was holding.
According to her, Anku was later arrested at Ashalley Botwe, where he had sought refuge and called someone to take him to Kasoa to treat an injury he sustained on his calf during the shoot-out with the police.
The Regional Police boss said at about 3:15a.m. yesterday , the police again had information that another group of men had assembled at Trassaco Valley Estates preparing for a robbery operation within the vicinity.
DCOP Atinga said with the support of some patrol teams from the region, Adade, Selassie and Fred were arrested and two pistols were in their possession.
She said Ntumy, Dadaku and Nazah were also arrested at another location within the Trassaco Valley Estates area.
She said initial investigations had established that the suspects were the new recruits of Kofi Fiagbedzi, alias Spider, who is currently on the police wanted list.
Story: Albert K. Salia
EIGHT young men who were allegedly preparing to embark on a robbery operation within Madina and the Trassaco Valley Estates areas have been arrested by the police.
Five pistols, a crowbar, pliers, Sellotape and other accoutrements were retrieved from the suspected armed robbers.
Those arrested are Stephen Atsu, 30, Yao Anku, 26, George Dadaku, 28, Richard Ntumy, 20, Kwame Nazah, 26, Yaw Adade, 21, Selassie Agbozo, 20 and Fred Agbenu, 26.
All the suspects are currently being held by the Madina Police.
Briefing newsmen in Accra yesterday, the Accra Regional Police Commander, DCOP Rose Bio Atinga, said at about 7p.m. on Wednesday, the Madina Police had information that four armed men had assembled at the Ritz Junction in Madina preparing to go on a robbery operation.
She said the informant indicated that the four armed men had sent an accomplice to buy ammunition for the pistols they were to use for the operation.
She said on seeing the police approach, the four men took to their heels amidst firing and indicated that when the police responded to the firing, the suspected leader, Atsu, gave up and was arrested.
DCOP Atinga said three pistols, one crowbar, a screw driver and Sellotape were retrieved from a bag Atsu was holding.
According to her, Anku was later arrested at Ashalley Botwe, where he had sought refuge and called someone to take him to Kasoa to treat an injury he sustained on his calf during the shoot-out with the police.
The Regional Police boss said at about 3:15a.m. yesterday , the police again had information that another group of men had assembled at Trassaco Valley Estates preparing for a robbery operation within the vicinity.
DCOP Atinga said with the support of some patrol teams from the region, Adade, Selassie and Fred were arrested and two pistols were in their possession.
She said Ntumy, Dadaku and Nazah were also arrested at another location within the Trassaco Valley Estates area.
She said initial investigations had established that the suspects were the new recruits of Kofi Fiagbedzi, alias Spider, who is currently on the police wanted list.
Finatrade provides market for local rice
Page 24/25: Daily Graphic, January 15, 2010.
Story: Albert K. Salia
CONTINENTAL Commodities Trading Company (CCTC) Limited, a subsidiary of the Finatrade Group, yesterday gave meaning to its pledge to provide a guaranteed market for local rice farmers when it took delivery of 761 bags of perfumed local rice produced by farmers in the Hohoe municipality and surrounding areas.
The rice, packaged under the brand name “Pride”, was produced in partnership with ACDI/VOCA, the implementing agency of the Millennium Development Authority (MiDA).
Milled at Prairie Volta Ltd at Aveyime, the 761 bags constitute the first consignment of 2,000 tonnes of paddy rice at an estimated value of GH¢1 million to be delivered to CCTC.
As a result of the pledge by the CCTC to provide a guaranteed market for local farmers, the ACDI/VOCA organised 84 rice farmers, whose acreage ranged from one to 50, to produce the rice.
The Corporate Affairs Director of Finatrade, Mr John Awuni, said the initiative was evidence of Finatrade’s commitment to contribute to the promotion of local rice production and consumption in Ghana.
“Finatrade takes pride in being the first foreign rice company in Ghana to support local rice production,” he said.
He said in the last decade, the company had made consistent strides in assisting local rice growers, especially ICOUR, the Dawhenye Rice Farmers Co-operative Group and those in Afife and Kpong in the Volta Region.
Mr Awuni said in the 2010 planting season, MiDA and Finatrade, in partnership with the Ministry of Food and Agriculture, would increase the number of rice farmers under the project.
“It is our firm belief that fruitful partnerships such as the Finatrade-MiDA-ACDI/VOCA project are key to the building of a vibrant local rice industry,” he said.
According to him, initiatives such as that helped to save rice businesses from foreign exchange exposure and support local rice farmers to become more productive, thereby increasing the incomes of farmers and creating employment.
Mr Awuni said Finatrade was willing to partner the government in its quest to help build a thriving local rice industry by supporting producers and various actors in the rice value chain.
Story: Albert K. Salia
CONTINENTAL Commodities Trading Company (CCTC) Limited, a subsidiary of the Finatrade Group, yesterday gave meaning to its pledge to provide a guaranteed market for local rice farmers when it took delivery of 761 bags of perfumed local rice produced by farmers in the Hohoe municipality and surrounding areas.
The rice, packaged under the brand name “Pride”, was produced in partnership with ACDI/VOCA, the implementing agency of the Millennium Development Authority (MiDA).
Milled at Prairie Volta Ltd at Aveyime, the 761 bags constitute the first consignment of 2,000 tonnes of paddy rice at an estimated value of GH¢1 million to be delivered to CCTC.
As a result of the pledge by the CCTC to provide a guaranteed market for local farmers, the ACDI/VOCA organised 84 rice farmers, whose acreage ranged from one to 50, to produce the rice.
The Corporate Affairs Director of Finatrade, Mr John Awuni, said the initiative was evidence of Finatrade’s commitment to contribute to the promotion of local rice production and consumption in Ghana.
“Finatrade takes pride in being the first foreign rice company in Ghana to support local rice production,” he said.
He said in the last decade, the company had made consistent strides in assisting local rice growers, especially ICOUR, the Dawhenye Rice Farmers Co-operative Group and those in Afife and Kpong in the Volta Region.
Mr Awuni said in the 2010 planting season, MiDA and Finatrade, in partnership with the Ministry of Food and Agriculture, would increase the number of rice farmers under the project.
“It is our firm belief that fruitful partnerships such as the Finatrade-MiDA-ACDI/VOCA project are key to the building of a vibrant local rice industry,” he said.
According to him, initiatives such as that helped to save rice businesses from foreign exchange exposure and support local rice farmers to become more productive, thereby increasing the incomes of farmers and creating employment.
Mr Awuni said Finatrade was willing to partner the government in its quest to help build a thriving local rice industry by supporting producers and various actors in the rice value chain.
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