Business News of 2013-12-20

We will stabilize the economy – Prez Mahama

President John Dramani Mahama on Thursday gave the assurance that Government would stabilize the economy and create opportunities for business to boom.

He explained that the stability of the economy would hinge on diversification of non-traditional exports to complement cocoa production, timber and gold. President Mahama announced this when he addressed a durbar of chiefs and people of the Brong Ahafo Region at the Sunyani Jubilee Park.

The durbar formed part of President Mahama's two- day official visit to the Region, where he commissioned the Bui Hydro- Electric dam to increase power generation for the country, among other activities.

The function was also attended by religious leaders, Ministers of State, Members of Parliament and traditional groups amidst drumming and dancing. President Mahama said the over-reliance on traditional exports could be inimical to the economy in future, and appealed to the management of private businesses to partner the public organisations in this direction.

He said although government had started drilling oil and gas, government would still support cocoa production to create more job opportunities for farmers in the cocoa growing areas.

President Mahama said two million seedlings had already been distributed to cocoa farmers in respect of the cocoa expansion project. He promised that government in its bid to improve on the transport system in the country would upgrade the Sunyani Airport to open it up for domestic and commercial airlines.

Mr Paul Evans Aidoo, Brong Ahafo Regional Minister said over 76 roads in the Region would receive major routine maintenance, while tenders of many more were being opened for awarding.

On water projects, he said tenders had been opened for 147 bore-holes and small town water projects for five towns, and that others would also be constructed subsequently. He said seven pick- up vehicles had been distributed to enable supervisors to continuously monitor and evaluate the execution of development projects throughout the Region.

Nana Pemampem Yaw Kaberese V, President of the Brong Ahafo Region House of Chiefs commended President Mahama for establishing the University for Energy and Natural Resources in Sunyani, as well as executing other development projects in the area.

He, however, appealed to government to construct more important roads, especially the Atebubu- Amanten area which had the highest food production record in the Region.