Two bills go through first reading

Accra, 15 Jan. '99 -

Accra, 15 Jan. '99 - Parliament today took the Export Development and Investment Fund Bill and the Institute of Professional Studies Bill, through their first stages of passage. The bill on the Export Development and Investment Fund seeks to establish by statute, a fund to provide credit guarantees to small, medium and large-scale enterprises, specifically, in the non-traditional export sector. A memorandum on the bill says the establishment of the fund is an innovation in the export sector, explaining that currently, the commercial banks are unable to meet the demand for credit facilities and where able, the cost had been high. It says under the fund, the necessary financial support will be provided for enterprises in the non-traditional export sector. The object of the draft legislative proposal on the Institute of Professional Studies is to re-enact the Institute of Professional Studies Decree, 1978 (SMCD 200), to upgrade the institute to a tertiary level. The accompanying memorandum says the institute was founded in 1967 by a private proprietor to provide tuition for external accountancy examinations including the Association of Chartered Certified Accountants, Association of International Accountants and Institute of Chartered Secretaries. The memorandum explains that the government in 1977, took over the management of the institute and placed it directly under the Ministry of Education as a result of ineffective administration leading to incessant student unrest. Earlier, Dr Kwabena Adjei, Leader of the House presented to members the business statement for the week ending January 22, 1999. Dr Adjei said due to the national holiday on Tuesday, January 21, to mark the Muslim festival of Eid-ul-Fitr, the House will resume sitting on Wednesday, January 22. When the House reconvenes, a motion will be moved to thank the President for his address with which he opened the third session of Parliament. The subsequent days of the week will be devoted to debating the sessional address, the business statement said.