Gov't would continue with its sound economic policies - JAK

President John Agyekum Kufuor on Monday said the government was determined to continue with its sound and strict fiscal and monetary policies for economic growth.

He said the banking sector should, therefore, be more competitive to assist the private sector to grow.

President Kufuor said this when Sir Peter Middleton, Chairman of Barclays Bank (Worldwide) led a delegation of African Chairmen of the Board of Directors of the Bank attending a conference in Accra that called on the President at the Castle, Osu.

President Kufuor asked the management of Barclays Bank to continue to set the pace for the private sector to grow and said the bank should also be seen as a good co-operate entity that could assist cocoa farmers to expand the cocoa industry.

Mr Joseph Henry Mensah, Senior Minister, said the banking sector was weak in resource mobilisation and stressed the need for assistance to improve on its performance.

Mr Yaw Osafo-Maafo, Minister of Finance and Economic Planning, said the overall performance of the economy was encouraging but said he was worried that interest rates and other charges of the banking sector were high.

He said Barclays Bank took the initiative last year to reduce some of its charges and other Banks followed and urged all financial institutions to review their charges.

The Finance Minister said the major issue affecting the private sector was the high charges and fees by the banks although the government was working hard to bring down inflation.

He announced that the government has signed a multi-donor framework agreement with nine countries and the World Bank and other financial institutions under which they agreed to jointly harmonise their dealings with Ghana.

"With such major financial institutions dealing with Ghana as a group and not on individual basis, showed some form of confidence in the economy", Mr Osafo-Marfo said.

Sir Peter said the Bank would continue to invest in Ghana to ensure a vibrant economy, adding " Ghana is one of the most successful growing economies in Africa, therefore the Bank decided to holds its conference in Accra."

Oyeeman Wereko Ampem, Chief of Amanokrom and Chairman of the Board of Directors of Barclays Bank (Ghana), said the Bank on Monday commissioned a 600 million-cedi Braille equipment for the Ghana Society for the Blind in Accra.

The equipment is to be used to produce publications, textbooks and other materials for the blind in the Junior and Senior Secondary Schools.