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Ghana on the edge of great prosperity
- President Kufuor
Accra, Dec. 31, Ghanadot/GNA -In
his traditional New Year's address to the nation on Monday,
President John Agyekum Kufuor told Ghanaians that the nation
was on the threshold of great prosperity.
He said all that was needed was
for the entire nation to be mindful of this opportunity,
pull together and to turn this into a reality. He said all
the signs were there that great prosperity was upon us.
President Kufuor, therefore, cautioned politicians to be
mindful of this and to ensure that they helped to stave off
acts likely to hold back the nation's forward march to
progress, as they geared up for the 2008 electioneering
campaigns.
He reminded them that Ghana's elections had become the
benchmark for other countries on the Continent.
Every effort should, therefore, be made to maintain this
record so that the nation could continue to enjoy the high
esteem of the International Community.
He pledged Government's maximum support to the entire
society, particularly the Electoral Commission (EC) and the
contending political parties to enable the country to run
yet another credible elections next year.
He expressed satisfaction with the growing appreciation of
democratic procedures in the selection of flag-bearers by
all the major political parties and said it was both a happy
development and a sign that the country's democracy had come
of age.
President Kufuor, who reviewed the economy and highlighted
landmark events and challenges including the severe energy
crisis that hit the country during its Golden Jubilee year,
outlined efforts to permanently address the cyclical
shortages that had bedevilled the energy sector.
He announced that the West African Gas Pipeline Project had
been completed with the delivery of its first flow of
nitrogen to cleanse the pipes.
Barring any unforeseen problems, flow of natural gas from
the pipes should soon become an everyday occurrence to fuel
thermal energy generation.
Additionally, work on the Osagyefo Power Barge was
progressing steadily and should be ready for inauguration by
March 2008.
Again, the Government was on the verge of concluding
agreement for the construction of hydro-dams on Ankobra, Pra
and Tano Rivers alongside the Bui Hydro-Electric Dam
Project.
President Kufuor said this should enable the authorities to
blend hydro and thermal energy generation sources to provide
a permanent and affordable solution to the country's energy
needs.
On the economy, he gave a more positive assessment, saying,
macro economic policies and programmes implemented over the
past seven years had driven down inflation and interest
rates and generated steady growth.
"The Cedi has been re-denominated smoothly without incident.
The country, for the first time ever has successfully issued
a Eurobond on the London Stock Exchange, raising 750 million
dollars in the process."
The bond, which he said was over-subscribed by more than
three billion dollars, showed the confidence level of the
international market in the economy, something that should
make every Ghanaian proud.
President Kufuor said the resilience of the economy was
underlined by the fact that despite the ever-spiralling
price of crude oil, now nearly 100 dollars per barrel,
compared to about 25 dollars in 2001, the economy had
managed to hold together.
He reiterated the Government's resolve to put in place
measures to enable the country to benefit fully from its
discovered oilfields.
Initial estimates put the find at over three billion
barrels.
President Kufuor thanked the nation for the goodwill,
prayers and words of encouragement he received after he had
escaped unhurt in a car crash.
GNA
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