INTRODUCTION: A new Social Security Bank has been opened in Accra, the Ghanaian capital, in an attempt to raise investment funds in a period of heavy inflation.
INTRODUCTION: A new Social Security Bank has been opened in Accra, the Ghanaian capital, in an attempt to raise investment funds in a period of heavy inflation. The ceremony is part of the celebrations of the fifth anniversary of the coup which brought into power the current regime of General Ignatius Acheampong.
SYNOPSIS: Ghana's Air Force Commander, Brigadier G.Y. Baokye, deputised for General Acheampong at the opening ceremony. He told the gathering that the Social Security Bank was among the four new financial institutions established in the country within the last five years. They are expected to play an important role in the process of attracting savings from the community, and transforming these resources into a productive base for investment.
Ghana is faced with problems of housing, transport, medical facilities and electricity and water supplies. A huge inflation rate, aggravated by the world recession and a poor harvest, has caused an economic crisis in the country. The current rate of inflation is 60 to 70 per cent per annum.
The target of five and half per cent growth in national production has not been reached. News agency reports from Accra say the country's economy will only remain level in the current financial year.