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Ghana: Finance Minister Affirms Gov't's Commitment
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Ghanaian Chronicle (Accra)
27 March 2008
Posted to the web 27 March 2008
Helena Selby
The Minister of Finance and Economic Planning, Hon. Kwadwo Baah Wiredu has stressed government's commitment to create a benchmark in the private sector.
This, according to him, would lead to the issuance of a longer dated instrument to support project works.
Speaking at the launch of the much talked-about Vikings Fund in Accra, he noted that the funds would ensure the building of a hall of residence for the Mensah Sabah Hall annex C, on the Legon campus.
For the first time in the history of Ghana, he noted that a student hostel would be built by pooling resources through a public share offer.
"The government therefore is in support of the idea of floating shares for the construction of hostel facilities to ease the accommodation problems for the students who are the future leaders," he added.
The Minister affirmed government's determination to see a well-developed and vibrant capital market, which according to him, was necessary to complement the banking sector and provide a wider range of choices for business investors.
Whilst admitting that the development needs of the country required significant resources, he expressed belief that the capital market was capable of providing it.
"It is the capital market that is best equipped to provide the long-term capital that is needed for the infrastructure needs, as well as the needs of the private sector," he said.
Hon. Baah Wiredu underscored that employing the services of the private sector would make it possible for the delivery of infrastructure and other services in Ghana.
On his part, the Pro-Vice Chancellor of University of Ghana, Legon, Professor Kwesi Yankah noted that the launch of the Vikings floatation of shares was initiated by the old students, an indication that they were prepared to help their alma mater.
According to Prof. Yankah, out of the total student population of almost 28,000, only 9,000 of them lived in the official halls of residence.
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For him, the increase in number of students has not come with commensurate increase in academic and residential facilities.
This, he said has left in its trail, a considered deficit in on-campus student accommodation.
As a result, it has created a situation where the ideal academic ambiance expected to impact on the quality of academic work was adversely affected, leading to the compromising of academic standard, and mediocrity in a nation's human resource base.
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