GHANA: NEW SOCIAL SECURITY BANK OPENS IN EFFORT TO BOOSTER ECONOMY.

Record ID: 566341

  • Title: GHANA: NEW SOCIAL SECURITY BANK OPENS IN EFFORT TO BOOSTER ECONOMY.
  • Date: 17th January 1977
  • Summary: 1. GV EXTERIOR New Social Security Bank building in Accra, Ghana, and CU emblem on wall. (2 shots) 0.05 2. GV Ghanaian Air Force Commander Brigadier G.Y. Baokye cutting ribbon to declare bank officially open. 0.34 3. SV Baokye and party walking into bank. 0.46 4. SVs INTERIOR Baokye signing documents to open bank account, and party watches. (2 shots) 0.56 5. Baokye talking to members of official party and shaking hands. 1.07 Initials VS 20.30 Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 1st February 1977 12:00
  • Keywords:
  • Location: ACCRA, GHANA
  • Country: Ghana
  • Reuters ID: LVA9TL7LY13JZSEGVTJKSMD7PYM0
  • Story Text: 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.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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