Economic Moves Announced

Press, Volume CV, Issue 31000, 4 March 1966, Page 13

Economic Moves Announced

(N.Z.P.A. Reuter — Copyright) ACCRA, March 3. The National Liberation Council last night announced a new era in Ghana of healthy competition in business, and an end to the arbitrary nationalisation of private business and industry.

In a major policy statement designed to point the way to boosting the country’s sagging economy, the new regime charged the Nkrumah government with amassing a total national debt of more, than £4OO million. The chairman of the council. Lieutenant-General J. A. Ankrah, said in a nation-wide broadcast that all State-owned corporations would be reviewed, and some would be handed back to the private ownership. Still In G.A.T.T. He said Ghana would continue membership of G.A.T.T. and would observe its rules of foreign trade. Because of the country’s chaotic foreign exchange posi-

tion. it was impossible to remove exchange controls cur|rently causing hardship, but measures were already planned which would ultimately lead to their abolition. Import controls would also be abolished eventually, he added.