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First and Second Transmissions for today Monday, June 29 2009
Begins at: =================== 1800 hours

Major Events Expected Include:

Accra: President Mills to visit Libya

Attention Subscribers: Credit GNA with all stories used
End memo
GNA
JA
29 June 09

EXPO 01
NPOL
Politics President Libya
President Mills to visit Libya

Accra, June 29, GNA- President John Evans Atta Mills would be absent from Ghana from Monday, June 29 to Saturday July 4, to attend the 11th Summit of the African Peer Review Mechanism (APRM) and the 13th Summit of Heads of State and Government of the African Union in Sirte, Libya.
President Mills would make a brief statement at the APRM Summit during which Mali, Mozambique and Lesotho would be the subjects of Peer Review.
A press statement issued by Mr Mahama Ayariga, Presidential Spokesperson said among the issues to be addressed at the main AU summit, include the Crisis in Madagascar and the implementation of the decisions of the Assembly to transform the AU Commission into the African Union Authority.
There would also be a progress report on the AU Commission on the implementation of the decision of the Assembly on the abuse of the principle of universal jurisdiction, as adopted by the 12th Ordinary Session of the Assembly.
There would be another progress report on the implementation of the Assembly Decision on the Hissene Habre, the former Chadian leader as adopted by the 12th Ordinary Session of the Assembly.
The summit would study a report of the AU Commission on the Meeting of African States Parties to the Rome Statute on the International Criminal Court and the African Union Peace and Security Council, which will cover extensively progress to date on the continental issues relating to peace and security.
GNA
JA
29 June 09

EXPO 02
NECO
Economics AFC Award
Afreximbank, HSBC, AFC - wins Landmark Trade Finance award

Accra, June 29, GNA - Africa Finance Corporation (AFC), in partnership with African Export-Import Bank (Afreximbank), has concluded its first trade finance deal for the acquisition of an aircraft for Arik Air Limited.
The aircraft will augment Arik Air fleet and service to its key international markets, including Accra, Johannesburg, Banjul, Dakar, Freetown, and London.
In recognition of this landmark transaction, the lending consortium of, Afreximbank, HSBC and AFC were awarded the Euromoney 2008 Trade Finance Deal of the Year - Africa, in London at the weekend.
AFC is a key financier in the USD$100million deal and provided the facility in conjunction with Afreximbank and major international banks.
Mr. Andrew Alli, Chief Executive Officer of AFC was quoted in a press statement as saying that, "AFC's participation in the financing of Arik Air is a natural extension of the extensive trade finance services, offered in partnership with Afreximbank and compliments the AFC promotion of trade and economic development in Africa".
Mr. Jean-Louis Ekra, President of Afreximbank, said: "This facility provision for Arik Air involving Afreximbank and AFC, underscores our strategic focus in leveraging results oriented Pan-African partnerships, to enable African banks to access trade finance lines in a turbulent global financial climate. This builds on the foundation for a sustained expansion of trade finance activities across Africa."
AFC is an African led financial institution, with the mission to improve African economies by proactively creating, developing and financing infrastructure, industrial and financial assets.
GNA
JA
29 June 09

EXPO 03
NECO
Economics Insurance Board
Minister urges insurance companies to reinsure risks locally

Accra, June 29, GNA - Finance and Economic Planning Minister, Dr Kwabena Duffuor on Monday asked insurance companies operating in the country to reinsure their risks locally, in the interest of deepening the market.
Speaking at the inauguration of the Ghana Reinsurance Company Board, Dr Duffuor said the new Insurance Law required insurance companies to exhaust local capacity before seeking international reinsurance support.
"This provision in the law will be vigorously applied by the National Insurance Commission. We at the Ministry will also play our role to ensure that needless transfer of funds out of the country for the purposes of reinsurance protection will be curtailed," he said.
Until the promulgation of the Insurance Act 2006 Act 724, all insurance companies operating in the country must by law reinsure their risks with the Ghana Reinsurance Company.
The legal cession accounted for about 56 per cent of Ghana Reinsurance income, but with the repeal of the law a substantial portion of the income of the company was no longer guaranteed.
Dr Duffuor charged the Board to come out with innovative policies and strategies to ensure that the removal of the legal cession did not affect the operations of the company and that it was able to survive the competitive environment.
"Your major challenge will be how to manage the direct insurance companies in this new and completely changed environment," he said.
The Minister urged the Board to deepen corporate governance practices and ensure that the public interest was served in all their endeavours.
Mr Lionel Mobilla, who is the Chairman of the five-member Board, stressed the need to enforce the provision of the Insurance Act, to safeguard operations of the companies in the country.
He said the Board and Management would take all the necessary measures to sustain the growth of the company and expressed the hope that the debt of GH