Ghanaian President John Agyekum Kufuor Thursday presented his maiden State-of-the-nation address, saying he would establish a National Reconciliation Committee, promulgate a code of conduct for government officials, as well as promote the rule of law and usher in a "Golden Age of Business."

He also called for joint efforts to improve the ailing economy, reinforce democracy for justice and reduce crime, the Ghana News Agency (GNA) reported.

"My government will support the continued modernisation of the process of administration of justice, enabling the judiciary to be fearless and independent," the Ghanaian leader added.

He said the National Reconciliation Committee would be a forum for aggrieved persons to air their grievances in order to promote national reconciliation.

Kufuor painted a bleak picture of the economy, saying that hard decisions would be taken to put it back in track.

He lamented "mismanagement, mass unemployment, low wages, high cost of living, rapidly depreciating currency, a colossal national debt, high dependency on foreign aid as well as declining educational and health opportunities, extensive corruption in public life, a cowed and demoralised private sector, hopelessness and despair."

Provisional figures indicate that the growth of Ghana's real Gross Domestic Product (GDP) for year 2000 was 3.7 per cent, far lower than the projected five percent in last year's budget.

The country's total debt stock stood at 41.1 trillion cedis at the end of December 2000. Out of this amount, 31.7 trillion, or 5.8 billion dollars, was external and 9.4 trillion cedis or, 1.7 billion dollars, was domestic. (about 6,800 cedis=1USD).

Kufuor said government would issue a policy statement regarding the IMF/World Bank-supported Highly Indebted Poor Countries (HIPC) debt relief initiative.

The policy, he said, will be guided by the best interest of Ghana.

Kufuor also said that Ghana's Criminal Libel Law would be repealed as a mark of confidence in a responsible media.

"Set free, I have no doubt our media will play their honourable role with a heightened sense of responsibility," he said.

"We shall expand the boundaries of freedom of speech by repealing that law which criminalises speech and expression," the Ghanaian leader added.

The Ghana Journalists Association has fought for several years for the repeal of the law, which, it considers outmoded.

Several journalists were jailed under the previous government.

Kufuor said his government does not expect that Ghanaians would suddenly be transformed into saints, adding that there would still be miscreants in the country.

He said the police, who are charged with upholding law and order, would be strengthened to protect the citizens and bring criminals to book.

The President said already, the police have stepped up their patrols in the cities, bringing armed robberies and other crimes under control.