Agreement signed at last between GOG and GIA

Last Friday, November 26, 2004, at the time of going to press, the ADM was informed by a highly reliable source involved with the negotiations to set up a new company to take over Ghana Airways that the shareholders agreement and company regulations that would enable the new company to start operations had been signed. The documents were signed by Mr. Yaw Osafo Maafo, Ghana's Minister of Finance on behalf of the Government of Ghana and Mr. Kirk Heaton, Executive Vice President, signed for Sentry Financial Corporation of Utah in the USA.

The new company's incorporation was "also almost through as at last weekend" and is expected to be ready today Monday November 29, 2004. This will now pave the way for the new airline to start operations in the first quarter of 2005.

It also comes as sweet music to the ears of the former company's staff who for the past four months have been living in limbo. The ADM has also been informed that there will not be mass retrenchment as all the good hands of the former airline would be retained.

The details of the agreement were not immediately made available to the ADM.