Ghana Airways can easily bail itself out.  All it needs to do is sell the
thousand of non-delivered suitcases and other cargo, from passengers who
have had the misfortune of using them, that are kept in its warehouse in
Ghana.

I can guarantee that just the proceeds from my sister's seven suitcases that
were never delivered during her trip to Sierra Leone two Christmases ago
will be worth thousands of dollars.

Cheers!

Ann Marie

 ----- Original Message -----
From: "E. Aggo Akyea" <[log in to unmask]>
To: <[log in to unmask]>
Sent: Tuesday, January 29, 2002 2:36 PM
Subject: GHANA AIRWAYS NEARING COLLAPSE


> www.ghanaweb.com General News of Monday, 28 January 2002
>
> Ghana Airways Nearing Collapse
>
> The struggling national carrier- Ghana Airways, with a debt
> burden of $150 million has been suspended from the clearinghouse
> of International Airline Transport Association (IATA), seriously
> affecting the operations of the airline.
>
> The suspension has affected the airline's inter-airline business
> and the company's credit worthiness.  Ghana Airways, which is
> nearing collapse save government intervention, owes $90 million
> in overdue supplier credit and $60 million in loans.
>
> The Daily Graphic reports that the mounting debts and inability
> of Ghanair to break even have combined to threaten the once
> viable airline.  Government guaranteed $80 million of the total
> debt, meaning that whatever happens, government will have to bear
> the amount.
>
> The head of the airline's Management Task Force Captain Kofi
> Kwakwa in an interview with the Daily Graphic said, "the infusion
> of the $80 million will not solve the problem because the present
> operating strategy and equipment will not generate enough income
> to pay recurrent expenditure and finance the remaining $70
> million."
>
> After the government guarantee, Ghana Airways will need a minimum
> of $30 million as working capital.  The options available is for
> government to salvage the airline or let it die naturally, thus
> loosing out on the potential of becoming the dominant sub-
> regional company with stations in all countries of the sub-region.
>
> The collapse of the national carrier would have negative
> consequences for the Ghanaian economy "as annual revenue of about
> $100 million will go to foreign carriers, over 1000 employees
> losing their jobs, and set backs to export promotion, the Gateway
> Project, tourism and regional integration.
>
> Ghana Airways and the liquidated Air Afrique are the only
> airlines in the sub region with international accreditation. The
> eminent collapse of Ghana Airways will be big blow to the sub
> region.
>
> Captain Kwakwa says the previous management of E. L. Quartey JNR
> left behind enormous problems "including credit from Glodwin
> Transworld Limited of Jersey, purchase of three DC9 aircraft from
> Venezuela, and two DC10-30 aircraft from Malaysia Airlines."
>
> The Quartey administration also had a spare parts with A J Walter
> (Aviation) Limited, the high flyer JT8 D engine lease agreement
> and withdrawal of the in-flight magazine 'AKWAABA", all of which
> a forensic audit has been instituted into.
>
> The Sam Jonah led Board of Directors without a substantive chief
> executive is said to have reduced the monthly net loss of the
> airline from about $4 million to $1.4 million, but this does not
> seem to reflecting strongly in its operations.
>
> The head of the Management Task Force said the effects of the
> September 11 incident on the aviation industry are so damaging
> that it is only government intervention that will save the
> airline.
>
> Ghanair has already lost two-fifths of its passengers, especially
> from North Africa since the September 11 attack.  Swissair and
> Sabena collapsed after the September 11 terrorist attack on the
> World Trade Centre in New York using for different aircrafts.
>
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