Nine million Euro loan for leasing companies in Ghana
World Bank rep says it's praises of governments are genuine
Accra (Greater Accra) 09 January 2002 - The World Bank and the International Monetary Fund (IMF) have selected Ghana, among three countries in Sub-Sahara Africa to set up Investment Advisory Council.
Senegal and Tanzania are the other countries, which would set up separate councils to advise their governments on how to attract more investments into their countries.
The council will also advise on how to create jobs and improve on their economies, Mr Peter Harrold, World Bank Country Director in Ghana announced this when he and Mr Enrique de la Piedra, IMF Resident Representative in Ghana paid a courtesy call on President John Agyekum Kufuor at the Castle, Osu on Tuesday.
Membership of the council will include leading Ghanaian businessmen and entrepreneurs who are well vested in the Ghanaian economy, multi-national companies and institutions which have made investments in Ghana and representatives of major International Companies and institutions that are well endowed but have not made any investments in Ghana to offer good advice and suggestions on what should be done to enable them invest in Ghana.
Mr Harrold said the establishment of the council was decided at a meeting the institutions held in Mali last year, which President Kufuor attended and his presentations enabled them to select Ghana as a beneficiary country because of the government's policy to promote Golden Age of Business.
He said Ghana had major potentials to attract foreign and domestic investments in terms of her stability and openness to business, which were necessary to attract investors.
Mr Harrold said the establishment of the council would be their contribution towards the realisation of the objectives of the government's policy on Golden Age of Business.
He commended the government for the gains made within the past year and said he was hopeful that this year would be much better for the government to build on the foundation established.
President Kufuor said the government was encouraged by the assurances that the vision of the Golden Age of Business would be assisted to succeed.
He said the establishment of the council in some African countries bore testimony of breaking new grounds for both foreign and domestic investments in Africa.
GRi…/
Send your comments to viewpoint@ghanareview.com
Accra (Greater Accra) 09 January 2002 - Ghana is prepared to learn from other African countries that have made rapid success in their telecommunications industry, Mr Felix Owusu-Agyapong, Minister of Communications and Technology said on Tuesday.
According to him, the Ministry was collaborating with Morocco's Agence Nationale de Reglementation des Telecommunications in that direction.
Agence Nationale de Reglementation des Telecommunications has rapidly transformed Morocco’s telecommunications industry in the last three years, Mr Owusu-Agyapong told a two-man delegation from the institution which called on him in Accra.
The delegation is on a two-day visit to the country to discuss and explore ways to establish co-operation between Ghana and the Kingdom of Morocco in telecommunications.
The Kingdom of Morocco has experienced a tremendous growth in telecommunications in the last three years, particularly in the mobile services, increasing the number of subscribers from 150,000 to more than four million.
Mr Owusu-Agyapong said the telecommunications industry in Ghana had to undergo a rapid transformation to improve not only on the existing methods but also to enhance accessibility of communications services, especially Internet and broadband services.
This would also ensure a smooth takeoff of all secondary schools and training colleges offering information technology studies in line with the wish of President Kufuor
"We are now trying to get the know-how from the Moroccans, and the best approach to follow is to rapidly transform our telecommunications industry and get value for our shares."
GRi…/
Send your comments to viewpoint@ghanareview.com
Accra (Greater Accra) 09 January 2002 - The European Investment Bank [EIB] is to provide nine million Euros global loan for medium term financing to leasing companies in Ghana. The loan will be diverted towards the industrial, mining, transport, agro- industrial, tourism, and other related services.
It is also targeted at providing medium term financing for productive equipment for the domestic and export-oriented industries as well as bring about small and medium enterprise investment.
A statement by Mr Wim Olthuf, Economic Adviser to the Delegation of the European Commission in Ghana said in Accra on Tuesday that the beneficiary companies are Leasafric Ghana Limited, General Leasing and Finance Company Limited and Ghana Leasing Company Limited.
The statement said with the provision of this loan, long term funds would be made available at sustainable cost and "this will encourage new investment as well as stimulate employment and economic activities across a wide range of sectors."
It said the facility would also contribute to the establishment of a more efficient financial market because there would be competition among Ghanaian leasing companies, which would in turn deepen the range of financial products available to investors.
GRi…/
Send your comments to viewpoint@ghanareview.com
Accra (Greater Accra) 09 January 2002 - Mr Peter Harrold, World Bank Country Director in Ghana said on Tuesday that the Bank would always praise governments on good performance and criticise them when their performance was not satisfactory.
He said some aspects of the performance of the previous government were good and they were commended and asked Ghanaians to disabuse their minds of the notion that both the bank and the IMF failed to criticise that government when its performance was not satisfactory.
Mr Harrold said this when briefing newsmen after a closed door meeting with President John Agyekum Kufuor and some government officials at the Castle, Osu.
He said the present government had been careful to receive commendations from the two institutions, and would reject those that were negative to development.
Mr Harrold said, "I do not think there is any inconsistency on our commendation to both governments. After all Ghana has seen some progress in the past years and we have made contributions to that progress".
He said the two institutions only offered advice and it was up to the governments to make their decisions. Mr Harrold said the World Bank and IMF had been encouraged by the government's readiness to consult.
He said the government had established more structures and made more aggressive attempt at strategies for poverty reduction among the people.
GRi…/
Send your comments to viewpoint@ghanareview.com