Reputable Ghanaian banks will soon be beneficiaries of a suppliers' credit amounting to $350m, a gesture from the Islamic Republic of Iran's Export Guarantee Fund.
Hint of the Iranian gesture was dropped when Hon. Akwasi Osei-Adjei, Foreign Affairs, Regional Integration and NEPAD Minister led an official delegation to the Third Session of the Ghana-Iran Permanent Joint Commission for Cooperation in Tehran last week.
The facility to be made available through the Export Guarantee Fund of Ghana can be assessed by the private sector for small-scale business development.
Negotiations are due to commence shortly between the Export Guarantee Fund of Iran and their Ghanaian counterparts to map out modalities for administering the lines of credit.
In the area of rural electrification, Iran agreed to extend to Ghana loans of $250 million and $100 million for financing of cottage industries towards job creation.
On energy, the two countries agreed to cooperate in the development of oil and gas with particular reference to the acquisition of seismic data on Ghana's Volta Basin.
Towards this end, Iran will be dispatching a team to Ghana to discuss modalities for the project.
With Ghana on the verge of becoming an oil producing country, Iran has promised to assist in the area of human resource development for the Ghanaian petroleum industry.
The Persian country has also agreed to a request from Ghana for support in the training of nurses and other health workers at post-graduate levels and to organize periodic workshops on public health care.
The discussions were intensive and all-round pertaining to education, broadcasting, sports and others.
On the sidelines of the session, an Iran-Ghana Trade Seminar was held, attracting members of the local chamber of commerce, industry and mines.
The seminar was addressed by the minister who gave an overview of the opportunities for investment in Ghana and encouraged the business community in Iran to do business here.
The delegation which has since returned home included Ghana's envoy to Saudi Arabia who has oversight diplomatic jurisdiction over 12 countries in the Middle East, Alhaji Rashid Bawa; officials from the Foreign Affairs, Finance and Economic Planning, Trade and Industry among others.
The Iranians were represented during the talks by Eng. Mohammed Reza Eskandari, Minister of Agriculture and Co-chairman of the Joint Commission for Cooperation; Dr. Manourchehr Mottaki, Foreign Affairs Minister; Eng. M. Fatah, Energy Minister; Mr. Samsami, Acting Minister for Economy and Financial Affairs; and Mr. M. Nozari, Minister for Oil.
By A.R. Gomda
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