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26.03.2009 Business & Finance

Ghana's 44-million dollar debt cancelled

By gna
Ghana's 44-million dollar debt cancelled

Ms. Julia Olmo, Spain's Ambassador to Ghana on Thursday announced the cancellation of a 44-million dollar debt given to the previous government for developmental projects.

Spain has also converted an amount of 13 million Euros, which was originally a loan into grants. The 13 million Euros was part of an amount given to Ghana in fulfilment of a financial protocol agreement signed between Ghana and Spain in 2005.

Under the Financial protocol agreement Ghana was

to benefit from a 16 million euro-loan in pursuant of

the country's development agenda.
Ms. Olmo made the announcement when she called on the Minister of Information, Mrs Sabah Zita Okaikoi, as part of the Embassy's programme to interact with each member of government.

The Ambassador said her country works in the area of politics, economics and immigration and said Spain hoped to reinforce its commitment towards developing the mentioned sectors while deepening the relationship with Ghana.

Ms. Olmo commended Ghana for the past elections and said Ghanaians demonstrated that democracy was consolidated in the country.

“There was an observation team from the Spanish Senate and they said very good things about the country,” she said.

Mrs. Okaikoi expressed government's commitment to development and said she was happy to know that Ghana had a partner in Spain.

“We hope to learn more from Spain's experiences,” she said, adding that, government will ensure that the promises made during the elections were fulfilled.