Oteng-Adjei Warns On Dangers Of Dependence - On External Funds, Markets

Dr Joe Oteng-Adjei, Minister of Energy

The Minister of Energy, Dr Joe Oteng-Adjei, has stressed the need for African countries to reduce their dependence on external markets and funding.

He noted that the impact of the global financial and economic crisis on Africa was a clear signal of the danger associated with over-dependence on foreign markets and resources.

He said it was also imperative for African countries, especially Ghana and its neighbours, such as Equatorial Guinea, to develop greater co-operation for maximum benefit.

The minister made the call at the opening of the third session of the Ghana- Equatorial Guinea Permanent Joint Commission for Co-operation in Accra.

Established in 2000, the permanent joint Commission aims at strengthening bilateral relations and promoting co-operation in various sectors of national development, such as energy, mining, trade, transport, tourism, education, health and agriculture between the two countries.

Dr Oteng-Adjei explained that in this era of globalisation, south-south co-operation was a good option because it could enable businesses to gain competitive advantage through access to a partner’s resources, including markets, technology, capital and human resource.

“Within this context, therefore, it is obvious that Ghana and Equatorial Guinea have a lot to gain by expanding and deepening their co-operation,” he added.

He said the modest advances made on agreements in the mining and energy sub-sector were hard to miss, adding that the recent discovery of oil in commercial quantities called for a review of strategies and the terms of energy agreement.

Dr Oteng-Adjei said President John Evans Atta Mills and his Equatorial Guinean counterpart, President Teodoro Obiang Nguema Mbasago, had expressed their passion for and commitment to the strengthening of bilateral relations between their two nations.

He said the two leaders had also called for urgent reactivation of the Permanent Joint Commission to provide the much-needed impetus for a more effective and mutually beneficial co-operation between the two countries.

The Minister of Foreign Affairs and Leader of the Equatorial Guinea team, Mr Pastor Micha Ondo Bile, said the commitment of the two countries to the collaboration was an indication of their preparedness to alleviate poverty and develop the two countries.

He said the historical bond between the two countries started many years ago when cocoa seeds from Equatorial Guinea were brought to Ghana, saying that had helped in developing the cocoa industry in Ghana.

He said the two countries were united by history and culture and added that because of increased activities on both sides, they had elevated their consuls to embassies with permanent ambassadors.

Mr Bile said more than 1,000 students from his country were undertaking studies in various tertiary institutions in Ghana, while an equal number of Ghanaians were also working in Equatorial Guinea.