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01.11.2004 Business & Finance

Report of six million euro loan adopted

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Accra, Oct 31, GNA - Parliament on Monday adopted a report of the Finance Committee on a loan agreement between Ghana and two German financial institutions for six million euros meant for financing part of the Land Administration Project (LAP).

Kreditanstalt Fur Wiederaubau (KfW) and Frankfurt Am Main are seeking the repayment of the loan within 40 years with a 10 year grace period on a facility that has a grant element of 71.25 per cent.

Presenting the Report, Mr. Ben Osei Kufuor, Vice Chairman of the Finance Committee, said that access to land and the security of tenure associated with it would determine the pace of economic growth and poverty alleviation since Ghana is predominantly an agricultural economy.

He said the success of the project would be measured by a set of key indicators, which include a reviewed and codified land laws and customary procedures, greater and faster public access to land information, among others.

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