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01.11.2004 Business & Finance

Ghana, Libya to sign Protocol on Agricultural Trade

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Accra, Nov. 1, GNA - Ghana and Libya are to discuss and sign a Protocol on Agricultural Trade on November 20, this year, in Tripoli as a follow- up of decisions the 8th Session of the Permanent Joint Commission for Cooperation of the two countries reached in Accra in October, this year.

The Ghanaian side was led by Mr Akwasi Osei-Adjei, Ghana's Deputy Minister of Foreign Affairs while Libya was represented by Dr Jamel El-Barag, Libyan Director General of the Department of International Cooperation in the General People's Committee of Foreign Liaison and International Cooperation.

The discussions centred on Agricultural Cooperation, Energy, Investments and Banking.

A statement, Ghana's Ministry of Foreign Affairs issued on Monday and signed by Mrs. Sena Siaw-Boateng, Assistant Director said the two countries agreed to cooperate in the production and processing of Soya Beans and Maize in Ghana for supply to Libya.

"The Ghanaian side submitted proposals of a primary feasibility study on Maize, Soyabeans, Composite of Flour as well as Oil Mill Refinery", the statement said.

It said on Energy the two sides agreed on establishing a Fuel Tank Farm in Ghana for the storage and distribution of Libya fuel products within Ghana and the West African Sub-Region.

Ghana submitted a sample proposal on the Tank Farm Project. The statement said Ghana and Libya agreed on "possible investments in the construction of an Oil Refinery whose products will be distributed in Ghana as well as in the West African Sub-Region."

It said on the divestiture of the Kumasi City Hotel the two countries agreed that, following the approval of the feasibility study by the Ghana-Libya Arab Holding Company, the project would take off with funding from Libya and other sources.

On Banking, the statement said, the two sides agreed to sign a protocol for the establishment of CEN-SAD Bank in Ghana as soon as the necessary Banking and Financial requirements of Ghana have been satisfied.

The statement said on other matters, Ghana agreed to forward information on the Aluminium Industry to Libya for study and possible cooperation after the expiry of the Ghana-VALCO Agreement.

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