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27.05.2005 General News

Ghana to receive €48m German support

By GNA

Accra, May 27, GNA - Ghana is to receive Euros 48 million (576 billion Cedis) from the German government in support of technical and financial corporation projects for the next two years. The assistance, which is under a German bilateral facility, would cover agriculture, governance and private sector development, especially micro financing, Mr. Kwadwo Baah Wiredu, Minister of Finance told journalists on Thursday evening.

Mr Baah Wiredu, who was speaking on his return from Bonn, Germany where he led a delegation to attend the second round of Ghana-German bilateral negotiations, said about Euros 13 million had been pledged by Germany to support Ghana's 2005-06 budget of which 50 percent is expected to be released next week.

He said Euros 11 million of the bilateral assistance would be used to complete the Ofankor/Achimota eight-lane carriageway. According to the Minister, Ghana has fulfilled all the required conditions under the bilateral corporation and a German technical team would be in the country next month to discuss the details of micro-financing.

Mr Baah Wiredu said while in Germany, his delegation paid a familiarisation visit to the Frankfurt Stock Exchange and held discussions with its managers on how the Ghana Stock Exchange could collaborate with them.

Deputy Minister of Finance, Dr. Anthony Akoto Osei and Mr. Kwame Osei Prempeh, Chairman of the Parliamentary Select Committee on Constitution and Legal Affairs, accompanied Mr Baah Wiredu on the trip.

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