Ghana's oil find should wean it from dependency - EU

Accra, May 3, GNA - The European Union (EU) Delegation in Ghana on Tuesday said if Ghana's oil find was well developed, the country would be able to wean itself from its dependency on donor funding by 2020.

Mr Claude Maerten, Ambassador and Head of Delegation, added that if the current political and economic stability was maintained the country could develop and become a hub for investment. "The EU is convinced that with its past experience and record, Ghana will continue on its path towards sustainable economic and socio-political development for the benefit of all," he said. At a press conference to announce the EU week in Accra, the EU Delegation commended Ghana for its shining example of political transition in Africa and noted that it would continue to partner and assist the country to develop.


Activities for the week include cultural events, seminars, workshops and concerts designed to create a better understanding of the European Union.


There would also be a quiz on GBC's 93What do you know" programme for school children, a business forum and a film festival. Mr Maerten, Ghana and the EU had enjoyed a fruitful economic co-operation since 1975 when the first Partnership Agreement, referred to as the Lome Convention, was signed.

The Ghana-EU co-operation has since improved and grown steadily, and further strengthened with successive partnership agreements. Mr Maerten said Ghana and Europe were bound together by common history, interlocking cultures and shared objectives. He called for better co-ordination and monitoring of the flow of resources to ensure maximum benefit to Ghana.


This, he said, implied that there was the need to reinforce the principles of the aid effectiveness agenda, to use Ghana's country system and also to improve division of labour between donors in order to support the new Ghana Shared Growth and Development Agenda. The Ambassadors of Denmark, Germany, France Italy, The Netherlands and the Czech Republic and Spain who were present at the function also expressed the hope that Ghana's oil find would create a situation that would make the country independent. They gave the assurance that the EU would assist Ghana develop the necessary consultancy and assistance to help the country develop and realise its full potential.


They also emphasised the need for Ghana's economy to be driven by the private sector because it was only when the sector was developed that the economy could be become independent.