Ghana seeks assistance from "Real" IFC

President John Agyekum Kufuor on Friday said the Government was negotiating with the International Finance Corporation (IFC) of the World Bank to raise enough funds to enable Ghana to pay its equity in the West African Gas Pipeline (WAGP) Project.

He said despite the ongoing negotiations, the ECOWAS premier integrated project must start, he told members of the Steering Committee of Energy Ministers of countries undertaking the Project, when they paid a courtesy call on him at the Castle, Osu.

President Kufuor said such a significant project had not begun for sometime now and, therefore, appealed to the Committee to endeavour to have the project begin.

The Committee was meeting in Accra to review the Project schedule, its current status and deliberate on the key issues and concerns of the participating states.

It is a follow up to a similar one held in Accra last week along similar lines and had in attendance, officials from the four countries - Ghana, Nigeria, Togo and Benin

The Meeting is discussing the project schedule vis-=E0-vis the completion dates, the impact of the World Bank participation, the Escrow Account and if the nation's have to pay all equity contributions at once or at periodic calls.

It would also be looking at the mid-market forecasts, early gas issues, cost of energy from the WAGP and accessibility by the states to all Project Economies.

Dr Paa Kwesi Nduom, Minister of Energy and Chairman of the Committee, who led the delegation, briefed President Kufuor and said environmental issues as well as the compensation to be paid on land acquired for the Project, were also being discussed.

He said a problem being encountered was the compensation being demanded and the rights of the people to the land.