Ghana to achieve middle-income status in 10 years

Accra, Sept. 6, GNA - President John Agyekum Kufuor said on Thursday that Ghana was on course to achieving its goal of becoming a middle-income status.

Speaking during a courtesy call on him by a delegation of the Barclays Bank at the Castle, Osu, the President expressed optimism that this would happen within the next 10 years.

Mr Frits Seegers, Chief Executive Officer of Barclays Global Retail and Commercial Banking, led the delegation, which was in Ghana to attend the launch of its Offshore Banking in Accra, the first of its kind in Africa.

President Kufuor noted that Barclays Offshore banking was yet another important step that would help to provide impetus to the realisation of the middle-income target.

He suggested to the Bank to consider enlisting on the Ghana Stock Exchange to make it become more Ghanaian.

He said after 90 years of operation in the country, Barclays should be more Ghanaian in outlook.

Mr Seegers said they were happy to share with the nation the joy of the event.

Meanwhile, another delegation from the Louis Dreyflus Commodities of France, that has acquired land at Tema to establish a Sugar Refinery Factory, was also at the Castle to update President Kufuor on the project.

The 50-million-dollar investment has the capacity to process 250,000 tonnes of sugarcane into refined sugar.

President Kufuor said the project was a welcomed one and that it would enable the country to save for itself resources for importing sugar.

Additionally, it would motivate the country's farmers to cultivate the raw material, create employment and facilitate technology transfer. President Kufuor however, demanded that the Company should be socially responsible, adding that, the project should be beneficial to all sides.

"Nobody should be taken for a ride or feel cheated", he said. Mr. Jean Levy, leader of the delegation, said Ghana's economic and political situation made it a preferred destination for investment. "We feel Ghana is a place where we have to be. We would make our investment beneficial to all. It is going to be a win-win."