IMF, World Bank support Ghana

President John Agyekum Kufuor says IMF and the World Bank have approved an amount of 462 million U.S dollars to support Ghana's developmental projects.

Out of the amount, 132 million dollars has been earmarked for Ghana's poverty reduction programme and 110 million dollars to support Ghana's budget while 220 million dollars would go for road projects, notably Accra- Kumasi and Accra-Cape Coast dual carriage roads.

The President announced the approval, in an interaction with newsmen at the Airport on his arrival from the United States of America, where he attended the UN Conference on HIV/AIDS. He held discussions with the US Secretary of the Treasury, who pledged to assist Ghana in her developmental process.

President Bush who met his Ghanaian counterpart expressed appreciation with the democratic process in the West African sub-region and promised to put Africa on the agenda of the G8 Summit.

President Kufuor also met with the US Secretary of State, General Collin Powell and discussed bilateral issues, especially trade, and expressed admiration for Ghana's economic plans and entrenchment of democracy on the continent.

On the UN Conference on AIDS, Kufuor said, for the first time in the history of the organisation, they have taken a global stand to fight the pandemic. A number of resolutions were passed to contain and manage the disease, especially in Africa.

The Minister for Government Affairs and Majority Leader, J. H. Mensah who joined the President in the US from a tour of Japan and South Korea, said the HIPC initiative has its positive and negative sides and that they took advantage of the positive side and negotiated on the negative side during his meeting in Japan.

The Japanese government has agreed to continue to assist Ghana in her developmental efforts despite her decision to go HIPC. Mensah also emphasised the need to embark on such travels abroad to redeem confidence and the image of the country. "Private capital will flow into the country when they have confidence in the people they are dealing with, and this is what the NPP government has been able to do," said Mr. Mensah.

Finance Minister, Yaw Osafo-Maafo, MP said the IMF has approved Ghana's budget and this will enhance the country's relationship with other donor agencies to come to her aid. "The investment council of the IMF will organise an economic conference of all African countries very soon," Mr. Osafo-Maafo said.

The Finance Minister is expected to hold a press briefing to outline the agreement between Ghana, the IMF and the World Bank on the HIPC initiative and other related matters. Whilst in the US, President Kufuor also met with the Ghanaian community.