John Mahama Speaks

John Mahama Speaks

-Says Money Will Go To Where There Will Be Enough Revenue To Repay

News Desk Report

His Excellency the Vice President, Mr. John Dramani Mahama has said that government’s plan for the much-awaited Chinese loan will be channelled into sectors of the economy, where enough revenue could be generated to repay the loan, hence the decision by government to focus on the oil sector.

He added that, a hunk of the amount will go into the expansion of the Takoradi Harbour, to cater for the teeming vessels at the port, due to the oil exploration as well as improve the railway sector to also curb transportation related problems in the country.

Vice President Mahama made this remark in interaction with a delegation from the African Development Bank when discussing the status and challenges faced by the Ghana Shared Growth and Development Agenda (GSGDA) 2010 to 2013, at the castle, Osu.

“Government intends to also expand access to Senior High School, modernize agriculture and build local capacities in all these investments, either by sub-contracting or encouraging joint ventures”, Mr. Mahama added.

Dr Regina Adutwum, the Director General at the National Development Planning Commission, who was among the delegation, noted that the transition to petroleum producing and exporting economy represents a critical phase in the country’s development.

She added that, the GSGDA anticipates that with even prudent management, petroleum revenues alone are not likely to change the country development status immediately.

“The full reach of the country’s transformation can only come with economic and social modernization, which underpins the shared growth agenda”. Dr Adutwum further noted.

The Ghana Shared Growth Development Agenda 2010 to 2013 is the current medium term national development policy framework, which is prepared as a successor to the Ghana Poverty Reduction Strategy GPRS II, 2006 to 2009.

Present at the meeting, were Mr. Mike Hammah, Minister for Lands and Natural Resources, Mr. Lee Ocran, Minister designate for Education, and Mr. Fiifi Kwetey, Deputy Minister for Finance and Economic Planning as well as some Directors from the Finance Ministry.