President John Agyekum Kufuor returned home on Sunday night from Madrid, Spain, where he attended a meeting on democratic transition and consolidation.
The meeting, which brought together 33 heads of states and former presidents from 25 countries shared experiences on the way forward to consolidate democratic transitions.
The President, who was accompanied by the Foreign Minister, Mr Hackman Owusu-Agyemang, was met on arrival by the Vice President, Alhaji Aliu Mahama, ministers of state, the Spanish Ambassador, Mr Fernando Corral and some members of the European Diplomatic Corps.
Briefing newsmen later at the Airport, Mr Owusu-Agyemang disclosed that Ghana and Spain have signed a soft loan agreement of 40 million US dollars to help support Ghana's economic development.
He said a further five million US dollars grant was also made available to the government for feasibility studies into the various sectors of the economy where Spain has interests.
He said a memorandum of understanding for a 100 million US dollar assistance for the year 2003 and beyond was also signed.Spain expressed interest in investing in Ghana in the areas of fisheries, real estates, metals and the building of highways.
The Foreign Minister said President Kufuor had bilateral discussions with King Juan Carlos, of Spain and the Prime Minister on how best the two countries could co-operate.
Mr Owusu Agyemang said President Kufuor at his meeting with King Carlos announced Ghana's intentions of opening a permanent embassy in Spain to facilitate and enhance co-operation between the two countries.
President Kufuor also met individually with some of the 33 heads states including former President Bill Clinton of the US.
The Foreign Minister said the meeting suggested the formation of the Club of Madrid to offer assistance and encouragement to countries, which are democratic.
He said such a club was very necessary to serve a permanent dialogue group to look at the issue of democratic transition and consolidation.
He said Ghana's peaceful democratic transition and the credentials of the government were mentioned and praised.
Mr Owusu Agyemang said the meeting discussed the conclusions of the Madrid Forum which includes the establishment of greater balance in the functions of the various arms of government, the enhancement of political mobilisation and social pluralism, strengthening of the role of political parties in economic and democratic transition and curbing bureaucratic and political corruption
