German Devt Bank opens Regional office in Accra

Accra, Oct. 17, GNA- The German Development Bank (KFW), one of the main institutions of development co-operation in Ghana, on Thursday opened its regional office in Accra.

It is to facilitate communications between its Ghanaian partners, various donor agencies, the private sector and the bank's headquarters in Germany.

The regional office, which will also serve Benin and Cameroon, followed years of long standing collaboration with their Ghanaian partners and in appreciation of the stabilizing political role Ghana is playing within the West African Sub-Region.

Mr Peter Linder, German Ambassador in Ghana said the office was an important step in the framework of German-Ghanaian bilateral financial co-operation.

He said with an office in Accra, exchange of views would be made easily on short notice and administrative processes could be shortened for both partners to know each other better.

"I expect from this positive decision another improvement in our common work to fill the bilateral agreements between our two countries with practical life", he said.

He said the German Government placed great importance on dialogue and co-operation with African States and German policy on Africa was part of its global peace policy.

On the contrary, he said, Germany was doing everything to encourage and support efforts of African States to adapt their national economies to the demands of the present-day global economy, and orientate their political systems towards the principles of the rule of law, democracy and good governance.

Mr Linder said it was in connection with this that Germany welcomed the active role of Ghana in the implementation of the New Partnership for Africa's Development (NEPAD, and its willingness to be the first NEPAD country to conduct a peer review.

He said Germany welcomed the stabilization and liberalization of the Ghanaian economy initiated by government and expressed the hope that promising business opportunities and activities of private entrepreneurs would increase with these developments.

Mr Linder noted that since governments of both countries had recently reviewed the focal areas of German Development Co-operation, the focal point of the KFW office would be in food security and agriculture, good governance, democracy, civil society, public administration, economic reforms and development.

Mr Yaw Osafo-Marfo, Minister of Finance and Economic Planning said with the active role played by KFW, Ghana welcomed the decision of Germany to establish a permanent regional office for the institution to facilitate its operations in the region.

He said the decision to site the office in Accra clearly bore an "eloquent" testimony to the confidence that Germany reposed in government's management of the economy.

Mr Osafo-Marfo said the office would ensure effective and efficient monitoring and co-ordination of financial co-operation, thus reducing the lengthy and cumbersome administrative and bureaucratic procedures for loan approval and effectiveness.

He expressed the hope that the opening of KFW's Accra office would further deepen the bilateral relations between both countries for their mutual benefit.

Dr Wolfgang Weth of the German Development Bank is in-charge of the Accra office.