Business News Fri, 27 Feb 2004

Ghana, Denmark sign agreement for budget assistance

Accra, Feb. 27, GNA - The Government of Ghana and the Danish Government on Friday signed and exchanged agreed minutes in which the latter would provide a budget support of approximately 50 million dollars yearly over the next four years.

Under the agreement additional 20 million Danish Kroner would be provided for the Private sector annually during the period. Dr Osei Akoto, Deputy Minister of Finance and Economic Planning, signed for Ghana, while Mr Bo Jensen, Head of the African Department of the Danish Foreign Ministry, initialled for his country.

Dr Akoto said the Government was committed to maintaining a strong economy, even in an election year, unlike previous years when economic strides were sacrificed during the period.

"Ghana deserves to move that critical step forward to be more matured in her economic development," he stated.

The Deputy Minister said the assistance would include a framework for fighting corruption while promoting good governance.

Dr Akoto said Ghanaians appreciated efforts by Denmark to assist the country's poverty reduction, an efficient public service and decentralized authority.


Mr Jensen said the signing of the minutes indicated the strong partnership between the two countries.

He noted that it was imperative that the partnership developed further to strengthen government's efforts at setting relevant targets of interventions to reduce poverty.

"Reducing poverty means better understanding of the needs of the people."

He said Denmark was working on harmonising development assistance to Ghana.

Mr Jensen said the grant assistance, would help make functional decentralisation a reality while acknowledging Ghana's role as a stabilizing force in the West African Sub-Region.

He commended the Government for its efforts at developing the economy.

Source: GNA