Japan to forgive 104 bil. yen in loans to Ghana

(Kyodo) _ Japan agreed with Ghana on Wednesday to forgive all of the 104.68 billion yen worth of loans extended to the western African country by the Japan Bank for International Cooperation, the Foreign Ministry said.

The agreement comes as Ghana has been trying to reform and revitalize its economy since being designated a heavily indebted poor country in 2001 by international financial organizations, the ministry said.

It also said Japan will give Ghana 500 million yen in grant aid so it can buy various products to boost reforms of its economy.

(1 US Dollar = 105.560 Japanese Yen )