$340m Budgetary Support for Ghana

The president, Mr. J. A. Kufour, arrived yesterday evening from Bamako, Mail, after attending a two-day summit meeting of West African Heads of States with the World Bank and International Monetary Fund (IMF).

He was met on arrival by the Vice-President Alhaji Aliu Mahama, ministers of state and other party functionaries.

In all 11 heads of state as well as the World Bank President, James Wolfensohn, and the Director of IMF, Mr. Horst Kohler attended the summit, which assessed the impact of both the World Bank and IMF-funded programmes and offered suggestions to improve on those programmes and projects.

Later in a press briefing, President Kufuor described the summit as very successful judging from the issues that were discussed and the suggestions that were made in the direction.

He said the summit provided an avenue for the Breton Woods institutions to listen to West African Leaders, stressing that there were frank discussions in which these problems were outlined.

According to the President, the government was assured of support by both international institutions but added that it was upon condition that Ghana evolved the right policies and actions.

Mr. Yaw Osafo-Maaafo, Minister of Finance, who was a member of the delegation said Ghana's economic situation was dissected and ample solutions offered to revamp it.

He said the summit requested that subsidies, especially those on petroleum products. The Finance Minister said Ghana made a special case for herself to which the World Bank and the IMF promised to assist her in its economic resuscitation with $340 million budgetary support.

Mr. Osafo-Maafo said President Kufuor, who spoke on good governance and conflict resolution, endeared himself to the delegates with his views on the issue.

Mr. J. H. Mensah, who also spoke at the briefing, indicated that he was impressed by the considerable frankness with the heads of state discussed the issues.