Ghana to set up special bank in US

Ghana is to set up a special bank and an educational and cultural centre in the US to promote investment and attract more tourists into the country.

This was announced by Ghana’s Ambassador to the US, Mr Alan Kyeremanten, at a reception held in his honour after presenting his letter of credence to President George Bush at the White House. The reception was also to introduce him to the executive and members of the Ghanaian community in the US.

Mr Alan Kyeremanten expressed his appreciation, saying the meeting with the community symbolises the commencement of his duties as Ghana’s new representative.

He said the bank, the first of its kind to be established in US, will purposely be used to serve the Ghanaian community and also attract more foreign investors for the country.

Mr Kyeremanten said his main agenda is to tap available resources, protect and promote the interest of all Ghanaians irrespective of their political affiliations and to forge positive partnership with the US and the international community.

He pointed out that there are great difficulties with the country’s economy and Ghana for sometime now has been unable to service its debts, hence the need to come under the Highly Indebted Poor Countries (HIPC) initiative. He said resources that should be used to service the debts will be used to create wealth.

He said about 40 per cent of the total population live below the poverty line, earning less than ?700,000 per annum and called on all to help in the campaign to permanently fight against poverty in the country.

Mr Kyeremanten told the Ghanaian community the government has established an emergency social relief project for the less fortunate in the country, emphasising that even though this is a short-term measure, it will go a long way to fulfil government’s objective to reduce poverty.

The government, he said is also focusing on long-term solutions and targeting other strategic sectors to boost economic growth. Very soon, he hinted, the country will be a leading producer of industrial starch.

He said government is supporting over 25,000 farmers over the next four years to set up 10 processing plants with sophisticated and state-of-the-art technology for starch production.

The project, to be owned by the individual farmers, will be a public entity, managed by professionals.

Mr Kyeremanten also stated that Ghana has the resources and men to become a great nation and that the government is designing mechanisms to attract skilled professionals to come back home and contribute their quota to the nation.