China offers two billion dollars to Ghana

Accra, Sept. 18, GNA - China has offered Ghana a concessionary loan of two billion dollars to help government in its efforts to sufficiently stabilize the economy for the necessary growth, the Minister for Finance and Economic Planning, Dr. Kwabena Duffuor, has told Cabinet. A statement signed by Mrs Zita Koikoi, Minister of Information, said Dr Duffuor also informed the seventh cabinet meeting that the economy had stabilized and that when the loan is injected into the economy it would help push inflation further down.

The statement said a memorandum on the recommendation for the implementation of Destination Inspection Scheme to facilitate trade was submitted for the consideration of Cabinet by the Minister of Trade and Industry.

It said Cabinet was in favour of the idea of the Public/Private Partnership arrangement to prepare the Customs, Excise and Preventive Service (CEPS) to take over but cabinet deferred decision on the issue. The statement said cabinet directed the Minister of Trade and Industry to hold discussions with the labour unions, civil society organizations and other stakeholders to explain to them in detail government's position and implementation for Ghana's trade relations with the European Union when the Minister submitted an information paper on "Negotiation of the Ghana Stepping Stone Economic Partnership Agreement" for discussion by Cabinet.

It said a Memorandum on the Strategic Plan for the National Youth Employment Programme was also considered adding that Cabinet affirmed government's determination to the effective mobilization of the youth and pledged to create the enabling environment for them to explore their talents and realize their full potentials.

It said all Sector Ministers were instructed to develop strategy papers on job creation beyond those contained in existing programmes and projects.

The statement said Cabinet affirmed its commitment to the promise that it would ensure all public sector employees were paid remuneration that is fair and equitable with regard to the memorandum on the implementation of the Single Spine Pay Policy.

Cabinet further approved in principle the memorandum on the establishment of an Engineering Council for Ghana.

The statement said the two senior presidential aides in the policy unit of the presidency briefed cabinet on the strategies they had adopted to ensure effective implementation of government policies. The Ministry of the Interior reassured cabinet that the security agencies were in control of the internal security of the country and this was corroborated by the National Security Adviser. 18 Sept. 09