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Business News of Thursday, 9 October 1997

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Ghana, Japan Sign $85m Agreement

Accra, (Greater Accra) 7 Oct.,

Mr Kwamena Ahwoi, Minister responsible for Foreign Affairs, today urged Japan to use its influence to draw support for programmes that will enhance the development of poor countries. Mr Ahwoi asked Japan to use its leadership role in the second Tokyo International Conference on African Development (TICAD Two) in October next year to win foreign direct investments for the continent. He was speaking at the signing of an 85 million-dollar loan agreement between Ghana and Japan. It will be repaid in 30 years with a 10-year grace period at an annual interest rate of 2.3 per cent. The agreement signed by Mr Ahwoi and Mr Akihisa Tanaka, Japanese Ambassador in Ghana, is for the reconstruction of the Accra-Yamoransa phase of the Highway Sector Investment Project. Mr Ahwoi said the project represents a major step towards government's objective of creating infrastructure that will support and stimulate accelerated development. ''An investment in our road infrastructure will clearly enhance our capacity to produce and export and thereby create much needed jobs. ''It is also to make our economy capable of competing better now and in the next century, a century whose outlines are visible in today's instant communication revolution,'' he said. Mr Akihisa said Ghana's initiative at becoming a middle-earning economy by the year 2020 is laudable and must be supported by all well- meaning countries. He was hopeful that the reconstruction of the road will improve domestic transportation and serve as a major corridor for the export of goods.

Damand for oreign currency has reduced considerably and this has compel dealers to reduced the rate. The US dollar opened this morning between ?2,250.00 and ?2,270.00 and the pound sterling between ?3,540.00 and ?3,600.00.

Buying Selling

CFA 3700 3800 Japanese Yen 13 15 Swiss Frans 1400 1500 Canadian Dollar 1420 1500 French Frans 340 380 Dutch Guilder 1100 1200

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