Owusu-Agyeman returns from Afro-Arab conference

Ghana has proposed to the Afro-Arab Standing Committee meeting to allow its members who are oil producers to sell at concessionary rates to non-producing countries.

The proposal explained that the fluctuations in oil prices affect negatively, the economies of members who do not produce oil.

The proposal called for a formula to be devised to determine prices that will allow non-oil producing countries to pay international rates even when oil prices fall.

This was disclosed to newsmen at the Kotoka International Airport (KIA) by Mr. Kodjo Wadee, Director of Africa and OAU bureau of the Ministry of Foreign Affairs, who accompanied the Foreign Affairs Minister, Mr. Hackman Owusu-Agyeman to the 14th session of the committee in Algiers, Algeria.

Mr. Wadee said Ghana also suggested that non-oil producing countries should be given a percentage of the oil account as credit when international prices rise above the agreed ceiling.

According to him these credits could be used to finance development projects and promote trade between the beneficiaries and the supplying countries.

Mr. Wadee said Ghana's initiative was well received at the meeting and it was agreed that it should be submitted to the League of Arab Nations and the OAU for discussions and considerations.

He said the meeting also discussed other areas that can facilitate co-operation as well as strengthening trade, research, science and technology and culture amongst them.

The meeting also agreed that they meet frequently to give substance to the Afro-Arab co-operation because the last meeting before the current one was held 12 years ago.

The Director said Mr Owusu-Agyeman visited Morocco, where he met King Mohamed VI, during which they discussed ways of strengthening and promoting the relationship between the two countries.

A memorandum of understanding was also signed by the Ministers of Foreign Affairs of both countries to hold periodic consultations on bilateral issues