Business News of Thursday, 20 February 2003
Dr Kofi Konadu Apraku, Minister for Trade and Industry, on Wednesday said Ghana has been considered for an International Finance Corporation (IFC) support for trade in a pilot programme.
He said the country was chosen after its trade delegation to Mauritius had agreed with IFC officials on the need for them to support Ghanaian businesses on the Africa Growth and Opportunity Act (AGOA).
Dr Apraku said this when the new United States Ambassador to Ghana, Mary Carlin Yates paid a courtesy call on him at his office in Accra.
He said one of the major constraints facing trade in Ghana was capital to finance both manufacturing and export businesses since most of them had to borrow at very high interest rates which was a disincentive.
Dr Apraku said the United States was the third largest trading partner of Ghana and most Ghanaian businesses imported goods and exported value-added products to its market.
The Minister said Cabinet was at the final stages of sending a bill on property rights to Parliament so that investors who were aggrieved could go to the law courts for redress.
He said the delay in sending the bill to Parliament was as a result of some changes that had to be made for investors to have confidence in the economy.
Mrs Carlin Yates said she wanted to renew the strong ties between Ghana and United States in the areas of trade and investment promotion.
"The United States government will make money available to support Ghana's democracy which is the beckon of hope in the West African Sub-region".