Ghana spent only 10% of her credit facility

Mr Poul Nielson, European Commissioner for Development and Humanitarian Aid, said on Monday that Ghana spent only 10 percent of her credit facility of the last five years. He told journalists in Accra that Ghana now has 311 million euros to access.

Explaining why such funds are not easy to access, Mr Nielson said to be able to access the full credit facility per year, "it is important to convince EU tax payers that debtor nations will stick to laid down contract agreements."

"These must be fully justified and countries in Africa must indicate at all times the proper use of such funds to EU taxpayers. Accounting standards, anti-corruption measures and honest auditing must be strictly adhered to."

He noted that discussions with the President and Minister of Finance had immense potential to open borders for free flow of trade and economic activity between Ghana and the EU.

Mr Nielson told the Ghana News Agency (GNA) Business Desk that discussions include improved public sector management, private sector development, roads, especially important access roads, rural water and electricity supply, schools for rural communities

He said these areas have been identified as key development factors with the potential to kick-start the needed growth of the economy. Mr Nielson said this would stimulate partnership between African, Caribbean Pacific and EU countries. He urged them to stay in touch with the European Development and Investment Fund to be abreast with developments that will benefit them.