President credits his Administration for oil find

Accra, July 4, GNA- President John Agyekum Kufuor said on Friday that the decision by the ruling New Patriotic Party to make oil exploration the focal business of Ghana National Petroleum Corporation was the success story behind the huge oil find in the country. He said the discovery of oil in large quantity was a priority of his government when he assumed office as President in January 7, 2001 and no person or organisation could claim the credit for it.

President Kufuor was speaking at the inauguration of a 40 million-dollar Accra Mall, accredited as the biggest in the country. The Mall occupies 20,000 square metres of retail space with parking lot for more than 900 cars. It could accommodate 65 line-shops of which 30 per cent are operated by Ghanaian retailers.

President Kufuor said those who also attributed the oil discovery to mere luck should know that although Ghana was bless with divine providence; "Heaven helps those who help themselves." "Kufuor has helped himself and God has parted his back." President Kufuor commended Mr Joseph Owusu Akyaw, Executive Chairman of Inter City Hotels Limited and owner of the Mall for his vision, which had led to the creation of 5,000 jobs.

He said, he knew of the project long ago, but thought he was over ambitious. "Now I know he is a visionary." President Kufuor said government had introduced Public/Private Partnership policy to develop the synergy for accelerated growth of the economy.

He said his Administration was also reforming the Public Sector to make it more responsive and supportive of the Private Sector. Mr Owusu-Akyaw said the project which he conceived in 1978 by acquiring a land in Accra was brought to fruition through collaboration with ACTIS, his foreign partners who provided the equity and Stanbic Bank who provided the debt financing.

Dr. Nkonsa Moyo of ACTIS said his outfit had more than six billion dollars in excess for similar developments in Africa. Mr. Kofi Ampong, Chief Executive Officer of Broll Ghana Limited, Managers of the Mall said the conducive business climate in Ghana created the fertile grounds for the project. 04 July 08