Italy to cancel Ghana's debt

The Italian Government on Thursday said it would cancel the 36 million-dollar debt owed by Ghana once she reached the completion point of the Highly Indebted Poor Country (HIPC) initiative.

Senator Alfredo Mantica, Italian Vice Minister for Foreign Affairs for African and Middle East Affairs, who announced this said his government was willing to write-off the entire debt in line with its confirmed assistance to Ghana.

He was speaking at a meeting with Dr Gheysika Agambila, the Deputy Minister of Finance in Accra on Thursday.

Mr Mantica is leading an 11-member business delegation to Ghana to explore investment opportunities.

The delegation had already held talks with Sector Ministers of Roads and Transport, Food and Agriculture, Private Sector Development, Foreign Affairs, Works and Housing, private sector operators and the Senior Minister.

Senator Mantica said the renewed interest of Italy in the affairs of Ghana stemmed from the positive strides being made in the areas of good governance and the rule of law.

He said efforts would be made to step up bilateral relations in military and environment co-operation.

There would also be renewed consideration for more food aids to Ghana to enable her use the proceeds on projects.

Senator Mantica urged the Government to speed up the process of training for Small and Medium Enterprises for the programme to start in July.

Dr Agambilla said government was working to establish a strong link between its poverty reduction strategy and the budget to ensure rapid development.

The government had equally recognised the importance of increased domestic revenue generation to meet its programmes and this would be reflected in the budget, he said.

Dr Agambila said government was also making efforts to make the country a good investment destination in the West African Sub-Region.