World Bank Vice President calls on Kufuor

Accra, Oct. 11, GNA 96 President John Agyekum Kufuor on Wednesday granted audience to the Vice President of the World Bank, Mr Michael Klein and asked the Bank to look at the possibility of assisting Ghana with investment funding in the energy sector.

The country has programmed for implementation a hydro-electric dam project at Bui and a thermal plant to improve on the energy supply system.

President Kufuor said these projects were urgent and observed that going to the international capital market for funds for their execution could take some time, adding; 'Speed is of the essence and that is why alternatives must be explored'.

Mr Klein, who was in the country to launch the World Bank/International Finance Corporation (IFC) 93Doing Business Report=94, said there was a need for Ghana to carry out debt sustainability analysis.

He said although Ghana had made significant achievements by way of tax reforms and improvement in the handling of exports and imports, it could still improve on its performance to make the business environment more attractive to investors.

Mr Kwadwo Baah-Wiredu, Finance and Economic Planning Minister, later told journalists that the World Bank non-concessionary loan was better than commercial loan on the capital market.

The Minister said with the country's B+ sovereign credit rating, attainment of the Highly Indebted Poor Countries (HIPC) completion point and qualification for the Millennium Challenge Account (MCA), new channels were being opened for her.