STRATEGIC COOPERATION AGREEMENT BETWEEN MINISTRY OF FINANCE & ECONOMIC PLANNING, GHANA NATIONAL PETROLEUM COOPERATION AND CHINA DEVELOPMENT BANK

The Ministry of Finance and Economic Planning, Ghana National Petroleum Corporation and the China Development Bank (CDB) yesterday signed a Strategic Cooperation Agreement to support Ghana with financing to accelerate the development and utilization of Ghana’s oil & gas resources.

The financing agreement aims at establishing a long-term cooperation in critical areas of Ghana’s development such as energy, agriculture, transportation, manufacturing as well as the development of other critical oil industry infrastructure.

Through this agreement CDB will support GNPC to accelerate and optimize the development and utilization of national oil and gas resources and their proper integration into sustainable national development. Ghana – China cooperation will enable the development of national capacity and infrastructure in the production, processing, transportation and marketing of oil and gas. It will ensure that oil and gas development supports rather than undermine other productive sectors.

Through this agreement CDB will also directly support priority agricultural, industrial and infrastructural investments that create sustainable jobs and equitable growth.

The Minister for Finance and Economic Planning Honorable Dr. Kwabena Duffuor, signed on behalf of the Government of Ghana, whilst Nana Boakye Asafu Adjaye signed for GNPC. Mr. Zhao Jianping signed for CDB.

The Minister said, “the Government of Ghana welcomes investors to work hand in hand with Ghana in the development of the country’s hydrocarbon resources as well as other sectors of our national economy. The signing of this agreement is a boost to this effort”.

The Chief Executive of GNPC Nana Boakye Asafu Adjaye says “GNPC is excited to have been able to contribute to securing financing for building critical petroleum infrastructure that enables Ghanaians to derive maximum benefit from their national petroleum resources”

He said the signing of this agreement is a clear indication of how attractive Ghana has become as an investment destination.

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