SPANISH AMBASSADOR PAYS COURTESY CALL ON HONOURABLE MINISTER

The Spanish Government has cancelled Ghana’s debt of US$ 44.36m, a debt contracted by Ghana before 31st December, 2003 and which otherwise should be paid up (principal and Interest inclusive) by 6th February, 2014.

Under a debt swap agreement submitted by the Spanish Government, it is proposed that 40% of the total debt relief would be deposited in a Trust Fund by GoG and the remaining 60% would be channeled into programmes and projects to boost economic growth and development.

This was disclosed by the Spanish Ambassador to Ghana, Her Excellency Julia Olmo when she paid a courtesy call on Honourable Minister of Finance and Economic Planning, Kwadwo Baah Wiredu in his Office.

The Ambassador expressed the hope that the Parliament of Ghana would ratify the Avoidance of Double Taxation Agreement to promote trade between the two countries.

Welcoming the Ambassador, the Honourable Minister said Spanish assistance to Ghana’s development efforts has been in the form of concessionary facilities and grants and is guided by the Development Aid Fund (FAD), managed by the Spanish Ministry of Industry, Trade and Tourism.

The health, education, agriculture, water and roads sectors have mostly benefited. A loan of € 60million has been secured for the Ghana Police Service, Ghana Immigration Service, the Ministries of Transportation, Food and Agriculture, Health, Energy, Water Resource, Works and Housing.

The Minister added that Ghana has built four well equipped Stadia and would be grateful if arrangements could be made for the Spanish teams to come and use these facilities here in Ghana.

He finally thanked the Spanish government for their immense support for the country and assured them that when Parliament resumes in May they would see to the ratification of the Prevention of Double Taxation Agreement.

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