Japan to re-open Yen Loan to Ghana

Ghana will again be able to benefit from the Japanese yen loan portfolio that was withdrawn following the decision by the country to go HIPC in 2001.

Japanese Prime Minister, Shinzo Abe, said his country will begin preparatory works towards the resumption of the loan.

It follows an appeal by President John Mahama, who is in that country for the 5th Tokyo International Conference on African Development (TICAD).

Making a case for the resumption of the loan portfolio, President Mahama said while Japan has been a major contributor to his country's developmental efforts, the withdrawal of the loan left a huge gap especially in infrastructural projects.

He expressed gratitude to Japan for the various grants and informed Mr. Abe of Ghana's offer to host the next ministerial meeting of the TICAD in Accra.

The first Tokyo Conference was held in 1993 and ushered in a continuing process of support for Africa and consensus-building around African development priorities. That process was bolstered with a second Tokyo conference in 1998.

TICAD has become a major global framework for Asia and Africa to collaborate in promoting Africa's development.

Source: Joy Online