Sub-Sahara Africa Finance Ministers meet in Burkina Faso

Accra, Feb. 20, GNA – Sub-Saharan Africa Finance Ministers are gathering in Ouagadougou, Burkina Faso, to update the status of their preparation of the Strategic Partnership Agreement (SPA), which seeks to create a convergence point of agreement between creditors and lenders concerning loans and grants.
     Briefing the Ghana News Agency in a pre-departure interview, Mr Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning, who is co-chairing the SPA Meeting, said the meeting was borne out of the need to have borrowers to be part of plans and projects outlined by the World Bank, International Monetary Fund and the African Development Bank (AfDB).
    Mr Hart Schafer, Acting Vice resident of the World Bank, Africa Region is the other co-chair.
     He explained that attempts had been made since 1987 for borrowers to be involved in shaping the programmes for grants and loans.
     Mr Baah-Wiredu said 16 other countries are attending the week-long meeting, whose technical session started on Monday.
     He said issues including the growth agenda, trade, deepening multi-donor budget support programmes will be top of the agenda.
     Ghana and the AfDB are expected to brief the meeting on plans to enhance the participation of the African stakeholders' participation in the ongoing activities for the working groups.
     Benin, Burkina Faso, Ethiopia, Ghana, Kenya, Mozambique, Rwanda, Senegal, Sierra Leone, Tanzania and Uganda are attending.
     Mr Baah-Wiredu said discussions would be held between Ghana and her development partners on closing the gap between the period loan and grant agreements were signed and disbursed.
     The Finance Minister said it took the World Bank two years between signing and disbursement of loans and grants and 27 months for the AfDB, adding that this situation must be addressed.
     Mr Baah-Wiredu said with the advent of new line of creditors such as China, India, Brazil and Russia, it was important for some strategic planning for the ensuing relationship.
GNA
20 Feb. 07