At the Chateau de la Mueste in Paris representatives of Ghana's major western creditors today (Wednesday) were attending a meeting of the Organisation of Economic Cooperation and Development (O.
At the Chateau de la Mueste in Paris representatives of Ghana's major western creditors today (Wednesday) were attending a meeting of the Organisation of Economic Cooperation and Development (O.E.C.D.), chaired by the International Monetary Fund (IMF), to discuss their aid policies with Ghana's Commissioner for Economic Affairs, Emanuel Omabee.
The countries attending the meeting are the United States, Britain, Canada, France, West Germany, Denmark, Italy, the Netherlands, Norway, Switzerland and Japan.
The discussions, which began yesterday and end tomorrow (Thursday), include a close study of Ghana's balance of payments deficit and technical assistance needs. Last year the deficit was estimated at some GBP37,500,000 sterling (90 million dollars) and this year it is reported that Ghana is projecting a deficit of about GBP25 million sterling (60 million dollars). It is also expected that the meeting will consider the formation of a Consultative Group for Ghana chaired by the World Bank instead of IMF. If this project goes through, it is hoped that the new Group could arrange for economic aid to Ghana to be planned and pledged on three and four-year plans.
This is the fourth such meeting to be held by Ghana's creditors since the overthrow of Dr. Nkrumah in 1966 revealed the enormous extent of the country's economic problems and international debit.