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November 13, 2006
Veep worried over adverse effect of
high fuel prices on economy
Accra, Nov.14, GNA- The Vice President, Alhaji Aliu Mahama
on Tuesday observed that the recent price hikes of crude oil
is threatening the macro-economic gains, which the country
had recorded within the past three years.
"These gains include a phenomenal lowering of inflation from
over 50 per cent in 2001 to almost a single digit by the end
of 2005. This feat and associated benefits were quickly
undermined by the steep rise in crude prices on the world
market at the beginning of this year," he said.
Alhaji Mahama was speaking at the end of a two-day Regional
Workshop on Financing of Bio-Fuels and Jatropha Plantation
projects in Accra, on the theme: "Financing Bio-Fuels and
Jatropha Plantation Projects With Special Emphasis On Clean
Development Mechanisms."
He said Ghana was determined to develop renewable energy as
an alternative source to crude oil, adding that: " The focus
is on bio-fuel, solar, wind and hydro energy."
He said such a project in West Africa would promote further
cooperation between the Economic Community of West African
States (ECOWAS) to reduce the stress on the fragile
economies of the Sub-Region and free funds for investments
in infrastructure and social services.
The Vice President said the creation of a Bio-Fuel Fund for
Africa would be the first step to help the continent to
develop the quest to reduce the use of fossil energy in
favour of cleaner sources of energy.
The workshop was organised by the United Nations Conference
on Trade and Development (UNCTAD) and the ECOWAS Bank for
Investment and Development (EBID) with collaboration and
support of the Common Fund for Commodities.
The workshop was aimed among other things at consolidating
strategies and adopting a regional approach for the
promotion and development of bio-fuels in Africa.
Professor Dominic Fobih, Minister of Mines, Lands and
Forestry said the Indian government had committed 250
million dollars towards the development of bio-fuel in
Africa.
He said the over 200 participants at the workshop had helped
to streamline the successful initiatives in the development
of bio-diesel to replace fossil fuel.
Mr Olle Ostensson, UNCTAD Chief Director of Commodities
Branch, acknowledged Ghana's leading role in encouraging
Jatropha plantation.
Bio-diesel is obtained from the conversion of natural oils
such as vegetable oils and animal fats. Jatropha oil has
been found to produce very high quality bio-diesel.
Mr Ostensson said by 2030 over million people in Africa
would live without electricity, hence the need for the
continent to explore alternative sources of energy at the
backdrop of climatic changes, which has the potential of
undermining industrial output.
Mr Christian Adovelance, President of the Bank of ECOWAS
said in a speech read on his behalf that the increase of
fuel prices from 40 dollars to 70 dollars within the past
two years had affected industrial output and led to high
budgetary commitments from governments in the Sub-Region.
GNA
JA/GA
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