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US Treasury Secretary
Paulson to visit Ghana
Washington, November 9, Ghanadot - Mr.. Ahmeed M. Saeed,
Deputy Assistant Secretary for Africa and the Middle East
met with reporters in Washington today to brief them on the
pending visit of US Treasury Secretary, Mr. Henry M.
Paulson, to three countries in Africa, beginning November
15, 2007.
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The countries selected for the visit were Ghana, South Africa
and Tanzania, the deputy assistant secretary said.
The reason for the visit, according to Mr. Saeed, was to
"highlight the continent as a place where sound economic
policies put in place for half a decade or longer are”
beginning to show positive results and real successes.”
The continent, he said, “has shown a “high growth rate and
the lowest inflation rate in 30 years… a growth that also
seems to be trickling down faster.” |
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Treasury Secretary, Mr. Henry Paulson |
Mr. Saeed indicated that there were numerous challenges ahead
for Africa, but admitted that Africa was also a place where
"real successes have been achieved in poverty alleviation…
particular in those countries that have done the right
things" by way of implementing sound economic policies and
good governance.
Twenty-three out of 48 countries "are seeing high rate
growth" in their economies, Mr. Saeed said. Average per
capita growth, he said, “has increased to 3.8% or more in
some places and that the IMF was projecting a growth rate of
4%" for next year.
In order to draw attention to this successes, Mr. Saeed said
the Treasury Secretary Mr. Paulson, would be traveling to
the three countries mentioned where "a robust and sustained
track record of doing the right things have been achieved.”
Mr Saeed cited Ghana as one example of the positive
performances on the continent. Ghana, he said, “has just
issued a 10 year bond, the first West African country” to
access successfully the international capital markets with
her sale of a $750m Eurobond.
He briefly spoke about the America’s MCC compact with Ghana
which he said was going very well, and where a lot of work
had been done in the background which would soon start
coming to fruition beginning early next year.
Mr. Paulson's visit to the continent, he said, would
encourage some critical aspects of America's commitment to
the continent; the need to spread the benefit of growth, the
importance of the development of robust and sound financial
sector, infrastructure building, and the significance of a
sustainable drive for development.
Mr. Paulson's first stop would be in Arusha Tanzania, then on
to Cape Town, South Africa where he would attend the meeting
of G-20 Finance Ministers and Central Bank Governors, to
take place from November 17 to 18 in Kleimond, South Africa.
On November 19, Secretary Paulson “arrives in Ghana to meet
with President John Kufuor.” He would also serve as the
co-host, with Ghanaian Finance Minister Kwadwo Baah-Wiredu,”
at a meeting with private-sector financial leaders on
financial sector development in West Africa.
In Ghana, Mr. Paulson would visit the Akosombo Dam which
supplied 50% of the Ghana's energy needs. He would use the
occasion to talk about the “critical role of infrastructure
in fostering development.”
Question about the spreading Chinese presence on the
continent came up, to which Mr. Saeed answer was that both
America and the African states viewed the occurrence as
something positive in that it "broadened the source of
funding" for development in Africa.
He pointed out; however, that America's commitment for
development in Africa was higher than ever. Since 2004, the
US, he said, “has committed 7 billion dollars within ten
years” for development in Africa, a sum greater that what
was promised at the
G8 Summit
that took place at Gleneagles Hotel, Perthshire,
Scotland on 6 to 8 July 2005.
Secretary
Paulson returns to the US after his stop Ghana.
Ghanadot, November 9, 2007
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