Japan Promises To Resume Giving Ghana Loans

Japan has agreed to resume the Yen Loan portfolio that was withdrawn following the decision by Ghana in the early 2000s to go HIPC. Responding to President John Mahama’s request during a bilateral meeting ahead of Saturday’s opening of the 5th TICAD Summit, Japanese Prime Minister, Shinzō Abe said they will commence preparatory works towards the resumption. He noted that Japan continues to attach great importance to Ghana’s economic achievements and “the fact that your country is a strong model for other African countries.” Making a case for the resumption of the Yen Loan Portfolio, President Mahama said while Japan has been a major contributor to his country’s developmental efforts, the withdrawal of the Yen Loan left a huge gap especially in the development of infrastructure. He thanked Japan for the various grants and other forms of aid received over the years, noting that in March and May of this year alone, two grants to support farmers and the health for all programs, and an agreement to enhance power production have been signed. President Mahama expressed his appreciation to Japan for the organization of the Tokyo International Conference on African Development (TICAD). He informed Mr. Abe of Ghana’s offer to host the next Ministerial meeting of the TICAD in Accra. Prime Minister Abe in his response recognized Mr. Mahama’s personal relationship with Japan because of his work with the Japanese Embassy in Accra and thanked him for the offer to host the TICAD Ministerial Meeting. He also confirmed that Japan is looking at the request from Ghana to support portions of the Eastern Corridor Roads Project, and indicated his government’s “high hopes for the Mahama administration and the strengthening of relations”.