Announcement of One Million Three Hundred Thousand Dollar Credit to Ghana on September 24, 1969

• INTERNATIONAL DEVELOPl\ffiNT ASSOCIATION 1818 H STREET, N.W .. WASHINGTON D. C. 20433 TELEPHONE: EXECUTIVE 3-6360 IDA Press Release No. 69/32 Subject: $1.3 million credit to Ghana September 24, 1969 A credit equivalent to $1.3 million announced today by the International Development Association (IDA) will assist Ghana in carrying out the first stage uf c:i luu~-i..t!nn pian to expanci che fishing inauscry. ·.the project inciuctes the addition of about 40 purse seine fishing vessels for inshore fishing an.rl harbor s~udies for future fishing port development. Increased production will save for~ign exchange expenditures by reducing the country's imports of fish, and contribute to the improvement of nutrition since fish is Ghana's chief source • of animal protein • Ghana is favorably located in relation to the Atlantic deep-sea fishing g~ounds off west Africa and its coastal waters are rich in fish. It has be- come one of the largest producers and consumers of fish in tropical west Africa. Ghanaians are enterprising and skilled fishermen and since 1961 production has increased threefold to 92,000 tons annually. In spite of this increase Ghana imports 20,000 tons of fish a year. Inshore fishing, mainly by 10,000 dugout canoes and over 200 mechanized plank-built vessels, accounted for over two-thirds of the country's catch. First priority has been given to expanding the inshore fishing fleet by the aGdition of improved modern vessels which will be built in Ghana by the Boat~ yards Division of the Ghana Industrial Holding Corporation. The Boatyards Division will also be strengthened with the assistance of a naval architect • and a production expe·rt being financed by the United Nations Development /more IDA Press Release No. 69/32 - Ghana • Fishing Industry - 2 - Programme. Credit for the purchase of vessels by fishermen will be available through the Agricultural Development Banko The harbor studies to be carried out will provide the basis on which decisions can be made for future fisheries port development, both by improving facilities at the port of Terna and by pro- VJ.ding facilities at another port to be selected. "'...,,...,.;,..._,.. ... -··- t-ho '-'""'l _________ '°"u _ 4 u!2 l ont- nf! ~?':\mil- - - T-•- -• .. - r ....... .,--- lien. The Government will provide $560,000 of the local currency expenses and about $430,COO will be provided by the fishermen as down payments under hire- purchase contracts and as working capital for operation of the vessels. The $1..3 million IDA credit will cover the cost of imported engines, nets and other equipment and the foreign exchange costs of consultants' services and technical assistance. The IDA credit ~ill be for a term of 50 years, including a 10-year grace • period. It will be free of interest but a service charge of 3/4 of 1% will be rnqde to cover IDA's administrative costs. The project was prepared with the assistance of the Food and Agriculture Organization of the United Nations under the Bank/FAO Cooperative Program. - 0 - •