Announcement of Consultative Group for Ghana on July 16, 1970

f3ANt< FOR • 1818 H STREET, N.W., WASHINGTOl".J D. C. 2043.3 TELEPHONE: EXECUTIVE 3-6360 July 16, 1970 Subject: Consultative Group for Ghana The following announcement was· ~ade today by the European Office of the World Bank in Paris: "A meeting of the Consultative Group for Ghana was held at Marlborough House, London on July 15 and 16, 1970. This has been the fifth such meeting of countries and internati.onal organizations for the coordination of aid to Ghana and the first meeting q;eld under the chairmanship of the World Bank. Earlier meetings had been convened by the International Monetary Fund. "The meeting was convened at the request of the Government of Ghana, but pre- liminary to a comprehensive Consultative Group,meeting planned for autumn this year. ~ Its objective~ was to review Ghana's short-term development program and policies, and external financing requirements. "In addit:ion to the Bank, the International Monetary !\ Fund and Ghana, the follow- ing countries: were represented: Canada, France, Germany, Italy, Japan, the Nether- lands, Switzerland, the United Kingdom and the United States. The Uni~ed Nations Development Progranme (UNDP) was represented.by an observer. "The mee~ting reviewed Ghana gs present economic situation and0 proapects and noted that Ghana is fully justified in seeking to accelerate the pace of its development, a pace which should amply exceed the rate of population growth. To sustain more rapid growth Ghana needs domestic and external resources well above those available at present. "The Honorabl2 J. H. Mensah, Minister of Finance and Economic Planning, headed the Gbanai.=.in de 1 e~~t-i0I!: the meeting was conducted under the cha.irman- • E.nd. shipI _9f , Mr. A.G. El Emary on behalf of the International Bank for Reconstruction and Development." - 0 -