Business News of Monday, 4 December 2017
The Minister for Foreign Affairs and Trade of Hungary, His Excellency, Peter Szijjarto has pledged to ensure cooperation between Hungarian and Ghanaian companies to help develop the railways sector.
The Minister indicated that credit lines of 140 million euros were available for Ghanaian businesses for joint venture projects with a minimum of 50 per cent Hungarian participation. He also indicated that Hungary had was offering 100 scholarships to Ghanaian students and indicated that the railway sector could benefit tremendously from the expertise and training in Hungary. This was the outcome of a meeting held with Honorable Joe Ghartey, Minister for Railway Development in Accra on Friday December 1, 2017.
The Hungarian Minister stated further that Hungarian companies have expertise in several areas relevant for running an efficient and effective railways sector including technology, security and safety.
Hon Joe Ghartey briefed the Minister on Ghana’s programme for developing a modern rail network. He briefed the Minister that as part of the first phase, the country was focusing on the Western Line from Sekondi Takoradi to Kumasi, the Eastern Line from Accra Tema to Kumasi and the Central Spine from Kumasi to Paga. The Hungarian Minister was further briefed on the Tema to Akosombo Line and steps being taken to construct a railway line from Accra to Ouagadougou.
The Hungarian Minister retreated that Hungary was interested in being part of what he described as a good project. He indicated that the Hungarian government had taken a number of bold decisions including reducing corporate tax to 9 per cent, which had led to a number of major corporations setting up in Hungary. He therefore encouraged the Minister for Railways Development in Ghana to carry out the bold initiative for the sector.