The governments of Ghana and Guyana have signed a Framework Agreement on Co-operation to actualise the growing strategic partnership between the two countries.
They also signed a number of Memoranda of Understanding (MoU) in the petroleum and investment promotion sectors in Georgetown, Guyana, at the end of a three-day visit by Vice President Dr Mahamudu Bawumia.
The Deputy Minister of Foreign Affairs and Regional Integration, Mr Thomas Mbomba, signed the Framework Agreement on behalf of Ghana and Mr Hugh Hilton Todd, the Guyanese Minister of Foreign Affairs and International Cooperation, signed for his country.
It was witnessed by the vice presidents of Ghana and Guyana, concluding in months of high level engagements between the two countries.
On behalf of the Petroleum Commission of Ghana, Mr Mbomba signed an MoU with the Ministry of Natural Resources of Guyana, represented by Vickram Bharrat, the Minister Responsible for Petroleum.
Mr Alex Dadey, the Board Chairman of the Ghana Investment Promotion Centre (GIPC), signed an MoU on Mutual Cooperation In Investment Promotion with the Guyana Office for Investment, represented by Peter R. Ramsaroop, the Chief Investment Officer and CEO, Guyana Office for Foreign and Local Investments.
Among other things, the parties to the Framework Agreement sought to promote co-operation and development of their resources by ensuring that the resultant programmes and projects were in accordance with the policy and development plan of the respective countries.
These would provide additional support to their internal efforts to attain the objectives of social and economic development.
The Co-operation includes exchange of information; professional training through exchange programmes of study and granting of scholarships for specialized technical courses; and implementation of joint projects of technical co-operation in areas of mutual interest.
Others are exchange of professionals and technicians; supply of equipment and materials needed for the implementation of specific projects; and any other form of co-operation to be agreed upon by the two countries.
The Agreement is valid for five years and shall be renewed automatically for successive periods of equal duration unless the Parties mutually agree otherwise or either of them terminates it in accordance with the provisions of the Agreement.
Under the Petroleum Pact, Ghana’s Petroleum Commission and the Ministry of Natural Resources of Guyana agreed to work with each other to achieve areas of collaboration in furtherance of the Framework Agreement.
The scope of collaboration covers Legal, Fiscal and Technical support services, non-Technical support and assistance, and any other petroleum related areas.
Among others, the Petroleum Commission is to use its expertise and resources to support Guyana to develop its national competencies to efficiently manage the petroleum sector; evaluate and establish future partnership opportunities with the Commission and other relevant entities in Ghana to ensure continued collaboration.
The Commission would also provide certain consultation and project management services and other activities.
The GIPC, on its part, has agreed to work with its Guyanese counterpart to create conducive relations to support trade and investment promotion activities in either countries.
The two parties also agreed to set up information sharing mechanisms to facilitate regular exchange of information on economic and trade developments including laws and regulations, policy measures, industrial standards and trends, market analysis reports, exhibitions and forums, and trade leads.