Accra, June 30, GNA - Ghana and Belgium have signed an agreement in Brussels for the avoidance of double taxation between them with effect from this month.

Professor George Gyan-Baffour, Deputy Minister of Finance and Economic Planning, singed on behalf of Ghana while Mr Mark Geleys, Director General for Bilateral Affairs of the Belgian Ministry of Foreign Affairs, signed on behalf of the Belgian government. A statement issued by the Ministry of Finance and Economic Planning in Accra on Thursday stated that economic relations between the two countries dated back decades ago and both countries had maintained bi-lateral contact since then.

The statement said the economy of Ghana had been stabilized in the last four years through prudent macro-economic policies, with inflation at a five-year low and growth at an average of more than five per cent per annum.

Prof. Gyan-Baffour called for increased strengthening of bi-lateral cooperation between the two countries and expressed the hope that the signing of the double taxation agreement would be mutually beneficial to both countries to attract and increase Belgian investment in Ghana. The Deputy Minister said all economic indicators showed that the socio-economic environment in Ghana was now very conducive for private investment.

He called on Belgian businessmen to consider more investment in the areas of salt production, adding of value to metallic products, processing of cocoa and other agricultural products.

The statement said Prof Gyan-Baffour also participated in the 30th session of the African, Caribbean and Pacific - European Commission (ACP-EC) Council and signed the revised Cotonou Partnership Agreement between the ACP Group of States and the European Union in Luxembourg. 30 June 05