Accra, May 14, GNA - Vice President John Dramani Mahama returned home on Thursday from Dakar, Senegal, where he attended the 44th meeting of the African Development Bank (AfDB) that dwelt on Africa's preparedness toward mitigating the effects of the global credit crunch. Vice President Mahama represented President John Evans Atta Mills, who had been invited as the guest of honour. Briefing journalists on arrival, the Vice President said the issue of south-south cooperation was discussed at the meeting, adding that, it was agreed that there was the need for African countries to look to each other for help instead of depending on the West for assistance. Vice President Mahama said the meeting also agreed that Africa was affected in terms of remittances from Western countries as a result of the credit crunch., adding that if Africa did not take action to mitigate the financial crisis, it was estimated that gains of the past two decades would be lost.

Mr Mahama said the AfDB also agreed to collaborate with the international community to mitigate the effects of the credit crunch in Africa.

The Vice President said the AfDB agreed to invest in the agriculture sector in Africa because this was an ideal time for such an investment, adding that it would also go a long way to help mitigate the world food crisis. He said the AfDB agreed to start increasing project financing and budgetary support to Ghana.