§ 58. Mr. Tilneyasked the Secretary of State for Trade and Industry what is the liability likely to fall on the Export Credits Guarantee Department from the partial default by Ghana on her debts to United Kingdom companies.
§ Mr. Anthony GrantThe recent statement by the Chairman of Ghana's National Redemption Council about future payment of Ghana's external debt could involve E.C.G.D. in the payment of further claims amounting to £42 million.
§ Mr. Cordleasked the Secretary of State for Trade and Industry (1) what has been the total of United Kingdom imports from Ghana in each of the past five years; and what have been the principal items;
(2) what has been the total of United Kingdom exports to Ghana in each of the past five years; and what have been the principal items.
§ Mr. Anthony GrantFigures for total imports and exports for the years 1967 to 1970 are published in tables 274 and 275 respectively of the Annual Abstract of Statistics 1971. For 1971 figures of imports and exports in total and by Division are given in Tables II and V respectively of the December, 1971, issue of the Overseas Trade Statistics.
§ Mr. Cordleasked the Secretary of State for Trade and Industry what estimates he has of the amount of trade credit at present owed by Ghana to business in the United Kingdom, of the arrears in payment, and of the liabilities of the Export Credits-Guarantee Department in this respect.
§ Mr. Anthony GrantThe amount owed by Ghana in respect of export credit insured with the Export Credits Guarantee Department is some £76 million. This includes medium-term credits which have already been rescheduled, and on these an additional £10 million is owed in moratorium interest.
Firm information about outstanding credit not insured with the Department 202W is not available but I understand that £15 million-£20 million represents the likely order of magnitude.
All these totals include credit payments which have already been rescheduled. payments which have yet to fall due, and arrears in payment. The arrears now stand at some £11 million for insured credits and an estimated £6 million or so for uninsured.
§ Mr. Cordleasked the Secretary of State for Trade and Industry what steps he has taken or proposed to bring about an expansion of trade between the United Kingdom and Ghana, including the development of the United Kingdom market for Ghana timber, tobacco and manufactured goods.
§ Mr. Anthony GrantOur exports to Ghana have been increasing. It is primarily for Ghanaian exporters to decide how to produce goods suitable for the United Kingdom market.