- Ghana is set to receive a $103 million grant from the African Development Bank
- The grant is part of a broader agreement between Ghana and the AfDB for the next five years
- Finance Minister emphasized the importance of efficient project
Ghana and the African Development Bank (AfDB) have signed an agreement that will see the country receive a $103 million grant to support small and medium enterprises (SMEs), agriculture, and skills development, including digitalization initiatives.
The agreement, outlined in the Indicative Operations Programmes for 2024-2025, was signed alongside a five-year country strategy document defining areas of collaboration between Ghana and the AfDB from 2024 to 2029.
Ghana’s Finance Minister, Dr. Mohammed Amin Adam, commended the AfDB’s commitment to African development and emphasized the importance of effective project monitoring to ensure value for money. He pledged to establish monthly reviews to address disbursement delays and expedite project execution.
The AfDB Country Manager, Eyerusalem Fasika, reiterated the Bank’s ongoing support for Ghana through the African Development Fund. She highlighted a collaborative approach to the country strategy document, incorporating insights from civil society organizations, government ministries, and private sector representatives.
Following Board approval, the $103 million grant is expected to be released in the third quarter of 2024. Ms. Fasika also hinted at additional support through the Climate Action Window and other AfDB trust funds.
The signing ceremony included representatives from Ghana’s Ministry of Finance, Bank of Ghana, and Ghana Investment and Infrastructure Fund, solidifying a partnership for future investment opportunities.
