- Ghana secures a significant financial boost for development projects
- A $103 million grant to be allocated over the next two years
- This collaboration could lead to the development of projects
Ghana has secured a significant financial boost for development projects, signing agreements with the African Development Bank (AfDB) during the Bank’s 2024 Annual General Meeting in Nairobi, Kenya.
$103 Million Grant and Five-Year Strategy
The agreements include:
- Grant: A $103 million grant to be allocated over the next two years (2024-2025) to support key sectors in Ghana, including:
- Small and Medium Enterprises (SMEs)
- Agriculture
- Skills Development (with a focus on digitalization)
- Five-Year Country Strategy: A five-year country strategy document outlining the specific sectors and projects the AfDB will support in Ghana from 2024 to 2029.
Focus on Efficient Project Execution
Ghana’s Finance Minister, Dr. Mohammed Amin Adam, stressed the importance of ensuring these funds are used effectively. He pledged to establish a system of monthly reviews to identify and address any delays in project funding disbursement.
AfDB’s Continued Commitment
The AfDB Country Manager, Eyerusalem Fasika, reaffirmed the Bank’s ongoing dedication to supporting Ghana’s development through grants from the African Development Fund. She highlighted several key points:
- The AfDB will build on the successes of the previous year’s country strategy document.
- Funds are expected to be released in the third quarter of 2024, upon approval by the AfDB Board of Directors.
- The AfDB will explore securing additional resources from other partners for identified projects.
- There is potential for collaboration with the Ghana Investment and Infrastructure Fund to develop public-private sector partnership projects.
Looking Ahead: Potential for Additional Support
Ms. Fasika also hinted at the possibility of further support from the Climate Action Window and other trust funds managed by the AfDB. This collaboration could lead to the development of projects suitable for presentation at African Investment Forums.
Signatory Representatives
The signing ceremony included key figures from both Ghana and the AfDB, such as:
- Dr. Alex Ampaabeng, Deputy Finance Minister of Ghana
- H.E Damptey Bediak Asare, Ghana’s Ambassador to Kenya
- Mrs. Elsie Addo Awadzi, Second Deputy Governor, Bank of Ghana
This agreement marks a significant step forward for Ghana’s development goals. The AfDB’s financial support and commitment to efficient project execution will be crucial in propelling growth in key sectors.
