27.9 C
Wednesday, June 12, 2024
BusinessGhana and the African Development Bank ink $103m grant agreement


Ghana and the African Development Bank ink $103m grant agreement


Ghana and the African Development Bank have inked the Indicative Operations Programmes, mapping out projects slated for execution between 2024 and 2025.

The proposed initiatives span support for Small and Medium Enterprises, Agriculture, and Skills Development, incorporating digitalization efforts, with a total grant sum of US$103 million.

- Advertisement -

Additionally, they endorsed a five-year country strategy document for 2024-2029, delineating the sectors and initiatives to receive backing from the Bank.

During a signing ceremony held on the sidelines of the 2024 Annual General Meeting of the African Development Bank in Nairobi, Kenya, Finance Minister Dr. Mohammed Amin Adam praised the Bank’s unwavering dedication to the advancement of African nations.

- Advertisement -

Emphasizing the necessity of vigilant monitoring and supervision of projects to ensure efficient resource utilization from development partners, the Minister stressed the significance of scrutinizing projects before contractor certificates were issued to guarantee optimal value for Ghanaian citizens.

He expressed concern over delays in project fund disbursement by agencies, deeming it an intolerable situation warranting immediate rectification.

- Advertisement -

“I am committing to setting up a monthly review of all project loans and funds to be disbursed. The reports will inform us of challenges we face in the execution of these projects. We will then engage the relevant MDAs to see how we can solve these challenges for quicker disbursement,” he said.

Eyerusalem Fasika, the African Development Bank Country Manager, representing the Bank, highlighted that they have been extending assistance to Ghana through grants from the African Development Fund.

She underscored the Bank’s extensive stakeholder engagement, encompassing Civil Society Organizations, Ministries, Departments, and Agencies, the National Development Planning Commission, Private Sector Representatives, and other entities.

This collaborative approach aimed to gather diverse expert perspectives for incorporation into the Country Strategy Document.

“We needed inclusive and expert views since the Country Strategy Document is the people’s document, so their voices had to be captured.”

She reassured the government of the Bank’s dedication to building upon the successes outlined in last year’s Country Strategy Document, following the approval of this year’s document by the Board of Directors of the African Development Bank.

Highlighting the significance of document approval, she emphasized that it would pave the way for the release of funds in the third quarter of this year.

“This time around, we will be focused, selective, and will mobilize resources from other partners for identified projects. For the next five years, we will benefit from the African Development Fund resources,” the AfDB Country representative indicated.

Ms. Fasika also hinted at support from the Climate Action Window from the Climate Investment Fund for the Transitional Support Facility Prevention Envelope and other trust funds managed by the Bank.

“We will work with the Ghana Investment and Infrastructure Fund and the Public Investment and Assets Division of the Ministry of Finance to identify potential public sector partnership projects that can be presented at African Investment Forums,” she noted.

Present at the signing ceremony were Dr. Alex Ampaabeng, a Deputy Minister for Finance, Ghana’s Ambassador to Kenya, H.E. Damptey Bediak Asare, 2nd Deputy Governor of the Bank of Ghana, Mrs. Elsie Addo Awadzi, Officials of the Ministry of Finance, Bank of Ghana, and the Ghana Investment and Infrastructure.

Latest stories

I deserve an apology – Stonebwoy reacts to Shatta Wale’s rants over UG hall week fracas

Ghanaian reggae and dancehall artist Stonebwoy has finally responded...

Don’t interrupt the court’s work – Ambulance case judge tells lawyers

Justice Afia Serwah Asare-Botwe, who is presiding over the...

Ghana to receive US$1.7bn Afreximbank financing boost for economy

The nation’s economic prospects could receive a significant boost...

11 drown in River Oti, 5 missing after boat accident

On Tuesday evening, eleven people, including two minors, lost...

Schengen visa fees for Ghanaians increases by 12%

The European Commission, a body within the European Union...

Related stories

Ghana to receive US$1.7bn Afreximbank financing boost for economy

The nation’s economic prospects could receive a significant boost...

May 2024 records 25% to 23.1% drop in inflation

The inflation rate in Ghana slightly declined from 25%...

COCOBOD recorded GHC2bn profit in 2022/2023 – CEO

Joseph Boahen Aidoo, the Chief Executive Officer of the...

Dr. Bawumia promises credit facilities for farmers under his presidential leadership

To effectively empower farmers in the nation, Dr. Mahamudu...

Youth unemployment rate from age 15 to 24 stood at 7.16% in 2023 – AfDB

The African Development Bank (AfDB) indicates that Ghana's youth...

Ghana’s inflation currently stands at 23.1%

Inflation for May 2024 has seen a substantial decline,...


Please enter your comment!
Please enter your name here