Ghana Secures €82m Grant From German For Critical Sectors Devt

 

Germany has pledged to offer Ghana government a new and additional grant amounting to €82 million to develop critical sector of Ghana’s economy.

This follows two-day of negotiations hosted by the German Ministry of Economic Cooperation Development (BMZ) in Berlin in Germany from November 28 to November 29, 2022 with support from allied agencies such as Deutsche Gesellschaft Fur Internationale Zusammenarbeit GmbH (GIZ) and KFW Development Bank.

Some of the sectors to benefit include renewable energy development, financial sector strengthening, education and skills development, especially vocational and technical, digital transformation, food security, women empowerment and Micro Small Medium Enterprise Support.

Highlighting the significance of the support in a press release issued on December 2, 2022 by the Ministry of Finance and copied to DGN Online, Finance Minister, Ken Ofori-Atta described the support as a game changer.

He said “The Support given us to set up what will be a real game changer in Ghana’s financial architecture, Development Bank Ghana is commendable.”

Mr. Ofori-Atta described the grants “as timely” as given Ghana’s ongoing negotiations with the International Monetary Fund (IMF).

He explained that the DBG had been positioned to play countercyclical role in ensuring access to long-term and affordable capital in challenging economic times, similar to KFW role during the post war reconstruction of Germany.

He assured the gathering that the bank would adhere to strict highest corporate governance principles in order to ensure optimum shareholders value.

The Finance Minister seized the opportunity to thank Dr. Barbel Kofler, the Parliamentary State Secretary of the German Federal Ministry of Economic Cooperation snd Development for the gesture.

Speaking on behalf of Dr. Barbel Kofler, Christopher Rauf, the Director for Africa at BMZ assured Ghana of continuous privilege partnership status with Germany, culminating in the development of special Partnership Arrangement.

German was also committed to supporting Ghana’s arrangement with the IMF.

Ghana is seeking $3billion from the Fund to stablise it highly-indebted economy.

Minister of Finance, Ken Ofori-Atta led the delegation made of Osei Bonsu Amoah, MP, Deputy Minister of Local Government and Rural Development, Andrew Egyapa Mercer, MP and Deputy Minister of Energy, Gifty Twum Ampofo, MP, Deputy Minister of Education and Ghana’s Ambassador To German, Gina Ama Blay.

The next inter-governmental negotiation will take place in Accra in June 2023.

By Vincent Kubi

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