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Ghana, AfDB sign $103 million Grant Facility

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Ghana has entered into an agreement with the African Development Bank, formalizing the Indicative Operations Programmes which detail the initiatives set for execution from 2024 to 2025.

The initiatives in question aim to bolster Small and Medium Enterprises, the Agricultural sector, and Skills Development, with an emphasis on digitalization, supported by a grant totaling US$103 million.

Additionally, a strategic plan for the country covering the years 2024 to 2029 was ratified, specifying the sectors and projects to receive backing from the Bank.

During a ceremony coinciding with the African Development Bank’s 2024 Annual General Meeting in Nairobi, Kenya, Finance Minister Dr. Mohammed Amin Adam praised the Bank for its steadfast support of African nations’ progress and prosperity.

Dr. Adam underscored the necessity of rigorous project oversight and evaluation prior to the issuance of completion certificates to contractors, to guarantee the judicious use of funds provided by Ghana’s development allies and to deliver value to the Ghanaian populace.

He expressed concern over the delayed disbursement of project finances by agencies, labeling it as a situation that must be promptly addressed.

amin afdb 1 Channel1 News Ghana, AfDB sign $103 million Grant Facility

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

The African Development Bank Country Manager, Eyerusalem Fasika, who signed on behalf of the African Development Bank noted the Bank has been providing support to Ghana in the form of a grant under the African Development Fund.

According to her, the Bank had a varied stakeholder consultation including CSOs, MDAs, NDPC, Private Sector Representatives and other institutions to solicit expert opinions for inclusion in the Country Strategy Document adding that, “we needed inclusive and expert views since the Country Strategy Document is the people’s document so their voices had to be captured”.

She assured the government of the Bank’s commitment to building up on earlier achievements of last year’s Country Strategy Document after this year’s document had been approved by the Board of Directors of the African Development Bank.

The approval of the document, she underscored would lead to the subsequent release of funds in the third quarter of this year.

“this time around, we will be focused, selective and will be mobilising resources from other partners for identified projects, and 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 Transitional Support Facility Prevention Envelope and other trust funds managed by the Bank.

“so we will again work with the Ghana Investment and Infrastructure Fund and the Public Investment and Assets Division of the Ministry of Finance to come out with 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.

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