Skip to main content

Germany commits €82m grant to economy

 


THE Government of the Federal Republic of Germany has committed to invest about €82 million in grants into critical sectors of the Ghanaian economy next year.

The German government made the commitment in Berlin last week after the end of bilateral negotiations on development cooperation between the two countries.

The grants are to be channeled into renewable energy development, financial sector strengthening, education and skills development, including technical, vocational education and training (TVET), digital transformation, governance, food security, female empowerment, and micro, small and medium enterprises (MSME) support.

A statement from the negotiations were hosted by the Ministry of Finance said the German Federal Ministry for Economic Cooperation and Development (BMZ) with the support of allied agencies such as the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ) and KFW Development Bank.

New grants

The statement said Ghana’s delegation for the two-day negotiations that opened on November 28, was led by the Minister of Finance, Ken Ofori-Atta.

It added that the next inter-governmental negotiations would take place in Accra in June 2023.

At the negotiations, the Government of Germany made new and additional grant commitments of €82 million towards critical sectors of Ghana’s economy including renewable energy development, financial sector strengthening, education and skills development (TVET), digital transformation, governance, food security, female empowerment, and MSME support.

It said Ofori-Atta commended the Parliamentary State Secretary of the German Federal Ministry of Economic Cooperation and Development, Dr Bärbel Kofler, for the smooth discussions.

He also described the grants as timely, given Ghana’s ongoing negotiations with the InternationalMonetary Fund (IMF).

DBG

He also commended the German government for supporting the establishment of the Development Bank Ghana (DBG).

The support given us to set up what will be a real game changer in Ghana’s financial architecture, the DBG, is very commendable,” the minister said, adding that the DBG has been positioned to play a countercyclical role in ensuring access to long term and affordable capital in challenging economic times, similar to what Germany’s KFW's role was during the post war reconstruction of Germany.

He also assured that the DBG would adhere to the highest corporate governance principles in order to ensure optimum shareholder value.

Privilege partner

Speaking on behalf of Dr Kofler, the Director for Africa at BMZ Christoph Rauf, revealed that Ghana would continue to enjoy a “privilege partner” status with Germany, culminating in the development of a special partnership arrangement with Ghana.

He also stated that Germany was committed to supporting Ghana's arrangements with the IMF.

Delegation

The statement said accompanying the Minister of Finance were the Deputy Minister for Local Government and Rural Development, Osei Bonsu Amoah, the Deputy Minister of Energy, Andrew Egyapa Mercer, the Deputy Minister of Education, Gifty Twum Ampofo, and Ghana’s Ambassador to Germany, Gina Ama Blay.

Labels:

Comments

Post a Comment

Popular posts from this blog

US-Based Doctor Supports Weija Leprosarium, Underprivileged Children In Ankaase With Cash & Food Items

 In a remarkable display of philanthropy, US-based medical practitioner, Dr. Kofi Kyei Sarfo, and the Sarfo family have made significant donations to support vulnerable communities in Ghana. During his visit to Ghana for the Christmas and New Year festivities, Dr. Sarfo and his family donated assorted food items and $5,000 to the Weija Leprosarium in Accra. This generous act aims to improve the lives of the inmates and support the tireless efforts of Rev. Father Andrew Campbell, founder of the Lepers Aid Committee. The donation to the Weija Leprosarium is a testament to Dr. Sarfo's commitment to giving back to his community. He praised Rev. Father Andrew Campbell for his selfless work in integrating cured lepers into society, emphasizing the need for continued support to ensure the well-being of the inmates. Dr. Sarfo encouraged others to follow in his footsteps, stating that every donation, no matter how small, can make a significant difference in the lives of the inmates. The don...
Post a Comment
Read more

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...
Post a Comment
Read more

Mfantsiman Girls to Host 65th Speech & Prize-Giving Day

  Mfantsiman Girls Senior High School is set to host the 65th Speech and Prize-giving Day and Homecoming from 14th to 16th March at Saltpond in the Central region. This year’s Speech and Prize-giving day is being hosted by the 2000-year group, and over 5000 old girls and students of Mfantsiman Girls are expected to attend the programme. Under the theme, ‘Leveraging New Media Technology to Optimize Girl Child Education,’ the event will emphasize the importance of harnessing technology to address the unique challenges faced by girls in accessing quality education, particularly in marginalized communities. By leveraging new media technology, we can create inclusive, interactive, and engaging learning environments that empower girls to reach their full potential. The theme will also serve as a call to action, encouraging students, educators, and stakeholders to explore innovative ways to integrate technology into girl child education, ultimately driving positive change and promoting a...
Post a Comment
Read more