Germany to support Ghana economy with €86.5m

Foreign AidThe Government of Germany will over the next two years support Ghana with a grant of € 86.5 million in four priority areas of development cooperation to ensure sustainable economic development.

The support covers technical cooperation programmes to the tune of €35.5 million and €51 million for financial cooperation projects.

Dr. Stefan Oswald, Director General for the Marshall Plan with Africa, Displacement and Migration at the German Federal Ministry for Economic Cooperation and Development, announced this to journalists in Accra, after concluding an intergovernmental negotiating meeting with officials of Ghana in Accra.

He explained that the agricultural sector would receive six million to finance market-oriented programmes and €39.5 million would be allocated to programmes in governance.

A total of €13 million, he said, would support in sustainable economic development, while €16 million would go into Africa Trade Insurance.
€5 million Euros would be spent on the establishment of two state-of-the-art vocational training centres.

Dr Oswald said the recycling and disposal of waste of electrical equipment in an environmentally sound way would receive five million Euros, whereas €2 million has been dedicated for the Study and Expert funds.

He stated that, “Germany’s support to Ghana is geared towards improving the environment for private investment in line with the vision of the Marshall Plan with Africa and the African Union’s Vision 2063”.

“For that purpose, Germany would continue to support Ghana in the areas of good financial governance and accountability at all levels of government.

“The ultimate goal of all efforts towards more private investments and job creation is to eliminate poverty and inequality in Ghana in line with the Sustainable Development Goals”.

Dr Oswald urged the Government to create the enabling environment, including administrative and legal regimes, to enable businesses to thrive.

Mr Christoph Retziaff, the German Ambassador to Ghana, said the new substantial and increased commitment underlined the fact that Ghana was a key partner of Germany in Africa, adding that his government was committed to strengthening its cooperation with Ghana.

He recalled that Ghana had since the establishment of diplomatic relations with Germany enjoyed the support and cooperation of the Government and People of Germany in the areas of social, economic and political development.

Mr Retziaff stated that the development cooperation constituted the centrepiece of the bilateral relations, adding that the Technical and Economic Cooperation Agreement had yielded over €1.6 billion in projects and programmes aid to Ghana since 1960.

“Both countries will now meet every two years, dubbed, ‘Ghana-Germany Bilateral Negotiations’ to review the achievements under the cooperation; recount the opportunities and discuss the challenges in the implementation of ongoing interventions, funded by Germany,” he said.

Madam Abena Osei-Asare, a Deputy Minister for Finance, thanked the Germany for their continuous support to Ghana and assured the German delegation of Ghana’s unflinching commitment to the tenets of their bilateral cooperation.

She reiterated the Government’s resolve towards pursuing policies aimed at growing the economy, sustaining the gains made over the last twenty-one months and working towards achieving the Ghana Beyond Aid vision.

Source: GNA

Leave A Reply

Your email address will not be published.