Ghanaian Government has commended the African Development Bank over its support to boost the West African nation’s efforts to consolidate her economy.
This was disclosed by
the Ghanaian Vice President, Mahamudu Bawumia, while welcoming a team of the bank’s executive directors and senior officials on an official visit to the country.
The vice president itemised various African Development Bank-supported projects, especially in the areas of infrastructure, agriculture and technical innovation, as examples of interventions that have helped to boost the government’s efforts to consolidate the economy.
“These areas are very critical for us and we are happy to have the support of the African Development Bank. You have been in the trenches with us, but with your interventions things are going well,” Bawumia said.
The vice president said Ghana’s economy has begun to show great potential following three years of bold fiscal policy reforms, which included the adoption of a law capping fiscal deficit at five per cent of the Gross Domestic Product (GDP) as part of measures to enhance debt sustainability and win investors’ confidence.
According to him, “The reforms were not easy decisions, but we were able to accomplish the mission. We are all living witnesses to the benefits today.
“All the indicators are in the right direction – macroeconomic conditions have stabilised; agriculture is doing well; interest rates have gone down; while inflation has also gone down to its lowest since 1992.”
Ghana is looking to the bank for investment in an integrated aluminium industry, using the country’s large bauxite deposit as raw materials.
The bank is also expected to support Ghana to tackle climate change in line with the bank’s crosscutting interventions.
African Development Bank’s current portfolio in Ghana is channelled through various projects aimed at job creation, economic inclusiveness, macroeconomic stability and industrialisation.
Key financing for development to the country includes mobilising a seven-year $600 million syndicated receivables-backed loan for Ghana Cocoa Board to improve productivity and domestic value addition; approval of the first phase of the Easten Corridor Road Project estimated at $102 million; and an urban transport project entailing the construction of a three-tier interchange.
African Development Bank’s delegation led by its Executive Director for Nigeria and Sao Tome and Principe, Bright Okogu, met local authorities, the private sector, civil society organisations and other development collaborators.
Speaking on behalf of the bank, Okogu commended Ghana for her newly constructed Terminal 3 facility at the Kotoka International Airport, which was partly financed by the African Development Bank.
“We flew in through the airport and we are pleased about what we saw,” said Okogu, who is also the Dean of the bank’s Executive Directors.
On Monday, the African Development Bank’s officials met with the Governor, Bank of Ghana, Ernest Addison, who briefed them on the country’s assessment of the likely impact of Coronavirus on Ghana’s economy.
The officials also held a meeting with the Minister of Finance, Ken Ofori-Atta, who is also a Governor of the African Development Bank Group.
Other members of the delegation are: Executive Director, representing The Gambia, Ghana, Liberia, Sierra Leone and Sudan, Kenyeh Barlay; Executive Director, representing Egypt and Djibouti, Ahmed Zayed; and David Stevenson, representing Canada, China, Korea, Turkey and Kuwait.
The bank’s Director-General for West Africa, Marie-Laure Akin-Olugbade and Acting Country Manager Sebastian Okeke were also part of the delegation.
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