Ghana, AfDB sign $103m grant facility

Ghana and the African Development Bank (AfDB) have signed the Indicative Operations Programmes, delineating the slated projects for execution from 2024 to 2025.

The proposed initiatives encompass assistance to Small and Medium Enterprises, Agriculture, and Skills Development, including digitalization, totaling a grant amount of US$103 million.

Additionally, they ratified a five-year country strategy document for 2024-2029, delineating the sectors and projects to receive support from the Bank.

During a signing ceremony held on the sidelines of the ongoing 2024 Annual General Meeting of the African Development Bank in Nairobi, Kenya, the Minister for Finance, Dr. Mohammed Amin Adam, lauded the African Development Bank for its sustained dedication to the growth and development of African nations.

To ensure the effective utilization of resources from the country’s development partners, the Minister underscored the importance of rigorous monitoring and supervision of projects before certificates are signed for contractors, ensuring optimal value for the people of Ghana.

He expressed concern over the delay in disbursing project funds by agencies, deeming it an unacceptable situation requiring immediate change.

“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 order 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.

She added, “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.