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Ghana to receive €40 million from EU

March 1, 2019

 

Ghana has signed a €40-million budget support agreement with the European Union (EU).

 

The grant is to support the country's national development framework, which focuses on jobs as a means to create prosperity and opportunity for all, thereby contributing to the achievement of the Sustainable Development Goals (SDGs). The Minister of Finance, Mr Ken Ofori-Atta, signed on behalf of Ghana, while the Ambassador of the EU Delegation in Ghana, Ms Diana Acconcia, signed on behalf of the EU.

 

Mr Ofori-Atta said yesterday’s signing was the last tranche of the €323 million the EU offered Ghana under the 11th National Indicative Programme covering 2014 to 2020 as part of the Economic Partnership Agreement (EPA).

 

He said many programmes and policies of the government were targeted at job creation and building an enabling environment for businesses to thrive.

He said the support from the EU was apt and encouraged other groupings to follow the EU’s leadership.

 

Mr Ofori-Atta said Ghana’s credential as a beacon of democracy and pillar of stability in Africa was one of its defining features, as political stability and deepened democratic governance provided the congenial atmosphere and great opportunity to implement long-term policies, as well as develop local and international partnerships.

 

The Finance Minister indicated that the country’s adoption of a new approach to economic management to restore macroeconomic stability had improved the fiscal indicators considerably, since the slippages at the end of 2016.

 

He said since assuming office in 2017, the government’s unrelenting quest for the promotion of investments and entrepreneurial job creation had been evidenced through its policies and programmes and the establishment of a Ministry for Business Development.

 

“The ministry’s National Entrepreneurship Innovative Plan (NEIP) in 2018 trained over 7,000 entrepreneurs, with 1,350 being provided with financial support to strengthen their businesses, while another 10,000 are expected to be trained in 2019, with 2,000 beneficiaries being supported financially,” he said.

 

Mr Ofori-Atta said the support by the EU complemented the government’s efforts, especially the interventions towards decentralisation which, among others, facilitated the development of national and local economic development policies, adding that they also had the potential to contribute to advancing President Nana Addo Dankwa Akufo-Addo’s vision of a Ghana Beyond Aid.

 

He also commended the EU for its innovative budget support methods.

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