Home News AfDB signs $102.59 million grant to support Ghana’s Budget

AfDB signs $102.59 million grant to support Ghana’s Budget

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The African Development Bank (AfDB) has signed a 102.59 million-dollar grant with Ghana to support the country’s budget.

The grant, which falls under the Fiscal Consolidation and Economic Recovery Program, (FISCERP), also known as General Budget Support, will be used to address pressing economic challenges, foster sustainable growth, enhance fiscal consolidation, and promote inclusivity within the Ghanaian society.

Speaking at a brief signing ceremony in Accra, Deputy Minister of Finance, Mrs. Abena Osei Asare, reiterated government’s commitment to harnessing the potential of the agreement for the benefit of all citizens.

“We acknowledge that the success of this program hinges on effective collaboration among our Government, Development Partners, the Private Sector and Civil society,” she stated.

Mrs. Osei Asare extended an open invitation to all stakeholders to emulate the confidence demonstrated by the African Development Bank and put their hands to the wheel as government strives towards the achievement and successful execution of the program.

Country Manager of AfDB, Fasika Eyerusalem said Ghana’s economy has been stressed by global developments, including the effects of the COVID-19 pandemic and global financial tightening.

She said the grant sourced from the African Development Fund, therefore, is to enhance fiscal consolidation measures and contribute to increasing resource mobilisation to create more financial capacity for government’s investments.

“Currently, the Bank Group’s active country portfolio in Ghana consists of 20 operations (15 public and 5 private), with a total commitment of 726 million USD across various sectors- the transport sector accounts for the largest, followed by agriculture,” she said.

“The portfolio also involves projects in economic governance, energy, water and sanitation, and human capital development,” she added.

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