Ghana and the African Development Bank (AfDB) have signed the Indicative Operations Programmes to implement projects between 2024 and 2025, focusing on supporting SMEs, agriculture, and skills development, including digitalization, with a total grant of US$103 million.
Additionally, they signed a five-year country strategy document for 2024-2029, outlining the sectors and projects the Bank will support. The signing took place during the AfDB’s 2024 Annual General Meeting in Nairobi, Kenya.
Finance Minister Dr. Mohammed Amin Adam commended the AfDB’s commitment to African development. He emphasized the need for effective monitoring and supervision to ensure value for money and addressed the issue of delayed disbursement of project funds.
He committed to setting up monthly reviews of all project loans and funds to address execution challenges and expedite disbursements.
AfDB Country Manager Eyerusalem Fasika, who signed on behalf of the Bank, highlighted the inclusive stakeholder consultations held to develop the Country Strategy Document.
She assured the government of the Bank’s commitment to building on past achievements and mentioned that funds would be released in the third quarter of this year following the document’s approval by the AfDB Board of Directors.
Ms. Fasika also mentioned the Bank’s focus on mobilizing resources from other partners for identified projects over the next five years, benefiting from the African Development Fund resources.
She hinted at additional support from the Climate Action Window, the Climate Investment Fund, and other trust funds managed by the Bank.
The ceremony was attended by Deputy Finance Minister Dr. Alex Ampaabeng, Ghana’s Ambassador to Kenya H.E. Damptey Bediak Asare, 2nd Deputy Governor of the Bank of Ghana Mrs. Elsie Addo Awadzi, and officials from the Ministry of Finance, Bank of Ghana, and the Ghana Investment and Infrastructure Fund.
