AfDB Pledges Support For Ghana's Economy

Ghana is to receive more support from the African Development Bank (AfDB) to grow the country’s economy and maintain fiscal discipline.

The AfDB made the commitment to provide more support following a meeting between Vice-President John Dramani Mahama and the Executive Director of the AFDB, Ms Margit Thomsen, at the Castle, Osu, Wednesday.

The meeting centred on Ghana’s economic policies, transition to the middle-income status and how to manage the country’s graduation from the AfDB.

Also at the meeting were the Minister of Lands and Natural Resources, Mr Mike Hammah, a Deputy Minister of Finance, Mr Fiifi Kweitey, and a Deputy Minister of Energy, Mr Emmanuel Kofi Buah.

The visiting AfDB Executive Director had already held meetings with captains of industry and players in the private sector which centred on the promotion of the private sector.

Vice-President Mahama said the government had achieved macro and micro-economic stability, and gave an assurance that it would maintain fiscal discipline during this election year.

He noted that even though Ghana had achieved the middle-income status, the country still had infrastructure deficits.

He, therefore, asked the AfDB to draw up a road map to manage Ghana’s graduation from the AfDB to avoid any shocks to the

economy.
The Vice-President said the government was coming up with a policy to promote public-private investment in key sectors of the economy.

That, he said, was to encourage more private sector operators, which were hitherto afraid to invest in key sectors, to do so confidently.

Vice-President Mahama said the government’s strategy in accessing loan facilities was to use those facilities in areas that could generate revenue to offset the loans.

The Vice-President gave an assurance that the government would continue to invest in social interventions such as health, to ease the burden on Ghanaians.

He announced that a project to generate power on a large scale from solar energy would start within the next two years.

Responding, Ms Thomsen commended Ghana for her democratic credentials and economic growth, a feat which had made Ghana role model in Africa and the world at large.

She affirmed the bank’s commitment to continue to collaborate with the government to grow the country’s economy.

She noted that by achieving the middle-income status, Ghana would be graduating from the AfDB fund.

Ms Thomsen, particulary, called for collaboration in promoting the participation of the private sector in the economy.