Home » Germany Pledges €145.9 Million to Support Ghana’s Green and Inclusive Growth

Germany Pledges €145.9 Million to Support Ghana’s Green and Inclusive Growth

The agreement covers climate and energy, good governance and sustainable economic development

by Motoni Olodun

Germany has committed €145.9 million to support Ghana’s efforts to achieve climate and energy, good governance, and sustainable economic development. The agreement was signed by Ghana’s Finance Minister, Ken Ofori-Atta, and Germany’s Federal Minister of Economic Cooperation and Development, Svenja Schulze, in Berlin on Monday.

The agreement is part of the G20 Compact with Africa initiative, which aims to promote private investment, economic resilience, and job creation in African countries. Ghana is one of the 12 African countries that have joined the initiative since its launch in 2017.

The German funding will help Ghana address some of the pressing challenges in the areas of climate and energy, such as increasing renewable energy generation, improving energy efficiency, and reducing greenhouse gas emissions. The agreement also supports Ghana’s Nationally Determined Contributions (NDCs) under the Paris Agreement, which set a target of reducing its carbon intensity by 15% by 2030.

The agreement also covers good governance and sustainable economic development, with a focus on social protection, local development, and technical and vocational education and training (TVET). Germany praised Ghana’s social protection policies under the Post-COVID-19 Programme for Economic Growth (PC-PEG), which aim to protect the poor and vulnerable from the impact of the pandemic. The agreement also allocates funds to the District Assemblies Common Fund-Responsiveness Factor Grant (DACF-RFG), which ensures that resources reach the local communities across Ghana.

The agreement also strengthens the cooperation between Ghana and Germany on TVET, which is seen as essential for ensuring that graduates are job-ready and can contribute to the country’s economic growth. The cooperation covers skills development, curriculum enhancement, infrastructure, and equipment, as well as industry partnership through the formal training of craft persons and strengthening connections between TVET institutions and industries.

The signing of the agreement coincided with the 2023 G20 Compact with Africa conference, which was attended by Ghana’s delegation, including O. B. Amoah, Gifty Twum-Ampofo, and Deputy Minister of Energy, Andrew Agyapa Mercer. The delegation also engaged with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on Ghana’s IMF Programme during a working lunch for Africa Finance Ministers and representatives of international institutions at the conference.

The Finance Minister expressed his appreciation for the German support and collaboration, saying that it paved the way for a future marked by strengthened economic ties, innovation, and inclusive growth. He said the agreement aligned perfectly with Ghana’s shared goals for a greener and more resilient future.

The German Minister also commended Ghana for its progress and achievements, saying that Ghana was a reliable and strategic partner for Germany and the G20 Compact with Africa. He said the agreement demonstrated the mutual trust and commitment between the two countries.

The agreement is expected to boost Ghana’s recovery from the pandemic and enhance its long-term development prospects. It is also expected to foster closer cooperation and friendship between Ghana and Germany, as well as between Africa and the G20.

Source: Graphic Online

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