AfDB pledges $950m to Ghana

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The African Development Bank (AfDB), has pledged $950 million towards several projects in Ghana.

This was revealed by the President of the AfDB, Akinwumi Adesina, during a meeting with Ghana’s President, Dr. Mahamudu Bawumia and Finance Minister Ken Ofori-Atta in Accra.

Mr. Adesina noted that the amount is a testament of the bank’s confidence in Ghana and its commitment to the development of the country.

“We are investing $950 million in Ghana in 23 projects on infrastructure – it is very important – private sector is important, agriculture, energy and transport in particular and all these form key components in what we are doing in Ghana,” he said.

“Agriculture is one of the high five priorities of the bank…we are going to be investing in the agricultural sector in Africa with $24 billion over the next 10 years and obviously, Ghana will play a very important role in that,” he noted, adding that: “We are going to be supporting agriculture a lot especially in the Northern sector of the country.”

He further explained that the African Development Bank will strongly be supporting President Akufo-Addo and Alassane Ouattara in their joint effort to work on a number of projects, including coordination on policies in areas such as, the establishment of warehouses to store cocoa beans and support industrialisation of the sector.

According to him, there is no way Africa can develop without power, therefore, AfDB, he said, will partner government to improve the power sector of the country.

“Energy is like blood in your body, when you have blood you have life and an economy without power cannot go far,” he noted.

On employment, Mr. Adesina said creating jobs for the youth is one area of priority which the bank is committed to through the AfDB’s Jobs for Africa’s Youth Programme. The programme features sector such as agriculture, ICT as well as Small Medium Enterprises (SMEs) models, among others.

To help provide credit for businesses, he said: “We are also investing roughly $40 million in a bank here to provide access to financing for SMEs in the country.”

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