Ghana: European Union Supports Structural Reforms with €40m

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The European Union (EU) has signed an agreement with Ghana towards providing €40 million to accelerate the implementation of structural reforms essential for strong, inclusive and job-creating growth.

The programme would support a national development framework, which focuses on jobs as a means to create prosperity and opportunity for all, contributing to achieve the Sustainable Development Goals, , a statement issued by the EU said.

The EU Ambassador to Ghana, Diana Acconcia and Ken Ofori-Atta, Ghana’s Minister of Finance, signed for their respective sides, at a ceremony in Accra.

The EU Commissioner for International Cooperation and Development, Neven Mimica, according to the statement said: “This €40 million programme shows how private investment can help deliver the Sustainable Development Goals.

“It will enable the Ghanaian government to accelerate the implementation of structural reforms essential for strong, inclusive and job-creating growth. A perfect example of the Africa-Europe Alliance in action”.

The programme focuses on the areas of business climate, public financial governance and employment.

The main objectives are to promote domestic and foreign private investment, enable businesses to spearhead economic transformation and create employment, strengthen public financial governance and boost domestic revenue mobilisation, as well as to fight against corruption.

The funds would be managed by the government. The programme is aligned with President Akufo-Addo’s vision of “Ghana Beyond Aid”, a long-term economic and social transformation strategy.

According to the EU, the budget support operation (the SDG contract) was an important lever to strengthen the business environment and the investment climate through regular policy dialogue and ambitious performance indicators.

It says its cooperation with Ghana is being adapted to the needs of an aspiring middle-income country, which faces challenges to deliver basic social services and build institutional capacity.

From 2014 to 2020 its support would amount to €323 million.

It has three priority areas: governance, agriculture and employment and Social Protection.

 

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