Germany has pledged an 82 million euros grant to help boost some critical sectors of Ghana’s economy. Germany and Ghana go way back in a wide range of areas. Germany is an important trading partner for Ghana. In 2018 bilateral trade between them was worth roughly 630 million euros. Vehicles, machinery, and chemical products are the most important exports from Germany to Ghana. Whiles cocoa and crude oil products are the main exports from Ghana to Germany. The German government has conducted a wide range of activities in Ghana. For example, the German government is one of the major supporters of the Kofi Annan International Peacekeeping Training Center which trains personnel for peacekeeping by the United Nations, the African Union, and the economic community of West African States.
The German government also helped to train and equip the Ghanaian Army and the Ghana Police. But now we all know that Ghana’s economy is not in good shape and the whole problem the Ghanaian economy is facing now is rising debt, which is not news anymore because the entire world is in an economic recession. So because of the good history between Ghana and Germany. They have decided to support Ghana with 82 million euros in grants to support the country’s renewable energy and financial sector development.
Ghana’s Finance Minister Ken Ofori Atta said in the statement that, the grants are also intended to support technical skills training, good governance, digital infrastructure transition, food security, and female empowerment. According to Ken Ofori Atta, part of the money will go toward the newly created Ghana Development Bank. Which would ensure access to long-term and affordable capital in challenging economic times.
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