The President of the Republic of Ghana, Nana Akufo-Addo has signed a concessional finance package, which includes a €75 million EIB loan and a €7.5 million grant from the European Commission at the European Investment Bank’s Luxembourg headquarters.
The loan facility is designated for an array of developmental projects in Ghana including mitigating the effects of the covid-19 on businesses in the country.
The president visited Luxembourg on Monday, December 13th, 2021 to discuss bilateral relations and deepen economic ties between the two countries.
“I also held a meeting with the President of the European Investment Bank, Dr. Werner Hoyer. I welcomed the €82.5 million support offered to Ghana by the Bank to strengthen Ghana’s healthcare, provision of specialist medical equipment and medicines, under our national COVID-19 Health Response Plan.”President Akufo-Addo
The president expressed delight with the funding support, highlighting the relevance of trade between Africa and the European Union and urged the Union to continue to do business with Africa.
“Strengthened cooperation between Africa and multilateral development partners is crucial to share global best practice and ensure a rapid response to health, social and health challenges triggered by the COVID-19 pandemic.”President Akufo-Addo
Support for Health Care Services
President Akufo Addo underscored the importance of a good health care system and showed gratitude for the support Ghanaians will get from the European Investment Bank’s generous aid towards curbing the ever-evolving covid-19 in Ghana.
“Ghanaian and EIB experts have worked tirelessly in recent months to finalize this initiative since President Hoyer and I met earlier this year. Specialist healthcare and medical services will benefit from both the EIB’s largest backing for COVID health resilience in Africa and EU grant support.”President Akufo-Addo
President Hoyer praised Ghana’s response to the Covid-19 pandemic and expressed gratitude to Ghana’s president for the visit, underlining the president’s commitment to protecting the safety of Ghanaians.
“Ghana has taken visionary steps to ensure that the impact of COVID can be managed and long-term investment unlocked to strengthen both health services and access to finance by businesses. A few months ago, President Akufo-Addo and I confirmed EIB backing for the Development Bank of Ghana. It is an honor to welcome our Ghanaian friends to our Luxembourg headquarters to demonstrate the impact of our joint response to improve COVID-19 healthcare and discuss how to further strengthen Team Europe’s partnership to improve lives and opportunities in Ghana in the years ahead.”President Hoyer
EIB to support Businesses in Ghana
The EIB is working with ECOBANK to finalize fresh support for business investment in Ghana, which should be confirmed in the coming weeks.
This comes after President Akufo Addo and EIB’s President Werner Hoyer signed a formal agreement in May this year to fund the new Development Bank Ghana with EUR 170 million from the EIB. This was the EIB’s highest engagement in Ghana and the bank’s most strong backing for an African national development finance agency.
Thousands of enterprises in important industries such as agribusiness, manufacturing, ICT tourism, and other services would benefit from increased access to long-term credit and job development once Development Bank Ghana is established.
Since 1976, the European Investment Bank, the world’s biggest international public bank, has sponsored transformational investment in Ghana, including renewable energy at the Kpong Dam, as well as other businesses and services.