The Ministry of Finance has signed a US$102.59 million grant from the African Development Bank (AfDB) under the Fiscal Consolidation and Economic Recovery Programme (FISCERP).
The FISCERP, or General Budget Support, falling under AfDB’s ADF-16 funding cycle, aims to boost Ghana’s economic recovery through fiscal consolidation, public financing and sustainable growth.
The Deputy Minister for Finance, Mrs Abena Osei-Asare, in her remarks at the signing ceremony in Accra, expressed gratitude to Ghana’s development partners for their crucial support in turning the country’s fortunes around.
She commended AfDB’s support over the past three years during unprecedented crises and called for collaboration from development partners, civil society and the private sector to ensure the grant is effectively used.
On her part, the Country Manager of the African Development Bank Group, Ms Fasika Eyerusalem, emphasised the grant’s significance as a concessionary financing arm approved by the Board of Directors.
She noted that the agreement marked a key milestone in the government’s efforts to rebound the economy, complementing the ongoing IMF Extended Credit Facility.
Ms Eyerusalem expressed confidence in the government’s commitment to reforms, anticipating positive impacts on fiscal consolidation and resource mobilisation. The programme is expected to contribute to increasing financial capacity for government investments.
The signing ceremony was attended by key officials, including Ms Yvonne Quansah, Director of External Resource Mobilisation and Economic Relations Division, Mr Thomas Appiagyei, Acting Director of Budget at the Ministry of Finance, and representatives from the Ministry of Finance, the African Development Bank, and the media.
Joyce Adwoa Animia Ocran, ISD