The European Investment Bank has supported Ghana with €82.5 million to strengthen its specialised healthcare and the provision of medical services and equipment under the country’s COVID-19 Health Response Plan.
The facility, which is concessional financing, and brokered as part of President Nana Addo Dankwa Akufo-Addo visit to Luxembourg on Monday, comprises a €75 million facility from the EIB, and a €7.5 million grant from the European Commission.
The agreement, which was entered into at the Luxembourg Headquarters of the European Investment Bank, represents the largest national EIB financing for COVID-19 related health investment in Africa.
The facility was signed by Kwaku Ampratwum-Sarpong, Ghana’s Deputy Minister for Foreign Affairs, and Ambroise Fayolle, European Investment Bank Vice President, and witnessed by President Akufo-Addo, the EIB President, Werner Hoyer, and Sena Siaw-Boateng, Ghana’s Ambassador to the European Union.
In his remarks, President Akufo-Addo said strengthened cooperation between Africa and multilateral development partners, was crucial to shared global best practices, as well as ensured a rapid response to health, social and health challenges brought by the COVID-19 pandemic.
“The European Investment Bank and the European Union are key partners for Ghana,” he stated, “and I welcome their support for our national COVID-19 Health Response Plan.”
Ghanaian and EIB experts, according to President Akufo-Addo, had worked tirelessly in recent months to finalise this initiative after “President Hoyer and I met earlier this year.”
The Government, since the emergence of COVID-19, had taken steps to ensure the impact of the pandemic were well managed to lessen its effect on the country’s economy. Among some of the steps taken had been the long-term investment made to strengthen the delivery of healthcare services, as well as the provision of access to finance for businesses.
On his part, Werner Hoyer said a few months ago, he and President Akufo-Addo had confirmed EIB backing for the Development Bank of Ghana.
“It is an honour 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.”
Jutta Urpilainen, EU’s Commissioner for International Partnerships said Europe and Ghana stand side by side to tackle the health challenges triggered by the COVID-19 pandemic.
The new Team Europe support for Ghana’s COVID-19 Health Response Plan, according to him, would strengthen public health and enhance resilience to the pandemic across Ghana in the months and years ahead through new investment backed by the European Union and European Investment Bank.
The meeting provided an opportunity to discuss recent EIB support for the retrofit of the Kpong Dam, Development Bank of Ghana and COVAX, explore future cooperation to support local vaccine manufacturing and outline the EIB’s strengthened engagement in Africa through a new dedicated development finance branch to be launched next year.
The EIB and EU backed health investment will improve medical treatment for patients with COVID-19 at Treatment and Isolation Centres and Intensive Care Units, as well as measures to detect and contain the virus and slow down transmission. The initiative will both enhance medical treatment during the pandemic and enhance public health in the years ahead.
Ghana was the first country in Africa to receive COVID-19 vaccines under the EIB and EU backed COVAX initiative. EIB experts also briefed President Akufo-Addo on plans to further accelerate the delivery of vaccines across sub-Saharan Africa.
As part of the cooperation between EIB and Ghana, The EIB is in the process of finalising new support for business investment in Ghana with ECOBANK which will be announced soon.
This follows the formal agreement in May this year between President Akufo-Addo and EIB President Werner Hoyer for a EUR 170 million EIB backing for the new Development Bank Ghana. This represented the largest ever EIB engagement in Ghana and the most significant support for a national development finance institution in Africa.
Once operational, Development Bank Ghana will increase access to long-term finance and boost job creation for thousands of businesses in key sectors, including agribusiness, manufacturing, ICT tourism and other services across Ghana.
The European Investment Bank is the world’s largest international public bank and financed transformational investment across Ghana, including renewable energy at the Kpong Dam, business and services, since 1976.
Rex Mainoo Yeboah, ISD
