Sharp Daily
No Result
View All Result
Saturday, July 26, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

AFD hands Ghana lifeline, extends USD 102.59 million grant

Judd Mutua by Judd Mutua
November 6, 2023
in News
Reading Time: 2 mins read

The Board of Directors of the African Development Bank Group have given the green light to a USD 102.59 million grant to Ghana in budget support

The initiative is aimed at bolstering the Ghanaian government’s Fiscal Consolidation and Economic Recovery Program.

Read more: Kenya’s economic disparities revealed: A closer look at county wealth distribution

“We support the efforts of the (Ghana) authorities to take full advantage of the current difficult economic situation to address the fundamental structural weaknesses of the Ghanaian economy,” Stated Abdoulaye Coulibaly, Director of the Governance and Economic Reforms Department at the African Development Bank

RELATEDPOSTS

Economic recession and recovery concept and return on investment roi idea

Optimism grows as Kenya’s economy recovers and stocks rally

January 3, 2025

Ghana’s debt relief plan sees 37% haircut, extended maturities

June 21, 2024

The primary objective of the program is to strengthen fiscal consolidation measures in Ghana and increase resource mobilization, enhancing the government’s financial capacity for investments within the country.

Additionally, the program seeks to fortify the financial sector, making it more attractive for private investment in critical sectors, including agriculture. Aiding the government in achieving its economic recovery objectives through improved public finance, heightened productivity, and job creation.

The grant, sourced from the African Development Fund, the group’s concessionary lending arm, was officially approved on Tuesday, October 31.

The program’s implementation is scheduled over a two-year period, commencing in 2023 and concluding in 2024. The Ghanaian government will work closely with the African Development Bank in executing the program, aligning with an existing International Monetary Fund (IMF) Extended Credit Facility for the country.

“The Bank remains steadfast in providing necessary support for Ghana under the project and beyond, aligning with the country’s development agenda and the Bank’s Country Strategy Paper for Ghana.” Said Joseph Ribeiro, Deputy Director-General for the West Africa region at the African Development Bank

Read more: Kenya lowers REIT investment threshold to KES 100,000 to boost affordable housing

The Ghanaian economy has faced multiple stressors, including the impact of the Covid-19 pandemic, global financial constraints, and the conflict in Ukraine. All which led the Ghanaian government to default on its debt repayment late last year, leading to currency devaluation and an inflation rate of 49.9% as of September this year.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Kenyan based African Agricultural Technology Foundation announced joint winner of the 2022 Al-Sumait Prize

Next Post

Capital Markets Authority licenses two more fund managers

Judd Mutua

Judd Mutua

Judd Mutua is a journalist with wide ranging interests ranging from the world of finance to the latest in tech and business news. Off duty you can find him reading his favorite books and manga. Send tips via jmutua@thesharpdaily.com

Related Posts

commercial illustrator
News

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025
Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025

LATEST STORIES

Shri Krishana Overseas lists on NSE

July 25, 2025

Why young professionals should care about pensions

July 23, 2025

How Kenya can reinforce fiscal rules to prevent recurrent budget overruns

July 23, 2025
commercial illustrator

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025

Transferring Your Retirement Benefits Between Pension Schemes in Kenya

July 23, 2025

Invest in stability: introducing the Cytonn USD money market fund

July 18, 2025

The Importance of Asset Diversification on Kenyan Pension Funds

July 18, 2025

Park your money where it grows: Why more Kenyans are turning to Cytonn Money Market Fund

July 16, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024