Germany agrees €145.9m for Ghana

• Posted on November 29, 2023November 29, 2023
• by Nana Kwesi Coomson
• Comment

Ghana and Germany have concluded bilateral talks, agreeing on €145.9 million (US$158 million) in climate and energy aid, good governance, and long-term economic development.

The new aid package was finalised last week in Berlin, amid high-level discussions between Ghanaian and German officials at the G20 Compact with Africa summit.?

The German aid package intends to foster good governance, sustainable economic development, and public-private partnerships in Ghana.

The delegation was in Berlin to attend the G20 Compact with Africa 2023 summit, as well as to conclude annual bilateral negotiations with the Federal Republic of Germany.

During the Working Lunch of Africa Finance Ministers and representatives of international institutions on the margins of the G20 Compact with Africa Conference in Berlin, Finance Minister, Ken Ofori-Atta, engaged International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Ghana’s IMF programme. ?

Mr. Ofori-Atta lauded the agreement, saying Germany’s expertise in renewable energy technologies can help support Ghana’s efforts to expand its renewable energy capacity.

According to him, Ghana is committed to transitioning to a more sustainable energy future, and added, “We have made considerable strides in harnessing renewable energy sources, such as solar.”

He believes that Germany, with its expertise in renewable energy technologies, can play a critical role in assisting Ghana in expanding its renewable energy capability.

Already, President Nana Akufo-Addo has announced plans for 10,000 megawatts of renewable energy capacity to be developed through solar and wind projects.

Ghana welcomes expanded cooperation with Germany in the renewable energy industry, including joint efforts and technology transfers to boost efficiency and competitiveness, according to the Finance Minister.

“Improving energy efficiency is a shared goal. Germany’s renowned engineering and innovation can contribute significantly to enhancing energy efficiency in Ghana’s industries and infrastructure,” he said.

“Through joint initiatives and technology transfers, we can reduce energy wastage and enhance the competitiveness of our businesses,” he stressed.

Mr. Ofori-Atta also stressed the importance of combating climate change through emission reductions and other green efforts.

Recognising the importance of addressing climate change and its related issues, he stated that Ghana was seeking stronger collaboration on programmes to cut carbon emissions, safeguard natural resources, and advance green technologies.

“In light of Ghana’s vulnerability to climate-related challenges, especially extreme weather events, partnering with Germany on climate resilient projects and disaster preparedness is crucial,” he stated.

Mr. Ofori-Atta urged German firms to look at investment prospects in fields such as education, technology, and manufacturing in Ghana.

He cited German automaker Volkswagen’s new vehicle assembly plant in Ghana, intimating, “We recognise the crucial role of public-private partnerships which can drive innovation, create jobs and boost economic growth.”

A Daily Guide Report