Accra: The Government of Ghana has signed a Memorandum of Understanding (MoU) with the Arab Bank for Economic Development in Africa (BADEA) to advance the country's 24-Hour Economy and Accelerated Export Development Programme. This collaboration aims to mobilize investments, modernize essential sectors of the economy, enhance competitiveness, and create employment opportunities, particularly for youth and women.
According to Ghana News Agency, Mr. Goosie Tanoh, the Presidential Advisor on the 24-Hour Programme, emphasized that the partnership would directly benefit Ghanaian businesses and households by opening new opportunities for entrepreneurs, farmers, and young innovators. He remarked that this MoU would facilitate entrepreneurs in expanding production, assist farmers in scaling their operations, and support young innovators in implementing ideas that could transform the nation.
Mr. Tanoh conveyed gratitude to BADEA for its trust in Ghana's economy and its people. Mr. Abdullah Almusaibeeh, the President of BADEA, who led the bank's delegation, praised Ghana's vision for inclusive growth. He stated that the MoU sets the groundwork for a new phase in Arab-African cooperation, outlining the provision of technical assistance to Ghana to improve capacity for programme implementation, a trade finance facility to bolster the country's food security strategy, and affordable financing for small businesses to expand and generate employment.
Mrs. Matilda Asante-Asiedu, Second Deputy Governor of the Bank of Ghana, welcomed the collaboration and highlighted the Central Bank's involvement in signing the MoU, representing its commitment to Africa's structural transformation. She assured that the Bank of Ghana would maintain a stable financial environment supportive of this initiative.
The partnership with BADEA is seen as a crucial step in attracting investment to modernize key economic sectors, boost competitiveness, and expand exports. BADEA has committed up to $500 million to support Ghana's economic transformation, with an initial $60 million tranche directed through the Development Bank to small and medium-sized enterprises.
The agreement includes technical assistance to fortify capacity for programme implementation, trade finance to enhance food security and balanced trade, and affordable financing for small businesses. The collaboration will also promote Public-Private Partnerships to accelerate infrastructure investment, thereby driving productivity and job creation. The MoU is anticipated to unlock affordable, patient capital for SMEs and cooperatives, vital for sustaining economic diversification efforts.
