The Government of Ghana has signed a Memorandum of Understanding (MoU) with the Arab Bank for Economic Development in Africa (BADEA), to boost the country’s 24-Hour Economy and Accelerated Export Development Programme.
This partnership aims to mobilise investments, modernise key sectors of the economy, enhance competitiveness, and create jobs, especially for youth and women.
Mr Goosie Tanoh, the Presidential Advisor on the 24-Hour Programme, said the partnership would have a direct impact on Ghanaian businesses and households, opening new doors for entrepreneurs, farmers, and young innovators.
“This MoU opens new doors for the Ghanaian entrepreneur who wants to expand production, the farmer looking to grow her shop, and the young innovator with an idea that can change our country,” he said.
Mr Tanoh expressed appreciation to BADEA for its confidence in Ghana’s economy and its people.
Mr Abdullah Almusaibeeh, the President of BADEA, who led the bank’s delegation, commended Ghana’s vision for inclusive growth, stating: “With this memorandum of understanding, we are laying the foundation for a new and promising chapter in Arab-African cooperation.”
He outlined the scope of the MoU including providing technical assistance to Ghana to strengthen capacity for programme implementation, and trade finance facility to support country’s food security strategy and balanced trade, as well as providing affordable financing for small businesses to expand and create jobs.
Mrs Matilda Asante-Asiedu, Second Deputy Governor of the Bank of Ghana, welcomed the partnership and underscored the Central Bank’s role in signing the MoU, thus, demonstrating its shared commitment to Africa’s structural transformation.
“The Bank of Ghana will continue to ensure a stable financial environment that supports this initiative,” she stressed.
The partnership with BADEA represents a critical step in mobilising investment to modernise key sectors of the economy, enhance competitiveness and expand export.
BADEA will provide up to $500 million to support Ghana’s economic transformation agenda, with an initial $60 million tranche flowing through the Development Bank to small and medium-sized enterprises.
The partnership includes technical assistance to strengthen capacity for programme implementation, trade finance to support food security and balanced trade, and affordable financing for small businesses.
The collaboration would also support Public-Private Partnerships to accelerate investment in infrastructure, driving productivity and job creation.
The MoU is expected to unlock affordable, patient capital for SMEs and cooperatives, essential for sustaining economic diversification momentum.