Ghana to get 31.2 million USD support for sustainable growth

InformAfrica – Ghana will receive a grant of CHF 30 million (31.2 million USD) in budget support from Switzerland to help the West African country implement its growth strategy and fight poverty.

Ghana Switzerland relations - sustainable growth

Ghana’s relations with Switzerland date back to 1828 when Missionaries from Basel arrived in the Gold Coast, now Ghana, to carry out evangelical work, especially, in the Eastern Region of Ghana. (Photo: Crossed Flag Pins)

On the 27th of June 2012, the Federal Council of Switzerland announced its decision to grant CHF 30 million in general budget support for the years 2012-2014. The funding is said will help strengthen the resilience of Ghana’s economy in times of crisis.

Ghana has a remarkable political and economic track record. The country has established itself as a pole of political stability in a sub-region marred by conflict. Ghana’s market-based, private sector-oriented economic policy has laid the foundations for strong economic growth and been successful in reducing poverty.

In spite of past successes, there is still a great deal to be done. Ensuring sustainable growth capable of creating jobs and reducing inequality against the current backdrop of global economic uncertainty is a major challenge. By injecting performance-related funding into public finances and providing a focused political dialogue, the budget support contributes to closing gaps in development and consolidating past successes. This is achieved in particular through measures that help to strengthen competitiveness and improve provision of public services. Switzerland’s budget support is provided in cooperation with nine other donors.

InformAfrica gathered that Ghana is a priority country of the State Secretariat for Economic Affairs’ (SECO) economic development cooperation programme, and that the budget support is part of the package of measures designed to implement the credit line for financing economic and trade policy measures.

SECO is the Switzerland’s federal government centre of expertise for all core issues relating to economic policy. Its aim is to ensure sustainable economic growth by putting the necessary regulatory and economic policy conditions in place.

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Courtesy:  

Switzerland – Ministry of Foreign Affairs

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