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AfDB President visits Ghana to strengthen ties

Hohoe (V/R), July 28,
GNA – Dr Akinwumi Adesina, the President of the African Development Bank
(AfDB), will visit Ghana from August 1-4, as part of efforts to strengthen
co-operation.

According to a release
copied to Ghana News Agency, he is expected to engage with President Nana Addo
Dankwa Akufo-Addo, key cabinet members and other development partners on the
Bank’s partnership with the country, and visit landmark projects financed by
the Bank.

AfDB’s portfolio in
Ghana as at June 2017 is composed of 22 operations with an overall commitment
of about $ 950,319,370.

The Bank is finalising
a new Country Strategy Paper (CSP) for Ghana for the period 2017-2021.

The Strategy will
support Ghana’s efforts to transform the economy through three of AfDB’s High
5s- Light Up and Power Africa, Industrialise Africa and Feed Africa.

The High 5s are the
five areas in which the Bank is focusing on to help accelerate Africa’s
economic transformation.

This will be done
through support to private sector development in particular the energy sector
to facilitate industrialisation, and agriculture development to transform the
rural economy and improve food security.

The draft strategy is
expected to be presented for Board consideration during the 3rd Quarter of
2017.

Recent road projects
supported by the Bank include rural, urban and regional trade corridors. The
support goes beyond road construction.

It includes the
integration of community infrastructure development through rehabilitation and
reconstruction of schools, health, water and sanitation facilities as well as
markets along the road corridors to support trade and integration to boost
economic activities of the local communities.

Ghana’s aviation
industry has witnessed a significant growth in the past decade due to the
discovery of petroleum and gas reserves in the country, sustained domestic
demand, and increase in the tourism sector.

The Ghana Airports
Company Limited (GACL), which is responsible for the development and management
of airports in the country, has prepared a capital expenditure programme to
build new airport infrastructure and rehabilitate or modernize the existing
airports.

The AfDB is supporting
the airport expansion programme through a $ 120 million loan from its private
sector financing facility.

It said construction
of a new terminal at the Kotoka International Airport (KIA) and rehabilitation
of facilities were among key projects designed to improve air transport in the
country.

The programme will
also help to boost the country’s economy, reducing the cost of doing business
and improving competitiveness.

AfDB is also exploring
the funding of two separate interventions at Takoradi port through its private
sector financing window.

The Bank plays a lead
role in infrastructure development in Ghana and in transportation in
particular.

It said the transport
sector is the second largest share of the country’s portfolio- 26 per cent.

Since 1981, the Bank
has financed 10 road projects, one railway project, four road studies, and one
multinational project in addition to supplementary loans totaling $
358,978,620.

The projects financed
by the Bank have made significant contribution towards improving mobility,
providing access to socio-economic opportunities for millions of people and
facilitating regional integration.

In 2016, the Bank
successfully closed two projects: The Fufulso-Salwa and Awoshie-Pokuase Road
and Community Development Projects and begun the implementation of the Accra
Urban Transport Project and preparation of the Eastern Corridor project.

The Fufulso-Sawla
Project received a Bank Award in May for contributing towards regional
integration.

The Bank’s current
intervention in Ghana under the Development of Skills for Industry Project is
tailored to address a key issue of human capital development through increasing
the capacity of the country to produce high calibre technical skills.

The project also
dovetails with the Jobs for Youth in Africa (JFYA) strategy.

The JFYA directly
supports SDG8 on inclusive growth, productive employment and decent work for
all, SDG 4 on equitable education and skills development, and SDG1 on ending
poverty.

GNA

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