Ghana and Germany have concluded bilateral negotiations, agreeing on €145.9million (US$158million) in aid focused on climate and energy, good governance and sustainable economic development.
The new aid package was finalised in Berlin this week, during high-level talks between Ghanaian and German officials held in the G20 Compact with Africa conference.
The delegation was in Berlin to participate in the 2023 G20 Compact with Africa conference, as well as complete annual bilateral negotiations with the Federal Republic of Germany. The Finance Minister also took the opportunity to engage IMF Managing Director Kristalina Georgieva on Ghana’s IMF programme, 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 lauded the agreement, saying Germany’s expertise in renewable energy technologies can help support Ghana’s efforts to expand its renewable energy capacity.
“Ghana is committed to transitioning to a more sustainable energy future. We have made considerable strides in harnessing renewable energy sources, such as solar,” Mr. Ofori-Atta said. “Germany, with its expertise in renewable energy technologies, can play a pivotal role in supporting Ghana’s efforts to expand its renewable energy capacity.”
President Nana Akufo-Addo recently announced plans to develop 10,000 megawatts of renewable energy capacity through solar and wind projects.
The minister said Ghana welcomes more partnerships with Germany in the renewable energy sector, including joint initiatives and technology transfers to improve efficiency and competitiveness.
“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.”
Mr. Ofori-Atta also emphasised the urgency of addressing climate change through emission reductions and other green initiatives.
“Recognising the urgency of addressing climate change and our relations within this space, we seek stronger collaboration on initiatives to reduce carbon emissions, protect natural resources and advance green technologies,” he said. “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.”
The German aid package also aims to promote good governance, sustainable economic development and public-private partnerships in Ghana.
Mr. Ofori-Atta encouraged German companies to explore investment opportunities across sectors like education, technology and manufacturing. He reaffirmed Ghana’s commitment to an attractive investment climate and transparent regulations.
“I wish to take this opportunity to encourage German businesses to further explore investment opportunities in Ghana,” Ofori-Atta said, citing German automaker Volkswagen’s new vehicle assembly plant in Ghana. “We recognise the crucial role of public-private partnerships which can drive innovation, create jobs and boost economic growth.”
At a recent meeting with German Chancellor Olaf Scholz, Ghana’s President Akufo-Addo emphasised the importance of cooperation on energy, technical education, climate resilience and sustainable growth.
Source: Business and Finance Times
