Business News of Tuesday, 1 August 2017
The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, will visit Ghana from August 1- 4, 2017 as part of efforts to strengthen cooperation between Ghana and the bank.
While in the country, Dr Adesnina will engage President Nana Addo Dankwa Akufo-Addo, key cabinet members and other development partners on the bank’s partnership with the country and visit key projects being financed by the bank.
AfDB’s portfolio in Ghana as at June 2017 is composed of 22 operations with an overall commitment of over $950 million.
A statement issued by the bank said it was 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,” it said.
It said that would 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 statement listed some of the road projects that the bank was supporting as 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,as well as boost economic activities of the local communities.
The statement said the AfDB was supporting the airport expansion programme through a $120 million loan from its private sector financing facility.
It said the construction of a new terminal at the Kotoka International Airport (KIA) and rehabilitation of existing airport facilities were among key projects designed to improve air transport in the country, stressing that “the programme will also help to boost the country’s economy, reduce the cost of doing business and improve competitiveness.”