{"id":395521,"date":"2017-06-13T15:37:32","date_gmt":"2017-06-13T15:37:32","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/06\/13\/germany-to-support-ghana-with-e100m-under-compact-with-africa-programme\/"},"modified":"2017-06-13T15:37:32","modified_gmt":"2017-06-13T15:37:32","slug":"germany-to-support-ghana-with-e100m-under-compact-with-africa-programme","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/06\/13\/germany-to-support-ghana-with-e100m-under-compact-with-africa-programme\/","title":{"rendered":"Germany to support Ghana with \u20ac100m under \u2018Compact with Africa\u2019 programme"},"content":{"rendered":"<p><\/p>\n<div id=\"\">\n<p>Ghana is to benefit from a \u20ac100 million grant under Germany\u2019s\u201d Compact with Africa\u201d programme. The facility will be used to improve conditions for sustainable private sector investment, infrastructure, economic participation, and employment.<\/p>\n<p>&#13;\n\t\t\t<\/p><\/div>\n<div id=\"\">\n<p>Tunisia and Cote d\u2019Ivoire are two other African countries currently benefiting from the programme<\/p>\n<p>&#13;<\/p>\n<p>This was made known by the Minister of Finance, Mr Ken Ofori-Atta, at a meeting with the Ghanaian community resident in Germany held in honour of President Nana Addo Dankwa Akufo-Addo, in Berlin last Sunday.<\/p>\n<p>&#13;<\/p>\n<p><strong>Path of progress<\/strong><\/p>\n<p>&#13;<\/p>\n<p>According to the Finance Minister, Ghana was chosen as a beneficiary of the Compact \u201cbecause there is a new confidence that Ghana is coming back, and Ghana is back.<\/p>\n<p>&#13;<\/p>\n<p>\u201cWe were nowhere near it (Compact with Africa Programme), but the work President Akufo-Addo has been doing resulted in the Germans saying, \u2018why don\u2019t we get Ghana involved in this?\u2019 And, that is why we are here,\u201d he said.<\/p>\n<p>&#13;<\/p>\n<p>Mr Ofori-Atta noted that the development \u201cwas a real sign of confidence in us.\u201d<\/p>\n<p>&#13;<\/p>\n<p>The finance minister stated the facility was a sign of the response coming from the world in recognition of the path of progress Ghana had taken.<\/p>\n<p>&#13;<\/p>\n<p>\u201cWe are beginning to see a sense of a regeneration, the Black Star is shining again; we certainly are not a poor country, as President Akufo-Addo said &#8211; we are also not chickens, as Aggrey said, we are eagles and, as such, we should fly,\u201d Mr Ofori-Atta told the gathering.\u00a0<\/p>\n<p>&#13;<\/p>\n<p style=\"text-align: center;\"><em><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/06\/nana_in_germany.png\" width=\"583\" height=\"388\"\/><\/em><\/p>\n<p>&#13;<\/p>\n<p style=\"text-align: center;\"><em>President Akufo-Addo being welcomed by some Ghanaian residents in Germany<\/em><\/p>\n<p>&#13;<\/p>\n<p><strong>We are fixing economy<\/strong><\/p>\n<p>&#13;<\/p>\n<p>The minister said having inherited an economy with a budget deficit of nine per cent, and a primary balance which was negative, which meant Ghana had to borrow to pay her debts; the Akufo-Addo government had put in place measures to fix and restore confidence in the country\u2019s economy.<\/p>\n<p>&#13;<\/p>\n<p>He said a new Commissioner of the Ghana Revenue Authority had to be appointed to bring dynamism in the collection of revenue.<\/p>\n<p>&#13;<\/p>\n<p>Mr Ofori-Atta said the measures put in place to bring life to the economy had freed up fiscal space for the government\u2019s programmes, as well as providing the stimulus package for struggling businesses.<\/p>\n<p>&#13;<\/p>\n<p>\u201cWe abolished a lot of taxes for people from Abossey Okai to the Stock Exchange, so people can feel energised and get into self-employment,\u201d he added.<\/p>\n<p>&#13;<\/p>\n<p><strong>Re-profiling debt<\/strong><\/p>\n<p>&#13;<\/p>\n<p>\u201cWhat do you do when you inherit an economy with $30 billion of debt, paying GH\u00a210 billion every year in interest payments, and in every three months, you go into the market to get money meant for the private sector to pay interest on your debt and wages and salaries of workers?\u201d, Mr Ofori-Atta quizzed.<\/p>\n<p>&#13;<\/p>\n<p>The situation, he explained, led to the managers of the economy deciding to re-profile Ghana\u2019s debt.<\/p>\n<p>&#13;<\/p>\n<p>\u201cRe-profiling means that instead of these debts maturing every 90 days, let us find a way to increase the tenure of maturity so that instead of the 91 days and five years, we move it to 15 years. It gives us some breathing room to enable us to do what we need to do to revive the economy,\u201d he explained.<\/p>\n<p>&#13;<\/p>\n<p>Mr Ofori-Atta was confident that the measures put in place by the government would reduce the budget deficit from 9 per cent to 6.5 per cent; increase growth rates from 3.6 per cent, the lowest in 22 years, to 6.3 per cent at the end of 2017.<\/p>\n<p>&#13;<\/p>\n<p>\u201cThe primary balance will be positive, which means we will not borrow to pay our debts. Things have stabilised, interest rates are coming down, but there is still a lot of work to be done,\u201d he said.<\/p>\n<p>&#13;<\/p>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t              <!-- new position --><br \/>\n          <!-- new position end -->\n\t\t\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ghana is to benefit from a \u20ac100 million grant under Germany\u2019s\u201d Compact with Africa\u201d programme. The facility will be used to improve conditions for sustainable private sector investment, infrastructure, economic participation, and employment. &#13; Tunisia and Cote d\u2019Ivoire are two other African countries currently benefiting from the programme &#13; This was made known by the [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-395521","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Germany to support Ghana with \u20ac100m under \u2018Compact with Africa\u2019 programme - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/06\/13\/germany-to-support-ghana-with-e100m-under-compact-with-africa-programme\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Germany to support Ghana with \u20ac100m under \u2018Compact with Africa\u2019 programme - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Ghana is to benefit from a \u20ac100 million grant under Germany\u2019s\u201d Compact with Africa\u201d programme. 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