8 November 2012

Ghana, AfDB Sign $135 Million Financing Agreements

Ghana and the African Development Bank on Wednesday signed two financing agreements totalling 135 million dollars, to enhance the capacity of private sector institutions and to promote technical skills development.

An amount of about 120 million dollars will be used for technical based skills training while 14.5 million dollars will go into institutional support projects.

Dr Kwabena Duffuor, Finance and Economic Planning Minister signed for Ghana and Ms Marie-Laure Akin-Olugbade, Resident Representative of the African Development Bank in Ghana initialled on behalf of her organisation.

Dr Duffuor said government recognized the development of relevant technical skills as important to improving productivity and enhancing the country's competitiveness.

He said the development of job related competencies in Technical and Vocational skills was a catalyst for the development of small and medium scale enterprises, which represented a significant proportion of the country's economy.

The project, he said, would contribute to address the key issue of human capital development through increasing the capacity of the country to produce high calibre technical and vocational skills to facilitate readiness for technological change and meet the demands of industry.

Specifically, the project aims to expand equitable access to public institutions, targeting females and the rural poor, improving the relevance and quality of Technical and Vocational Education training delivery and improving management of TVET at the coordination and school based institutional levels.

On the institutional support project, Dr Duffuor said it would help strengthen the non-tax revenue mobilization framework, enhance the capacity of the Private Enterprise Foundation, National Board of Small Scale Industries and the Ghana Stock Exchange to support small and medium enterprise and enhance capacity in Financial sector policy formulation.

In addition, the project will help in the development of an online Aid Management Information System to provide an automated platform to monitor and report on donor assisted activities thereby helping planners and policy makers to easily determine which donor is doing what, where and when.

Ms Akin-Olugbade said the signing of the two agreements was a demonstration of the Bank's continued engagement in Ghana and the beginning of the implementation of the Country Strategy Paper (CSP) approved in June this year.

Copyright © 2012 Ghanaian Chronicle. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.