Ghana and the European Union has signed a GHc 587.5 million in budget support financing agreement to assist the country in its response to the COVID-l9 crisis. This special emergency budget support is a single disbursement to Ghana.
This funding contributes to Ghana’s crisis response and helps to address the economic and fiscal impact arising from the COVID-l9. The support takes keen cognizance of the shortfalls in Government revenue and the unanticipated increases in public expenditure. It is our joint expectation that this facility will bolster the on-going effort of Government to mitigate the effects of the pandemic, by supporting the private sector, households as well as the most vulnerable.
“This action shows the European Union ’s continued commitment to our partnership with Ghana, especially during these challenging times”, said Diana Acconcia, EU Ambassador to Ghana, at the signing ceremony with the Minister for Finance, Ken Ofori-Atta.
“This support is part of the EU’s Team Europe package that combines resources from the common EU budget, the Member States and E U financial institutions. Our common objective is to help Ghana respond effectively to the socio-economic impact of the COVID-l 9 crisis and put in place mitigating measured”
Team Europe has already mobilised almost 36 billion euro (the equivalent of GHc 243 billion) for its global response to the COVID-l9 crisis. The EU, as global actor and major contributor to the international development cooperation system, promotes a coordinated multilateral response, in partnership with the United Nations, International Financial Institutions, as well as the G7 and the G20.
Simultaneously, today, the European Union also signed a 6-million-euro facility that focuses on preventing electoral and communal violence as well as on providing security to the northern border regions of Ghana. Its specific objective is to better equip key governmental and nongovernmental actors in their joint and coordinated efforts to sustain peace, prevent violence, ensure peaceful electoral process and contain the rise of violent extremism.