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Ghana Signs Strategic Development Partnership with Kuwait

Ghana Signs Strategic Development Partnership with Kuwait

Accra, 5th July 2022 - The Government has signed a strategic framework document with the State of Kuwait to support the country’s implementation of key initiatives under the COVID-19 Alleviation and Revitalization of Enterprises Support (Ghana CARES) programme. 

The signing of the Aide Memoire, the first of a kind between the two countries will see the implementation of various programmes and projects under the Ghana CARES in agriculture, education, health, and entrepreneurship. 

The Minister for Finance, Hon Ken Ofori-Atta signed the agreement on behalf of the Government of Ghana, while Mr. Thamer Al-Failakawi, the Deputy Director of Operations West Africa, signed for the Kuwait Fund for Arab Economic Development. 

Through this development cooperation, the Kuwait Fund would provide Ghana with 20.0 million Kuwaiti Dinars (equivalent to USD70million) for financing of projects to produce poultry and rice, which would create more jobs for the youth. 

There would be the construction of mechanized irrigation canals and road access, as well as greenhouse estate with ancillary training facility for entrepreneurship and innovation. 

Three new model Senior High Schools would be constructed in the Bono, Central and Western regions, while there would be the provision of laboratories for Research and Development, Science, Technology, and Innovation Directorate. 

Speaking at the signing ceremony, Mr. Ofori-Atta said, “This support could not have come at a better time. As you are aware, these areas the Kuwait Fund for Arab Economic Development is supporting are sectors that are of priority to the Government of Ghana, in terms of job creation.” 

“As we have stressed, the CARES Revitalization & Transformation agenda is about national survival and security, just like our response to the COVID-19 pandemic itself; and it’s therefore, approached as such, with a resolute focus on implementation,” he added. 

The Minister noted that the programme envisaged strong actions to improve the private sector environment and provide support to Ghanaian enterprises in targeted sectors to accelerate competitive import substitution. 

He reaffirmed the Government’s trust and confidence in the strategic partnership that existed between the Kuwait Fund and Ghana, indicating that the country appreciated the support carried through the Aide Memoire. 

Mr. Ofori-Atta recounted earlier support provided by the Fund in Ghana’s development agenda, which he said had yielded positive results. 

They include the completion of the Aboadze-Volta Transition line project, Rural Electrification in the North, the Takoradi Thermal Power Project, as well as the Dome-Kitase road.

Al-Failakawi expressed happiness about the signing of the document and called for follow-up actions to be carried out so that the first loan could be signed by the first half of next year.

He concluded by inviting the Hon Minister to visit the Kuwait Fund at his convenience. END

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