AFD asked to increase funding for Africa

The government of France has requested the Agence Francaise de Developpement(AFD) to increase it’s funding for Africa from 20 billion to 23 billion Euros between this year and 2021.

The France Ambassador to Ghana, Francois Pujolas who disclosed this at a Technical workshop on Corporate Governance for State-owned Enterprises (SOEs) in Accra said Ghana stood to benefit a great deal from the additional funds without burdening the public purse or derailing the country’s economic stability.

The workshop was aimed at building the strengthening SOEs to leverage on their capacity to source non-sovereign financing.

Mr Pujolas said Ghana remained a priority zone to France’s overseas development aid.

He said the faith the France government had in Ghana was exemplified in the long term economic, cultural and political mutually rewarding cooperation that has existed between our two sister countries.

“Ghana has no doubt come a long way and has proven that despite a number of external shocks which affected its economic fundamentals, it has what it takes to remain the beacon of Africa,” Mr. Pujolas said.

He said despite the fact that public debt must be contained, the country still needed to increase its investment which would serve as a catalyst for growth.

“This is where this technical workshop on Corporate Governance becomes relevant.  Creating the platform for SOEs to be able to borrow on their balance sheet without State guarantee becomes crucial in today’s Ghana, probably than any other time.   With the kind of robust economic environment Ghana has, nothing should stop these SOEs from taking centre stage in the government’s quest to reduce public debt,” he said.

The Deputy Minister of Finance, Charles Adu Boahene who opened the workshop said SOEs played a critical role in the economic development of the country and should be supported to grow.

He said the government was working seriously to address the economic challenges facing the country.

Mr Boahen indicated that the government was in the process of issuing energy bonds to address the energy sector debts.

The Resident Manager of AFD, Amelie July said her outfit was ready to partner the SOEs and provide them with technical and financial resources to address their financial challenges.

She said AFD had numerous products to support the SOEs and urged them to register with AFD to benefit from the company’s product portfolios.

Madam Amelie urged the SOEs to keep to good corporate governance practices to promote the growth of their organisations.

By Kingsley Asare



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