Ghana, Germany sign 40.82 million Euro loan agreement

signGhana has signed a 40.82 million Euro loan agreement with the German government to finance renewable energy projects and strengthen financial management capacities of the Ghana Revenue Authority and the Ghana Audit Service.
The first agreement provides a 22.82 million Euros soft loan for a 12 megawatt power plant in the Upper West Region and the second loan agreement, totaling 13 million Euros, will increase the performance of the Ghana Audit Service.
The third project, totaling 5 million Euros, supports the Ghana Revenue Authority in constructing an information training institute.
Speaking at the ceremony, the German Ambassador to Ghana Mr. Chistooph Retzlkaff said the renewable energy would help Ghana’s quest to increase the use of renewable energy.
This he said would help Ghana to become more independent from fossil energy and to make use of one of its greatest natural resources.
“The new solar plant provides an additional energy source which is reliable cost-effective and ecologically sound,” he said.
On the Ghana Audit Service facility he said it would help in the construction of 25 districts and regional offices to enable it to execute its mandate.
He said the Service currently was not able to perform all its tasks across the country due to the lack of appropriate office space.
On the part of the GRA, the ambassador said the 5 million Euros would support it to construct an IT training institute to strengthen its operational capacity.
Mr. Seth Terkper, Minister of Finance who signed for Ghana commended the German government for its continuous support.
He said the three projects were very important for Ghana’s development adding that the renewable energy component of the facility would help the energy sector.


By David Adadevoh

Print Friendly

Leave a Comment