February 24, 2021

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Germany increases Ghana’s development cooperation portfolio to €130m annually

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Germany’s portfolio of development cooperation to Ghana increased to €130 million annually.

This, according to the German Ambassador to Ghana, Christoph Retzlaff, deepen trade ties between Ghana and the Federal Republic of Germany. 

Speaking to Charles Ayitey, the ambassador revealed the priorities of Germany in 2021 will be on renewable energy, corporate governance, Ghana’s Covid-19 recovery and development of SMEs.

“We have a substantial portfolio in our development cooperation. It’s about €130 million per year that has increased significantly over the last four years. I will say relations have been deepened over the last years. We do this because we see a lot of investment potential in the country,” he revealed.

Covid-19 relief to Ghana

Ghana has, since May 2020, received a €25 million worth of Covid-19 relief package from the Federal Republic of Germany. 

The German Ambassador to Ghana, Christoph Retzlaff, said his government also advanced credit lines through a cooperation with Stanbic Bank to SMEs with over 120 benefiting from the package.  

Even as Ghana is expecting the first batch of vaccines in the months ahead, Christoph Retzlaff hints that the country is on the priority list of allies being supported by the German government.

“We were able to put together quite a substantial Covid relief package for Ghana since April 2020 with a volume of €25 million, and we entered into a cooperation with Stanbic Bank to give credit lines to SMEs to safeguard 12,000 jobs in the country,” he said.

According to Christoph Retzlaff, the priority is to help Ghana cope and come out of the economic and social challenges regarding Covid.

The latest update on the UN-led COVAX Facility, of which Ghana is a participant has revealed that the country is earmarked to take delivery of 2.4 million doses of the AstraZeneca vaccine which is licensed to the Serum Institute of India (AZ/SII).

Ghana is among 145 counties listed to receive vaccines from a number of suppliers through the COVAX Facility according to the World Health Organisation (WHO).

According to the facility’s interim distribution document on February 3, 2021, the vaccine is expected to be administered to persons in key sectors such as health workers in the first quarter.

“This is in line with the facility’s target to reach at least 3% population coverage in all countries in the first half of the year, enough to protect the most vulnerable groups such as healthcare workers,” the statement said.

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