News Guide Africa

Tag: Arab Bank for Economic Development in Africa (BADEA)

  • Ato Forson declares ‘No more borrowing for consumption’

    Ato Forson declares ‘No more borrowing for consumption’

    As the Government of Ghana works to consolidate debt sustainability and restore fiscal discipline, the Finance Minister, Dr Cassiel Ato Forson, has declared that future government borrowing will be strictly aligned with projects that deliver long-term economic and social value.

    Dr. Forson, speaking during a courtesy call by the President of the Arab Bank for Economic Development in Africa (BADEA), H.E. Abdullah Kh Almusaibeeh, stressed that the days of borrowing for recurrent expenditure are over.

    Currently, feasibility studies are underway for the construction of a new Accra–Kumasi motorway, a flagship national infrastructure priority expected to be completed within two and a half years. The project forms part of a broader strategy to channel external financing into ventures that enhance productivity, competitiveness, and investor confidence.

    “I will not borrow for consumption but for transformative projects,” Dr Ato Forson emphasized, noting that such investments are key to strengthening Ghana’s growth trajectory.

    The BADEA President, H.E. Almusaibeeh, welcomed Ghana’s focus on impactful investments and reiterated the Bank’s commitment to supporting projects that drive sustainable development across Africa.

    According to latest figures from the ministry, Ghana’s public debt stock rose by GH¢15.8 billion in July 2025, reaching GH¢628.8 billion (US$59.9 billion).

    The increase, which makes the public debt equivalent to 44.9% of Gross Domestic Product (GDP), comes after three consecutive months of declines driven by the strong appreciation of the cedi earlier in the year.

     

  • MOU signed with Arab Bank for Economic Development in Africa to strengthen 24-Hour economy programme

    MOU signed with Arab Bank for Economic Development in Africa to strengthen 24-Hour economy programme

    The government of Ghana through the 24-Hour Economy Secretariat has signed a Memorandum of Understanding (MoU) with the Arab Bank for Economic Development in Africa (BADEA) to advance Ghana’s economic transformation agenda.

    The signing ceremony, held at the Bank of Ghana in Accra, establishes a framework for collaboration to finance and accelerate key pillars of the government’s 24-Hour Economy & Accelerated Export Development Programme (24H+).

    In his remarks, Presidential Advisor on the 24H+ Programme, Mr. Goosie Tanoh, underscored the direct impact of the partnership on Ghanaian businesses and households.

    “This MoU opens new doors for the Ghanaian entrepreneur who wants to expand production, the farmer looking to grow her shop, and the young innovator with an idea that can change our country,” he said.

    Mr. Tanoh expressed appreciation to BADEA for its confidence in Ghana’s economy and its people.

    The President of BADEA, H.E. Abdullah Almusaibeeh, who led the bank’s delegation, commended Ghana’s vision for inclusive growth.

    “With this memorandum of understanding, we are laying the foundation for a new and promising chapter in Arab-African cooperation,” he said.

    He outlined the scope of the collaboration, which will provide

    Technical assistance to strengthen capacity for programme implementation.

    A trade finance facility to support Ghana’s food security strategy and balanced trade.

    Affordable financing for small businesses, enabling Ghanaian enterprises to expand and create jobs.

    Support for Public-Private Partnerships (PPPs) to accelerate investment in infrastructure.

    The Second Deputy Governor of the Bank of Ghana, Mrs. Matilda Asante-Asiedu, welcomed the partnership and underscored the central bank’s role.

    “This signing is more than symbolic; it demonstrates our shared commitment to Africa’s structural transformation,” she said. “The Bank of Ghana will continue to ensure a stable financial environment that supports this initiative.”

    The partnership with BADEA represents a critical step in mobilizing investment to modernize key sectors of the economy, enhance competitiveness, expand exports, and create decent jobs, especially for Ghana’s youth and women.

    About BADEA

    The Arab Bank for Economic Development in Africa (BADEA) is a financial institution owned by Arab member states of the Organization of Arab Petroleum Exporting Countries (OAPEC). Its mandate is to contribute to Africa’s economic development and strengthen economic cooperation between Arab and African nations.