Akufo-Addo grabs €82.5m from Europe

The government of Ghana has welcomed monetary support in the sum of €82.5 million from the European Investment Bank (EIB) and the European Commission towards its COVID-19 health response plan.

The concessional financing package comprises a €75 million facility from the EIB, and €7.5 million grant from the European Commission.

The President, Nana Addo Dankwa Akufo-Addo, made a day’s visit to Luxemburg yesterday and returned with this concession.

The deal was signed at the Luxembourg Headquarters of the European Investment Bank on Monday, December 13, 2021.

It is to strengthen healthcare, the provision of specialist medical equipment and medicines across Ghana, under the National COVID-19 Health Response Plan.

The new agreement with Ghana was signed on behalf of Ghana by Kwaku Ampratwum-Sarpong, Deputy Minister for Foreign Affairs, and Ambroise Fayolle, European Investment Bank Vice President, in the presence of President Nana Akufo-Addo, EIB President Werner Hoyer, and H.E. Sena Siaw-Boateng, Ambassador of Ghana to the European Union.


In his remarks, President Akufo-Addo opined that strengthened cooperation between Africa and multilateral development partners was crucial to sharing global best practice, and ensuring a rapid response to social and health challenges triggered by the COVID-19 pandemic.

EIB President Werner Hoyer

He added that the European Investment Bank and the European Union were key partners of Ghana, and “I welcome their support for our National COVID-19 Health Response Plan.”

He continued: “Ghanaian and EIB experts have worked tirelessly in recent months to finalise this initiative since President Hoyer and I met earlier this year. Specialist healthcare and medical services will benefit from both the EIB’s largest backing for COVID health resilience in Africa and EU grant support.”

Visionary Steps

According to the President of the EIB, Ghana had taken visionary steps to ensure that the impact of COVID could be managed and long-term investment unlocked to strengthen both health services and access to finance by businesses.

He added that a few months ago, he and President Akufo-Addo confirmed EIB backing for the Development Bank of Ghana.

President Akufo-Addo with Prime Minister Xavier Bettel

He said that “it was an honour to welcome our Ghanaian friends to our Luxembourg headquarters to demonstrate the impact of our joint response to improve COVID-19 healthcare, and discuss how to further strengthen Team Europe’s partnership to improve lives and opportunities in Ghana in the years ahead.”

Werner Hoyer, President of the EIB, said Europe and Ghana stood side by side to tackle the health challenges triggered by the COVID-19 pandemic.

Enhance Resilience

Jutta Urpilainen, European Union Commissioner for International Partnerships, on his part, said that the new Team Europe support for Ghana’s COVID-19 Health Response Plan would strengthen public health.

He added that it would also enhance resilience to the pandemic across Ghana in the months and years ahead, through new investments backed by the European Union and EIB.

Kpong Dam Retrofit

The meeting provided an opportunity to discuss recent EIB support for the retrofit of the Kpong Dam, Development Bank Ghana and COVAX.

It also explored future cooperation to support local vaccine manufacturing and outlined the EIB’s strengthened engagement in Africa through a new dedicated development finance branch to be launched in the new year.

EIB and EU

The EIB and EU-backed health investment will improve medical treatment for patients with COVID at treatment and isolation centres and Intensive Care Units, as well as measures to detect and contain the virus and slow down transmission.

The initiative would both enhance medical treatment during the pandemic and enhance public health in the years ahead.

COVAX in Ghana

Ghana was the first country in Africa to receive COVID-19 vaccines under the EIB and EU backed COVAX initiative. EIB experts also briefed President Akufo-Addo on plans to further accelerate the delivery of vaccines across sub-Saharan Africa.

About EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term financing available for sound investment in order to contribute towards EU policy goals.


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