Gov’t, Arab Bank sign US$500 MoU to drive 24-hour economy

The Government of Ghana has signed a Memorandum of Understanding (MoU) with the Arab Bank for Economic Development in Africa (BADEA) to support the country’s 24-Hour Economy and Accelerated Export Development Programme.

The agreement, valued at up to USD500 million, is expected to mobilise investments, modernise key sectors, expand exports and create jobs, particularly for youth and women.

An initial USD60 million tranche will be channelled through the Development Bank Ghana to support small and medium-sized enterprises (SMEs).

Speaking at the signing, Presidential Advisor on the 24H+ Programme, Mr Goosie Tanoh, said the partnership would have a direct impact 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 farm, and the young innovator with an idea that can change our country,” he said.

He noted that the agreement reflects BADEA’s confidence in Ghana’s economy.

President of the Bank, Mr Abdullah Almusaibeeh, praised 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 indicated.

The MoU covers technical assistance to strengthen capacity for programme implementation, trade finance facilities to support food security and balanced trade, as well as affordable financing for small businesses.

It will also promote public-private partnerships to accelerate infrastructure development, boost productivity and expand Ghana’s export base.

Mrs Matilda Asante-Asiedu, Second Deputy Governor of the Bank of Ghana, stressed the Central Bank’s involvement underscored its commitment to Africa’s structural transformation.

“The Bank of Ghana will continue to ensure a stable financial environment that supports this initiative,” she assured.