- Ghanaian government has signed a €6.02 million financing with the European Commission to fight the rocketing food prices. The funding is an addition to the initial indicative allocation of €373 million provided under the 10th European Development Fund Country Strategy Paper and National Indicative Programme signed in December 2007.
The Minister of Finance and Economic Planning, Dr Kwabena Duffour said the programme highlights the European Commission’s assessment of government’s special needs as a result of the macro-economic and the social effects of the escalating international food prices.
Dr Duffour asked that the Commission to disburse the funds to enable government to promptly address pertinent issues emanating from the shocks of the financial crisis.
Speaking on behalf of the EC, Head of Delegation in Ghana Mr Filiberto Ceriani Sebregondi, said the additional support was to enable government to restore macro-economic stability and put it on the path to reaching the Millennium Development Goals by 2015.
He pledged the readiness of the Commission and other donor partners to assist government to overcome the macro-economic situation, adding, however, that increased support would depend on government’s commitment to enhance and strengthen systems and procedures.
“Only by being able to demonstrate further tangible positive developments can we justify our support to our own domestic constituencies - the tax payers of the European Union,” he said.
He added that the primary aim of the development funds to Ghana is to support the effort of government to restore macro economic stability and to achieve middle income status.
The European Union has been providing support to the country in the areas of transportation, macroeconomic support and rural development.
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