{"id":31168,"date":"2026-04-08T20:16:42","date_gmt":"2026-04-08T18:16:42","guid":{"rendered":"https:\/\/www.channelafrica.co.za\/channelafrica\/?post_type=news&p=31168"},"modified":"2026-04-08T20:16:42","modified_gmt":"2026-04-08T18:16:42","slug":"afdb-approves-10-41-million-grant-to-strengthen-ghanas-financial-governance","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/afdb-approves-10-41-million-grant-to-strengthen-ghanas-financial-governance\/","title":{"rendered":"AfDB approves $10.41 million grant to strengthen Ghana\u2019s financial governance"},"content":{"rendered":"
The funding, provided through the African Development Fund, the Bank Group\u2019s concessional lending window, will finance the Strengthening Institutions for Enhanced Financial and Economic Governance (SIEFEG) project.<\/div>\n
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The initiative focuses on improving domestic resource mobilisation, strengthening oversight of public spending and supporting the preparation of Ghana\u2019s next national development plan, with strong emphasis on gender equality and climate resilience.<\/div>\n
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Ghana has made notable macroeconomic gains in recent years. Economic growth increased to an estimated 5.8% in 2025 from 5.6% in 2024, supported by improved policy management. Inflation fell sharply to 3.3% in February 2026, well below the 8\u00b12% target band.<\/div>\n
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The fiscal deficit narrowed to 2.4% of gross domestic product (GDP) from 6.3% in 2024, while public debt declined significantly to 45.3% of GDP from 61.8%. The current account surplus also widened to 4.4% of GDP, up from 2% the previous year.<\/div>\n
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Despite these improvements, unemployment and inequality remain high, highlighting the need for deeper structural reforms to ensure growth is more inclusive.<\/div>\n
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The SIEFEG project will strengthen capacity across key institutions, including the Ministry of Finance, the National Development Planning Commission, the Ghana Audit Service, the Public Procurement Authority, Parliament, the Central Tender Review Committee and the Department of Gender. These reforms aim to improve how public resources are planned, raised and deployed. The project builds on an earlier African Development Bank initiative approved in 2019.<\/div>\n
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\u201cBy investing in governance systems today, we are supporting Ghana in building a more transparent, accountable and resilient economy,\u201d said Lamin Barrow, AfDB Director General for West Africa.<\/div>\n
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Beyond institutional strengthening, the project is expected to help create greater fiscal space, improve the targeting of public spending and foster a stronger environment for private sector growth and job creation.<\/div>\n
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The initiative aligns with Ghana\u2019s Vision 2057, the Agenda for Jobs framework and the Bank Group\u2019s Country Strategy Paper for Ghana for 2024 to 2029, as well as its broader economic governance and long\u2011term development strategies.<\/div>\n
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–AfDB\/ChannelAfrica–<\/div>\n","protected":false},"featured_media":31169,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-31168","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"The Board of Directors of the African Development Bank Group (AfDB) has approved a $10.41 million grant to reinforce Ghana\u2019s public financial management systems and support inclusive, climate\u2011resilient growth.","published_date":"","news_description":"The Board of Directors of the African Development Bank Group (AfDB) has approved a $10.41 million grant to reinforce Ghana\u2019s public financial management systems and support inclusive, climate\u2011resilient growth.","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/31168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/31168\/revisions"}],"predecessor-version":[{"id":31170,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/31168\/revisions\/31170"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/31169"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=31168"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=31168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}