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Ghana secured US$24.0 million from Kuwait

By: Fred Yaw Sarpong

Ghana has signed a concessional loan agreement of US$24.0 million (Kuwait Dinar 7.0 million) with the Kuwait Fund for Arab Economic Development for the expansion and development of 26 existing Senior High Schools (SHS) Project across the country.

The loan agreement was signed on the side lines of the annual International Monetary Fund (IMF)/ World Bank Group meetings currently on-going in Washington DC. The meeting ended on Friday 14, 2016.

The Loan agreement was signed on behalf of the Government of the Republic of Ghana by the Minister for Finance, Mr. Seth E. Terkper while the Deputy Director-General of the Fund, Mr. Hesham Al-Waqayan signed on behalf of the Kuwait Fund for Arab Economic Development.

Mr. Terkper led a delegation which made up of officials from the Bank of Ghana (BoG) including the Governor, the Chairman of the Finance Committee in Parliament and officers from the Finance Ministry to the meeting.

According to the finance ministry, the fund aims to support the social and economic development of Ghana, by supporting Government's plans to increase access, improving the quality of Senior High School Education and meet the growing demand for student enrolment in underserved areas in Ghana under the ongoing Education Sector Plan (ESP) 2010-2020.

Daily Express learnt that the project involves the rehabilitation and construction of new class rooms, new educational facilities and additional student’s dormitories in 26 existing Senior High Schools as well as supply and installation of educational furniture, equipment and tools for all the new buildings and facilities in order to raise them to the corresponding standard of model SHS’s.

“This will contribute to the improvement of quality of teaching and learning in the education sector and will increase employment, reduce crime rate, and improve national security, which will have a positive impact on the country's socio-economic indicators,” the ministry stated.

The Kuwait Fund for Arab Economic Development (KFAED), commonly known as the Kuwait Fund, is the State of Kuwait’s agency for the provision and administration of financial and technical assistance to developing countries.

While in Washington DC, Mr. Terkper and his team scheduled to have a meeting with the Commonwealth Secretary General, Her Excellency Patricia Scotland and attend the Commonwealth Finance Ministers Meeting to be held on the sidelines of the Annual meetings.

They are expected to attend include the G24 Deputies Meetings and a closed door meeting of Finance Ministers and Central Bank Governors of Sub-Saharan African countries with David Owen, the acting Director for African Department on the Regional Economic Developments.

Aside the obligatory meetings with the IMF and the World Bank, the delegation will hold bilateral discussions with other partner countries, financial institutions and private sector investors. 


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