Finance minister seeks US$12 billion investment from Saudi Arabia

Finance minister Dr. Mohammed Amin Adam has called on Saudi investors to contribute its quota in raising US$12billion over the next three years.

This, he explains, remains critical to helping the country recover to the pre-COVID era’s level.

The appeal was made during a high-profile meeting with the Arab Bank for Economic Development in Africa (BADEA), under the theme ‘Ghana: unleashing opportunities through strategic investments’.

Dr. Adam underscored the critical role of foreign investment in the country’s post-COVID recovery efforts, saying: “If you can help us raise US$12billion over the next three years to finance our recovery and finance our growth to the pre-COVID era, you will have your names written in golden ink as sustainable partners of Ghana”.

The minister highlighted government’s commitment to social programmes, citing significant increases in spending across various sectors.

He noted that funding for the Livelihood Empowerment Against Poverty (LEAP) programme has grown from GH¢49million in 2016 to nearly GH¢500million today.

Similarly, the school feeding programme has expanded its reach from 1.6 million children in 2016 to 4 million currently.

Healthcare has also seen substantial investment, with the National Health Insurance Scheme budget rising from GH₵1.1billion in 2016 to a projected GH¢6.5billion this year.

Dr. Adam stressed that these increases reflect government’s commitment to inclusive growth.

He said: “We are not just growing the economy but also increasing spending in social programmes in order to bring up the vulnerable and poor sectors of our society so that nobody is left behind”.

The minister also addressed the need for increased support for Small and Medium Enterprises (SMEs) – acknowledging that while BADEA had previously provided close to US$600million in financial support, more funding is required to drive economic growth.

Dr. Diad Karrar, Public Sector Operations Director at BADEA, expressed pride in the organisation’s longstanding relationship with Ghana. He revealed that BADEA has approved 42 operations in Ghana totalling US$511million, with 53 projects either completed or modified.

Dr. Karrar emphasised the portfolio’s satisfactory performance and highlighted the importance of aligning with Ghana’s national development programme.

The BADEA director also noted challenges faced by the region, including impacts of COVID-19 and the conflict between Ukraine and Russia.

He assured that BADEA had responded innovatively to address supply chain gaps during the pandemic.

Both parties expressed optimism about future collaboration. Dr. Adam called for “a new chapter of lasting partnership and cooperation” while Dr. Karrar affirmed BADEA’s commitment, stating: “We promise we can do more, and we are at the disposal of government to continue our really strong partnership”.