EU reaffirms commitment to Ghana's economy amid global challenges

The European Union (EU) has reaffirmed its commitment to Ghana, emphasising its enduring presence despite the ongoing global economic and financial crisis.

“Our partnership remains strong, even amid today’s challenging times, both for Europe and Ghana,” the Head of the EU Delegation to Ghana, Irchad Razaaly, stated during the 2024 Ghana-EU Partnership Dialogue in Accra.

He stressed the EU’s continued support for Ghana’s macro-economic stability and the country’s ability to manage the current crisis.

He noted that the EU and its member-states (MS) have shown a clear willingness to invest even more in this partnership. This commitment was evident through an unprecedented number of high-level visits from Europe to Ghana since their last dialogue.

These included the President of Italy, Sergio Mattarella; the President of Malta, Dr. George William Vella; the Prime Minister of Czech Republic, Petr Fiala; and the Federal Chancellor of Germany, Mr. Olaf Scholz, among others.

Many of these visits, he indicated, coincided with the first-ever UN Peacekeeping Ministerial in Africa, which hosted 91 member-states. To this, he said the EU will celebrate the opening of a new embassy in Austria, while others are exploring an imminent move in the coming month.

Mr. Razaaly emphasised that these developments were not by chance or coincidence, as the EU and Ghana share a number of priorities and interests. “Both Europe and Ghana are confronted with direct threats to their security and stability, and share a commitment to safeguarding democracy and the rule of law”.

“We share an interest in upholding rules-based multilateral order amid testing moments,” Mr. Razaaly said. He particularly appreciated Ghana’s continued opposition against the illegal war of aggression by Russia against Ukraine, now two years after the initial invasion.

Mr. Razaaly also highlighted the shared ambition for closer collaboration on human rights, as Ghana assumed its seat at the UN Human Rights Council.

He emphasied the shared interest in building a sustainable future for the next generations in Ghana. “As a partner, this is what sets us apart – the EU is here to stay,” he said.

Also, the Head of EU Delegation also acknowledged the successes realised so far from the partnership, noting: “After all, the EU believes in Ghana. We show this by investing in the future of your country.

“Our support for TVET is significant in that regard: The EU mobilised €17million to boost employment in the green and digital sector through investment in technical and vocational education and training. We will soon mobilise another €15million to support entrepreneurs to expand their business, creating new jobs.

The Vice President, Dr. Mahamudu Bawumia, also addressed dignitaries at the meeting highlighted the historical significance of the Ghana-EU Partnership Dialogue, emphasising its role in nurturing mutual understanding and fostering cooperation across various spheres.

He underscored the forum’s importance in strengthening economic cooperation, promoting sustainable development, ensuring peace and security, and upholding democratic principles.

“With a history of collaboration dating back to the signing of the first financial protocol, the Lome 1 Convention, between the EU and the African, Caribbean and Pacific (ACP) members in 1975, the framework has provided a comprehensive, balanced and deep political dialogue,” Vice President Bawumia noted.

Acknowledging the formidable challenges confronting the world today, Dr. Bawumia lauded the support and solidarity demonstrated by the EU toward Ghana and the wider region.

He described this support as commendable, particularly in the face of ongoing threats in the Sahel region and other global crises.

Building upon the achievements of previous dialogues, Vice President Bawumia emphasised the importance of the current meeting as a milestone in the enduring partnership between Ghana and the EU.

He identified four thematic areas – socio-economic partnership; peace and security; governance and human rights; green growth, technology and sustainability – as the focal points guiding discussions toward generating innovative solutions and concrete actions.

“Our agenda is comprehensive, and I am confident that our discussions will be both productive and enlightening, yielding tangible outcomes that will further deepen and enrich the ties between Ghana and the European Union,” Dr. Bawumia asserted.

The Minister for Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, asserted that the relations have transcended into partnerships, reflective of the ever-evolving and increasing interdependence between Ghana and EU as well as its individual member-countries.

“It is, therefore, important that we continue to engage to tackle the various challenges that affect our world, some of which include peace and security issues, the migration crisis, climate change – just to mention a few.”