Ghana bags $180m from India’s Exim Bank

The government of Ghana has agreed a $180 million deal with the Exim Bank of India to finance various development projects in the country.

This was announced by Ghana’s Vice-President, Dr Mahamudu Bawumia, who stated on Monday, 18 March 2019 that the agreements will be signed between the two countries in April 2019.

Dr Bawumia revealed that the decision was taken after engagements with Mr David Raaquinha, Exim Bank of India President and also John Deere, an executive of TATA Africa Holding (GH) Limited.

Dr Bawumia, who is at the ongoing 14th CII-EXIM Bank Conclave on India-Africa Project Partnership in New Delhi, India, stated on his Facebook wall that discussions have been finalised “on the agreement between the Government of Ghana and Exim Bank of India for an amount of US$150 million for the purpose of Financing Strengthening of Agriculture Mechanisation Services in Ghana and a US$30 million facility for the Yendi Water Project”.

Dr Bawumia had earlier challenged investors to constructively engage their African counterparts as the governments and peoples of the continent gear up to take their destinies in their own hands and assume their rightful places in the comity of nations.

According to Dr Bawumia, “Africa is on the move; a continent eager to shake off past failures due to blind colonial and cold-war alignments and sheer bad governance. The new scramble for Africa, according to the Economist Magazine, is now being led by a new generation of Africans determined to make a difference through technological innovations and the development of enterprise and markets.

“The Africa we want can only be built by Africans in partnerships with countries and investors who also believe in this paradigm for change.”

Dr Bawumia issued the challenge when he addressed delegates at the Conclave on Sunday.

The three-day Conclave is under the theme “Partners in Development, Building New Synergies,” and bringing together over 500 delegates including 33 Ministers and Heads of Government from 41 African countries.