Switzerland provides Ghana with grant

Accra (Greater Accra) 13 December 2002- Ghana has signed a 15m Swiss Franc (84.14bn cedis) budgetary support grant agreement to Ghana in Accra. Yaw Osafo-Maafo, Minister of Finance signed for Ghana, while Georg Zubler, the Swiss Ambassador signed for his country.

This is the first official bilateral assistance from Switzerland to Ghana in more than 15 years. Osafo-Maafo said the grant followed the Swiss government's satisfaction at Ghana's efforts at macro-economic stabilization, respect for human rights and the rule of law.

He said it was also based on the convincing report on the economy by a Swiss Mission that visited the country in May which studied the Ghana Poverty Reduction Strategy, explored possibilities of private sector investment and export promotion and areas of promoting venture capital.

Osafo-Maafo indicated that half of the grant; about 42.07bn cedis would be disbursed immediately while the other half would be disbursed by April, next year. Zubler said the agreement signified the opening of a new era of opportunity between the two countries, saying, "it is going to open more doors for technical cooperation between Ghana and Switzerland.

He said the fact that the money was a grant also signified the confidence that the Swiss government has in the Ghana government to deliver on its promise of economic performance, good governance and peace and security.