France supports dev’t with €1.4bn over three decades
Ghana’s long-standing partnership with France has seen remarkable growth, especially in the areas of infrastructure, energy and sustainable development.
The inaugural France-Ghana Economic Report for 2023-2024 highlighted the two nations’ strategic collaboration, underscoring France’s investment of over €1.4billion in various projects across the country over the past 30 years.
The report was launched at the annual French business community cocktail event held at the French Ambassador’s residence in Accra.
Highlighting findings of the report in a speech, Minister of Finance Dr. Mohammed Amin Adams stated that France’s investments – totalling more than €1.4billion – have spanned a wide array of sectors including rural and urban development, climate change mitigation, energy and transportation.
On key French-funded projects, Minister Adams referred to the Kpong Generating Station Retrofit, a €50 million initiative aimed at improving electricity supply in the Greater Accra Region; and the Tumu-Han-Wa Transmission project (€47.9million), which is expanding Ghana’s electricity distribution network.
Other notable projects include the Kumasi Roads and Drainage Extension Project (€37.5million) and the Ghana Urban Management Pilot Project (€40.5million), both of which are instrumental in upgrading urban infrastructure and improving living conditions for residents.
He added that the French Development Agency (AFD), which has been operating in Ghana since 1985, has played an instrumental role in financing critical development projects – in particular the Kumasi-Bolgatanga electrical line that has expanded electricity access to rural communities, contributing to poverty reduction and economic growth in these areas.
The minister also emphasised France’s support to Ghana’s state-owned enterprises; including investments in the Ghana Infrastructure Investment Fund (US$85million), the Ghana Grid Company (€173.9million) and the African Development Bank (€17.7million).
The report also revealed that France’s exports to Ghana reached €261million in 2023, a 10% increase from the previous year, while Ghanaian exports to France rose by 22% – reaching €374million.
Despite a trade deficit for France, these figures underscore the robust and growing economic exchange between the two nations.
France remains a leading trade partner for Ghana in Europe, with agricultural products, machinery and energy equipment constituting significant portions of French exports. The economic report also highlights sectors where French businesses are expanding, such as agri-food, energy and transport.
These investments are helping to strengthen Ghana’s energy infrastructure, boost economic growth and align with the United Nations’ Sustainable Development Goals (SDGs), particularly in the areas of affordable & and clean energy and sustainable cities.
Dr. Amin Adams expressed gratitude for the enduring partnership between Ghana and France, reaffirming the Ghanaian government’s commitment to strengthening their collaboration; particularly in areas such as infrastructure development, renewable energy and private sector support.
“The continued support of France has been invaluable in helping Ghana achieve its development objectives. Our vision is to deepen this cooperation and leverage France’s expertise and investments to address challenges such as energy security, climate change and infrastructure deficits,” he stated.
He further called for enhanced collaboration in the areas of renewable energy and climate change mitigation. Also, with the country’s increasing focus on transitioning to sustainable energy solutions, he highlighted the need for continued French support in these areas – especially as the country works to meet its climate goals and reduce its carbon footprint.
Strengthening ties
French Ambassador to Ghana Jules-Armand Aniambossou, in his speech, reflected on the relationship between these two nations rooted in shared values such as human rights, liberty and democracy.
These common values, he said, have created the foundation for a mutually beneficial economic partnership that has flourished over the years.
Ambassador Aniambossou commended Ghana for its economic growth and stability – particularly in the face of global challenges – and expressed France’s continued commitment to supporting Ghana’s development goals.
He emphasised that publication of the France-Ghana Economic Report serves as a testament to the bilateral relationship’s strength and positive impact of French investments in Ghana.
“The France-Ghana Economic Report reflects the depth and diversity of our economic ties and is a clear demonstration of our long-standing partnership. This first edition highlights the success of our collaboration and serves as a foundation for even greater cooperation in the future,” he stated.
He also touched on the importance of tackling common global challenges such as poverty reduction, climate change and sustainable development. He affirmed that France remains committed to engaging with the Ghanaian government on these issues, not only through direct investments but also by strengthening multilateral cooperation frameworks.