Reinforcement of economic cooperation with Ghana

Bern, 11.11.2004 - Switzerland and Ghana against povertySwitzerland and Ghana signed a budgetary assistance agreement on 11.11.2004 in Accra for the sum of CHF 18 million over two years. The agreement was signed by Georges Zubler, Swiss Ambassador to Ghana, and Yaw Osafo-Maafo, Finance Minister responsible for economic planning. This assistance, in the form of a non-refundable donation, is earmarked to support the efforts of the government of Ghana in relation to economic reforms and the fight against poverty.

The Ghanaian government has for several years been implementing an ambitious programme of economic and structural reform which aims to establish a good basis for strong, sustainable economic growth. This programme has already had some success: inflation has been greatly reduced and the growth rate of the Ghanaian economy is now reaching 5% per annum. The government has also defined a strategic plan to combat poverty which sets out priority development objectives for the coming years. This strategy, which accompanies the initiative for the debt relief of heavily indebted poor countries (HIPC Initiative), provides a coherent framework for poverty-reducing measures. Ghana already benefits from debt relief provided for under this initiative.

By signing this budgetary assistance agreement, the State Secretariat for Economic Affairs (SECO) intends to contribute to the reinforcement of good bilateral relations with Ghana, which is a priority country for Swiss development cooperation. This seco commitment will contribute to an intensification of cooperation between the two countries by specifically supporting the implementation of a strategic plan to combat poverty, develop sound macroeconomic policies and reinforce the management of public finances. This assistance is part of a coordinated programme of budgetary assistance with other investors active in Ghana, i.e. Germany, the World Bank, the African Development Bank, Canada, Denmark, the Netherlands, the United Kingdom and the European Union.

Bern/Accra, 11 November 2004

State Secretariat for Economic Affairs

Nicolas Guigas
Macroeconomic assistance
tel. +41 (0)31 324 08 38


State Secretariat for Economic Affairs