Germany pledges $86 million to Ghana for ‘critical sector’ development

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G7 foreign ministers meet in Germany

ACCRA (Reuters) – Germany has pledged 82 million euros ($86 million) to Ghana in grants to support renewable energy and financial sector development, Ghana’s finance ministry said in a statement late on Thursday.

The grants are also intended to support technical skills training, good governance, digital infrastructure transitions, food security and female empowerment, the statement said.

Part of the money will go towards the newly-created Ghana development bank, which the statement said would “ensure access to long term and affordable capital in challenging economic times.”

The West African nation has been unable to access international capital markets since flurry of credit ratings downgrades at the beginning of the year.

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($1 = 0.9495 euros)

(Reporting by Cooper Inveen; Editing by Nellie Peyton and Mark Potter)