By Faridat Salifu
The European Bank for Reconstruction and Development (EBRD) has greenlit the inclusion of Senegal and Ghana as new members, marking a strategic step towards fostering sustainable growth in West Africa.
Despite differing socio-political landscapes, both nations share a common goal of leveraging EBRD membership to drive economic progress.
Reports say while Senegal braces through political turbulence post-election postponement, a promising 10% GDP growth projection for 2024, fueled by nascent oil production, underscores its economic potential.
Meanwhile, Ghana grapples with a debt crisis, necessitating IMF intervention, with GDP forecasts indicating a modest downturn.
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EBRD’s President, Odile Renaud-Basso, sees the inclusion of Senegal and Ghana as pivotal, aligning with the bank’s mandate to expand operations across sub-Saharan Africa. The move signifies a concerted effort to catalyze private sector growth, job creation, and sustainable development in these countries.
In line with its strategy, EBRD aims to unlock private sector potential in Senegal and Ghana, echoing successful ventures in North Africa.
Notably, the bank’s involvement in public-private partnerships has spurred renewable energy initiatives in Egypt, exemplified by its role in financing the Benban solar complex.
Looking ahead, Senegal and Ghana aspire to address critical challenges spanning water and sanitation, urban mobility, food security, education, and healthcare.
With EBRD’s expertise and financial backing, both nations are poised to embark on a transformative journey towards climate-resilient development.
This narrative underscores EBRD’s commitment to fostering sustainable progress in emerging economies, epitomizing a collective endeavor towards a greener, more prosperous future for all.
