Since this encounter happens to be the first of its kind at the start of the year 2011, let me begin by wishing Your Excellency, the entire EU Community in Ghana and all gathered here this morning a happy and prosperous new year. It is my fervent hope that the cooperation between Ghana and the EU will continue to improve from strength to strength in the coming years.
It is recalled that barely a year ago, we witnessed the signing of a second Addendum to the 10th European Development Fund (EDF) Country Strategy Paper/National Indicative Programme (CSP/NIP) for the period 2008-2013. With the signing of this second addendum, the EU provided exceptional financial resources in the sum of €35 million to Ghana in the form of General Budget Support (Vulnerability – Flex Mechanism) to assist Ghana mitigate the observable impact of the global financial and economic crisis. Ghana happened to be one of the few countries that benefited from this facility.
I must therefore commend the EU for this kind gesture at the time when Ghana was hard hit by the financial crisis and the Government was seeking additional financial support from its development partners, to enable us implement our policy
objectives and programmes. The support was also to enable the country contain the pressures that could be associated with a potential second round impact of the global financial crisis.