Ghana and the European Commission (EC) on Thursday signed an agreement for additional 6.02 million Euros under the 10th European Development Fund to help government address the effects of the escalating international food prices.
The amount will supplement the initial indicative allocation of 373 million Euros provided under the 10th European Development Fund Country Strategy Paper and National Indicative Programme signed between government and the EC in December 2007.
The EDF country strategy paper provides a framework for the implementation of European Union assisted programmes in the country and takes into account government's development priorities.
Finance and Economic Planning Minister, Dr Kwabena Duffuor signed for Ghana and Mr Filiberto Ceriani Sebregondi, Head of Delegation of the European Commission in Ghana initialled for the EC.
Mr Sebregondi said the additional support was to enable government to restore macro-economic stability and put it on the path to reaching the Millennium Development Goals by 2015.
He pledged the readiness of the Commission and other donor partners to assist government to overcome the macro-economic situation, adding, however, that increased support would depend on government commitment to enhance and strengthen systems and procedures.
"Only by being able to demonstrate further tangible positive developments can we justify our support to our own domestic constituencies - the tax payers of the European Union," he said.
Dr Duffuor expressed government's appreciation to the Commission and asked that the funds be released early to enable government to promptly address pertinent issues emanating from the shocks of the financial crisis.
The European Union has been providing support to the country in the areas of transportation, macroeconomic support and rural development.