The World's biggest financial institution, The World Bank, has approved a US$15 million support facility for Ghana's debt and public investment management, ghanaguardian can confirm.
According to a press release from the country director of the World Bank on Wednesday, the facility is to strengthen Ghana's institutional capacity in domestic revenue mobilisation, public investment management, debt management, and governance of State-Owned Enterprises (SOEs).
"Reforming the governance of SOEs and improving government's oversight will also help improve public service delivery and contribute to economy-wide competitiveness," the statement stated.
The facility is part of the Ghana Economic Management Strengthening (GEMS) Technical Assistance Project.
It complements a series of development policy operations meant to support reforms in debt management, public investment management, SOE governance, and capacity strengthening in domestic revenue mobilisation.
World Bank Country Director for Ghana, Henry Kerali, said the move is to aid the Finance Ministry to build capacity to better operationalise its medium term debt management strategy.
"Our support to Ghana under the GEMS project will, among other things, help the Ministry of Finance build capacity to better operationalise its medium-term debt management strategy," Kalaray stated
The programme, according to the World bank, is closely aligned to its Country Partnership Strategy for Ghana (2013-2016), which is to deepen support for the country's transition to sustain economic growth, reduce extreme poverty, and enhance shared prosperity for all Ghanaians.
Ghana became a lower Middle Income Country (MIC) after re-basing its economy in 2010, the same year it commenced commercial oil production.
By: Farida Mohammed/ghanaguardian.com