ACCRA, Sept. 1 (Xinhua) — The World Bank has approved a 15 million U.S. dollars support facility for Ghana’s debt and public investment management.
The facility is to strengthen Ghana’s institutional capacity in domestic revenue mobilization, public investment management, debt management, and governance of State-Owned Enterprises (SOEs), said a press release from the country office of the World Bank on Wednesday.
“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 mobilization.
“Our support to Ghana under the GEMS project will, among other things, help the Ministry of Finance build capacity to better operationalize its medium-term debt management strategy,” said Henry Kelary, World Bank Country Director for Ghana.
The program, according to the 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.