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Government and World Bank Group sign Financial Agreement for Four Projects

Government and World Bank Group sign Financial Agreement for Four Projects

Accra, Friday January 17, 2020 - The Government of Ghana represented by the Minister for Finance, Ken Ofori-Atta has signed financial agreements for four projects amounting to UD 569.39 million with the International Development Agency of the World Bank Group, represented by the Country Director, Mr. Pierre Frank Laporte.

The Minister, speaking at the ceremony stated that the projects were part of Government’s broad plans of consolidating the gains for growth, jobs and prosperity. 

The projects included Ghana Economic Transformation Project, Forest Investment Programme, Ghana Accountability for Learning Outcome Projects, and Greater Accra Resilient and Integrated Project.

Present at the ceremony were the World Bank Group Country Director, Mr. Pierre Frank Laporte and delegation from the World Bank Group, sector Ministers of implementing Ministries and beneficiary agencies who would be implementing the projects. 

The Ministers included the Hon. Alan John Kyerematen, Minister for Trade and Industries, Hon. Samuel Atta Akyea, Minister for Works and Housing, MP for Akim Abuakwa, Hon. Matthew Opoku Prempeh, Minster for Education, MP for Manhyia South, Hon. Cecilia Abena Dapaah, Minister for Sanitation and Water Resources, Hon. Dr. Abdul Mustapha Hameed, Minister for Inner City and Zongo Development, Hon. Benito Owusu Bio, Deputy Minister for Lands and Natural Resources,  Hon. Charles Adu Boahen and Hon. Kwaku Kwarteng, Deputy Ministers for Finance

The rest included staff of the Implementing Agencies, Beneficiary institutions and Officials of the Ministry of Finance.

Ken Ofori-Atta reiterated Government’s focus for 2020 which was to consolidate gains for growth, jobs and prosperity for all and added that, the multi-sectoral nature of the projects was evidence of the inclusive and transformative character of government’s policy agenda.

Outlining some of the pertinent details on each of the four projects, he started with the Ghana Economic Transformation Project and commented that, Government had accepted the challenge of pursuing robust reforms to prop up the private sector as the engine to unlock critical investment vital to economic growth and transformation.

The project, he continued would facilitate private investments, business regulatory reforms including strengthening the implementation of the New Company’s Act 2019 (Act 992), support for investment promotion, spatial and industrial planning. 

The project is a five-year programme with Ministry of Trade and Industry (MoTI), Ministry of Business Development (MoBD), Ghana Investment Promotion Center (GIPC), Registrar General’s Department (RGD), Ghana Free Zones Authority (GFZA), Ghana Standards Authority (GSA), Venture Capital Trust Fund (VCTF), National Board for Small Scale Industries (NBSSI) and National Entrepreneurship and Innovation Plan (NEIP) as implementation agencies. 

Ghana Accountability for Learning Outcomes Project was the next project and the Minister noted that its implementation was expected to further improve the quality of low performing basic education schools and strengthen education sector equity and accountability in the country.

In addition, the five-year project is expected to strengthen the Free and Compulsory Universal Basic Education (FCUBE) thereby laying a solid foundation for Government’s flagship Free SHS Programme. The project duration is five years and implementing agencies included Ministry of Education, and the Ghana Education Service (GES) with NaCCA, NTC, and NIB implementing the various components of the project.

On the Greater Accra Resilient and Integrated Development (GARID), Ken Ofori-Atta stressed Government’s interest to continue the modernization of water and sanitation infrastructure in the Country.

He stated that, the objective of this project was improving solid waste management in the Odaw River Basin of the Greater Accra Region and thereby augment Government’s efforts in providing the needed infrastructure to mitigate the impact of floods.

The project duration is six years with Ministries of Works and Housing; Sanitation and Water Resources; Local Government and Rural Development; and Inner City and Zongo Developemnt; the Accra Metropolitan Assembly and the National Disaster Management Organization as implementing agencies.

On the Ghana Forest Investment Project, He revealed that the additional financing facility was geared towards improving forest and tree management practices by cocoa farmers, Community Resource Management Areas (CREMA) communities and forest reserve managers. 

The four-year duration project had the Ministry of Lands and Natural Resource as its implementing agency.

The Country Director for World Bank Group, Mr. Pierre Frank Laporte commended Ghana for its longstanding and strong partnership with World Bank Group.

He stated that the Bank would work hand in hand to ensure that the projects as well as other ongoing projects were implemented timely and effectively.

“Ladies and Gentlemen, one important aspect of the implementation process is feedback from beneficiaries. Implementation entities, thus, need to ensure there are functional grievance redress mechanisms and strong citizens engagement for all projects as they contribute to effective, efficient and sustainable delivery and outcomes”. Mr. Laporte stated.

He revealed that the World Bank Group was developing a new Country Partnership Framework for Ghana that would map out its engagement for the next six years to continue to support Government’s development priorities, leveraging the World Bank Group’s comparative advantage and resources.

Hon. John Alan Kyerematen, Minister for Trade and Industries after expressing delight at the signing of such projects appealed for speedy release of the funds earmarked for the projects to begin in earnest. END

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