Ghana secures US$570m from World Bank to transform economy

GHANAGhana and the World Bank have signed four agreements, totaling nearly US$570 million aimed at transforming the economy, boost education, improve sanitation and fight flooding in Accra as well as reduce forest losses.

Out of the total commitment for the four projects, US$557 million is in loans and just over US$12 million in grants.

The Greater Accra Resilient and Integrated Development project is a US$200 million, multi-sector and transformative urban project which aims to support Greater Accra to become a cleaner, safer and more resilient city.

It focuses on reducing flood risk along the Odaw urban river basin and three selected low-income communities: Nima, Alogboshie and Akweteman.

The Ghana Accountability for Learning Outcomes Project will be implemented within a period of 6 years at a cost of US$150 million.

The Education program is aimed at improving the quality of education in low performing basic education schools and strengthen education sector equity and accountability in Ghana.

The objective of the US$200m Ghana Economic Transformation Project is to promote private investments and firm growth in non-resource-based sectors of the Ghanaian economy.

The project will work towards improving the business environment to facilitate firm growth and investments.

The final project is the Additional Financing for the Ghana Forest Investment Programme, which is a US$12.4 million grant and US$7 million loan project.

The project seeks to reduce forest loss and degradation in selected landscapes in Ghana’s High Forest Zone, where deforestation is at the highest.

Finance Minister Mr Ken Ofori-Atta and Mr Pierre Laporte, the World Bank Country Director for Ghana signed the deal on behalf of Ghana and the World Bank respectively.

In his address Mr Ofori-Atta commended the World Bank for its support, saying the projects would help to advance the government’s quest for inclusiveness and transformation.

He said since the government came into office some three years ago, the goal has been to accelerate the pace of development and ensuring that no one was left behind.

However, this could not be done without a focus on wealth creation, which is key to ensuring sustainability.

He said the government has proven to Ghanaians its desire for inclusiveness through flagship programmes such as the one district one factory and the free SHS programme.

Mr Ofori-Atta urged development partners not to slow down the process because of an election year because the government had a desire to move development forward.

On his part, Mr Laporte said the event affirmed the bank’s commitment to the government and Ghanaians through the signing of the legal Agreements of the four important and potentially transformative projects.

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