Mr Charles Adu Boahen, the Deputy Minister of Finance, has called on project implementing agencies to expedite action on the execution of projects without compromising results.
The Minister said the judicious use of project funds, effective contract management, value for money, transparent procurement and timely implementation of projects must be the trademark for project implementing agencies.
Mr Boahen made the call on Monday in Accra at this year’s country portfolio performance review of World Bank’s funded projects to review the status of projects implementation and demonstrate results and develop strategies to enhance performance of the portfolio.
The Bank’s current portfolio comprises 27 projects valued at $2.07 billion of which 65 percent had been disbursed.
He reminded implementing agencies that donor funds were public funds and should be managed in accordance with the new public financial management law and the respective donor guidelines.
He noted that government recognised the importance of committing to project results and impacts, hence, the creation of the Monitoring and evaluation Ministry to spearhead the country’s project and ensure transparent and accountability.
The Minister noted that the current disbursement rate of 25.4 percent as of February 2017 was above the regional average of 23.3 percent, saying, there was the need to increase the number of successful projects and minimise the cost of implementation.
“Effective implementation of donor funded projects and judicious use of these resources is critical in the face of declining economic growth and tighter terms”, he added.
He urged all and sundry to rise above prevailing issues of poor contract management, delayed procurement processes and weak supervision, which accounted for slow execution of development projects.
Mr Boahen said the Ministry would collaborate with implementing agencies to ensure timely release of funds for compensation payments, prompt release of valuation reports by land valuation division and signing of performance contracts with project staff.
He emphasised that prudent management of project funds was as important as the efficient delivery of services to the public and call on all to eschew social justice and corruption and cultivate the habit of transparency and best practices in project implementation.
The Minister commended the support from the World Bank Group over the years on projects across the country including energy, roads, agriculture, education, health and the private sector.
Mr Henry Kerali, the Country Director of World Bank, said the review was necessary to assess projects financed by the Bank and see how well those projects were implemented and found out if there are any the areas of improvement.
He said one of the key growths of the Bank was to eliminate poverty and improve sustainable development, adding that, the review was to identify mitigating remedies on projects and collectively dialogue to address any shortcomings.
Mr Kerali said it was expected that at the end of the review process, projects implementing agencies would draw up a metrics of clearly defined modalities on the outcome and impact of implemented projects for future engagement.
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