Finance Minister Ken Ofori-Atta has pleaded with the World Bank to undertake some reforms that will address issues related to the payments of compensation to help with the implementation of its supported projects in Ghana.
At a ceremony to celebrate 60 years of partnership between the World Bank and Ghana recently in Accra, Mr Ofori-Atta stated: “We acknowledge the bank’s efforts over the years to transform in order to meet the changing needs of client countries and to introduce some flexibility in these areas. It is hoped that future reforms will consider the issue of compensation payments which is affecting the smooth implementation of projects.”
The World Bank-Ghana partnership was formed on 3rd August 1957.
The Finance Minister commended the World Bank for contributing significantly to almost all sectors of Ghana’s economy through direct budget support, project and programme financing and technical assistance.”
“To date, we can confirm that Ghana has received approximately US$10.587 billion, including direct budget support of US$1.5 billion from the World Bank. As at August 30, there were 26 World Bank funded projects and programmes valued at US$2 billion (credits/grants) of which about 70 percent has been disbursed,” he noted.
Mr. Ofori-Atta also called on the World Bank to help President Nana Addo Dankwa Akufo-Addo to achieve his vision of developing Ghana beyond aid.
Henry Kerali, World Bank’s Country Director for Ghana, in a speech, said for both sides to effectively achieve such a feat, there should be value for money.
“To make a difference and transform Ghana together, we must make sure that there is value for money and that the value for money of the development support is carefully safeguarded,” he stated.
He pledged the World Bank’s support to helping Ghana consolidate its middle income status and stated that the bank would help the nation in all major sectors.
“I believe that the World Bank Group has played a significant and positive role for Ghana. Today, we bring about US$400 million a year of soft loans or credits for roads, renewable energy, water, sanitation, health, education, social protection and improving the business environment. But in the end, we are only part of the solution. The solution lies with Ghana and its people,” he said.
Source: Daily Guide
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