THE World Bank through the International Development Association (IDA), the banks concessional lending window, last Friday approved three credits totalling $182 million to Ghana to assist the government to implement three reform programmes.
Out of the total figure, an amount of $110 million is allocated for Economic Reform Support, $67 million for Agriculture Services Sub sector Investment Project and $5 million for a community based Poverty Reduction Project.
The credit is aimed at helping the government to restore macro-economic stability and market confidence while it develops an agenda for accelerated growth and poverty reduction.
It is also to reduce the domestic and foreign debt burden and to strengthen the management and control of public expenditures as well as to eliminate the deficits of key public enterprises.
At the signing ceremony held at the World Bank offices in Washington DC, Mr Callisto E. Madavo, Vice-President, Africa region, who signed for the World Bank, expressed his satisfaction at the bank’s initiative and noted that the initiative will go a long way to help government with its programme.
He stressed the need for quick implementation of the projects and expressed the hope that the bank will persuade its other partners to come together to support the country.
Ghana's Acting Ambassador to the US, Mr Francis Tsegah, who also signed the agreement on behalf of the government said the government, while seriously tackling the economic issues facing the country, has not forgotten it's electoral promise, to bring positive change in the standard of living of all Ghanaians.
He said to achieve this, the government has made poverty alleviation through rural development the core of its programme and added that the government has organised several consultations and participatory processes with civil society group aimed at tackling poverty.
Mr Tsegah said the government is determined to get out of the debt trap, reduce public enterprise deficits, restructure its domestic debts and described the signing ceremony as very opportune to inject the necessary confidence into the economy.
Present at the ceremony were Mr Peter Harrold, World Bank Country Director for Ghana, Mr Inaamul Hague, Alternate Executive Director, World Bank, and officials from the World Bank and the Embassy of Ghana.
