World Bank To Give $127m For Gprs Next Month

Ghana is still expecting about $127 million from the World Bank next month to support the Ghana Poverty Reduction Strategy (GPRS).

The minister for finance and economic planning, Mr Kwadwo Baah-Wiredu, who announced this to newsmen in Accra yesterday, said coupled with the $4.1 billion debt cancellation that was likely to come by September, the Government would free itself of domestic borrowing, maintain a higher foreign reserve and make more funds available to the private sector.

The minister said although Ghana?s current debt owed to the multilateral institutions was approximately $4.1 billion, a real cut-off date was necessary to determine whether the country would receive more or less.

The minister outlined some possible areas where the relief would be channelled, saying it would mainly be used in supporting the GPRS, which was in line with the Millennium Development Goals (MDGs).

The specific areas of concern, according to Mr Baah-Wiredu, would include support to the new educational system and the social sector, infrastructure, including railways and ports, as well as telecommunications.

Mr Baah-Wiredu agreed to a suggestion for some direct allocations to the private sector, such as the Venture Capital Fund, the Export Development and Investment Fund (EDIF), as well as anti-corruption agencies and institutions.