NORD Fund

PRESS RELEASE

His Excellency President J. A. Kufuor has instructed the Minister of Justice and Attorney-General to expedite action on a draft Bill of the Northern Development Fund for Cabinet’s consideration and Parliamentary approval to provide the necessary legislative backing to the Fund.

It will recall that after last year’s devastating floods in the three Northern Regions, the President announced a Northern Development Fund and proceeded in the 2008 Budget to set aside GH¢25 million as seed capital for the Fund.

Since then, a series of important actions have been taken to bring about the speedy operationalisation of the Fund as a means of bridging the historical development gap between the North and the South.

The first is that the President set up a Specialist Team led by the Centre for Economic Policy Analysis (CEPA) and the Institute of Policy Alternatives with the concurrence of the Northern Leadership Group, to follow up with the details of the Fund.

This Team, working together with the Ministry of Finance has completed the concept paper of the Fund and will soon begin a process of consultations with Civil Society Organizations, NGOs, Traditional Authorities and the Political and Administrative leadership of the Three Northern Regions on the strategic components of the concept.

The Northern Development Initiative stems from the President’s vision to initiate a long term development strategy for the three northern regions. In specific terms, the President envisions, through the initiative, to develop a diversified and resilient economic zone as a catalyst for doubling incomes of northern Ghanaians and reduce the incidence of poverty to 20% within 15-20 years.

ANDREW AWUNI PRESS SECRETARY TO THE PRESIDENT & PRESIDENTIAL SPOKESMAN