Accra, Dec. 21, - Ghana and the
World Bank Group (International Development Association), have signed a credit
agreement worth US$200.0 million for the Second Macroeconomic Stability for
Competitiveness and Growth Development Policy Financing (MSCGDPO II) programme.
Mr Ken Ofori-Atta, Minister of
Finance signed for Ghana whiles Mr. Henry Kerali, World Bank Country Director,
signed on behalf of the World Bank.
A statement from the Public
Relations unit of the Ministry of Finance said the Board of the World Bank
Group approved the Financing at a meeting held in Washington on Wednesday,
December 20, 2017.
It said the amount is for the
financing of the 2017 Budget and Economic Policies of Government.
The Programme was developed
through an interactive consultative process involving the Ministry of Finance,
selected MDAs and the World Bank.
“The MSCGDPO II is in consonance
with the current Government’s commitment to continue the stabilization
programme over the medium term with a strong focus on legal, policy and
institutional measures that may transcend political cycles. The combined
success of the programmes is crucial for macroeconomic stability and a
prerequisite for sustained growth,” the statement said.
The expected outcomes of the
MSCGDPO II include: Stronger institutions for more predictable fiscal outcomes;
improved control over the wage bill; Better management of government subsidies
and arrears; Enhanced debt management capacity; stronger governance of SOEs;
More effective public investment management; and Reinforcing social protection
for the poor and vulnerable.
The Financing is the second in a
series of Development Policy Operations (DPOs) planned for 2015 - 2017. The first DPO of US$150.0 million was
disbursed in August 2015.
GNA
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