Ghana to enjoy from $5 billion Gates Foundation

Ghana is to benefit from the Gates Foundation, which has set aside a five billion dollar to assist Poverty Reduction in the developing world. This follows the endorsement of the Ghana Poverty Reduction Strategy (GPRS) by the donor community as a good basis for overseas development assistance.

The document was widely distributed and read during the International Conference on Financing for Development held in Monttery, Mexico, March 18-22. It was attended by 171 nations and 51 Heads of State. Ghana’s delegation was led by Senior Minister, Mr J.H. Mensah.

The Minister of Economic Planning and Regional Cooperation, Dr Paa Kwesi Nduom, disclosed this at a press briefing on Thursday, on the International Conference. He said that after reading the document, delegates from the donor community hailed Ghana as having met many of the conditions for increased Overseas Development Agency ODA.

According to Dr Nduom, Norway did not have Ghana on its list of African countries benefiting from the ODA, but it was now keen on adding Ghana to the list. He said the Norwegians were very impressed with what Ghana had achieved so far.

The Minister also said it was agreed that ODA be used to attract Foreign Direct Investment (FDI). He disclosed that the United States pledged billions of dollars to finance development on condition that beneficiary countries practised good governance, the rule of law and transparency in government.

The European Union also agreed to an average official development assistance target of 0.39 per cent of national income by 2006, and pledged to meet the UN ODA target of 0.7 per cent of national income. That agreement, Dr Nduom said, represented an additional $7 billion from the union. He also said the US would gradually increase ODA annually to reach an additional five billion from 2006.

Dr Nduom announced that during the conference, it was agreed that Ghana would be used as a pilot for Africa for the Global Clearinghouse project. The clearing house project will use leading edge communication and internet technologies to improve communication and the sharing of information between governments, investors worldwide and international organisations.

Included in Ghana entourage were Mr Yaw Osafo, Minister of Finance, Nana Effah Appenteng, Ghana’s Permanent Representative to the United Nations, Mr Kwesi Abeasi, Chief Executive, Ghana Investment Promotions Centre (GIPC), Mr Kwabena Osei-Danquah, Minister Counsellor, United Nations.