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Business News of Friday, 23 June 2006

Source: GNA

Ghana to receive $544m from MCA

Accra, June 23, GNA - Ghana is now to receive 544 million dollars instead of the 500 million dollars from the Millennium Challenge Account (MCA) of the United States aimed at reducing poverty in the country.

The extra 44 million dollars was negotiated for during the final discussions in Washington D.C. last week by a delegation led by Dr Paa Kwesi Nduom, Minister of Public Sector Reform and Head of the Team working on accessing the MCA.

Briefing the Ghana News Agency in Accra on Friday, Dr Nduom said; "we have put this together as the figure in our compact before the MCA Board. "They have approved it, but the document is yet to go through the process of going before the US Congress." He said if after 14 days no objection was raised, the country would then be qualified to access the money after signing in July, 2006. Dr Nduom said Ghana was sure to go through, considering the amount of work done so far in putting a well-composed and balanced Compact. About 23 districts have been listed to benefit from the MCA, an initiative of President George Bush of the United States to help to reduce poverty in about 16 African countries adjudged to be democratic.