Business News of Thursday, 22 November 2012

Source: GNA

World Bank supports Ghana with $ 75million grants

The Ministry of Finance on Thursday signed two agreements with the World Bank for a$75.5 million grant facility from the Global Partnership for Education GPE) and $30 million credit from the International Development Association IDA).

The two facilities which would be managed by the World Bank are to assist Ghana to improve on its basic education services and increase infrastructure and other social services through Public Private Partnership.

The GPE $75.5 million facility is to improve planning, monitoring and delivery of basic education services in kindergarten, primary and junior high school in deprived districts.

The $30million IDA credit is to support government’s effort to improve the legislative, institutional, financial, fiduciary and technical framework to generate a number of Public Private Partnership (PPP) project.

The first component of the education grant facility would focus on sub-grants to deprived districts to support key education objectives including improved access, equity, quality and management of basic education and provide advisory services and training to the relevant education bodies.

The next component of the grant would be used to carry out specific development project designed to enhance the quality of instruction by providing instructional and learning materials, textbooks, minor rehabilitation of classrooms and construction of latrines.

Besides, a total of $195 million IDA facility have also been earned mark for the second phase programme to support other infrastructural projects such as the Tema Hospital Maternity Ward expansion, Accra –Takoradi road dualisation, Accra-Tema motorway rehabilitation, Tema and Takordi port expansion, Korle-bu Teaching Hospital Diagnostic Services and rehabilitation and upgrading of Kotoka, Tamale, Kumasi, and Takordi Airports.

Dr Kwabena Duffour, Minister of Finance and Economic Planning initialled the two agreements for Ghana while Mr Yusuf Crooks, World Bank Country Director signed for his organisation. Dr Duffour commended the World Bank for supporting Ghana over the years in her developmental efforts.

He said capacity building at the local level is critical to the socio-economic development and that the country can only make good use of the huge monies being pump into that sector when there are good human resources.

Mr Yusuf Crooks, World Bank Country Director said he was satisfied with the rate of progress on the various components of the two facilities.

He said he was also happy the government had outlined its programmes and projects since it would make it easy for the country to access the various facilities.