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General News of Thursday, 12 December 2019

Source: www.ghanaweb.com

World Bank to reduce number of development projects in Ghana

The World Bank Group (WBG) has hinted of a reduction in the number of projects it carries in Ghana.

The Bretton Woods institution says it is rather focusing more on larger projects that which has bigger impacts

Speaking at the commencement of stakeholder consultations with other development partners, the Bank’s Country Director Pierre Laporte said his outfit is seeking to re-strategize its relations with Ghana.

He states that the new strategy should come to effect in July 2020. This strategy he says is expected to among others see a reduction in the sheer number of development projects and rather concentrate on projects that are billed to have wider impacts.

“Based on the consultations we are going to have, we will now develop our areas of focus. Based on this, we will develop a set of projects and analytical work for our interventions over the next six years. This is a critical exercise for the World Bank and the country. It is a strategic exercise because we want to make sure we hit the right places in our interventions.

One of the things that the bank is doing is to be selective. Gone are the days when we do 30 to 40 projects in our strategy for 4 years. We are now going to do fewer projects, bigger projects and more impactful projects,” he stated. The WBG country director also says that the Bank’s new strategy will be aligned with the government’s Ghana Beyond Aid agenda.

Country Partnership Framework

The meeting held on Thursday, December 12, 2019, is first among several discussions that Bank will have with development partners and civil society organizations.

According to Mr. Laporte, the CPF is important for the purposes of collective agreements even though there may be a need for adjustments along the way.

The CPF will come into place at beginning of the Bank’s next 3-year International Development Association, World Bank’s financing cycle with a view to covering the next six years, and two IDA financing cycles.

The CPF expected to support govt priorities, build upon the WBG’s past engagement, and reflect analysis from the Systematic Country Diagnostic (SCD).

“The SCD identifies the most important challenges and opportunities Ghana faces in achieving further poverty reduction and economic growth and proposes a set of priority areas of intervention to accelerate growth and poverty reduction,” Mr. Laporte added.

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