The Board of Executive Directors of the World Bank Group (WBG) has approved a five-year US$4.5 billion Country Partnership Framework (CPF) for Ghana from 2022 to 2026.
The Framework will promote investment in human capital, job creation, economic diversification, a resilient health system, and fostering a greener and more inclusive society.
It focuses on enhancing conditions for private sector development and quality job creation; improving inclusive service delivery and promoting resilient and sustainable development.
The CPF was prepared jointly by the World Bank, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) to support Ghana’s COVID-19 fight and its medium-term development agenda.
Ghana has achieved considerable economic and social progress in the past 30 years.
It achieved middle-income status in 2011 because of strong, sustained economic growth, averaging over 5 per cent since the early 1990’s.
This was supported by a stable democracy and driven largely by gold and cocoa exports and the development of substantial oil and gas reserves.
It achieved the first Millennium Development Goal (MDG) of halving poverty from 52.7 per cent in 1993 to 23.4 per cent 2016.
However, the pace of poverty reduction has slowed in recent years, and inequalities in some areas continue, particularly in some northern areas of the country.
“The WBG is happy to support Ghana’s economic recovery plan. The CPF is aligned with Ghana’s Coordinated Program of Economic and Social Development Policies and will support the Government of Ghana in creating a competitive environment for the private sector to flourish and play a greater role in job creation, particularly for the youth,” said Mr Pierre Laporte, World Bank Country Director for Ghana, Liberia and Sierra Leone.
He added that “The WBG, through the CPF, will also support policies and programmes that aim to strengthen digital transformation for improved service delivery and productivity, improve governance, and promote greater inclusion, including strengthening women’s economic empowerment.”
Kyle Kelhofer, IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo, also reiterated the commitment of his outfit to promote diversified private sector growth and create secure jobs in a competitive environment.
“IFC will continue to work closely with the Government of Ghana and the private sector to provide investment and advisory services to expand access to finance for small businesses and entrepreneurs, enhance agribusiness productivity, and support Ghana’s sustainable industrialsation,” he said.
“The CPF focuses on improving the investment climate and enacting regulatory reforms. Succeeding in these reforms will be critical for accelerating private sector development,” said Merli Baroudi, Director of Economics and Sustainability at MIGA.