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The Ministry of Finance will receive full-time support from a resident advisor from the United States of America’s Office of Technical Assistance (OTA), which is part of the Department of Treasury, in developing and implementing the medium- to long-term reforms necessary to enhance debt sustainability and support a vibrant, competitive government debt market.
This was made public following the arrival in Ghana on March 26 of Kamala Harris, the vice president of the United States.
According to the USA, the project will enhance and expand upon the efforts of the Ghanaian government to restructure its debt.
The ongoing efforts of OTA in sub-Saharan Africa to improve public financial management and financial sector oversight include this initiative.
OTA will carry out 25 projects in 15 African nations in 2023. This includes eight new initiatives in the areas of revenue policy and administration, budget and financial accountability, government debt issuance and infrastructure financing, banking and financial services, and economic crimes in Cameroon, Ghana, Kenya, Madagascar, Namibia, Tanzania, The Gambia, and Zambia.
USAID is supporting fellowships for a group of ten experts to work within the Ministry of Finance, offering surge support for a two-year period, to help Ghana’s debt management efforts. All of the Fellows are recent college graduates from Ghana who are young and qualified.
The US Administration intends to invest more than $100 million, including at least $86 million in funding over three years, to support conflict prevention and stabilization efforts in Coastal West Africa, according to the vice president. This funding is specifically designated for the implementation of the new 10-year plan.
The strategy aims to address the regional challenges of violent extremism and instability in Coastal West Africa and make it possible for the U.S. Government to collaborate with Congress to mobilize additional support for initiatives in the area during the ensuing years.
Source: Ghanatodayonline.com
