The World Bank has launched a new country partnership framework for Ghana

Written by Amenorhu kwaku

The World Bank Group’s (WBG) Board of Directors is now discussing a new five-year Country Partnership Framework (CPF) for Ghana for 2022-2026.

CPF focuses on investing in human capital, creating jobs, diversifying the economy, building a strong health care system and developing a greener and more inclusive society.

Ghana has achieved great economic and social growth over the last 30 years. In 2011, it achieved middle-income status thanks to strong and sustained economic growth, which has averaged more than 5 percent since the early 1990s.

It is supported by a strong democracy and is driven by large volumes of gold and cocoa exports and the development of large oil and gas reserves. It achieved the first Millennium Development Goal (MDG) to increase poverty from 52.7 percent (1993) to 23.4 percent (2016).

However, poverty reduction has slowed in recent years and inequalities persist in some areas, especially in some northern parts of the country.

The CPF will support Ghana in its COVID-19 medium-term agenda and development.

It is designed around three mutually reinforcing target areas, namely: Improving the conditions for improving the private sector and creating quality work; Improving the provision of inclusive services; and promoting sustainable and sustainable development.

Seizing the opportunities for digital transformation can be a ubiquitous topic. The $ 4.5 billion CPF was prepared by the World Bank, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

The World Bank Group is pleased to support Ghana’s economic recovery plan. The CPF is in line with Ghana’s coordinated economic and social development policy and will support the Ghanaian government in creating a competitive environment for the private sector to: and play a greater role in job creation, especially for young people, “said Pierre Laporte, World Bank Director. for Ghana, Liberia and Sierra Leone.

Through the CPF, the World Bank Group will also support policies and programs aimed at supporting the digital transformation for better services and productivity, better governance and the development of greater inclusion, including the empowerment of women.

The social and economic consequences of the COVID-19 crisis are considerable. Ghana was one of the first African countries to announce social isolation measures, including school closures and the abolition of mass gatherings, backed by aggressive testing and a recent strong vaccination program. These measures – while saving lives – have brought severe economic costs in the immediate horizon. The CPF will respond to the immediate and immediate consequences of the COVID-19 crisis in line with Ghana’s coronavirus and corporate revitalization program and pave the way for the World Bank, IFC and MIGA, which will use their relative strength to work with Ghana for better development.

“In order to support diversified private sector growth and create secure jobs, the World Bank Group will support a competitive environment for business development,” said Kyle Kelhofer, senior IFC manager for Benin, Ghana, Liberia, Sierra Leone and Togo. “The IFC will 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, improve agricultural production and support Ghana’s sustainable industrialization.”

“CPF is focused on improving the investment climate and implementing regulatory reforms. The success of these reforms is essential to accelerate private sector growth,” said Merli Baroudi, director of economics and sustainability at MIGA. . The CPF is moving towards larger, more coherent and innovative interventions, which are possible in many sectors that are more suitable for robust government programs and, where appropriate, for greater use of performance-based funding.

It is designed to be flexible, especially in the first years of implementation, with a timely assessment of progress so that the necessary changes for recovery can be adapted to COVID-19.

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Amenorhu kwaku