World Bank gives Ghana second tranche of EGPRC funds

The World Bank has approved the release of the second and last tranche of 143 million dollars of the Economic Governance and Poverty Reduction Credit (EGPRC) for Ghana.

The first tranche of 150 million dollars was disbursed in July, last year, after the Board of the bank approved the two tranche facility.

The money was aimed at supporting Ghana’s efforts in the midst of the global financial crisis, to restore budgetary discipline and tackle long-standing public sector and energy issues while protecting the poor.

This was announced by Mr Ishac Diwan, World Bank Country Director for Ghana, at a press briefing in Accra on Thursday.

He said government achieved five out of the six agreed prior actions of the EGPRC.

The benchmark comprised negotiations with organised labour, submission of the Freedom to Information Bill to Parliament, appointment of a Minister of State in-charge of Public Sector Reforms and elimination of ghost workers from the payroll in the Ghana Education Service and initiation of employment audits in all Ministries, Departments and Agencies.

Government was also tasked to complete through the Ministry of Energy, consultations with stakeholders on an electricity sector financial recovery plan and revision of classified pro-poor public expenditure based on an assessment of their effective impact on poverty.

Mr Diwan said “in recommending the release, the World Bank Ghana Office agreed with the Government’s request to waive the sixth action related to Cabinet’s approval of the Ghana Petroleum Regulatory Authority and Oil and Gas Fiscal Regime legislations”.

He observed that on-going debates on these matters had shown significant divergent views, which needed to be reconciled to establish a nationally owned legal framework to govern the oil and gas industry in future.

Source: GNA