Home / Investment / Ghana to benefit from $1.1b MCC fund for eligible countries

Ghana to benefit from $1.1b MCC fund for eligible countries

Share this with more people!

The Republic of Ghana consistently performs well on the Millennium Challenge Corporation’s (MCC) indicator criteria and is generally viewed as one of Africa’s most stable policy performers, Mr. Patrick C. Fine, Vice President of the MCC has said.

The US President, Barack Obama, in his 2012 Fiscal Year budget, has requested $1.125 billion for the MCC, which Mr Fine says would enable the corporation to sign compacts with Ghana and Georgia, as well as fully fund a compact with Indonesia.

According to Mr Fine, since 2004, Ghana has scored among the top low-income countries on the Control of Corruption indicator of the MCC.

“Ghana has scored among the top low-income countries on the Control of Corruption indicator…In a region where constitutional transfers of power are often disputed, Ghana has a record of peaceful democratic elections and the transfer of power to op­position parties”, Mr. Fine told the U. S. House of Representatives Committee on Foreign Affairs Subcommittee on Africa, Global Health, and Human Rights about operations in Africa on May 10, 2011.

Reiterating why the MCC’s Board of Directors selected Ghana as eligible for another compact, he said it was because of the success chalked so far in the implementation of the first compact.

“It was selected because of its continued strong policy performance, status as an important emerging market, strategic importance both globally and regionally, and the successful implementation of its first compact”, Mr Fine said.

He added: “For example, in Ghana, our work to improve irrigation led a company called VegPro to lease a 1,070-hectare farm. This investment will offer new employment opportunities for people in the region. It will also give Ghanaian farmers access to the European markets as VegPro will be signing purchase agreements with farmers and their organizations.”

This is to solidify an economic growth path that attracts private investment, reducing the need for aid, it says.

The MCC also indicates that the Ghana government has shown to be transparent enough.

It cited Transparency International’s 2009 Corruption Perception Index and said “In 2009, Ghana ranked better than almost two-thirds of all countries on Transparency International’s Corruption Perceptions Index, and is preparing for transparent management of potential oil revenues.”

Currently in year three of its implementation, the Millennium Challenge Account Ghana Compact ends on February, 16, 2012.

Ghana is expected to develop new proposals to be able to access the second compact.

 

By Ekow Quandzie

Share this with more people!

Check Also

Ghana finally shows up on Pegasus phone hack list

In July this year, journalism organisation, Forbidden Stories led a collaboration involving 17 media organisations …