The effective implementation of donor funded projects and the judicious use of these resources are critical in the face of a declining economy, the Deputy Minister-Designate of Finance, Charles Adu Boahen has said.
In 2016, Ghana’s growth was 3.6 per cent, the lowest in more than two decades.
“Donor funds, be it loans or grants are public funds and should be managed in accordance of the new Public Financial Management act (PFM), and the respective donor guidelines,” Adu Boahen said.
He made these remarks at the Country Portfolio Performance Review (CPPR), organized by the World Bank to review the status of implementation of the Bank’s funded projects in Ghana. The review will also develop strategies to enhance performance of the Bank’s portfolio.
“The Bank’s current portfolio in Ghana comprises of 27 projects of which 65 per cent of funds have been disbursed,” he said.
“I am pleased with the current disbursement of 24.5 per cent as of February, 2017, as it is above the regional average of 23 per cent. However, disbursement must be backed by results,” he said.
Adu Boahene recommended that the number of successful projects must be maximized possibly to 100 while minimizing the cost of implementation.
“Current and future projects are special vehicles through which the government’s vision of creating prosperity and equal opportunities would be achieved,” he added.
The Bank’s Country Director for Ghana, Henry Kerali noted that the key goal of the World Bank Group is to eliminate extreme poverty and to boost shared prosperity in a sustainable manner.
Additionally, the CPPR entails identifying mitigation measures and remedies that need to be put in place to resolve projects facing issues.
“It is not only about finance, it is really about the outcome of the results we are getting out of these projects we finance,” Mr Kerali noted.
A result and knowledge fair is being organized alongside the programme.
The fair is showcasing projects and products from the Bank’s funded initiatives.
Adu Boahen acknowledged the Bank’s tremendous support from over the years as a major development partner while urging all project implementing agencies to ensure speedy execution of projects without compromising results.
By Pamela Ofori-Boateng