The World Bank has said its country program would support Ghana in implementing the Growth and Poverty Reduction Strategy (GPRS II) to achieve a middle-income status and ensure that the benefits of the growth are shared.
A statement from the Bank receive in Accra on Friday said the Board of Executive Directors of the World Bank has discussed its new Country Program for Ghana, representing US$1.3 billion for new operations based on the Ghana Joint Assistance Strategy (G-JAS) signed by 16 partners.
It said the Board also approved two projects, an Urban Transport Project financed by an IDA Credit of US$45 million and a Global Environment Facility (GEF) grant of US$7 million, and an additional financing of the International Development Association (IDA) to the tune of US$10 million for the Small Towns Water Supply and Sanitation Project.
Under the previous Country Assistance Strategy, Ghana exceeded its two overarching objectives, raising its GDP from an average five per cent over the past two decades to an average six per cent during 2004-06.
According to a recent Ghana Living Standard Survey (GLSS) report released by the Ghana Statistical Service, poverty indicators also show a remarkable improvement, down to 28.5 per cent in 2005/2006, from 39.5 per cent in 1998 and 51.7 per cent in 1991.
“This puts Ghana in the lead of its African peers as it positions itself to become the first nation to achieve – ahead of schedule- the poverty MDG of halving poverty by 2015,” the World Bank said.
The three overarching objectives of the World Bank Program with Ghana are to sustain economic growth of at least six per cent per year, surpass the millennium development goal of halving poverty to 26 per cent and start to reduce inequalities.
