|Approval Date||18 Nov 2015|
|Signature Date||03 Dec 2015|
|Planned Completion Date||30 Jun 2016|
|Last Disbursement Planned Date||30 Jun 2016|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||43010|
The Public Financial Management and Private Sector Competiveness Support Programme Phase I (PFMPSCSP) responds to the need for Ghana to build a strong foundation for inclusive and self-reliant economic growth. This is the first of two consecutive operations in a programmatic series of General Budget Support (GBS) over the period 2015-2016 for a total indicative financing package of UA 75 million. The proposed operation will build on the achievements of the Bank’s previous Institutional and Budget Support Operations in Ghana in the areas of PFM and business enabling environment (see Annex V). In this context, the Bank has supported GOG’s efforts in reinstating and enforcing budget commitment controls for all the MDAs; establishing the cash management system; consolidating the revenue agencies (VAT, IRS, and Customs) under a single umbrella organization, the Ghana Revenue Authority (GRA); improving the audit functions; as well as in developing the financial sector strategic plan II and the Private Sector Development Strategy (PSDS II).
The goal of the proposed operation is to support the implementation of the government medium-term development agenda aimed at building a strong foundation for inclusive and self-reliant economic growth. The operational objective is to strengthen fiscal consolidation and PFM reforms in order to restore macroeconomic stability, and enhance private sector-led competitiveness through improved access to electricity and SMEs’ access to finance.
The PFMPSCSP will benefit MOF and other sector ministries and services in charge of delivering Power and long-term Credit. The direct beneficiaries are Ghana’s key public institutions responsible for PFM and agencies responsible for the delivery of electricity. The people of Ghana will benefit indirectly from fiscal consolidation as the resultant freed fiscal space will be directed to fund pro-poor expenditures and basic social services delivery. The private sector too will benefit from reliable and affordable electricity, improved access to finance, especially by SMEs including women-owned enterprises, as well as from more transparent and efficient PFM system, especially relating to procurement practices.
African Development Fund
Ministry of Finance
|Last Update||31 Oct 2019|
|Name||LUMBILA Kevin Numbi|