World Bank plans $1.2b support to consolidate Ghana’s middle income status

The World Bank has unveiled its new Country Partnership Strategy (CPS) with Ghana in which it will support the country’s economy with $1.2 billion for the next four years.

The CPS, which was unveiled by the Bank in Accra March 27, 2013 has the objective of consolidating Ghana’s middle income status.

It is also to protect the economy from volatile global commodity prices, according to a copy of the document copied to ghanabusinessnews.com.

In other areas, the strategy seeks to improve value for money of public investments, support a financially sustainable energy sector and strengthening public institutions to manage the macro economy and financial sector.

The CPS is structured in three pillars – Governance and public sector capacity; Competitiveness and Employment; and Vulnerability and Resilience.

The World Bank says the planned $1.2 billion contribution is small relative to Ghana’s budget but “it must be transformational”.

According to the document, the Bank’s Board of Directors plan to meet and discuss the new strategy May 31, 2013.

By Ekow Quandzie