World Bank provides $60m credit for two projects in Ghana
The World Bank says it has approved two projects under its International Development Association (IDA) for Ghana. The $60 million credit, the Bank says are for the Ghana Energy Sector Transformation Initiative Project and the Ghana Tourism Development Project.
The Bank explains that specifically, the Ghana Energy Sector Transformation Initiative Project received $20 million to strengthen the capacity of the energy sector, implement sector reforms, and improve energy sector planning and coordination in the country. The other $40 million it says is for the Ghana Tourism Development Project to improve the performance of tourism in targeted destinations.
“The project will enhance the tourism sector’s offerings, diversify its impact, and help increase the contribution of the tourism sector to the Ghanaian economy. The project will also support micro, small, and medium enterprises, which will benefit from improved access to markets, better public goods provision in the targeted tourism destinations, and better skilled workers,” a press release from the Bank copied to ghanabusinessnews.com, says.
Commenting, Douglas Pearce, World Bank Practice Manager says, “The Tourism Development Project is expected to remove constraints and sustain improvements to the business enabling environment to help both domestic and international firms grow their operations.
“Locally, it will support the small and medium enterprises sector and women-led enterprises to provide demand-driven services for tourism which is an integral part of the World Bank’s twin goals of ending extreme poverty and promoting shared prosperity,” he adds.
“The project supports the government’s plan through a comprehensive package of regulatory, policy, and operational measures and platforms for stakeholder engagement to help the government address near-term challenges and lay the ground work for Ghana’s energy sector transformation,” said Henry Kerali, World Bank Country Director for Ghana.
By Emmanuel K. Dogbevi