The Ministry of Finance will receive full-time support from a resident advisor from the United States of America’s Office of Technical Assistance (OTA), which is part of the Department of Treasury, in developing and implementing the medium- to long-term reforms necessary to enhance debt sustainability and support a vibrant, competitive government debt market.
This was made public following the arrival in Ghana on March 26 of Kamala Harris, the vice president of the United States.
According to the USA, the project will enhance and build upon the efforts of the Ghanaian government to restructure its debt.
The ongoing efforts of OTA in sub-Saharan Africa to improve public financial management and financial sector oversight include this project.
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OTA will carry out 25 projects in 15 African nations in 2023. This includes eight new initiatives in the areas of revenue policy and administration, budget and financial accountability, government debt issuance and infrastructure financing, banking and financial services, and economic crimes in Cameroon, Ghana, Kenya, Madagascar, Namibia, Tanzania, The Gambia, and Zambia.
USAID is funding fellowships for a group of ten experts to work within the Ministry of Finance, providing surge support for a two-year period, to help Ghana’s debt management efforts. All of the Fellows are recent college graduates from Ghana who are young and qualified.
The Vice President also announced that the US Administration intends to invest more than $100 million to support conflict prevention and stabilization efforts in Coastal West Africa, including at least $86 million in funding over three years specifically dedicated to the implementation of the new 10-year plan.
The plan is intended to address regional threats of violent extremism and instability in Coastal West Africa and enable the U.S. Government to work with Congress to marshal additional assistance to support efforts in the region over the coming years.
