The Manager at the Resource Mobilization and Economic Relations Division of the Finance Ministry at the project launch, Emmanuel Fordjour, thanked the African Development Bank for supporting the government.
The project complements current efforts to strengthen domestic resource mobilization in Ghana, following the challenges in revenue mobilization due to supply disruptions caused by the Covid-19 pandemic.
Specifically, the funds will provide technical assistance and capacity building to improve efficiency in non-tax revenue collection and bolster debt and cash management reforms.
It will also support the country to transition from aid dependency to prosperity and self-reliance, and also support the establishment of an international financial services centre in Accra.
Director-General of the Securities and Exchange Commission, Daniel Tetteh, commended the Bank for supporting Ghana’s transition to risk-based supervision for its capital markets and the automation of a regulatory compliance monitoring system for the Commission.
Ghana is classified as having a high risk of debt distress, according to the IMF’s recent Debt Sustainability Analysis. The project will help the country return to prudent debt levels through improved debt management capacity and a sustainable cash flow to smooth public spending.
Source: Arise TV