The Ghana Economic Management Strengthening Technical Assistance (GEMS-TA) project, which is aimed at strengthening Ghana’s institutional capacity for revenue and expenditure management, has been launched in Accra.
The 3-year project, which is being supported by the World Bank, has four components, namely Strengthening Ghana Revenue Authority’s (GRA’s) Business Intelligence Systems; Strengthening the Ministry of Finance’s Debt Management; Strengthening the National Development Planning Commission (NDPC); and Improving the Governance of State-Owned Enterprises (SOEs).
Speaking at the ceremony, a Deputy Minister for Finance, Mrs Mona Helen Quartey, commended the World Bank for its support and gave the assurance that Ghana would not compromise on value for money in the implementation of the project aimed at poverty reduction poverty and the equitable distribution of wealth.
Mrs Quartey underscored the importance of the modernization of tax revenue collection and expressed the hope that the project would support GRA to align with international best practices and improve revenue inflows by expanding the base.
She noted that Ghana’s debt servicing was high and expressed the hope that the fiscal stabilization programme, which aimed at curbing the accumulation of debts, would succeed under the project and that the institutional reforms would strengthen the debt management strategy.
On the SOEs component, she explained that at the instance of GoG, the World Bank undertook a corporate governance review of some selected SOEs, focusing on potential areas for improvement as previous reports indicated imperfect governance of most SOEs.
Mrs Quartey said GEMS-TA was, therefore, expected to support the improvement of SOE governance by strengthening the legal and regulatory framework and state ownership role.
In a statement, Mr Errol George Graham, Senior Economist at the World Bank who represented the Country Director said the World Bank was pleased that the project was now a reality and pledged the Banks total support for a successful implementation.
“The GEMS project is an important project for both Ghana and the Bank. For Ghana, it supports important reforms that can potentially improve the country’s economic management in the four strategic areas. These reforms are key priorities for GoG at this time”, he added.
He said the projects, all together, would have significant impact on the economy by building institutional capacity and, ultimately, lead to significant reduction in poverty.
Source: Public Relations Unit, Ministry of Finance