GHANA SETS OUT TO IMPROVE MANAGEMENT OF ITS ECONOMY

The government of Ghana has launched the Economic Management Strengthening Technical Assistance (GEMS-TA) project aimed at strengthening its institutional capacity for revenue and expenditure management.

The three-year project, which is being supported by the World Bank, has four components — strengthening the Ghana Revenue Authority’s business intelligence systems; strengthening the Finance Ministry’s debt management; strengthening the National Development Planning Commission (NDPC); and improving the governance of State-owned enterprises (SOEs).

Speaking at the launch of the project here Thursday, Deputy Finance Minister Mona Helen Quartey thanked the World Bank for its support and assured that Ghana would not compromise in the implementation of the project, whose ultimate goal is to reduce poverty and ensure equitable distribution of wealth.

She said the modernization of tax revenue collection was very important and expressed the hope that the project would support the GRA in aligning with international best practices and improving revenue inflows by expanding the base.

Quartey noted that the fiscal stabilisation programme, aimed at curbing the accumulation of debts, would be helped by this project, while the institutional reforms would strengthen the debt management strategy.

As for the SOEs component, she said the World Bank had undertaken a corporate governance review of selected SOEs focusing on potential areas for improvement as previous reports indicated imperfect governance of most SOEs.

“GEMS-TA will, therefore, support the improvement of SOE governance, strengthening the legal and regulatory framework and state ownership role,” she added.

Source: NAM NEWS NETWORK

   

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