Business

US and World Bank Strengthen Economic Cooperation to Foster Ghana’s Prosperity

The United States and the World Bank have reaffirmed their commitment to supporting Ghana in its pursuit of economic transformation, aiming to foster prosperity and create job opportunities. This commitment was emphasized during separate meetings between the US Ambassador to Ghana, Virginia Palmer, the World Bank Country Director for Ghana, Liberia, and Sierra Leone, Pierre Frank Laporte, and Ghana’s Trade Minister, Kobina Tahir Hammond.

Discussions during these meetings focused on enhancing collaboration in various areas, including affordable clean energy to support Ghana’s industrialization, bilateral trade, and entrepreneurship. Minister Hammond assured both the US Ambassador and the World Bank Country Director of the government’s willingness to strengthen bilateral and development partnerships in a mutually beneficial manner.

The Minister highlighted that the government has implemented necessary mechanisms, including business regulatory reforms, to ensure favorable returns for businesses and investors in the country. He further emphasized the government’s commitment to addressing business concerns through dialogue and collaboration with the investor community and private sector stakeholders.

Minister Hammond called on the US to extend the preferential trade agreement under the African Growth and Opportunity Act (AGOA), which is set to expire in 2025. He expressed gratitude to the World Bank Country Director and his team for their close collaboration in the swift implementation of key elements of the Ghana Economic Transformation (GET) Project.

The US Ambassador announced that a US trade delegation is scheduled to visit Ghana in August of the current year as part of efforts to promote trade and investment between the two countries. Mr. Laporte reaffirmed the World Bank’s support for Ghana’s agenda on job creation and private sector development, calling for intensified technical cooperation to accelerate the national implementation of the African Continental Free Trade Agreement (AfCFTA) for maximum benefits.

In March 2023, US Vice President Kamala Harris visited Ghana, signaling an effort to revitalize economic ties between the two countries. During her visit, she announced the administration’s intention to provide $139 million in bilateral assistance to Ghana for the 2024 fiscal year. Additionally, she unveiled a $1 billion initiative to enhance women’s economic empowerment in Ghana and other African countries.

Meanwhile, the Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, disclosed that Ghana had initiated advanced negotiations with the World Bank for a $900 million budget support facility over a three-year period, in addition to the International Monetary Fund’s $3 billion facility.

Overall, these developments highlight the ongoing commitment of the United States and the World Bank to support Ghana’s economic growth and development, along with the government’s dedication to fostering partnerships and creating a conducive environment for businesses and investors.

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