The Ministry of Finance Ghana has partnered with the African Development Bank (AfDB) to strengthen the institutional capacity of agencies responsible for implementing AfDB-funded development projects across the country.
The Ministry participated in a three-day Institutional Capacity Building and Fiduciary Clinic organised by the AfDB to improve project implementation, financial management, procurement and accountability among institutions involved in the execution of development programmes.
AfDB Supports 20 Projects in Ghana
The African Development Bank currently supports 20 ongoing operations in Ghana, with total financing estimated at approximately US$672 million.
The funding covers several critical sectors of the Ghanaian economy, including agriculture, transport, social development, governance, energy, water and sanitation, and finance.
Agriculture accounts for about US$161.3 million, representing 24% of the financing, while the transport sector receives approximately US$147.8 million, equivalent to 22%.
Social interventions account for about US$100.8 million, or 15%, while multi-sector and governance programmes receive approximately US$94.1 million, representing 14%.
Other areas supported by AfDB financing include the power sector with about US$80.6 million (12%), water and sanitation with US$47 million (7%), and finance with approximately US$40.3 million (6%).
Ministry of Finance Highlights Importance of Strong Institutions
The Director of the External Resource Mobilisation Division (ERM) at the Ministry of Finance, Mr. Isaac Fraikue, said successful implementation of development projects requires more than access to financial resources.
He stressed the importance of strong institutional capacity, effective procurement systems and sound financial management to ensure that AfDB-funded projects deliver their intended benefits.
According to him, strong fiduciary systems are critical for promoting value for money, transparency and accountability in the implementation of development projects.
He also warned that delays in procurement, financial processing and disbursement could slow down project implementation and postpone the benefits of such investments for Ghanaian citizens.
Mr. Fraikue expressed appreciation to the African Development Bank for its continued partnership and support for Ghana’s development agenda.
He urged participants at the capacity-building clinic to use the opportunity to identify practical challenges affecting project delivery, exchange experiences and develop solutions before such challenges negatively impact ongoing programmes.
AfDB Strengthens Project Implementation Capacity
The AfDB Country Manager for Ghana, Halima Hisha, highlighted the Bank’s support through its 20 ongoing operations in the country.
She explained that the institutional capacity-building programme was designed to strengthen the skills of project teams in key areas, including public procurement, financial management, environmental and social safeguards, monitoring and evaluation, gender considerations and climate-related issues.
The three-day clinic brought together representatives from sector ministries, Project Implementation Units (PIUs) and other stakeholders involved in the implementation of AfDB-financed projects in Ghana.
The initiative is expected to contribute to more effective project delivery, financial accountability and development outcomes, while strengthening Ghana’s capacity to effectively utilise development financing from the African Development Bank.
Source: newsthemegh.com