The concept of the Millennium Challenge Account as a form of aid is broad-based and useful for the country?s economic development, Tony Oteng-Gyasi, former President of the Association of Ghana Industries, has stated.
?I think that there have been some useful aid packages — like the Millennium Challenge Account, a well thought-out, well expected and broad-based one that was a very good.
?But then, when you look at most of the aid packages on offer, I think we are better off not taking them.
?We need to look at the country?s foreign aid policy. It is important that we look at the aid which is being offered; is it the kind of aid we want to take or not?? Mr. Oteng-Gyasi asked.
The country is expected to host a team of experts from the Millennium Challenge Corporation (MCC) of the United States next month, to assess work done on proposed projects to be executed under the Ghana Compact Eleven programme.
This is to enable the MCC to approve the Ghana Compact Eleven Concept for early 2013.
The Ghana Compact Eleven Coordinating Team is currently finalising the Concept, which is aimed at developing projects and initiatives to address constraints to the supply of reliable and adequate electric power in the country.
Professor Samuel Sefa-Dedeh, National Coordinator of the Ghana Compact Eleven Coordinating Team, said this at the fifth Power Breakfast Meeting in Accra.
Prof. Sefa-Dedeh said the Team has held extensive public consultations with various interest groups from both the public and private sectors, which was a critical requirement in the compact?s development.
He said the Concept had a lot of business opportunities for the private sector, and encouraged its players to study the concept and explore available areas of investment.
Ms. Hanna Tetteh, Minister for Trade and Industry, said government has put in place measures to enhance the capacity of the Ghanaian private sector players to enable them compete favorably with foreign counterparts for projects under procurement regulations.
Mr. Alan J. Patricof, Governor of the Millennium Challenge Corporation (MCC) council, told B&FT in a recent interview that the country has been re-selected and is now fully engaged in the process toward a new compact that will power and accelerate the economy?s development process.
He expressed delight with the successful implementation and execution of the first compact of US$547million which was exhausted on several infrastructure projects: including 247 school blocks around the country, two ferries to facilitate transportation on the Volta Lake; and for many here in Accra, the magnificent 14-kilometre N1 Highway that was handed over to the government.
With the signing of the Compact, MCC agreed to make available to Ghana a grant of half-a-billion dollars to enable the nation implement the programme and achieve agreed objectives within the Compact term of five years.
The Compact entered into force on 15th February 2007 and ended on 16th February 2012 with the goal of reducing poverty through economic growth in the country, led by agricultural transformation.
The process toward execution of the compact programme envisaged the integrated and simultaneous development of three key activities: Agriculture Projects, Transportation Projects, and Rural Development Projects, with the objective of ensuring attainment of the Compact?s goals.
The two-fold objective of the programme is to increase the production and productivity of high-value cash and food staple crops, and also to enhance the competitiveness of country?s high-value cash and food crops in both the local and international markets.
By Ekow Essabra-Mensah
