The US Millennium Challenge Account (MCC) has released the first tranche of US$50 million to Ghana, John J. Danilovich, the Account's chief executive officer said in Accra late Wednesday.
Danilovich, who is in Ghana as part of the official delegation representing President George Bush at Ghana's independence Jubilee celebrations said the US$50 million released on Wednesday was part of the US$547 million grant signed with the government of Ghana under the Millennium Challenge Compact.
"In this first year of implementation, MCC will allocate about US$50 million to Compact activities of the US$547 million grant. MCC funds are disbursed in tranches on a quarterly basis over the life of the five- year agreement based on performance benchmarks," he said.
He said since the signing, both the Millennium Development Authority (MiDA), the local organization managing the MCA and MCC teams had worked diligently to finalize a number of supplementary agreements in order for the Compact to take effect. He said in subsequent years, disbursements will increase as project activities ramp up.
"MCC is proud to stand with Ghanaians to implement this ambitious, result-oriented anti-poverty programme that seeks to improve the lives of the rural poor by raising farmer incomes through private sector-led, agribusiness development," Danilovich said. He expressed hope the investment in Ghana would lift more than 230,000 poor Ghanaians out of extreme poverty and benefit over one million people in total.
"Through this program, Ghanaians are building the capacity within their country to access and participate more fully in the marketplace. The Ghanaian Economy is growing and this program will help the rural poor to participate in and contribute further to Ghana's growth," he added.
The US ambassador to Ghana, Pamela E. Bridgewater, said the gains that Ghana had made and would make through the successful implementation of the Compact stood as role models for the rest of the African continent on how to obtain long-term prosperity and sustained economic growth through simple but universal values like democracy, transparency, rule of law and sound economic practices.
She said the selection of Ghana for the MCC was based upon international indicators that recognized strides made by the country, including accomplishments in good governance, transparency, and investing in people as a means towards a brighter future for all citizens.
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