By Kofi AHOVI
The Board of Directors of United States of America’s Millennium Challenge Corporation (MCC) has declared Ghana eligible to submit a proposal for a second compact.
Ghana is currently implementing a five-year $547 million compact due for completion by February, 2012.
A statement issued by the US Embassy in Accra last week said the MCC Board, which approved of Ghana’s eligibility, noted that second compacts are contingent on successful completion of first compacts, continued good policy performance, development of proposals that have significant potential to promote economic growth and reduce poverty, and availability of funding.
Qualifying for a subsequent compact is harder than qualifying for a country's first compact, it added.
“This was the first MCC Board Meeting since President Obama announced the U.S. Global Development Policy in September,” the Embassy statement quoted MCC Chief Executive Officer Daniel Yohannes.
“MCC’s approach to development, which focuses on economic growth, country ownership, sustainability and accountability, directly aligns with the President’s strategy. MCC’s strategic priorities include an emphasis on results, private sector engagement, gender integration and effective policy reform," it explained.
The statement said the Board also agreed that Cape Verde, Indonesia and Zambia are eligible to continue the process of developing compacts in Fiscal Year 2011 and in addition to approving Malawi’s eligibility for FY2011 funding, the Board approved a $350.7 million compact with Malawi. Georgia is also eligible to develop a second compact proposal.
The Millennium Challenge Corporation, a U.S. Government agency designed to work with developing countries, is based on the principle that aid is most effective when it reinforces sound political, economic and social policies that promote poverty reduction through economic growth.
The Board of Directors of United States of America’s Millennium Challenge Corporation (MCC) has declared Ghana eligible to submit a proposal for a second compact.
Ghana is currently implementing a five-year $547 million compact due for completion by February, 2012.
A statement issued by the US Embassy in Accra last week said the MCC Board, which approved of Ghana’s eligibility, noted that second compacts are contingent on successful completion of first compacts, continued good policy performance, development of proposals that have significant potential to promote economic growth and reduce poverty, and availability of funding.
Qualifying for a subsequent compact is harder than qualifying for a country's first compact, it added.
“This was the first MCC Board Meeting since President Obama announced the U.S. Global Development Policy in September,” the Embassy statement quoted MCC Chief Executive Officer Daniel Yohannes.
“MCC’s approach to development, which focuses on economic growth, country ownership, sustainability and accountability, directly aligns with the President’s strategy. MCC’s strategic priorities include an emphasis on results, private sector engagement, gender integration and effective policy reform," it explained.
The statement said the Board also agreed that Cape Verde, Indonesia and Zambia are eligible to continue the process of developing compacts in Fiscal Year 2011 and in addition to approving Malawi’s eligibility for FY2011 funding, the Board approved a $350.7 million compact with Malawi. Georgia is also eligible to develop a second compact proposal.
The Millennium Challenge Corporation, a U.S. Government agency designed to work with developing countries, is based on the principle that aid is most effective when it reinforces sound political, economic and social policies that promote poverty reduction through economic growth.
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