The United States of America has announced the deployment of a full-time resident advisor from the Department of Treasury’s Office of Technical Assistance (OTA) to assist the Ministry of Finance in developing and implementing medium-to-long-term reforms required to improve debt sustainability and support a competitive, dynamic government debt market.
This was announced following the arrival of US Vice President Kamala Harris in Ghana on Sunday, March 26.
According to the United States, the project will complement and build on Ghana’s debt restructuring efforts.
This project is an extension of OTA’s ongoing efforts to improve public financial management and financial sector oversight in Sub-Saharan Africa.
OTA plans to complete 25 projects in 15 African countries by 2023. This includes eight new projects in revenue policy and administration, budget and financial accountability, government debt issuance and infrastructure financing, banking and financial services, and economic crimes in Cameroon, Ghana, Kenya, Madagascar, Namibia, Tanzania, The Gambia, and Zambia.
USAID is funding fellowships for a team of ten specialists to work within the Ministry of Finance, providing surge support for a two-year period, to further support Ghana’s debt management. The Fellows are all young, qualified Ghanaians who have recently graduated from university.
The Vice President also announced that the US Administration plans to invest more than $100 million in conflict prevention and stabilisation efforts in Coastal West Africa, including at least $86 million in funding over three years dedicated specifically to the implementation of the new 10-year plan.
The plan is intended to address regional threats of violent extremism and instability in Coastal West Africa, and it will allow the US government to work with Congress to mobilise additional resources to support efforts in the region in the coming years.