GH Third Poverty Reduction Support Credit

Objectif officiel

PROMOTING GROWTH, INCOME AND EMPLOYMENT Progress made under the program for growth and employment generation supported by PRSC-3 has been broadly satisfactory, with prudent management of fiscal accounts providing scope for debt reduction, while new government programs for the development of the private sector, agriculture and natural resources management provided guidance to the implementation of the GPRS. Specific actions included the following: * Reducing public domestic debt to increase the credit available to the private sector. Although fiscal developments in 2004, in particular the need to accommodate the increase in oil prices in international markets, meant a slightly higher overall fiscal deficit than planned, faster real GDP growth allowed the targeted reduction in the domestic debt to be met, with the domestic debt to GDP ratio declining to 15 percent by end-2004, down from 19 percent at end-2003. Lower levels of domestic public debt and declining inflation allowed, in turn, for nominal interest rates treasury bills to ease to an average of 19 percent in 2004, down from 26 percent in 2003. Increased availability of credit to the private sector followed suit, and is estimated to have increased by 33 percent in 2004, reaching 55 percent of domestic credit, up from 52 percent at end-2003. * Diversifying the financial sector, with several actions completed in the implementation of the FINSSIP. The Long Term Savings Bill was approved by Parliament on October 28, 2004, deepening the savings mobilization for old age and housing. There were also improvements in the administrative framework for micro-finance, with establishment of an interim committee for the micro-finance center composed of a four member technical committee, which, in consultation with stakeholder beneficiaries, is coordinating the micro-finance services in the country. Actions are now needed to nominate the members of the Board, so as to formally establish a single entry point for Micro Finance coordination within Government. Another action related to micro-finance was the publication of a list of all current Government programs in this area, which is being followed up by a census of other interventions being undertaken by private sector and NGOs, making the report more complete. Finally, the operations of the Central Settlement and Depository System (CSDS) for government securities commenced in November 2004 at the Bank of Ghana, with the set up of the site linkages and the registration of the CSDS as a company. Still pending, however, is the Parliamentary approval of the CSD Bill, which will provide the necessary legal backing to the operations of the CSDS. The aim is to record all security transactions in electronic form, increasing the liquidity and reducing the costs of transactions in government securities, especially for small investors. * Continuing the implementation of the power sector reform, with additional efforts made in restructuring the energy sector to encour

Texte publié par le bailleur, en anglais. Il décrit une intention au moment de l’approbation, pas un résultat obtenu.

Calendrier

Approbation

25 août 2005

Clôture

30 juin 2006

Durée prévue

10 mois

Financement

Engagement actuel

125 000 000 dollars

Dont Association internationale de développement (IDA)

125 000 000 dollars

Instrument

Financement à l’appui des politiques de développement

Montants en dollars des États-Unis, tels que publiés par la Banque mondiale. L’engagement actuel inclut les financements additionnels et les annulations. Ce sont des montants engagés, pas décaissés.

Place de l’énergie

10 % du projet relève des secteurs de l’énergie, selon la ventilation déclarée par le bailleur. L’énergie en est une composante.

• Administration centrale 50 %
• Santé 15 %
• Enseignement primaire 15 %
• Transport et distribution d’électricité 10 %

Thèmes

• Réforme et gouvernance du secteur électrique (Gouvernance au Ghana) : « sector reform » figure dans l’objectif officiel.

Documents officiels

• Revue du rapport d’achèvement 18 décembre 2007, en anglais
• Rapport d’achèvement et de résultats 17 avril 2007, en anglais
• Credit Agreement 29 août 2005, en anglais
• Announcement 25 août 2005, en anglais
• Document de programme 25 juillet 2005, en anglais
• Program Information Document 7 juillet 2005, en anglais
• Revue du rapport d’achèvement 14 mars 2005, en anglais