The World Bank has injected an amount of $60 million to help fund the Ghana Energy Sector Transformation Initiative Project and the Ghana Tourism Development Project, reports the Pulse, Ghana.
The $60 million credit facility was approved for the purpose of strengthening the energy and tourism sectors, implement sector reforms in the country.
Out of the amount, $20 million has been specifically allocated to support the Ghana Energy Sector Transformation Initiative Project.
The World Bank’s Country Director for Ghana, Henry Kerali, said the project should go a long way to boost Ghana’s energy sector.
“The project supports the government’s plan through a comprehensive package of regulatory, policy, and operational measures and platforms for stakeholder engagement to help the government address near-term challenges and lay the ground work for Ghana’s energy sector transformation,” he said.
“Electricity consumers will also benefit from enhanced sector governance and improved energy services and access.”
$40 million has also been allocated towards the improvement of the Ghana Tourism Development Project.
The project is expected to enhance the tourism sector’s offerings, diversify its impact, and help increase the contribution of the tourism sector to the Ghanaian economy.
Micro, small, and medium enterprises, will also be supported by the project, as it is geared towards improving access to markets and better public goods provision in the targeted tourism destinations.
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“The Tourism Development Project is expected to remove constraints and sustain improvements to the business enabling environment to help both domestic and international firms grow their operations,” said Douglas Pearce, World Bank Practice Manager.
Mr. Pearce added that as part of the World Bank’s goal of ending extreme poverty and promoting shared prosperity, the project “will support the small and medium enterprises sector and women-led enterprises to provide demand-driven services for tourism”.