MOSCOW (Pakistan Point News / Sputnik - 27th March, 2023) The United States will send a resident adviser to Ghana to help the country's Finance Ministry develop and implement medium- and long-term reforms as part of Vice President Kamala Harris's initiatives to strengthen the US partnership with Accra, the White House said on Monday.
" The U.S. Department of the Treasury's Office of Technical Assistance (OTA) will deploy a full-time resident advisor in 2023, to Accra to assist the Ministry of Finance in developing and executing medium- to long term reforms needed to improve debt sustainability and support a competitive, dynamic government debt market. The project will complement and build on the Government of Ghana's debt restructuring efforts," the statement read.
In addition, Washington intends to "provide $139 million in bilateral assistance for Ghana in Fiscal Year 2024," as well as "invest more than $100 million to support conflict prevention and stabilization efforts in Coastal West Africa," the statement read. Of that amount, at least $86 million will be allocated over three years for a new 10-year plan to counter "regional threats of violent extremism and instability," according to the statement.
In December 2022, Ghana's finance ministry temporarily suspended the payment of part of its external debt. Annual inflation in Ghana, which is experiencing a severe economic and financial crisis, accelerated to a new 21-year high of 50.3% in November 2022.
