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| EU Gives Gov’t €24m General Budget Support |
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| Date: 09-Jul-2012 |
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The European Union (EU) in Ghana has disbursed €24 million to Ghana's Multi-Donor Budget Support (MDBS) framework.
This disbursement is in the context of the Millennium Development Goals Contract (MDG-Contract).
This 2012 disbursement follows the satisfactory conclusion of the 2011 Multi-Donor Budget Support (MDBS) annual review, conducted last May, as well as the demonstrated commitment by the government towards attaining macro-economic stability, implementing the Ghana Shared Growth and Development Agenda (GSGDA) and in improving the country's public financial management.
The MDG-Contract, which is the EU's approach under the 10th European Development Fund (EDF) for longer term and a more predictable general budget support, was signed by the EU and the Government of Ghana in July 2009.
Under the financing agreement of the MDG-Contract, the EU is to provide a total of €209 million as general budget support to Ghana over the years 2009-2014, with an overall objective of contributing to sustainable growth and poverty-reduction in Ghana, so that the country can consolidate its middle-income status including the achievement of the MDGs.
General budget support is one of the three focal areas of cooperation between the European Union and Ghana.
Contrary to a project approach, budget support involves the transfer of financial resources directly to the government Treasury to complement government’s own domestically-generated revenues and facilitate the implementation of the national budget and its associated public-expenditure plans.
In the year 2011, the EU disbursed a total of €26.4 million as budget support to the Government of Ghana.
Further to this, the EU is also committed to providing more support in the strengthening of Ghana's institutions and systems with a key focus on public financial management. This is particularly in view of the increasing need for more robust national institutions and systems in order to improve the effectiveness of aid.
General budget support to Ghana is part of a broader EU aid portfolio of a total of more than €420 million (about GH¢900 million) for the period 2008-2014. |
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| Source: Thebftonline.com |
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