Ghana Reaches Last Stage Of MCC Compact

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A statement made available to the presidential press corps by the Millennium Development Authority at Peduase Lodge where the leadership of the Ghana team met President John Dramani Mahama said from June 9-13, this year, the government of Ghana and the MCC would enter into negotiations on the compact in Washington DC.

Professor Kwesi Botchwey, a former Minister of Finance and Economic Planning, would head the Ghana team.

The final compact is expected to be signed pending MCC board approval, congressional no-objection and Ghana parliamentary approval in August this year.

The total compact fund from MCC is $498.20 made up of two tranches.

Tranche one is about $ 308.2 million while tranche two is $ 190 million.

However, disbursement of tranche two would be dependent on performance.

The statement said a new feature of the compact is Ghana’s contribution of 7.5 per cent of the compact fund, which translates into $37.37 million bringing the total figure to $ 537.57 million.

The goal of the compact is reduce poverty through private sector-led economic growth.

GNA
 

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