The US Government’s Millennium Challenge Corporation (MCC) Board of Directors has declared Ghana eligible to submit a proposal for a second compact.
Ghana is currently implementing a five-year, $547 million compact due for completion by February 2012.
This was contained in a release issued by the Public Affairs Section of the Embassy of the United States of America in Accra.
It said the Board noted that second compacts were contingent on successful completion of first compacts, continued good policy performance, development of proposals that had significant potential to promote economic growth and reduce poverty, and availability of funding.
“Qualifying for a subsequent compact is harder than qualifying for a country's first compact, “the release said.
“This was the first MCC Board Meeting since President Barack Obama announced the US Global Development Policy in September,” said MCC Chief Executive Officer Daniel W. Yohannes.
“MCC’s approach to development, which focuses on economic growth, country ownership, sustainability, and accountability, directly aligns with the President Obama’s strategy.”
“MCC’s strategic priorities include an emphasis on results, private sector engagement, gender integration, and effective policy reform."
The release said the Board also agreed that Cape Verde, Indonesia, and Zambia were eligible to continue the process of developing compacts in Fiscal Year 2011.
In addition to approving Malawi’s eligibility for FY2011 funding, the Board approved a $350.7 million compact with Malawi.
“Georgia is also eligible to develop a second compact proposal,” the release added.
Source: Ghana News Agency
