MCC Completes Successful Five-Year Compact with Ghana
WASHINGTON D.C. - The Millennium Challenge Corporation (MCC) announced the successful completion of its five-year compact with Ghana. The $547 million compact is reducing poverty through strategic investments in Ghana’s infrastructure and agricultural sectors.
The MCC partnership with Ghana is expected to provide economic opportunities for over 1.2 million Ghanaians. MCC investments in agribusiness value chains will lead to higher farmer incomes through an increase in the production and commercialization of high-value cash and food staple crops in some of the poorest regions and enhance the competitiveness of Ghana’s agricultural products in regional and international markets. In addition to agriculture, the MCC compact in Ghana supported a range of other investments including infrastructure, water and education.
Throughout the past five years the government of Ghana has demonstrated clear ownership of the MCC compact’s development and implementation. Over the course of two administrations, the compact was developed and implemented by Ghanaians. The compact embodies Ghanaian priorities and embraces the MCC commitment to reduce poverty through economic growth and attract private sector investment.
MCC CEO Daniel Yohannes attended official closeout events in Ghana this week and provided his congratulations to the Ghanaians. “I am gratified the people of Ghana embraced MCC’s innovative approach to development. It is an approach that reflects the values of Ghanaians dedicated to creating a life of opportunity,” he said. “While Ghana is among the few MCC partners to qualify to develop a possible second compact, it is critical now that this first compact is completed and that the benefits are sustained. The right practices and policies must remain in place to maintain and build on what has been accomplished. We join the people of Ghana in celebrating the successes achieved during this compact.”
“As Ghana marks the successful completion of its first Millennium Challenge Corporation (MCC) compact, I congratulate Ghanaians for embracing MCC’s results-focused and policy-centered approach to sustainable development. Through the efforts of farmers, civil society, the private sector, nongovernmental organizations, and government leaders, Ghana designed and implemented its own development solutions through a true partnership with MCC, based on shared responsibility and mutual accountability, “ said U.S. Secretary of State and Chairman of the MCC Board of Directors, Hillary Rodham Clinton. “The MCC-funded results we celebrate -- farmers trained to compete globally and new roads and post-harvest handling facilities to expedite trade and commerce -- are an outstanding testament to strong U.S.-Ghana relations. May the groundwork for economic growth and prosperity that Ghana built through its MCC compact be sustained and built upon now for generations to come.”
MCC’s investments in Ghana have strengthened its transportation network and expanded the agribusiness sector to unlock constraints to greater trade and investment. An expansion of economically sound policies and investments like those made by MCC can combine with Ghana’s access to European and United States markets to make Ghana poised to become a major economic hub in West Africa with the potential to attract private sector investments. By creating the right incentives, helping with the right policies and making sound supportive investments, MCC helps create a gateway to opportunity for American companies to do business in the region.
For more information about the MCC compact in Ghana, please visit http://www.mcc.gov/pages/countries/program/ghana-compact
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The Millennium Challenge Corporation (MCC) is an innovative and independent U.S. Government foreign aid agency that is helping lead the fight against global poverty through the promotion of sustainable economic growth. MCC is based on the principle that aid is most effective when it reinforces good governance, economic freedom and investments in people. To learn more about MCC please visit www.mcc.gov