August 11, 2005
Millennium Challenge Corporation Signs $3 Million Pre-Compact Grant with Ghana
Accra, Ghana Today, the United States, through the Millennium Challenge Corporation (MCC), signed a grant agreement of up to $3 million to assist Ghana in the continued development of a Millennium Challenge Account Compact. Ghana’s Compact proposal aims to make Ghana a world-class exporter of high value fruit and vegetables through the creation of a strong investment climate. In order to achieve this, the proposal recommends efforts to improve roads, irrigation, training, and access to finance.
This is an important day and a testament to Ghana’s commitment to our partnership. said Charles Sethness, an MCC Vice President who is currently carrying out the duties of the Chief Executive Officer. We are excited about the ambitious vision that Ghana has laid out. We applaud President Kufuor and the team he has assembled for taking the steps necessary to advance the Compact. It is projected that the proposed program could improve the lives of hundreds of thousands of Ghanaians.
Mr. Sethness added, MCC and the Government of Ghana are working to ensure that all appropriate steps leading to a final Compact are understood and completed as quickly as possible. In addition, MCC would like to thank Ambassador Yates and her staff for their invaluable assistance throughout the process.
In addition to Ghana, MCC has approved funding for Compact development with Lesotho, Georgia, Nicaragua, Madagascar, and Senegal. This grant brings the total approved for Compact development in Ghana to $3.275 million.
Launched by President Bush with bipartisan support, the MCC represents an innovative approach to providing development assistance by rewarding countries that have sound policies and good governance. These attributes are critical to poverty reduction and economic growth in developing countries.
Millennium Challenge Corporation (MCC), a U.S. government corporation designed to work with some of the poorest countries in the world, is based on the principle that aid is most effective when it reinforces good governance, economic freedom, and investments in people that promote economic growth and elimination of extreme poverty.