Gov’t, World Bank develops Economic Transformation Project

Ken Ofori-Atta, Finance Minister

The government with the support of the World Bank, has developed the proposed Ghana Economic Transformation Project (GETP).

The Project seeks to promote and strengthen a growth model that is conducive to economic transformation to achieve higher rates of investment and productivity growth across the economy (especially in non-resource-based sectors), while also creating quality jobs and raising incomes.

A statement from the Ministry of Finance (MoF) indicates that the Project will be implemented jointly by the Ministry of Finance as the lead agency and other implementing agencies such as the Ministry of Trade and Industry (MoTI), Ministry of Business Development (MoBD ) National Board for Small Scale Industries (NBSSI), Ghana Free Zones Authority (GFZA), Ghana Investment Promotion Centre (GIPC), Ghana Standards Authority (GSA), Venture Capital Trust Fund (VCTF) and the Registrar General Department (RGD).

The proposed project will be implemented through the Ministry of Finance. Based on preliminary assessment the following World Bank Environmental and Social Safeguards Policies are applicable to the implementation of the project:

  1. Environmental Assessment OP/BP 4.01
  2. Physical Cultural Resources OP/BP 4.11

iii. Involuntary Resettlement OP/BP 4.12.

Consequently, Ministry has prepared the Environmental and Social Management Framework (ESMF) and the Resettlement Policy Framework (RPF) that would serve as safeguards instruments to the projects. These frameworks would guide mitigation of any potential negative impacts in accordance with the government and the World Bank requirements.

The ESMF outlines among others, procedures to ensure that proposed investments are adequately screened for their potential environmental and social risks and impacts, and that corrective measures are followed to avoid or mitigate and minimize any potential negative impacts arising from the project.

The RPF outlines the principles, legal framework, consultation and grievance redress mechanism, principles for determining eligibility, appropriate procedures to be followed to mitigate and minimize negative impacts arising from the proposed activities. The documents also include institutional arrangements and responsibilities for implementation.

By Joshua W. Amlanu