The World Bank is providing funding support to the Government of Ghana (GOG) for the implementation of the Ghana Economic Transformation Project. The overall development objective of the Project is to promote private investments and firm growth in non-resource-based sectors. The guiding principle of the Project is 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. The Project has four components, as follows:
Component 1 - Enabling investments: This Component will focus on improving the enabling business environment, investment attraction capacity, and the quality infrastructure support system for companies that want to invest and grow their businesses in Ghana.
Component 2 - Crowding-in investments: Promoting spatial and industrial planning and development: This Component will focus on enhancing the Government’s programs in investment promotion and spatial development (including Special Economic Zones), thereby addressing the constraint to access quality industrial land in the country.
Component 3 - Accelerating Entrepreneurship and Micro Small and Medium Enterprise (MSME) growth: This Component will support entrepreneurship and MSME growth in non-resource-based sectors, addressing specifically the limited development of the MSME and entrepreneurship support ecosystem, including early-stage financing.
Component 4 – Project Management and Evaluation: This Component will finance project management activities including fiduciary responsibilities, procurement, safeguards, communication and dissemination, as well as monitoring and evaluation of project implementation and its impact. This will include capacity building for the Project Coordinating Unit (PCU), the Economic Transformation Unit and the Resource Mobilization and Economic Relations Division (RMERD) within the Ministry of Finance (MOF).