US to appoint Resident Advisor to Finance Ministry
The United States of America’s Department of Treasury’s Office of Technical Assistance (OTA) has announced its latest commitment to sub-Saharan Africa in the form of a resident advisor to assist the Ministry of Finance in Ghana.
The focus of this engagement is on developing and executing medium-to-long-term reforms to improve debt sustainability and support a competitive government debt market. The announcement of this initiative coincided with the arrival of the Vice President of the USA, Kamala Harris, in Ghana on Sunday, March 26.
This project is part of OTA’s ongoing efforts to strengthen public financial management and financial sector oversight across sub-Saharan Africa. For 2023, OTA is set to execute 25 projects in 15 African countries, including eight new projects in Cameroon, Ghana, Kenya, Madagascar, Namibia, Tanzania, The Gambia, and Zambia.
These projects will cover a range of areas, including revenue policy and administration, budget and financial accountability, government debt issuance and infrastructure financing, banking and financial services, and economic crimes.
Furthermore, the US Administration has announced its intention to invest more than $100 million to support conflict prevention and stabilization efforts in Coastal West Africa.
This investment will include at least $86 million in funding over three years specifically dedicated to the implementation of a new 10-year plan aimed at addressing regional threats of violent extremism and instability in Coastal West Africa. The US government plans to work with Congress to marshal additional assistance to support efforts in the region over the coming years.
In addition to this, to further support Ghana’s debt management, USAID is funding fellowships for a team of ten specialists to work within the Ministry of Finance, providing surge support for a two-year period. The fellows are all young, qualified Ghanaians and recent university graduates, adding to the country’s pool of talented professionals.
The United States’ engagement in sub-Saharan Africa is a testament to its commitment to support the region in achieving its development goals. With a focus on improving public financial management and financial sector oversight, as well as addressing regional threats of violent extremism and instability, the US government’s investment will undoubtedly have a positive impact on the region’s economic development.
The OTA’s commitment to executing 25 projects in 15 African countries for 2023, including eight new projects, demonstrates the importance of building on existing initiatives and creating new opportunities for growth and development in the region.
With a focus on revenue policy and administration, budget and financial accountability, government debt issuance and infrastructure financing, banking and financial services, and economic crimes, these initiatives have the potential to foster greater economic stability and prosperity in sub-Saharan Africa.
Furthermore, the US government’s investment in conflict prevention and stabilization efforts in Coastal West Africa is a much-needed intervention in a region grappling with instability and insecurity. The new 10-year plan aims to address these issues and promote peace and security in the region, enabling the US government to work with Congress to marshal additional assistance to support efforts in the region over the coming years.
Overall, the United States’ engagement in sub-Saharan Africa through its various initiatives and investments highlights the importance of partnerships in achieving development goals. Through its commitment to public financial management, financial sector oversight, and conflict prevention and stabilization, the US government’s investment will undoubtedly make a significant contribution to the region’s economic growth and development.
