The advisor’s responsibility is to create and carry out the medium- to long-term reforms required to increase debt sustainability and foster a vibrant, competitive government debt market.
The US claims that the initiative will strengthen and add to the Ghanaian government’s attempts at debt restructuring.
The ongoing efforts of OTA in sub-Saharan Africa to improve public financial management and financial sector oversight include this initiative.
On Sunday, March 26, 2023, this was declared following the visit to Ghana of Kamala Harris, the vice president of the United States.
“We applaud Ghana’s commitment to reshaping its economy for inclusive and sustainable prosperity. We encourage all bilateral creditors to offer real debt reduction for needy nations, and we support Ghana’s IMF engagement.
“To increase US investments and foster long-term economic growth and prosperity, this is essential. We already have a strong partnership, and I think today has only strengthened it “she declared.
OTA will carry out 25 projects in 15 African nations in 2023. This includes eight new initiatives in the areas of revenue policy and administration, budget and financial accountability, government debt issuance and infrastructure financing, banking and financial services, and economic crimes in Cameroon, Ghana, Kenya, Madagascar, Namibia, Tanzania, The Gambia, and Zambia.
USAID is supporting fellowships for a group of 10 experts to work within the Ministry of Finance, offering surge support for two years, to help Ghana’s debt management efforts. All of the Fellows are recent college graduates from Ghana who are young and qualified.
The US government plans to invest more than $100 million, including at least $86 million in funding over three years, to support conflict prevention and stabilization efforts in Coastal West Africa, according to Kamala. This money will be used to implement the new 10-year plan.
The strategy aims to address the regional challenges of violent extremism and instability in Coastal West Africa and make it possible for the U.S. Government to collaborate with Congress to mobilize additional support for initiatives in the area during the ensuing years.