Ghana, 3 others to access further grants under MCC

Story: Fauziatu Adam

Ghana has been selected among four developing countries to continue to access grants under the Millennium Challenge Compact (MCC) of the United States of America (USA) for its development.

The other three countries are Tanzania, El Salvador and The Philippines.

The Minister of Trade and Industry, Ms Hannah Tetteh, announced this at the second International Convention of Edmark, manufacturers of health products for direct marketing industry, in Accra.

The theme for the convention was, “Love’s the Reason”.

The Millennium Challenge Corporation (MCC) is a bilateral United States agency created by the US government in 2004 to give a new dimension to foreign aid.

A country is considered eligible for a compact if its score on 17 indicators exceeds a median score.

The 17 indicators include good economic policies such as a free market and low corruption.

The focus of the MCC is to promote economic growth in the recipient countries. The programme emphasises good economic policies in recipient countries. 

Ghana received $547 million in the first compact in 2007. The second compact is contingent on the successful completion of the first compact, continued good policy performance and the development of proposals that have significant potential to promote economic growth and reduce poverty.

Ms  Tetteh said the US government had seen that there was potential in the country’s economy and had, therefore, chosen to partner Ghana to look at its challenges and possible areas of investment.

“This is the second time the country has been given this opportunity to partner the US government to develop proposals that have the potential to promote economic growth and move the country to the next level,” she added.

Sha lauded the ideas of Edmark to invest in Ghana’s economy by setting up a one-stop centre for the sale of Edmark’s healthy living products.

That, she said, would reduce unemployment in the country and improve economic growth.

“There are many young people in the country who do not know how to start businesses or manage them and I believe that Edmark will help these youngsters achieve their dreams of becoming entrepreneurs,” Ms Tetteh said.

In a speech read on his behalf by the Deputy Minister of Environment, Science and Technology, Dr Edward Omane Boamah, the Vice-president, Mr John Mahama, suggested that Edmark rather establish its manufacturing company for the country to be able to export its products.

That, he explained, would create more job opportunities for the youth and help in rapid economic development.

He advised Edmark to live up to its corporate social responsibility and also ensure the safety of its staff.

The CEO of Edmark, Mr Sam Low, expressed appreciation to the government for allowing it to work in the country, adding that Ghana was a very good place for investment.