Project funds not utilised will be taken back to the USA by June 2024 – World Bank to Ghana

The World Bank Country Director, Frank Pierre Laporte, has said that project funds allocated to Ghana that have not been utilised will be sent back to the United States of America by June 2024.

According to him, this policy aims to encourage countries to utilise allocated funds within a specified time frame or risk losing them for reallocation to other nations in need.

“Our new president has taken a strong stance, and monies that are not used will be brought back to Washington DC,” he stated in a news report by myjoyonline.com

Laporte highlighted the urgency of adhering to project timelines, expressing the World Bank’s reluctance to extend project duration beyond ten years.

“Our projects usually last up to 4 to 5 years, and normally it is extended for two to three years, but our management doesn’t like this anymore. The projects will not go beyond 10 years”, he stressed.

Notably, among the projects to be affected is the E-Transform Project, scheduled to conclude in June 2024, faces the risk of funds being repatriated to Washington if not utilised for other purposes.

“There is a project that is ending in June 2024, which is the E-Transform Project. If we don’t take the money and use it for other things, June [2024] will come and the money will be sent back to Washington” he disclosed.

Acknowledging delays in project execution due to rescheduling and postponements, Laporte revealed ongoing discussions with the Ministry of Finance and Communications Ministry to address challenges hindering the government’s access to project funds.

The intention is to redirect unutilized funds to alternative projects beneficial to Ghana.

“We are looking at the possibility of taking this money and putting it into other projects that will be of benefit to Ghana”.

Furthermore, Laporte emphasised the importance of fiscal discipline for sustaining recent economic gains.

He urged the government to uphold fiscal responsibility to protect public finance and prevent the erosion of economic progress. Despite the strict approach, Laporte assured the World Bank’s commitment to assisting Ghana in stabilising its economy and reducing poverty.

Over the past four years, the World Bank has disbursed $1.6 billion to Ghana, providing crucial financial support for various projects in the country’s economy.