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Apr 11, 2011

BUSAC receives more assistance

Ms. Cheryl Anderson, the Ghana Mission Director of the United States Agency for International Development (USAID), says USAID will contribute US$400 million towards the implementation of the Business Sector Advocacy Challenge Fund (BUSAC) Phase II.

She explains that the financial commitment forms part of USAID’s commitment to assisting Ghana to reduce poverty, increase employment and create a strong private sector.

Ms. Anderson disclosed this in Accra when USAID and the Danish International Development Agency (DANIDA) signed a delegated agreement towards the disbursement of the funds.

Mr. Jam Poulsen, the Head of Development Co-operation at DANIDA, on his part, pointed out that DANIDA has already committed US$800 million into the fund’s operations and is now promising to make good use of the trust reposed in it by the USAID as the co-operation’s delegator in the successful execution of the agreement, adding that DANIDA will also sign some financial agreements with the European Union’s Commission (EUC) towards poverty reduction in Ghana.

Mr. Joe Tackie, the Coordinator for Trade Sector Support Programme at the Ministry of Trade and Industry, also said the ministry is pleased to have the “BUSAC Phase II project run alongside the Private Sector Development Strategy (PSDS) II, a programme aimed at re-boosting the stand of the private sector in business advocacy.

Meanwhile, the BUSAC Fund Steering Committee has started negotiations with the EUC aimed at signing a financial agreement to help to help in the operations of the fund’s activities.

BUSAF Fund is a grant facility initiated by DANIDA’s Support to Private Sector Development (SPSD) and seeks to assist the country’s to advocate local, regional and national authorities to create an enabling business environment for a competitive private sector.

Source: ISD