Ghana: Veep Launches $450M Multi-Country Credit Facility to Address Socio-Economic Challenges in Northern Ghana

The Vice President, Dr. Mahamudu Bawumia, has expressed hope that the launch of the Northern Gulf of Guinea (SOCO) Social Cohesion project will address the key socio-economic obstacles facing people in the northern part of Ghana.

He said it was an indisputable fact that many parts of the North had over the years been hit by acute economic challenges and the launch of the project was a timely intervention as it had the potential to correct some of the major emerging issues and recurring challenges in the northern part of the country.

The Vice President was speaking at the launch of the SOCO project in Bolgatanga, the capital of the Upper East Region, at the weekend.

The launch of the project here in Bolgatanga was preceded by a regional sensitization exercise by the Ministry of Local Government, Decentralization and Rural Development (MLGDRD) a few months ago where revered stakeholders were engaged through a week-long program regarding the project’s impact on the livelihoods of the people in the beneficiary districts and municipalities.

Dr. Bawumia said the project is a $450 million multi-country credit facility guaranteed by the World Bank.

The beneficiary countries, he noted, are Ghana, Benin, Cote d’Ivoire and Togo, explaining that the project targeted the more than 16 million people living in the northern parts of the beneficiary countries, who were threatened by the spread of the conflict in the Sahel, such as and increased vulnerability to the impacts of climate change.

In Ghana, the project will be implemented in 48 Municipal and District Assemblies (MDAs) in the six beneficiary regions; such as Oti, Northern, Savannah, North East, Upper East and Upper West, the vice president said.