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The Cites Alliance is pleased to profile the
Ghana Municipal Finance Management
Initiative (MFMI), an innovative mechanism
of the Government of Ghana which aims to
empower municipalities to attract funds from
the capital market for long-term financing
of infrastructure and other services. Led by
the Ministries of Finance and Economic
Planning and the Local Government, Rural
Development and Environment, the MFMI aims
to assist the Ghana local authorities, the
Metropolitan, Municipal and District
Assemblies [MMDAs] achieve the following: |
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Significantly
increase Internally Generated Funds (IGF);
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Identify and find
ways of minimising and finally eliminating
financial leakages;
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Significantly
improve management and accounting systems;
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Raise necessary
funds to meet infrastructural and service
delivery requirements; and,
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Gain public
confidence.
A
Draft Local Government Finance Bill to lend
legislative muscle to the MFMI has been
submitted to parliament for consideration for
passage into law. The bill establishes a Municipal
Finance Authority with a mandate to mobilise
resources from both internal and external sources,
channel them into productive infrastructure
development and manage risk. This includes the
transfer of expertise to MMDAs in order to
contribute to the rapid economic growth and poverty
reduction in the country. The need for major
infrastructure investments at the local level is
part of
Ghana’s Growth and Poverty Reduction Strategy
(2006-2009), the country’s updated PRSP.
Enter these Ghana
Municipal Finance and Management Initiative web
pages to learn more about this pioneering programme,
and its potential for scaling up urban poverty
reduction in Ghana.
Related information:
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