Ghana’s Parliament Launches Economic and Financial Governance Project with UK and World Bank Support

The Parliament of Ghana, in partnership with the UK’s Foreign, Commonwealth and Development Office (FCDO) and the World Bank, has launched a landmark initiative aimed at enhancing economic and financial governance. The project, titled “Building the Capacity of Parliamentarians for Economic and Financial Governance”, is backed by £800,000 in funding from the FCDO through the World Bank.

The 12-month initiative will focus on strengthening parliamentary oversight, improving fiscal management, and equipping legislators with the necessary skills to effectively review and shape economic policy for better national outcomes.

A Drive for Stronger Governance

At the launch event, the Rt. Hon. Speaker of Parliament, Alban Sumana Kingsford Bagbin, highlighted the program’s importance:

“This initiative will strengthen parliamentary oversight, improve fiscal management and deepen understanding of economic policies among Members of Parliament. By equipping Parliament, especially new legislators, with needed skills and knowledge, the program will foster effective governance, accountability, and transparent management of public resources.”

Global Partners Speak

Michelle Keane, Acting World Bank Division Director for Ghana, Liberia, and Sierra Leone, noted the project’s potential to ensure economic policies align with sustainability goals:

“Members of Parliamentary committees require the necessary skills and knowledge to enhance their ability to evaluate allocations and uses of government expenditure and revenue. It will help ensure that economic policies are aligned with medium-term macroeconomic sustainability and inclusive and sustainable development goals.”

Keith McMahon, Chargé d'affaires at the British High Commission, reiterated the UK’s commitment to supporting Ghana’s prosperity through locally led governance.

Project Components

The project will support key Parliamentary Committees—Finance, Budget, Economy and Development, Assurances, Public Accounts—and emerging entities like the Office for Parliamentary Analysis and the Citizens’ Bureau. Key features include:

• Technical assistance in economics, public financial management, tax policy, growth, and development.

• Training materials, toolkits, and handbooks for MPs.

• Peer learning opportunities with other legislatures.

• Enhanced collaboration with CSOs, think tanks, and the private sector.

• Strengthened transparency, accountability, and media/civil society engagement.

Towards Sustainable Development

The Speaker expressed gratitude to the UK FCDO and World Bank, noting the partnership as a significant milestone in Ghana’s journey towards good governance and resilient economic policy. Parliament aims to work closely with stakeholders to ensure the initiative’s success in delivering better oversight and sustainable development outcomes.