GH: PRSC I

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This Poverty Reduction Support Credit and Grant (PRSC 1) will build on recent reforms carried out by the Government of Ghana and support the implementation of the Ghana Poverty Reduction Strategy (GPRS). PRSC-1 will support the policies and reforms aimed at improving the living conditions of the population by promoting growth, incomes and employment, accelerating human resource development, and strengthening governance and public sector management as spelled out in the country's GPRS. The first PRSC would lay the ground for helping the country to attack poverty in a comprehensive manner. It is envisaged that there will be further single-tranche PRSCs in FY04 and FY05, respectively PRSC-1 is expected to provide a series of benefits. The main and ultimate benefit is the human progress towards the Millennium Development Goals expected from the growth and service delivery outcomes of the implementation of the program supported by this operation. In addition, there are two intermediate benefits. The first is helping maintain macroeconomic stability by contributing to the closing of the external financing gap. The second is enabling Government to generate the funds required to execute GPRS policies and programs.