November 28, 2022, Bawumia launches a US$150 million project for 6 regions.
A $150 million project led by Vice President Dr. Mahamudu Bawumia would help small enterprises and people's quality of life in six underdeveloped districts of Ghana.
The goal of the project, known as "the Gulf of Guinea Northern Regions Social Cohesion (SOCO)," is to improve local inclusion and resilience while addressing socioeconomic activities in communities in Ghana's six beneficiary regions.
The Upper West, Upper East, Northern, North East, Savannah, and Oti regions are the beneficiaries.
A multi-nation development project with a US$450 million budget is called SOCO. It will be implemented in a few selected districts of Ghana, Ivory Coast, Togo, and Benin and is being funded by a credit facility from the World Bank that the Government of Ghana has secured. Ghana is receiving $150 million of this total.
At the project's launch in Bolgatanga, in the Upper East Region, Dr. Bawumia said it was timely since it aimed to support the growth of more small and medium-sized enterprises while also enhancing family incomes and livelihoods in the beneficiary communities in the six chosen regions.
He urged the World Bank to express interest in funding the Pwalugu Multipurpose Dam because it may result in the establishment of numerous small and large agribusinesses that will hire young people in Ghana.
"We will shortly be interacting with the World Bank to assist in the facilitation of this great initiative that has the potential to significantly alter many lives in the area," he declared. So, Country Director, expect us soon.
The Vice President stated that the government appreciated global support as well as local investor attempts to improve livelihoods and the local economy because government resources and efforts alone could not solve all the issues and provide all the necessary solutions.
Despite acknowledging the Vice President's call, Pierre Frank Laporte, the Country Director of the World Bank in Ghana, urged the SOCO initiative's beneficiary communities to adopt it in order to reap its full benefits.
He believed that as small and medium-sized firms found their way to sustainability, many more lives would be enhanced.
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