Exploring Equity Financing to Propel Development in the Volta Region – Minister Urges MDCEs

Municipal and district managers in the Volta region have been tasked with attracting private capital by exploring equity financing of projects under public-private partnership agreements.

Volta Regional Minister Dr. Archibald Yao Letsa, who launched the appeal, said it would relieve the assemblies to invest in other projects, including developing markets, truck parks and shopping centres. tourist attraction, to advance the overall development of the region.

Delivering a speech at the second Volta Region Coordinating Council (VRCC) Heads of Department meeting, Dr Letsa said the government realized that the continued reliance on revenue and debt financing projects could not accelerate development to the level required, hence the need for the Assemblies to increase revenue by going beyond 10% annual revenue increases and aiming for doubling internally generated funds.

This, he said, would allow assemblies to become self-sufficient and reduce their dependence on government transfers such as the common fund to manage their affairs.

He said raising revenue should remain one of the priority areas for every assembly, adding that “cases where total revenue cannot cover the cost of compensation, including goods and services, should be reconsidered. “.

The VRCC meeting with MDCEs, Municipal District and Coordinating Directors (MDCDs), Department Heads and Chair Members, aimed to discuss the best ways to deepen collaboration between departments and agencies to encourage inter-agency support.

Performance

Dr Letsa said the VRCC staff were determined to maintain the performance not only to be the best but also to improve the overall score to reflect the holistic performance of the Regional Coordinating Council as it was voted best council in regional coordination after emerging. the 2020 performance contract.

He said that while some municipal and disaster assemblies were lagging behind in the 2020 performance contract, while struggling to make it into the top 50, the RCC had decided to strengthen the monitoring of assemblies, provide them with the technical strapping necessary.

The minister, however, warned that sanctions would be instituted against any officer who deliberately fails in his duties, which could lead to poor performance by any assembly in the region.

The regional minister also warned the MDCEs to ensure that no incidents of galamsey or illegal mining are recorded in any of the districts in the region.

He therefore asked the MDCEs to institute a surveillance mechanism to detect, contain and alert the relevant state agencies so that they intervene immediately to put an end to illegal mining activities.

Carol M. Barragan