Announcement of World Bank Supports the Development of Land Reform in Ghana on July 31, 2003

World Bank Supports The Development Of Land Reform In Ghana Media Contact: Eric Chinje Tel: (202) 458 8418 Email: Echinje@worldbank.org Washington, July 31, 2003 – The World Bank’s Board of Directors today approved an IDA credit* of US$20.51 million to assist the Government of Ghana reform land administration practices. The Ghana Land Administration Project will be the first phase of the implementation of a long term (15-25 years) land administration reform program, which will support the Government of Ghana’s goals to stimulate economic development, reduce poverty and promote social stability. The proposed project will develop a decentralized, fair and efficient land administration system that should improve security of land tenure, simplify the process for accessing land, and foster prudent land management. The establishment of land titles will assure security of tenure to land and peaceful possession, facilitating investments in housing, industry, agriculture and services sectors of the economy that will generate employment and economic growth. “Traditional authorities will be assisted to maintain systematic records of land transactions and devise formulae which ensure that poorer members of the community are not made landless when rural lands are converted into urban housing plots”, said Solomon Bekure, World Bank Task Team Leader for the Ghana Land Administration Project. The Ghana Land Administration Project will harmonize customary and statutory land laws and also help generate incremental revenue to both national and local governments through registration fees, estate property tax, capital gains tax and stamp duty of derivative land transactions, once properties are formally registered and title deeds are issued. * The credit is on standard International Development Association (IDA) terms, with a commitment fee of 0.5%, a service charge of 0.75%, and a maturity of 40 years, including a 10-year period of grace. For more information on the World Bank’s work in Ghana visit: www.worldbank.org/gh