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posted on 16 Nov, 2011
GFA Hosts MCA Workshop
GFA Consulting Group recently hosted a workshop on financial services to the Millennium Challenge Account (MCA) at its headquarters in Hamburg. MCA was passed by the US Congress in 2004 as the “new compact for global development” managed by the Millennium Challenge Corporation (MCC). It aims at funding projects focused on reducing poverty through sustainable economic growth. MCC provides assistance through compacts to countries that fulfill certain criteria regarding economic freedom, investing in its people, and good governance.
Since 2006, GFA has been operating as fiscal and procurement agent for MCA countries funded by MCC. The GFA MCA portfolio currently holds 10 MCC projects in nine countries. Ghana was the first MCC project in August 2006, followed by Georgia in January 2007 and Madagascar in August 2007. Aside from Georgia and Madagaskar which have already been successfully completed GFA is currently providing fiscal agent services in Armenia, Ghana, Lesotho, Philippines, Senegal, Morocco, Mongolia, Mozambique and Burkina Faso where GFA acts as fiscal agent and fiscal oversight advisor.
The GFA workshop on operational issues of financial services to MCA clients was attended by almost all senior project members, the respective chief financial officers of the MCA partner countries, and representatives from MCC headquarters in Washington D.C. The workshop concentrated on most important issues and challenges regarding the projects, e.g. regular data calls, reporting and reconciliation demands, and upcoming compact closures which require a work plan far ahead. Participants engaged in lively and professionally moderated working group discussions and plenary presentations. The valuable results they elaborated will be used to further improve the projects’ structures and processes.
The workshop not only addressed crucial operational MCA issues but also successfully fostered networking among members of the worldwide ‘family’ of GFA-assisted MCC projects, particularly the local teams in partner countries and the head office staff of GFA and MCC.
