The Board of Directors of the Millennium Challenge Corporation (MCC) yesterday approved the five-year $547million anti-poverty program in Ghana, to be paid into the Millennium Challenged Account (MCA).

In a statement released by the Public Affairs section of the US Embassy in Accra, it stated that the programme, also known as Compact, would benefit more than one million Ghanaians and focus on rural agriculture, transportation and community development initiatives.

It anticipated that the programme would help directly alleviate the poverty of over 230,000 Ghanaians and enhance the livelihood and welfare of one million more.

It continued that the Compact targets some of the poorest rural districts where the rate of poverty ranges from 40 to 90 percent.

It intimated, "Like all MCA countries, Ghana's participation in the MCC's programme is predicated on its dedication to three fundamental principles: ruling justly, investing in people and encouraging economic freedom."

It indicated that since its establishment in 2004, MCC had approved Compacts totaling more than $2.1billion for nine nations including Madagascar, Honduras, Cape Verde, Nicaragua, Georgia, Benin, Vanuatu, Armenia and Ghana.

Further, the statement said the Compact components would raise the income potential of farmers through increased production of high-value cash and basic food crops, an improved transportation network and development of food processing industries and handling facilities.

It noted the five-year programme would include initiatives to improve land tenure and access to credit for small-scale farmers and agri-businesses.

It stressed that the Compact also includes interventions to improve access to education, water, and sanitation, and electricity in the areas participating in the programme.

The statement said the programme's agriculture component - the largest component, with an estimated five-year cost of $241million, "Enhances the profitability of commercial agriculture among small farmers by improving business and farming skills, access to credit, land tenure and marketing services."

It said the transportation component with an estimated five-year cost of $143 million includes rehabilitation of a 14-kilometre stretch of the major highway linking the international airport in Accra and the port city of Tema.

"Improvements to the Lake Volta ferry service to facilitate faster access to markets would also be supported," it added.

It further noted that the programme also included a five-year $101million rural development component to expand access to community services and strengthen rural institutions by funding construction and rehabilitation of schools, water and sanitation facilities, electrification of rural areas, and providing capacity building support to local government institutions.