Tag: World Bank
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IMF, World Bank work to accelerate debt treatment for Ghana, others under G20
The International Monetary Fund (IMF) and World Bank are working together to accelerate debt restructuring for Ghana and other countries under the Group of Twenty (G20) Common Framework. Ms Kristalina Georgieva, Managing Director, IMF said this during a plenary meeting at the 2023 IMF/WGB Annual Meetings in Marrakech. “The IMF and the World Bank are…
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West Africa records growth despite coups and underperformance of its largest economies
Sub-Saharan Africa’s economic recovery is defined by certain subregions overperforming in comparison to the regional average and others underperforming. The World Bank relayed the aforementioned information in its Africa’s Pulse bi-annual report. The global lender identified how Africa is doing based on regional performance, which supports its evaluation. The report shows that while the Economic…
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World Bank revises Ghana’s growth rate downwards to 1.5 percent
Ghana’s economic growth is expected to decelerate to 1.5 percent this year, fresh projections by the World Bank have suggested. The slowdown is sharp drop from the 3.1 percent growth in 2022. It is also significantly low per the average of 61. percent pre-pandemic growth. The World Bank in its latest Africa’s Pulse report revealed…
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World Bank projects Africa’s economy to slow down to 2.5%
Sub-Saharan Africa’s economic outlook remains bleak amid an elusive growth recovery. According to the latest World Bank Africa’s Pulse report, rising instability, weak growth in the region’s largest economies, and lingering uncertainty in the global economy are dragging down growth prospects in the region. Economic growth in Sub-Saharan Africa is forecast to decelerate to 2.5%…
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Africans have not fully tapped into regional trade – World Bank
The Managing Director of Operations at World Bank, Anna Bjerde has emphasized the need for Africans to optimize intra- African trade to address the continent’s economic challenges. According to her, Africans have not fully tapped into the regional trade opportunity that exit on the continent. She opines that a lot needs to done to boost…
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Ghana’s unsustainable debt largely attributed to Energy Sector – World Bank Rep
Pierre Frank Laporte, the World Bank (WB) Country Director to Ghana, says Ghana’s energy sector debt is a major contributor to the country’s debt woes. In an interview monitored by GNA, the country director indicated that his outfit had identified certain factors that were driving the country’s debt situations. According to Mr Laporte, one of…
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World Bank provides $372m guarantee payment for Ghana’s 2030 Eurobond after default
The Government of Ghana defaulted on its coupon payment for the 2030 Eurobond on April 14, 2023, due to the debt moratorium declared on December 19, 2022. However, the International Development Association (IDA) of the World Bank has made a guarantee payment of $372 million on behalf of the Ghanaian government to cover the Eurobond.…
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World Bank commits $250m to Ghana Stability Fund to support financial sector
The Ghana Stability Fund, created to support financial institutions impacted by the Domestic Debt Exchange Programme, has received a commitment of $250 million from the World Bank, according to Finance Minister Ken Ofori-Atta. The donor funding is part of the $1.5 billion fund, with the remainder expected to come from the government. Mr. Ofori-Atta announced…
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Govt assures of making Financial Stability Fund more efficient
The government has indicated that it is working to make the Financial Stability Fund more efficient to support banks which have been impacted by the Domestic Debt Exchange Programme. According to the government, this is crucial as the fund will provide temporary liquidity and solvency to licensed financial companies. Speaking at the launch of the…
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Sharp, long-lasting slowdown to hit developing countries hard – World Bank
Global growth is slowing sharply in the face of elevated inflation, higher interest rates, reduced investment, and disruptions caused by Russia’s invasion of Ukraine, according to the World Bank’s latest Global Economic Prospects report. Given fragile economic conditions, any new adverse development—such as higher-than-expected inflation, abrupt rises in interest rates to contain it, a resurgence…