Tag: World Bank
-
Ghana can create better jobs through accelerated economic transformation – World Bank
Ghana has an opportunity in the coming decades, to accelerate economic transformation and create more and better jobs, after navigating through the heights of the pandemic. It can achieve this through fostering greater global integration, technological transformation, macroeconomic stability, and financial sector development, says the World Bank’s latest economic analysis for the country. The newly…
-
Ghana lost about GH¢200 million in sales in 2020 due to COVID-19 – Study
Ghana recorded about GH¢200 million dip in sales, representing 61 percent from May to September 2020 as a result of COVID-19, a joint study conducted by the UNDP, World Bank and Ghana Statistical Service and a business tracker study has revealed. Professor Kwesi Amponsah-Tawiah, from the University of Ghana Business School, made this known, during the…
-
Ghana signs $200M loan agreement with World Bank to aid vaccination programme
The Government of Ghana has signed an additional $200 million loan agreement with the World Bank to help the vaccination process. This is the second tranche of funds that government is receiving from the World Bank for the management of the pandemic. Addressing the media after signing the agreement, Finance Minister, Ken Ofori-Atta said the…
-
World Bank financing for COVID-19 vaccine rollout exceeds $4 billion
The World Bank announced today, June 30, 2021, that it is providing over $4 billion for the purchase and deployment of COVID-19 vaccines for 51 developing countries, half of which are in Africa. More than half of the financing comes from the International Development Association (IDA), the Bank’s fund for the world’s poorest countries, and…
-
MSMEs to enjoy low interest rates with creation of Development Bank Ghana – Ofori-Atta
Finance Minister, Ken Ofori-Atta has assured that the establishment of the Development Bank Ghana (DBG) will see a reduction in interest rates for Ghanaian businesses. This comes barely a day after the Ministry of Finance and the European Investment Bank signed an agreement for the provision of a €170 million facility for the establishment of…
-
Don’t sign onto Debt Service Suspension Initiative – Government urged
Economist with Databank, Courage Kingsley Martey, has asked government not to take advantage of the Debt Service Suspension Initiative (DSSI). This follows calls by some stakeholders within the financial for government to employ strategies to slow down the rate of the country’s debt accumulation. According to him, though the initiative is powerful, the move is…
-
We did not provide guarantees to IPPs – World Bank clarifies
Following recent media reports, the World Bank wishes to clarify that it has not provided any financing or guarantees to the Independent Power Producers (IPPs) that signed Power Purchase Agreements with the Government of Ghana or the Electricity Company of Ghana during the (Dumsor) energy crisis in 2014-2016. A statement issued by the World Bank…
-
Key reforms needed to exceed 1.4% World Bank growth forecast – Economist
An economist at the University of Ghana Business School, Dr. Patrick Asuming says the current socio-economic climate which is heavily influenced by the COVID-19 pandemic, provides government an opportunity to introduce and implement key reforms that will boost domestic revenue as well as economic growth. Per the World Bank’s 2021 Global Economic Prospects report, even though growth…
-
World Bank approves $60 million to strengthen resilience of Africa’s agricultural sector
The World Bank Board of Directors has approved a $60 million International Development Association (IDA) grant to help African countries strengthen the resilience of their agricultural sectors to the threat posed by climate change. The grant fulfils the World Bank’s commitment at the 2019 United Nations Climate Summit to increase its support to the CGIAR,…
-
World Bank approves additional $130 million to support Ghana’s COVID-19 fight
The World Bank Board of Executive Directors has approved an additional credit of $130 million dollars from the International Development Association (IDA) for the Ghana COVID-19 Emergency Preparedness and Response Project. The additional financing in the health sector will support the Government of Ghana to scale up its efforts to mitigate the resurgence of the…