Tag: World Bank
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Parliament approves financing agreement for establishment of National Development Bank
Parliament has approved the financing agreement between the Government of Ghana and the International Development Association (IDA) of the World Bank for an amount of $250 million for the establishment of a National Development Bank. The World Bank Board of Executive Directors had earlier on October 29, 2020, approved the US$250 million facility to support…
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Ken Ofori-Atta completes tenure as Chair of World Bank’s Development Committee
Ghana’s Finance Minister, Ken Ofori-Atta, has successfully completed his two-year tenure as the Chairman of the Development Committee of the World Bank and IMF, after chairing his 4th DC plenary meeting. The Committee discussed a build-back strategy for the global economy in view of the unprecedented ravages brought about by the COVID-19 pandemic. The pandemic…
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We need a people-centered and sustainable recovery post COVID – BoG Governor
The Governor of the Bank of Ghana, who chairs the Board of Governors of the IMF and the World Bank, Dr. Ernest Addison, has urged colleague Governors globally to ensure the speedy formulation and implementation of policies to protect the gains made prior to the Coronavirus crisis. In a virtual address to Governors at the…
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Prioritize debt sustainability and efficient public spending – World Bank to Ghana
The World Banks’ Chief Economist for Africa, Albert Zeufack, has reiterated calls on Ghana and other countries in Sub-Saharan Africa to prioritize the implementation of short-term policies to help reconstitute their respective fiscal spaces, following the losses made as a result of the COVID-19 pandemic. According to its latest Africa Pulse report dubbed Charting the…
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GSS survey to track COVID-19 impact on households and jobs
The Ghana Statistical Service (GSS), in collaboration with the United Nations Children’s Fund (UNICEF) and the World Bank (WB), will from 9th − 20th June, 2020, conduct a “Households and Jobs Tracker” survey to track the socio-economic impact of COVID-19 on households and jobs. The Households and Jobs Tracker is one of the three surveys…
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We did not present different macroeconomic data to IMF – Ministry of Finance
The Ministry of Finance has described as ‘false and misleading’ the publication by fact-checkghana.com of the Media Foundation for West Africa, which suggests that government shared different macroeconomic data with Ghanaians and with the International Monetary Fund (IMF). According to the Ministry, publishing such wrong claims about the economy is not helpful as there may…
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COVID-19 must trigger a change in the structure of Ghana’s economy – Ken Thompson
The Chief Executive Officer of Dalex Finance, Ken Thompson, says the level of exposure of Ghana’s economy in the wake of the coronavirus pandemic, should trigger a transformation of the country’s economic structure to make it resilient. Ghana is still classified at high risk of debt distress with a current debt of 218 billion cedis,…
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COVID-19:Ghana gets $500m debt repayment freeze from World Bank
Ghana has secured a $500-million dollar freeze in debt and interest repayment for the rest of this year from the World Bank, President Nana Akufo-Addo has announced. This forms part of a Pan-African effort to bring debt relief to Africa due to the economic impact of the novel coronavirus pandemic, the President said. Addressing the…
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World Bank Group and IMF mobilize partners for COVID-19 fight in Africa
The World Bank Group and International Monetary Fund on Sunday April 18, convened a meeting of African leaders, bilateral partners, and multilateral institutions to spur faster action on COVID-19 response in African countries. Cyril Ramaphosa, President of South Africa, United Nations Secretary General Antonio Guterres, Director General of the WHO Dr. Tedros Adhanom Ghebreyesus, Africa…
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COVID-19 to lead Sub-Saharan Africa into recession in 2020 – World Bank
The rapidly-spreading coronavirus outbreak is expected to push sub-Saharan Africa into recession in 2020 for the first time in 25 years, the World Bank has said in a new forecast on Thursday. The bank’s Africa’s Pulse report said the region’s economy will contract 2.1% to 5.1% from growth of 2.4% last year, and that the…