Ghana urged to boost growth while managing debt
By: Rachel Asamoah Senior Vice President and Chief Economist at the World Bank, Indermit Gill, has called on Ghana to accelerate its economic growth while carefully managing public debt. Speaking at the launch of “World Development Report 2024” in Accra, Gill noted that although Ghana has been a lower-middle-income country for over a decade, its […]
World Bank launches 2024 report; cautions middle-income countries on growth stagnation
By: Racheal Asamoah The World Bank has launched its World Development Report 2024, highlighting the urgent challenge faced by middle-income countries as they risk falling into the “middle-income trap.” Despite significant progress in reducing poverty since the 1990s, only 34 out of 108 middle-income nations have successfully transitioned to high-income status. The report stresses that […]
We stand with you – World Bank to drought-stricken communities as Country Director tours FSRP sites
The World Bank Country Director for Ghana, Liberia, and Sierra Leone, Robert Taliercio O’Brien has applauded the inner strength of farmers who were hit by this year’s drought in the northern parts of Ghana and encouraged them to stay resolute. He was on a tour of parts of the Upper Region, to inspect project sites […]
Ghana receives $155 million World Bank grant to help restore degraded coastal areas
Story By: Joyce Gyekye Ghana has received a155 million-dollar grant and loan from the World Bank to help restore the country’s degraded coastal areas. The amount which is under the West Africa Coastal Areas, WACA 2 Resilience Investment Project is to build the resilience of coastal communities in Accra and the Volta region against flooding, […]
Ghana’s economic indicators remain on track – World Bank
In its Eighth Economic Update for Ghana, titled Strengthening Domestic Revenue Systems for Fiscal Sustainability, the World Bank notes that despite recent increases in the pace of exchange rate depreciation and slower-than-expected inflation reduction, Ghana’s economic indicators remain on track for 2024 and continuing. The report highlights the steady progress Ghana has made over the […]
World Bank approves $250 million credit and $10 million grant to support Ghana’s Energy Sector
By: Racheal Asamoah The Ministry of Finance says the World Bank has approved a $250 million credit from the International Development Association, (IDA) and an additional $10 million grant from the Energy Sector Management Assistance Programme. This is to support a 4-year Ghana Energy Sector Recovery Programme for Results, (PforR) to improve the financial viability […]
World Bank supports policy reform of Ghana’s Energy Sector and access to clean cooking
The World Bank has approved a $250 million credit from the International Development Association (IDA) and a $10 million grant from the Energy Sector Management Assistance Program for a 4-year Ghana Energy Sector Recovery Program for Results (PforR). The PforR will support Ghana’s Energy Sector Recovery Programme (ESRP) to improve the financial viability of electricity distribution and […]
Government to publish audit reports from cash waterfall mechanism – Dr. Amin Adam
The government has announced plans to publish audit findings of the cash waterfall mechanism to enhance transparency and accountability within the country’s energy sector. This move comes amidst significant financial challenges the sector faces, including a substantial debt burden owed to independent power producers amounting to over one billion dollars. To address the mounting debt, […]
$300 million World Bank loan hits BOG account
The 300 million dollar World Bank facility to support some projects in 2024 has finally been credited to the Bank of Ghana’s (BoG) account. This was after Ghana met all the necessary conditions, including Cabinet and Parliament’s approval to facilitate the transfer of the funds to the country. The Bank of Ghana is expected to […]
IMF, World Bank working to accelerate debt treatment for Ghana under G20 Common Framework
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. The IMF and the World Bank are bringing all relevant creditors and debtors together with promising signs. Managing Director of IMF, Kristalina Georgieva, said this during a […]
