world bank Archives - Wontumi Online

04 Apr

‘No Suspended Projects In Ghana’ – World Bank Clarifies

CUD Wontumi0 CommentsBusinessworld bank

The World Bank has issued a definitive statement dispelling speculation about the status of its funded projects in Ghana. In a brief but crucial communication released today, the global financial institution stated unequivocally, “No projects in the World Bank-financed portfolio in Ghana are currently suspended.” This clarification comes amidst recent concerns and reports suggesting that certain World Bank-backed initiatives in Ghana may have been halted due to financial or governance issues. The statement reassures stakeholders, including government agencies, development partners, and beneficiaries, that all projects under the World Bank’s portfolio in the country remain active and operational. The World Bank…

13 Feb

World Bank Warns Ghana Against Premature Return To Int’l Capital Markets

CUD WontumiBusinessInt’l capital markets, world bank

World Bank Country Director for Ghana, Liberia, and Sierra Leone, Robert Taliercio, has cautioned Ghana against rushing back to international capital markets, warning that such a move would be premature and risky. According to him, an early return could undermine investor confidence and reverse the gains made under Ghana’s debt restructuring efforts, exposing the country to unsustainable borrowing costs. Taliercio made these remarks at the launch of the World Bank’s latest Public Finance Review report, titled Building the Foundations for a Resilient and Equitable Fiscal Policy. His warning follows Ghana’s successful restructuring of its domestic and external debts, which secured significant…

17 Jan

Global Economy Stabilizes, But Developing Economies Face Tougher Slog – World Bank

CUD WontumiBusinessworld bank

The World Bank’s Global Economic Prospects report indicates that developing economies, which contribute 60% of global growth, are projected to experience their weakest long-term growth outlook since 2000. Global growth is expected to slow to 2.7% in 2025 and 2026 while developing economies will maintain steady growth at around 4%. However, this growth is insufficient to meet poverty alleviation and development goals. After rapid growth in the 2000s, progress slowed post-2008, with global trade restrictions and diminished foreign direct investment. Developing economies, now accounting for 45% of global GDP, remain crucial but are still reliant on advanced economies for growth.…

17 Jan

World Bank Sets Africa Terms To Win $40 Billion In Power Finance

CUD WontumiBusinessworld bank

The World Bank and African Development Bank have outlined conditions for African countries to secure $40 billion in financing to address the continent's electricity crisis. The "Mission 300" program aims to bring electricity to 300 million Africans by 2030, with $30 billion from the banks and an additional $10 billion from private institutions. To qualify, countries must implement regulations that attract private investment, prioritize low-cost renewable energy, and ensure competitive tenders for power generation projects. They must also commit to sustainable pricing for utilities and develop plans for universal access to electricity. The initiative targets connecting half of the population…

04 Dec

Parliamentary Deadlock Halts $300M World Bank Disbursement For Ghana

wontumionlineBusinessfinance minister Amin Adam, world bank

The government has acknowledged that the ongoing parliamentary impasse has stalled the disbursement of $300 million in World Bank funding, part of a broader financial support package aimed at stabilizing Ghana’s economy, financing critical sectors, and addressing fiscal gaps. The funds remain inaccessible due to the deadlock in Parliament, which has been on an indefinite break over disagreements between the two main political parties about which holds the majority of seats. “We should have passed some legislation to qualify for $300 million from the World Bank. However, the disbursement is delayed because those bills remain unpassed due to Parliament’s inactivity.…

28 Oct

Ghana Inks US$260m World Bank Deal To Tackle Energy Sector Inefficiencies

wontumionlineBusinessworld bank

Ghana has signed a US$260 million deal with the World Bank to help solve the US$1.2 billion energy sector losses and other inefficiencies in the sector. The deal, under the Energy Sector Recovery Programme, comprises a US250m credit metering procurement package and a US$10m clean cooking grant component in line with the Bank’s Programme for Results (PforR) initiative. Per the agreement, the World Bank would be facilitating the procurement of the one million metres through competitive bidding, with the clean cooking component seeing an advance of 20 per cent financing requirement initially. All these are tied to targets, including a…

13 Aug

World Bank: Majority Of Ghanaian Banks Strong Enough To Avoid Recapitalisation

wontumionlineBusinessGhanaian banks, world bank

In its 8th Ghana Economic Update, the World Bank reported that over half of Ghana’s 23 banks are well-positioned to avoid the need for recapitalization. Within just a year, most banks had achieved over two-thirds of the recapitalization target, initially set for completion in three years. The Bank of Ghana expects that the early completion of these efforts will strengthen the banking sector’s resilience, enhancing its ability to support the real economy’s recovery. The Bank of Ghana also noted that banks affected by the 2023 Domestic Debt Exchange Programme (DDEP) are following their approved capital restoration strategies in line with…

17 Jul

World Bank Lauds Bank Of Ghana’s Inflation-Fighting Success

wontumionlineBusinessbank of ghana, world bank

The Bank of Ghana’s robust independence has garnered commendation from the World Bank. The World Bank highlighted the Central Bank’s critical role in successfully implementing policy reforms to curb inflation in the Ghanaian economy. This was contained in the World Bank's latest Country Policy and Institutional Assessment (CPIA) report, titled "CPIA Africa 2024: Structural Reforms for a Vibrant Private Sector." The CPIA report underscores the significant achievements of the Bank of Ghana in maintaining monetary stability and enhancing economic credibility. It said the Bank’s independent stance has been instrumental in transitioning from managing global economic shocks to establishing stronger financial…

19 Jun

World Bank Approves US$260 Million For Ghana’s Energy Sector

wontumionlineBusinessenergy sector, world bank

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. The development Programme aims to support a 4-year Ghana Energy Sector Recovery Programme for Results (PforR) to improve the financial viability of electricity distribution and increase access to clean cooking solutions. A release issued by the Ministry of Finance (MoF) today, said the PforR will provide financing directly to energy sector utilities to implement capital expenditure programmes and complement regulatory and policy reforms of the energy sector supported under the World Bank’s…

10 Apr

Ghana To Return To 5.0% GDP Growth – WB

wontumionlineBusinessworld bank

The World Bank (WB) is expecting an upward progression of Ghana’s Gross Domestic Product (GDP) to hit 5.0% by 2026. This follows a projected 2.9% marginal GDP growth for 2024, higher than the estimated 2.8% projected by the government. The government is also hoping to achieve more than a 3.0% growth rate in 2025. Speaking from Washington DC, the World Bank Chief Economist for Africa, Dr. Andrew Dabalen, said the margin of growth for 2024 would be influenced by Ghana’s high levels of debt and inflation which will impact the level of growth. He stressed that the development may result…