World Bank Archives - Wontumi Online

04 Dec

Parliamentary Deadlock Halts $300M World Bank Disbursement For Ghana

Wontumi10 CommentsBusinessfinance 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

Wontumi2BusinessWorld 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

Wontumi1BusinessGhanaian banls, 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

Wontumi1BusinessBank 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

Wontumi1BusinessEnergy 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

Wontumi1BusinessWorld 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…

07 Mar

We Have A Longstanding Relationship With Ghana Despite Passage Of The Anti-Gay Bill – World Bank

Wontumi1NewsAnti-LGBT Bill, World Bank

The World Bank Group has asserted its longstanding relationship with Ghana despite the passage of the Human Sexual Rights and Ghanaian Family Values Bill by Parliament. This comes to douse recent speculation suggesting that the World Bank Group may reduce aid and development assistance to Ghana. Concerns have been raised about possible financial challenges for Ghana if the bill is signed into law, with warnings from the Finance Ministry about the potential loss of Hover $3 billion in World Bank funding for various programs and projects. However, a spokesperson from the World Bank clarified that the institution does not recognise…

04 Mar

World Bank Threatens To Cancel Loans To Ghana Over Anti-LGBTQI+ Bill

Wontumi1BusinessAnti LGBTQ+ Bill, World Bank

The World Bank has issued a warning to Ghana, threatening to cancel loans worth at least $850 million due to concerns over the recently passed Anti-LGBTQI+ Bill, formally known as the Human Sexual Rights and Ghanaian Family Values Bill 2024, Asaase News reports. The Bretton Woods institution has raised alarms about the potential impact of the bill on the implementation of World Bank projects and activities in Ghana. Parliament is expected to consider three major facilities from the World Bank, and a withdrawal of these loans could jeopardize Ghana's entire program with the International Monetary Fund (IMF) and related debt…

17 Oct

IMF, World Bank Work To Accelerate Debt Treatment For Ghana, Others Under G20

Wontumi1BusinessGhana, IMF, World Bank

The International Monetary Fund (IMF) and World Bank are working together to accelerate debt restructuring for Ghana and other countries under the Group of 20 (G20) Common Framework. 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 bringing all relevant creditors and debtors together with promising signs,” the IMF Managing Director said. She explained that the two global financial institutions were doing so because the progress of the Common Framework on delivering on debt restructurings had been slow. The move is one of…

05 Oct

World Bank Africa Pulse Report: Ghana’s Inflation 4th Highest In Sub-Saharan Africa

Wontumi1Businessenergy prices, food prices, inflation, October 2023 Africa Pulse Report, World Bank

Ghana’s inflation of 40.1% is the 4th highest in Sub-Saharan Africa in 2023, the World Bank October 2023 Africa Pulse Report has revealed. Zimbabwe is 1st with more than 80% inflation and is followed by Sudan (60%) and Sierra Leone (42%). According to the report, food and energy prices are still contributing to driving headline inflation in most countries in the region. By July 2023, it said, nearly half of the countries in the region with monthly available information on food prices (20 of 41 countries) had double-digit year-on-year rates of food inflation, with the fastest increases experienced in Burundi, Ghana, Malawi,…