World Bank

World Bank Approves $125 Million For Capacity Building Of Environmental Officers
04 Oct

World Bank Approves $125 Million For Capacity Building Of Environmental Officers

Wontumi2News
An amount of $125 million has been approved by the World Bank for Ghana to undertake capacity building of environmental officers. This, according to a report by graphic.com.gh, is to help these environmental officers prosecute sanitation offences in courts, through the Ministry of Sanitation and Water Resources. The money follows an amount of $150 that was provided by the World Bank in 2015, for the project to be piloted in the Greater and Ashanti Regions of Ghana, for a period of five years. During a two-day workshop for 40 environmental officers drawn from two regions: Upper East and Upper West,…
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Sanitation Ministry Gets $125M World Bank Support
04 Oct

Sanitation Ministry Gets $125M World Bank Support

Wontumi1Business,
The World Bank has approved $125 million to support a five-year project of the Ministry of Sanitation and Water Resources (MSWR) to build the capacities of its environmental officers to prosecute sanitation offences in courts. In 2015, the World Bank provided funds for the project to be piloted in the Greater Accra and Ashanti regions with $150 million over a five-year period. The Programme Manager of the MSWR, Charlotte Akwaah Adjei Marfo, disclosed this at the end of a two-day workshop for 40 environmental officers drawn from two regions in Wa last Saturday. She emphasised that enforcement of sanitation laws…
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Impact Of DDEP Impairment Losses On Banking Sector And Role Of Ghana Financial Stability Fund – The Case Of Local Banks
21 Aug

Impact Of DDEP Impairment Losses On Banking Sector And Role Of Ghana Financial Stability Fund – The Case Of Local Banks

Wontumi1Business, , , , , ,
The Ghanaian financial sector has been in severe distress, characterised by an insolvent banking system as result of the domestic debt exchange in 2022. Using the 16% discount rate for the Net Present Value calculation for government bonds, the Domestic Debt Exchange Programme losses of 22 banks stood at ¢37.7 billion with the private domestic banks and state-owned banks accounting for losses of ¢19.9 billion, while foreign owned banks accounted for ¢17.8 billion. The DDEP impairment losses have technically rendered some of Ghanaian local owned banks insolvent that would require additional capital support from shareholders or participate fully in the…
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Ghana Ranked Among 10 Countries Globally With Highest Food Inflation – World Bank
09 Aug

Ghana Ranked Among 10 Countries Globally With Highest Food Inflation – World Bank

Wontumi1Business, ,
Ghana has been ranked among 10 countries in the world with the highest food inflation. According to a Food Security Report by the World Bank, the country’s Nominal Food Inflation (year-on-year) of 54% placed the nation at the 8th position. It Real Food Inflation (year-on-year) of 12%, however, placed it at the 9th position. For the Nominal Food Inflation category, Venezuela placed first with a year-on-year inflation of 414%. It was followed by Lebanon (280%), Zimbabwe (256%), Argentina (117th), Suriname (71%), Egypt (66%), Sierra Leone (58%) in the 2nd, 3rd, 4th, 5th, 6th and 7th positions respectively. With regard to Real Food Inflation, Zimbabwe…
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World Bank, IMF Partly Responsible For Ghana’s Economic Woes – Dr. Yamson
28 Jul

World Bank, IMF Partly Responsible For Ghana’s Economic Woes – Dr. Yamson

Wontumi1Business, ,
Economist, Dr. Ishmael Yamson, says the World Bank and the International Monetary Fund are partly responsible for Ghana’s current economic situation. According to him, the Bretton-Wood institutions watched on as the government went on a borrowing spree without reprimanding it and putting a stop to the behavior. He said their annual reports warning of a debt distress were not enough as they should have rather threatened to impose sanctions if their warnings were not heeded. He stated that their failure to effectively play their oversight role on the country’s economy is partly responsible for the nation’s debt distress situation. “I…
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Optimize Intra-African Trade To Address Economic Challenges – World Bank To African Nations
18 Jul

Optimize Intra-African Trade To Address Economic Challenges – World Bank To African Nations

Wontumi2Business
Managing Director of Operations at World Bank, Anna Bjerde, has called on African nations to optimize intra-African trade as part of efforts to address the continent’s economic challenges. She opines that the continent has over the years not fully tapped into the regional trade opportunity and therefore requires more work in boosting intra-Africa trade facilitation. Speaking with journalists in Accra during her official visit to Ghana, Anna Bjerde urged both the public and private sector stakeholders to improve their resolve towards digitization which is a driving force for many countries. “The regional economic trade opportunities across countries in Africa are…
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World Bank Supports Energy Sector Amid Economic Challenges
18 Jul

World Bank Supports Energy Sector Amid Economic Challenges

Wontumi2Business,
The World Bank has pledged ongoing support to address the country’s deteriorating energy sector, particularly the power sub-sector where huge losses are a recurring theme. Anna Bjerde, the World Bank’s Managing Director for Operations, during a visit to Accra, stressed the need for comprehensive measures to prevent further losses and ensure a consistent electricity supply, if the country is to recover from the ongoing economic difficulties it faces. She explained that the bank sees an efficient energy sector as key to economic recovery, providing much-needed electricity to power industries and invigorating economic activity. Currently, the energy sector’s financial performance is…
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We Are On Course For First Successful Review Of IMF Programme In November 2023 – Ofori-Atta
18 Jul

We Are On Course For First Successful Review Of IMF Programme In November 2023 – Ofori-Atta

Wontumi1Business, , ,
Finance Minister, Ken Ofori-Atta, has indicated that the country is on course for the successful completion of its first  review of the International Monetary Fund (IMF) Programme in November 2023 and the subsequent disbursement of an additional $600 million. According to him, Ghana will finanlise a Memorandum of Understanding with its official bilateral creditors before the first review of the IMF Programme is completed in November 2023. Disclosing this when the World Bank Managing Director for Operations, Anna Bjerde paid a courtesy call on him, Mr. Ofori-Atta, said Ghana is complying with all the conditions stipulated by the programme. “We…
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Shut Up Because You Have No Defense About The Review And Renegotiation- Philip Twum Yeboah to NDC
07 Jun

Shut Up Because You Have No Defense About The Review And Renegotiation- Philip Twum Yeboah to NDC

Wontumi1News, ,
New Juaben North constituency parliamentary hopeful, Paul Twum Yeboah, has sent a stern warning to the National Democratic Congress, to be silent regarding the review to Ghanaians by the world bank. In an interview with Kwaku Dawuro, on Movement In The Morning, on Movement TV/Wontumi radio, Paul Yeboah stated that Ghana's economy under the leadership of John Mahama and NDC was nothing to write home about, hence their irrelevant comment on world bank's request for an economic review and reform. ''The truth of the matter is that Côte d'Ivoire had the same issue and the rate we were given was…
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Funding For Social Intervention Programmes Could Be Cut If Reforms Are Not Implemented – World Bank Country Director
02 Jun

Funding For Social Intervention Programmes Could Be Cut If Reforms Are Not Implemented – World Bank Country Director

Wontumi1Business, ,
The World Bank Country Director Pierre Laporte has indicated that the bank could be forced to cut or review funding for some of government’s social intervention programmes. He stated that the bank can take such measures if proposed reforms are not taken on board as part of the ongoing International Monetary Fund (IMF) programme review of Ghana’s policies. Mr. Laporte explained that funds meant for country specific cannot be returned to the World Bank. “We will look at the option of re-assigning the funds to another project in Ghana. At the country office, we don’t send monies back to Washington DC…
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