world bank Archives - Page 4 of 6

19 May

Ghana Far Advanced In Negotiation With World Bank For $900m Budget Support – Dr. Amin Adam

wontumionlineBusinessDr. Mohammed Amin Adam, world bank

The Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, says Ghana is far advanced with negotiation with the World Bank for $900 million budget support facility. According to him, the budget support facility will be disbursed over the next three years alongside the International Monetary Fund’s $3 billion facility. Speaking on JoyNews’ PM Express Business Edition, he said, “Once we applied for the IMF supported programme, we also started engaging with the World Bank for budget support and I’m happy to report that we’re far advanced. “We’re almost concluding the negotiation with the World Bank for a…

04 May

Ajay Banga Selected 14th President Of World Bank

wontumionlineBusinessAjay Banga, world bank

The Executive Directors of the World Bank have selected Ajay Banga as President of the World Bank for a five-year term, beginning June 2, 2023. Ajay Banga most recently served as Vice Chairman of General Atlantic. He was previously the President and CEO of Mastercard, a global organisation with nearly 24,000 employees. Under his leadership, MasterCard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world. He was also Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He became an advisor to General Atlantic’s climate-focused fund,…

26 Apr

Better Migration Policies Can Help Boost Prosperity In All Countries – World Bank

wontumionlineBusinessMigration, world bank

Populations across the globe are aging at an unprecedented pace, making many countries increasingly reliant on migration to realise their long-term growth potential, according to a new report from the World Bank. The World Development Report 2023: Migrants, Refugees, and Societies, identifies this trend as a unique opportunity to make migration work better for economies and people. Wealthy countries as well as a growing number of middle-income countries—traditionally among the main sources of migrants—face diminishing populations, intensifying the global competition for workers and talent. Meanwhile, most low-income countries are expected to see rapid population growth, putting them under pressure to create…

24 Apr

2030 Eurobond Default: World Bank Provides Ghana With $372m Guarantee Payment

wontumionlineBusinessEurobond, world bank

After Ghana defaulted on making coupon payment for the 2030 Eurobond, the World Bank has earmarked an amount of $372 million guarantee payment for the country. This comes after Government of Ghana on April 14, 2023 defaulted on making the coupon payment after it declared a debt moratorium back in December 2022. In view of this, the International Development Association (IDA) of the World Bank has since made the $372 million guarantee payment on behalf of the Government of Ghana on April 20, 2023. Back in 2015, Ghana engaged the World Bank for financial support following a wave of economic…

17 Apr

World Bank Will Withdraw Support If We Politicize Fight Against Galamsey – GLRSSMP

wontumionlineBusinessGhana Landscape Restoration and Small-Scale Mining Project, world bank

The Ghana Landscape Restoration and Small-Scale Mining Project (GLRSSMP) has said claims that the fight against illegal mining also known as galamsey is being politicized is untrue. This follows former President John Dramani Mahama’s comments about the alleged politicization of the fight against galamsey whilst at Atiwa East and West constituency in the Eastern Region. However, speaking on Starr Midday News with Blessing Bless Frimpong, the Group’s President, Michael Peprah has also lamented that the NPP government has embarked on targeting those who are not in their party, even though they possess the necessary qualifications and licenses to operate. According…

13 Apr

World Bank Reaffirms Goal Of Ending Extreme Poverty And Promoting Shared Prosperity

wontumionlineBusinessworld bank

World Bank President David Malpass has said that the Bank has reaffirmed its goals of ending extreme poverty and promoting shared prosperity. He said there was also wide recognition that progress toward these goals requires a sharper focus on sustainability, resilience, and inclusiveness as part of our mission. He said this in a remark to the Multilateral Development Bank (MDB) evolution roundtable on Wednesday, April 17. He said “we committed to evolving our operating model to strengthen our service to all clients. We discussed proposals to strengthen the country engagement model with stronger diagnostics; integrated knowledge support; greater outcome orientation…

13 Apr

These 9 MPs Are In Washington For IMF, World Bank Meetings

wontumionlineBusinessimf, world bank

Parliament is represented by a nine-member in Washington DC as part of Ghana's delegation attending the 2023 IMF/ World Bank Spring Meetings. The delegation is led by MP for Obuasi West and chairman of the finance committee in Parliament, Kwaku Kwarteng. The eight other members include: * The vice-chair of the finance committee and MP for Okaikoi Yaw Boamah, * Minority Leader in Parliament, Cassiel Ato Forson * Member of Parliament for Oforikrom, Dr Emmanuel Marfo. * Kennedy Osei Nyarko, chairman of the Roads and Transport, Member of Parliament for Mpraeso * Davis Ansah Opoku,MP for Mpraeso * Elvis Morris Donkoh, Member of Parliament for Abura-Asebu-Kwamankese, * Betty Nana…

12 Apr

China, World Bank Exploring Solutions To Debt-Distress Deadlock

wontumionlineBusinessChina, imf, low-income countries, world bank

China and the World Bank are exploring compromises over how to restructure billions of dollars of debt held by poor nations, seeking a long-sought breakthrough that could unlock desperately needed aid. Discussions on Wednesday, April 12, 2023, in Washington, during the World Bank and International Monetary Fund’s Spring Meetings, are aimed at ending a deadlock among the world’s biggest creditor nations on how to renegotiate several poorer nations’ debt, which had become unsustainable amid surging inflation and a stronger dollar. A proposal under discussion this week would see the World Bank provide fresh low-interest loans — known as concessional lending…

06 Apr

Ghana’s Fiscal Deficit Will Remain Elevated Throughout 2023, 2025 – World Bank

wontumionlineBusinessPierre Laporte, world bank

Should Ghana secure a deal with the International Monetary Fund and implement it successfully, the gold-rich country would be able to contain some of its fiscal deficits, the World Bank has said in its April 2023 Africa Pulse report. Ghana has reached a staff-level agreement with the IMF for a $3 billion extended credit facility. The cocoa-rich country is yet to secure a board-level agreement. President Nana Addo Dankwa Akufo-Addo had hoped it would have been clinched by March but that did not happen. Ghana is still talking to China and the Paris Club to restructure its $5.7 billion external debt after struggling to…

06 Apr

It’s Premature To Lower Interest Rates – World Bank

wontumionlineBusinessInterest rates, world bank

AFRICAN central banks should continue to raise interest rates to help absorb price pressures and protect the incomes of their citizens from further deterioration, the World Bank has said. Monetary authorities in the region, including the country’s Bank of Ghana (BoG), must not fall for the temptation to ease rates in response to the recent falling inflation in some countries, the bank said in the latest edition of its Africa Pulse launched today, Wednesday. It said lowering rates would be premature but advised that: “Policies to fight against inflation should be complemented by income support measures such cash or food…