world bank Archives - Page 5 of 6

06 Apr

Africa’s Growth Remains Low; Region Looks To Tap Resource Wealth – World Bank

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Growth across Sub-Saharan Africa remains sluggish, dragged down by uncertainty in the global economy, the underperformance of the continent’s largest economies, high inflation, and a sharp deceleration of investment growth, a World Bank report said Wednesday. In the face of dampened growth prospects and rising debt levels, African governments must sharpen their focus on macroeconomic stability, domestic revenue mobilization, debt reduction, and productive investments to reduce extreme poverty and boost shared prosperity in the medium to long term. Economic growth in Sub-Saharan Africa is set to slow from 3.6% in 2022 to 3.1% in 2023, according to the latest Africa’s…

05 Apr

World Bank Lowers Ghana’s Growth Rate To Below 2% In 2023

wontumionlineBusinessApril 2023 Africa Pulse Report, Economy, Ghana, world bank

The World Bank has lowered Ghana’s growth rate to under 2.0% in 2023, placing it at the 29th position in Sub-Saharan Africa, its April 2023 Africa Pulse Report has revealed. This is lower than the 2.7% it earlier projected. According to the Bretton Wood institution, the expected low growth rate in the country is due to deleterious global shocks and heightened macroeconomic instability. “In Ghana, more timely data highlight the weakness of economic activity amid the deleterious global shocks and heightened macroeconomic instability”. It further said government consumption has declined on the back of high debt service and restricted access to…

02 Apr

World Bank’s Reform Plan To Boost Lending By US$5 Billion Annually

wontumionlineBusinessworld bank

The World Bank on Thursday submitted a long-awaited reform plan that would boost annual lending to middle-income countries to fight climate change and other global crises by about US$5 billion annually while protecting the bank’s top-tier credit rating. The bank said the “evolution road map” would be discussed with its Development Committee steering body on 12 April, during the spring meetings of the World Bank and International Monetary Fund (IMF), but discussions would continue on further measures to boost lending, including to the world’s poorest countries. “The World Bank Group (WBG) must evolve in response to the unprecedented confluence of global crises…

01 Apr

Ghana To Take Delivery Of Passport Printing Machines From World Bank

wontumionlineBusinesspassport printing machines, world bank

The Ministry of Foreign Affairs and Regional Integration is about to receive two giant industrial printing machines in three weeks from the World Bank under the Public Sector Reform for Results Project (PSRRP). Madam Shirley Ayorkor Botchwey, the Minister of Foreign Affairs and Regional Integration, said the arrival of these machines would help the Passport Office to clear all outstanding backlogs within a week. “It is imperative to indicate that these giant industrial machines have the capacity to print about two thousand passports within an hour,” Madam Ayorkor Botchwey stated on the floor of Parliament in her response to a question by…

12 Jan

Cedi To Witness More Pressure If Current Account Deficit Is Not Checked – World Bank

wontumionlineBusinessCEDI, world bank

The World Bank has warned that the Ghana cedi may continue to come under pressure in 2023 against the U.S dollar if efforts are not directed at controlling the country’s current account deficit to a sustainable level. The caution was captured in the World Bank’s January 2022 Global Economic Prospects report. “Large current account deficits are likely to keep currencies under pressure in several countries, adding to inflation and external vulnerabilities (Gambia, Ghana)”, the report said. The report encouraged government to take extra measures to manage its current account deficit in 2023. It further pointed out the need to institute…

11 Jan

World Bank Forecasts 2.7% Growth Rate For Ghana In 2023

wontumionlineBusinessGhana, Global Economic Prospects, imf, world bank

The World Bank is projecting a 2.7% expansion of the Ghanaian economy in 2023, lower than Sub-Saharan Africa average of 3.6%, its January 2023 Global Economic Prospects report has revealed. It is however expecting the economy to grow by 3.5% in 2024, same as it projected for 2022. The World Bank said the Ghanaian economy has been struggling with various setbacks, including rising public debt, elevated inflation (50.3% in November 2022) and a depreciating currency (38.8% in 2022), a reason it is seeking for an International Monetary Fund-support programme. This it said affected private sector growth in 2022 and will…

11 Jan

Global Economy To Slow Down In 2023 To 1.7% – World Bank

wontumionlineBusinessDavid Malpass, GDP, Global economy, SSA, world bank

The global economy is projected to grow by 1.7% in 2023 and 2.7% in 2024, according to the World Bank’s January 2023 Global Economic Prospects report. The report said the sharp downturn in growth is expected to be widespread, with forecasts in 2023 revised down for 95% of advanced economies and nearly 70% of emerging market and developing economies. Over the next two years, per-capita income growth in emerging market and developing economies is projected to average 2.8%—a full percentage point lower than the 2010-2019 average. In Sub-Saharan Africa—which accounts for about 60% of the world’s extreme poor—growth in per…

05 Jan

Ghana To Request Debt Relief Via G20 Common Framework

wontumionlineBusinessG20 Common Framework, Ghana, imf, world bank

Ghana is set to request a debt relief via the G20 Common Framework programme, despite only poor nations eligible for it. According to Reuters, the country has sought reassurances that the negotiations can be expedited before proceeding. It said Ghana had reached out to the Paris Club of creditor countries in December 2022 to ask for assurances that the Common Framework process, set up by the Group of 20 leading economies in 2020 in response to COVID-19, could be expedited. If the assurances are favourable, the government would quickly sign onto the Common Framework, Reuters source revealed on condition of…

23 Dec

The World Bank Has Committed To Boosting The Electricity Capacity Of West Africa With A $311 Million Fund

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West Africa, which has one of the poorest electrification systems in the world, would be receiving a $311 million grant from the World Bank to help solve this problem The World Bank recently approved $311m to help fund the increase of grid-connected renewable energy capacity for West Africa in International Development Association financing. Some of the beneficiaries of this electricity fund within the region includes; Chad, Liberia, Sierra Leone, and Togo. The Regional Emergency Solar Power Intervention Project includes a $20m grant to help facilitate future regional power trade and strengthen the institutional and technical capacities of the West Africa…

19 Dec

World Bank Supports Ghana With $13m Grant To Develop Plastic Recycling Economy

wontumionlineBusinessPROBLUE, recycling plastics, world bank

Ghana’s quest to ensure a sustainable environment which hinges on recycling and reuse of plastic materials has been handed a major boost by the World Bank. This follows a $13 million grant from the Bretton Wood institution through its programme ‘PROBLUE’. This was disclosed by an advisor to the Minister of Environment, Science, Technology and Innovation, Oliver Boachie at a workshop organised by the World Bank. PROBLUE is a multi-donor trust fund, administered by the World Bank to support the sustainable development of marine and coastal resources as well as eradicating plastic waste. The workshop was to assist government to…