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World Bank approves $300m for Ghana to strengthen macroeconomic stability
The World Bank today, January 23, 2024 approved a $300 million Development Policy Operation for Ghana.
The First Resilient Recovery Development Policy Financing is a critical contribution by the Bank’s International Development Association (IDA) to help Ghana’s economic recovery and support the country’s resilient and inclusive growth.
“The Government of Ghana remains committed to restoring macroeconomic stability and to the implementation of lasting reforms to set the economy on a path of strong long-term sustainable growth and transformation. The disbursement of this $300 million Development Policy Financing, the first in a series of three, will play a vital role in easing Ghana’s fiscal constraints, sustaining the momentum of economic recovery while protecting the poor and vulnerable,” said Honorable Ken Ofori-Atta, Minister of Finance for Ghana.
The approval of this financing package follows last week’s agreement in principle by the Official Creditors’ Committee under the G20 Common Framework on the key parameters of the proposed debt restructuring for Ghana.
The agreement, which is consistent with the Joint World Bank-International Monetary Fund Debt Sustainability Framework, represents a critical milestone toward restoring debt sustainability.
“Restoring fiscal and debt sustainability, bolstering growth prospects, curbing inflation, and protecting the most vulnerable – measures supported by this financing – are urgent priorities for Ghana. They are also essential steps to allow the country to attract more foreign investment, revitalize its domestic private sector, build resilience against climate change, and improve the quality of life of its people,” said Ousmane Diagana, World Bank Vice President for Western and Central Africa.
The Resilient Recovery Development Policy Operation is the first in a series of three operations of $300 million each and part of a broad World Bank engagement for crisis response and resilience in Ghana.
Its objectives are to:
1) restore fiscal sustainability;
2) support financial sector stability and private sector development;
3) improve energy sector financial discipline; and
4) strengthen social and climate resilience.
Specific reforms supported by this financing series include strengthening domestic revenue mobilization, controlling expenditures, safeguarding financial sector stability, removing barriers to private investment, setting the energy sector on a sounder financial and operational footing, strengthening the country’s social protection system, and mainstreaming climate adaptation and mitigation across policies.
The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives.
IDA is one of the largest sources of assistance for the world’s 74 poorest countries, 39 of which are in Africa. Resources from IDA bring positive change to the 1.3 billion people who live in IDA countries.
Since 1960, IDA has provided $458 billion to 114 countries. Annual commitments have averaged about $29 billion over the last three years (FY19-FY21), with about 70 percent going to Africa.
Source: World Bank
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ASWIM lauds Prof Naana Jane Opoku-Agyemang
The Association of Women in the Media, (ASWIM) has congratulated Professor Naana Jane Opoku-Agyemang on her historic achievement as Ghana’s first female Vice President.
The association said her trailblazing journey with sterling accomplishments from academia to politics, is undoubtedly, a vivid inspiration to countless women and girls across Ghana and Africa.
This was contained in a statement signed by its president, Mrs Mavis Kitcher, and copied to The Spectator on Tuesday in Accra.
“ASWIM celebrates your remarkable career, marked by numerous firsts, including the first female Vice-Chancellor of the University of Cape Coast, (UCC), and the first female to hold a professional chair in Ghana, (UCC),” the statement said.
It said the accomplishments of Prof Opoku- Agyemang were clear testament to the brilliance, resilience and resourceful nature of the complete beautiful African woman.
“As she takes on this new role, ASWIM proudly lauds her commitment to education, women’s empowerment, distinguished public service and patriotism and is very confident that her pursuit of excellence, love for humanity, humility, decency, modesty and commitment to the welfare of the vulnerable will characterise Ghana’s political leadership and public service,” the statement added.
By Jemima Esinam Kuatsinu
Entertainment
Demolition of Fantasy Dome unfair — Mark Okraku-Mantey
Months after the Fantasy Dome was dismantled to make way for construction at the Ghana International Trade Fair site, the Deputy Minister of Tourism, Arts and Culture, Mr Mark Okraku-Mantey, has expressed concern over the manner the facility was destroyed.
In an interview on Daybreak Hitz with Andy Dosty, Mr Okraku-Mantey criticised the handling of the dome’s dismantling, suggesting that it could have been done without causing damage.
“I don’t think that leadership gave instructions that they should do what happened. The structure was a prefab but I hear the people destroyed it. That one, we cannot defend it. It is unfair to him (owner). Sometimes, you give instructions and people will go and do things that will make you look bad,” he stated.
When asked about any punitive measure against the workers responsible for the destruction, Mr Okraku-Mantey clarified that the Trade Fair does not fall under his ministry.
He said he had previously contacted the owner, Leslie Quaynor, to discuss relocating the dome, and even suggested the National Museum as a potential site, though it was too small.
The demolition of the 20,000-seater Fantasy Dome occurred on March 16, 2024.
According to Dr Agnes Adu, CEO of the Ghana Trade Fair Company Limited, the action was taken after multiple notices were given to Quaynor to vacate the premises for redevelopment, as per their tenancy agreement.
Dr Adu noted that all previous tenants had complied except for the Fantasy Dome.
Quaynor, in an interview with JoyNews, confirmed that his lease had ended, and was in the process of relocating the dome.
He had requested an extension, which was denied, leading him to seek a writ and an injunction from an Accra High Court to halt the demolition.
Despite this, the demolition proceeded, causing significant damage to the structure.
Quaynor described the incident as a major setback, not only for his business but also for the entertainment industry, which relies on venues like the Fantasy Dome.
