The World Bank has approved a $60 million International Development Association (IDA) credit for the Ghana Productive Safety Net project to strengthen and improve social safety nets and productive inclusion of the poor and vulnerable. “The project will contribute towards the government’s objective of improving the livelihood of poor households by harnessing investments in the … Read more
The World Bank has cautioned government to control current expenditures, especially spending on the wage bill. In 2016, Ghana’s wage bill as a percentage of national income was over 40 percent. According to bank, the wage bill and debt servicing are the two largest expenditure items essential for the success and sustainability of the fiscal … Read more
The World Bank has signed a grant agreement with Solidarity West Africa for Natural Resources Management in 53 selected local communities of the Brong-Ahafo and Western Regions of Ghana. The US$5.5 million grant of the Ghana Dedicated Grant Mechanism for Local Communities project (G-DGM) from Climate Investment Fund (CIF) partnership, is to strengthen their knowledge … Read more
The World Bank signed a grant agreement with Solidaridad West Africa for Natural Resources Management in 53 selected local communities of the Brong-Ahafo and Western Regions of Ghana, Friday. The US$5.5 million grant of the Ghana Dedicated Grant Mechanism for Local Communities project (G-DGM) from Climate Investment Fund (CIF) partnership, is to strengthen their knowledge … Read more
Country Director of the World Bank for Ghana, Henry Kerali, has said that government’s recent US$2.25 billion makes economic sense so long as the interest payable on it is lower than what is currently being paid. “As long as the interest payment on that $2 billion is lower than what the government was paying for, … Read more
The country’s attempt to export power to its neighbouring countries will suffer a major setback if tariff differentials between independent power producers (IPPs) signed in Ghana and those in the export destinations in the sub-region are not addressed, the World Bank Country Director, Mr Henry Kerali, has observed. Despite an anticipated excess supply of about … Read more
World Bank Country Director Henry Kerali has confirmed the International Monetary Fund (IMF) is in discussions with Ghana over extension of the Fund program. This confirms earlier reports by JOYBUSINESS that government is likely to extend the fund program which should have ended in April 2018. The move JOYBUSINESS understands has been influenced by IMF’s … Read more
Some economists are predicting that Ghana’s economy will be 5 percent by the end of this year. This is lower compared to government’s 6.3 percent and the World Bank’s 7 percent projections. Although Ghana ended 2016 with a growth of 3.5 percent which was also lower than the previous year’s 3.9 percent, government’s economic team … Read more
The World Bank has blamed Ghana’s relative high cost of power on the adoption of sole sourcing in the granting of power purchase agreements under the past NDC administration. The Bank has also warned of some economic consequences following the country’s inability to sell off its excess power due to the high cost. The World … Read more
The Founder of the Chief Executives Network Ghana, Mr Ernest De-Graft Egyir, has called for the need to privatise all state-owned enterprises in the country to make them more efficient and profitable. He said undertaking economic activities for profit was not the role of the government and it should, therefore, offload its shares in these … Read more
The World Bank is confident of a rebound in Ghana’s economic growth this year. To this end, the Bank has projected a growth target of 6 to 7 percent for 2017. It is however expecting the figure to inch up higher in 2018 and subsequent years. The 6 to 7 percent growth target by the … Read more
The World Bank’s International Development Association (IDA) has committed US$1.2 billion to support Ghana’s economy over the next three years. The allocation, which will span July 2017 to June 2020, will be channelled into budget support and special social intervention projects. As part of the 18th replenishment of the IDA, an amount of US$75 billion … Read more
Ghana will benefit from 2.2 billion dollars from the World Bank for next three 3 years according to the Country Director for World Bank, Henry Kerali. Mr. Kerali, who made this revelation at the World Bank headquarters in Washington DC to a team of government delegation led by Vice President Dr. Bawimua, added that the … Read more
Mr Charles Adu Boahen, the Deputy Minister of Finance, has called on project implementing agencies to expedite action on the execution of projects without compromising results. The Minister said the judicious use of project funds, effective contract management, value for money, transparent procurement and timely implementation of projects must be the trademark for project implementing … Read more
The World Bank has backed government’s decision to review the Ameri Energy deal over issues of overpayment estimated at $150 million. The Bank said the country could be generating an excess power of over 1400 megawatts if current agreements with some independent power producers are not delayed. In a discussion with Joy Business George Wiafe, … Read more
The World Bank has backed the government’s decision to review the AMERI power plant deal over concerns of generation capacity excesses. According to the Bank, Ghana’s current total electricity generation capacity is higher than the amount demanded. Speaking to Citi Business News, the Ghana Country Director of the World Bank, Henry Kerali also stated that … Read more
A World Bank report says though digital technologies are spreading rapidly throughout the developing world, the anticipated digital dividends of higher growth, more jobs and better public services have fallen short of expectation. It said 60 per cent of the world’s population remained excluded from the ever-expanding digital economy. According to the “World Development Report … Read more
A World Bank report says though digital technologies are spreading rapidly throughout the developing world, the anticipated digital dividends of higher growth, more jobs and better public services have fallen short of expectation. It said 60 per cent of the world’s population remained excluded from the ever-expanding digital economy. According to the “World Development Report … Read more
The Ghana Commercial Agriculture Project (GCAP) has started yielding results as beneficiaries have begun harvesting about 1.733 metric tonnes of paddy rice valued at GH¢2.2 million from the Nasia-Nabogo Inland Valley (NNIV). This quantity of rice, which is being harvested from a 385 hectare field in the NNIV, formed the first phase of the project … Read more
The Ghana Commercial Agriculture Project (GCAP) has started yielding results as beneficiaries have begun harvesting about 1,733 metric tonnes of paddy rice valued at GH¢2.2 million from the Nasia-Nabogo Inland Valley (NNIV). This quantity of rice, which is being harvested from a 385-hectare field in the NNIV, formed the first phase of the project, which … Read more