Connect with us

Local News

COVID-19: Ghana Secures $500m Debt Repayment Freeze From World Bank

Published

on

COVID-19: Ghana Secures $500m Debt Repayment Freeze From World Bank

Nana Addo Danquah Akufo-Addo – President of the Republic of Ghana

Ghana has secured a $500-million dollar freeze in debt and interest repayment for the rest of this year from the World Bank, President Nana Akufo-Addo has announced.

This forms part of a Pan-African effort to bring debt relief to Africa due to the economic impact of the novel coronavirus pandemic, the President said.

Addressing the nation on Sunday, 19th April, 2020, the President stated that, “The Minister for Finance, together with his counterpart in South Africa, as co-Chairs of the Committee of African Finance Ministers, have been leading a Pan-African effort to bring debt relief to the continent in these difficult times.”

Advertisement

“Last Friday, they achieved a nine-month debt standstill from the World Bank for all qualifying members of the International Development Association (IDA), starting from 1st May, 2020, totalling some forty-four billion United States dollars ($44 billion) for the countries of Africa,” he added.

He further noted that, “In the case of Ghana, this amounts to a freeze in principal and interest payments for the year, amounting to some five hundred million United States dollars ($500 million).”

The President also stated that this will create greater fiscal space to help make the Ghanaian economy much more resilient.

Advertisement

Whiles commending Ken Ofori-Atta, who is leading the continent’s debt relief efforts for his hard work and outstanding leadership, the President urged him ‘to leave no stone unturned to achieve an even greater and comprehensive debt relief programme for Africa.’

This was the President’s seventh national address since the outbreak of the pandemic in Ghana.

Other Financial Interventions

Advertisement

The Government has also received the three billion Ghana cedis credit and stimulus package from commercial banks, under the auspices of the Ghana Association of Bankers, with support from the Bank of Ghana, to revitalise Ghanaian industries.

The stimulus package is to offer financial relief to especially the pharmaceutical companies.

Additionally, “the one billion United States-dollar- Rapid Credit Facility, secured from the International Monetary Fund, without any pre-condition, and approved by Parliament, would be used to help close the financial gap created by the COVID-19 pandemic,” the President said.

Advertisement

So far, the Government has allocated a GHS1.2 billion, under the Coronavirus Alleviation Programme, to support households and businesses.

Out of that amount, GHS280 million would be used to provide food for the vulnerable and free water for all Ghanaians in April, May and June.

GHS323 million is being used to motivate frontline health workers leading the fight against COVID-19, while GHS600 million assistance package is for micro, small and medium-scale businesses.

Advertisement

Also, the Government is absorbing the full electricity bills of one million active lifeline customers and granting 50 per cent subsidy to the other categories of power consumers at a total cost of one billion Ghana cedis.

Partial lockdown lifted

The President has lifted the ban on the three-week partial lock-down of COVID-19 hotspots areas – Accra, Tema, Kasoa and Greater Kumasi.

Advertisement

He however stated that the other restrictions, including the ban on public gatherings, public funerals, indefinite closure of schools, closure of the country’s borders are still in force.

He urged the general public to continue observing the social distancing rules, practicing regular washing of hands and the regular use of hand sanitizers. Currently, Ghana has recorded 1,042 cases, with nine deaths and 99 recoveries.

 

Advertisement

Source: Citibusinessnews.com

Advertisement

Multiple Award Winning Travel & Celebrity Blogger | Teacher | Geographer | Writer| Publicist | PR Expert| Editor | Artistes Promoter| Talent Manager | Digital Marketer | Social Media Consultant | Web Entrepreneur | CEO of Sintim Media |

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Local News

I-Events Ghana, Organizers of CEBA’21 rescues pupils of Twifo Nuamakurom D/A basic from ‘schooling under trees’

Published

on

By

I-Events Ghana, organizers of the maiden edition of Central Entertainment and Business Awards has rescued pupils of Twifo Nuamakurom D/A basic from ‘schooling under trees’

The quest to build a society does not rest on the shoulders of a designated few. It is the collective responsibility of all members to intentionally lay its building blocks to arrive at the shape and structure we so yearn for society to attain. 

It is in this light that, we at Central Entertainment and Business Awards (CEBA), have resolved to give back to society, especially to deprived communities in and around Central Region of Ghana, to underpin the rural development agenda. At the same time satisfying the purpose of our two hands-one to help ourselves and the other, society. As education is pivotal in the development of a thriving society we (CEBA) have purposed to eradicate schools under trees; one community at a time.

Advertisement

As part of our corporate social responsibility, we have put smiles right back on the faces of pupils, teachers and the entire community of Twifo Nuamakurom, a suburb village in The Twifo Praso District. Proceeds realized from the just ended maiden edition of CEBA’21 was used to complete a two unit classroom block for the Twifo Nuamakurom Presby D/A School, which, prior to our initiative, had their kindergarten pupils study under trees and at the mercy of the destructive and distracting elements.

This is not going to be a nine day wonder because it is our utmost desire to help alleviate the plight of folks in the hinterlands by tackling the defects in their education, health and every other aspect that adds value to life and our collective existence.

Proceeds gained from every CEBA event will go into helping lessen the burden of inhabitants of impoverished communities in Central Region, not because we have in abundance, but because our brand stands to help alleviate global poverty and together, we ignite the regional vibe.

Advertisement

 

Source: iEvents Ghana

Advertisement
Continue Reading
Advertisement

Facebook

Featured

Nigeria4 hours ago

EFCC Boss, Bawa Is Hale And Hearty – Spokesperson

Minutes after the Economic and Financial Crimes Commission (EFCC) Chairman, Abdulrasheed Bawa reportedly slumped at a meeting in Abuja, the...

Showbiz5 hours ago

It Took Me 6 Years To Be On TV3 – Mani Mandela

Mani Mandela is not shying away from the six years of effort and propulsions for him to get promotional airtime...

Nigeria10 hours ago

ANAMBRA GOVERNORSHIP 2021:“Nna, be careful, obodo etigo kwa” as November 6 gets closer

DR. HARRIS CHUMA-ODILI It is no longer news that up until the time of putting this report together, no political...

Music12 hours ago

Kwaku Hydro ‘Ebi Time’ (EP) Full Album

Multi-genre and Talented Ghanaian musician, Kwaku Hydro has finally dishes out his sophomore EP tagged ‘Ebi Time’ for good music...

Music1 day ago

Mani Mandela – Champion (Official Video)

Putting his Success story and Industry accolades together, Mani Mandela is out with Official Visuals for his new single ‘Champion’...

Nigeria1 day ago

HOW ONYABO VIGILANTE GROUP OF IKORODU SUSPENDS ITS ZONAL COMMANDER IN AN UNCLEAR CIRCUMSTANCES

Comrade Nurudeen Nofiu Oseni a.k.a Jay Jay a vibrant Zonal Commander of the Ikorodu branch, Onyabo Vigilante Group was on...

Education1 day ago

WAEC re-schedules Physics and Business Management papers indefinitely.

The West African Examination Council has re-scheduled both Physics and Business Management papers to be written today to an unspecified...

Africa Entertainment2 days ago

Road To Grammy; Sarkodie featured on an exclusive interview with Recording Academy

African’s most celebrated Rapper and Ghana’s biggest music export Sarkodie has been featured on Grammy’s ‘Herbal Tea & White Sofas’...

Nigeria3 days ago

FAST RISING HIP HOP ARTISTE , SHARP WAYLCE, MUSIC HITS AIRWAVES IN NIGERIA

  Kwara state Born Adepoju Majeed Adewale a.k.a Sharp Waylce who studied Music (Music Production /Vocal Production) at a Ghanaian...

Nigeria3 days ago

Why Obiano Should be Worried Over Who Succeeds Him In 2022

  By Dr. Harris Chuma-Odili, FCMsp The anxiety over the likelihood of abandonment of all the reforms Willie Obiano’s administration...

Advertisement

Trending