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

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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.”

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“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.

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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

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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.

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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.

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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.

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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.

 

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Source: Citibusinessnews.com

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Nkusukum Opem Okyir Festival 2026 Launched With Call To Preserve Ghana’s Food Heritage

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Traditional authorities in Nkusukum Opem has officially launched the Nkusukum Opem Okyir Festival 2026, calling for greater national support to preserve Ghana’s indigenous food heritage while promoting cultural tourism and community development.

The festival, which was launched on Saturday, 27th June, 2026, will be held under the theme: “Celebrating Our Heritage Through Indigenous Foods and Fundraising for an Ultra-Modern Durbar Ground.”

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The theme reflects a commitment to protecting traditional culinary practices while mobilising resources to develop permanent infrastructure for cultural activities.

The week-long festival is scheduled to take place from Tuesday, 22 September to Monday, 28 September 2026, and is expected to attract traditional rulers, government officials, cultural organisations, researchers, tourists, Content Creators and diasporas.

Speaking during a live interview on Mfantseman 104.1 FM, Nana Yamoah II, Omankrado of Nkusukum Opem and Chairman of the Okyir Festival 2026 Planning Committee, described the festival as one of Central Region’s leading cultural celebrations.

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He said the Okyir Festival has evolved beyond an annual traditional gathering into a platform for promoting Ghana’s history, indigenous knowledge, cultural identity and local economic development.

“Indigenous Ghanaian foods remain a vital part of the country’s heritage, reflecting generations of knowledge, agricultural traditions and community values. He said preserving these traditions is essential at a time when changing lifestyles and globalisation continue to influence food choices.” Nana added

Nana Yamoah II called on the Government of Ghana, the Ministry of Tourism, Culture and Creative Arts, the Ghana Tourism Authority, the National Commission on Culture, corporate organisations and development partners to provide greater institutional support for the festival.

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He further stressed that such support would help elevate the Nkusukum Opem Okyir Festival into a nationally recognised cultural event capable of attracting visitors from across Ghana, Africa and the wider diaspora, while contributing to the country’s tourism and creative economy.

This year’s programme places particular emphasis on indigenous food preparation and communal dining traditions, with organisers saying the festival will encourage younger generations to appreciate locally produced foods and traditional cooking methods passed down through families over centuries.

Among the activities planned are an Ancestral Visit to the sacred Nana Opem Ɛnyim River and Forest, where traditional rites will be observed to honour the ancestors, an Indigenous Food Cooking and Sharing Ceremony, an All White Friday Float Night, an Okyir Health Walk and Free Health Screening Exercise, a Football Gala, Street Arts and Cultural Performances, a Traditional Bonfire Ceremony, and a Grand Durbar of Chiefs and People.

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The festival combines cultural, educational, health and recreational activities aimed at strengthening community participation while preserving traditions that have shaped the identity of the Nkusukum people.
The Indigenous Food Cooking and Sharing Ceremony is expected to be one of the festival’s highlights, bringing together households, traditional leaders and visitors to prepare and share a variety of locally prepared meals.

Organisers believe the event will help preserve traditional recipes, promote healthy eating through locally grown produce and encourage greater appreciation of Ghana’s diverse culinary heritage.

This years edition will also serves as a homecoming, bringing together families from across Ghana and abroad to reconnect with their roots, renew family ties and celebrate the customs and traditions that unite the community.
Beyond its cultural significance, organisers say the festival is expected to stimulate the local economy by creating opportunities for farmers, food vendors, artisans, transport operators, accommodation providers and small businesses.

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Another major objective is to raise funds towards the construction of an ultra-modern Durbar Ground in Opem. The
proposed facility will provide a permanent venue for traditional ceremonies, festivals, cultural exhibitions, educational programmes and community events. They say it will also strengthen Opem’s capacity to host national and international cultural gatherings while promoting tourism and preserving the area’s cultural heritage.

Speaking at the launch, Nana Kobea VIII, Odzikro of Opem, appealed to residents, businesses, philanthropists, development partners and members of the Ghanaian diaspora to support both the festival and the fundraising campaign.
He described the proposed Durbar Ground as an investment in the future of the community, saying it would serve generations to come while preserving the traditions and values of the Nkusukum Opem.

The organising committe, Nkusukum Opem Okyir Festival 2026 seeks not only to celebrate the community’s history and cultural identity but also to demonstrate how culture can support sustainable development, strengthen social cohesion and promote Ghana’s indigenous heritage on the national and international stage.

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