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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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“SIM Registration Must Stop Being a Burden on Ghanaians” — Portia Nana Akua Pinamang Urges Government

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Portia Nana Akua Pinamang has called on the government to urgently reform Ghana’s SIM registration process, describing the exercise as one that has repeatedly placed unnecessary pressure and frustration on ordinary citizens.

According to her, while the objective of SIM registration is understandable especially in the fight against fraud and cybercrime the way the exercise is implemented often creates avoidable hardships for many Ghanaians. She noted that in a country that is steadily developing its digital economy, systems should be strong enough to ensure that such nationwide exercises are carried out smoothly without disrupting people’s daily lives.

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Over the years, SIM registration exercises in Ghana have often been characterized by long queues at telecom service centers, slow registration systems, and confusion among citizens about the exact requirements needed to complete the process. Many people are forced to spend hours waiting to register their SIM cards, sometimes returning multiple times because the systems are down or registration officers are overwhelmed by the number of people.

For traders, drivers, artisans, and other workers who rely on their mobile phones for business and communication, these delays can affect their daily income. In busy commercial areas, people sometimes abandon their work for long periods just to ensure their SIM cards are not disconnected. In many cases, registration officers struggle to handle the crowds due to limited equipment and personnel.

The situation is even more challenging in rural communities where access to registration centers is limited. Residents often have to travel long distances to towns where telecom operators have set up registration points. For many of them, this means spending additional money on transportation simply to complete a process that should ideally be fast and accessible.

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Another major frustration for citizens has been the repeated nature of SIM registration exercises. Many Ghanaians who have previously registered their SIM cards have at times been asked to re-register due to new policy changes or database integrations. This repeated process creates the impression that previous exercises were either poorly coordinated or not properly implemented.

Despite these concerns, the government insists that SIM registration remains an important step in tackling rising cases of cybercrime and mobile money fraud. The Minister for Communication, Digital Technology and Innovations, Samuel Nartey George, has indicated that new measures are being introduced to improve the system and make it more effective.

Among the reforms being discussed is a stronger integration between telecom operators and the national identity database. By linking SIM cards directly to the Ghana Card system, authorities believe it will become easier to verify identities and track individuals who engage in fraudulent activities through mobile networks.

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The minister has also spoken about improving digital registration systems to reduce congestion at registration centers. This could allow more people to complete parts of the process online, limiting the need for physical visits to telecom offices.

However, Portia Nana Akua Pinamang believes that the true test of these reforms will be how they are implemented on the ground. She emphasized that policies may look good on paper, but if the systems remain slow, inaccessible, or poorly coordinated, the frustrations experienced by citizens will continue.

She therefore urged the government to prioritize efficiency, expand registration infrastructure across the country, and ensure that technology is used to simplify the process rather than complicate it.

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“SIM registration is important for national security and for fighting fraud,” she noted. “But it should not become a recurring burden for citizens every time a new policy is introduced.”

According to her, if the government succeeds in building a reliable and efficient system, SIM registration can finally become a simple administrative process instead of a stressful national exercise for millions of Ghanaians.

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