We’re seeking more from World Bank to fight COVID-19 – Akufo-Addo

President Akufo-Addo

Ghana is seeking more funding from the World Bank to support the country’s Coronavirus Alleviation Programme.

This was disclosed by President Akufo-Addo as the West African country joins the world to observe this year’s Labour Day in the midst of the pandemic.

Addressing workers on May Day, the President indicated that the country’s Central Bank is working with the Ministry of Finance to roll out policies that will keep other sectors of the economy strengthened.

“Equivalent discussions are ongoing with the World Bank to raise more funds, which should be completed soon. I have charged the Ministry of Finance to work with the Bank of Ghana to design innovative policies and find more resources to strengthen the productive sectors of the economy, particularly industry and agriculture, and I understand that the process will shortly yield positive results,” President Akufo-Addo said.

Earlier the country’s Finance Minister Ken Ofori-Atta announced a ¢1 billion Coronavirus Alleviation funded by the Stabilization Fund.

Earlier Interventions

Other programmes that are intended to support government’s Coronavirus alleviation programme, include the COVID-19 Trust Fund which had received over GHS8,750,000 in donations as at April 5, 2020, according to the President.

A few weeks ago, the Minister also sought the support of Parliament to amend the relevant laws to lower the cap of the Stabilisation Fund from US$300 million to US$100 million to enable the government to use the excess funds to bridge the gap created by the economic impact of the pandemic.

Parliament has also approved a US$1 billion IMF Rapid Credit Facility to mitigate the impact of the COVID-19 pandemic on Ghana’s economy.

Ghana is among the International Development Association (IDA) countries that could benefit from temporary debt relief during the novel coronavirus pandemic.

Confirmed COVID-19 cases in Ghana currently stands at 2,074 with 17 deaths. 202 recoveries have been recorded.

Source: Daily Mail GH with additional files from CNR

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