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      Pregnant JHS student killed, head cut off

      Level 100 student at UEW allegedly commits suicide after betrayal by partner

      Former 3-time NPP parliamentary candidate resigns from party over maltreatment

      Former 3-time NPP parliamentary candidate resigns from party over maltreatment

      Pregnant JHS student killed, head cut off

      Adukrom: Boy, 15, murdered after intervening in GHC10 fight

      Ghanaians are suffering due to Nana Addo’s mismanagement, not Covid – Ato Forson

      Tariff hike part of IMF conditionalities – Ato Forson

      All small-scale mining licences no longer valid – GoldBod

      All small-scale mining licences no longer valid – GoldBod

      20 pupils hospitalised in Prampram after taking “Asana”

      20 pupils hospitalised in Prampram after taking “Asana”

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      Sarkodie, Darko Vibes,King Promise will perform at Africa Fan Zone at Paris Olympics – French Embassy

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      The gospel music industry is pure evil – Esther Smith

      The gospel music industry is pure evil – Esther Smith

      Gyakie set to release debut album “After Midnight”

      Gyakie set to release debut album “After Midnight”

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      I am ‘not hiding’ Black Stars budget – Sports Minister

      I am ‘not hiding’ Black Stars budget – Sports Minister

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      Hearts of Oak only cared about themselves – Torric Jebrin on why his Atletico Madrid move failed

      Inter Allies TD admits players fixed 2021 league match against AshantiGold, insists GFA judged them unfairly

      Inter Allies TD admits players fixed 2021 league match against AshantiGold, insists GFA judged them unfairly

      Hearts of Oak’s ultra-modern secretariat reportedly up for rent?

      Hearts of Oak’s ultra-modern secretariat reportedly up for rent?

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      Black Stars to play four-nation tournament in England

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      Video: Nigerian boxer slumps in the middle of fight at Bukom Boxing Arena

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      I will personally call the GFA to dissolve Kotoko before you take the club to relegation – Otumfuo informs team

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      Ghana’s Chef Smith is the new Guinness World Record holder for cook-a-thon

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        This Ashanti Prince designed and built a signal station in Trinidad for the British in 1883

        This Ashanti Prince designed and built a signal station in Trinidad for the British in 1883

        Songo, the African tribe where children are raised by their uncles

        Songo, the African tribe where children are raised by their uncles

        Manhyia puts a ban on funerals in Asanteman

        Details of the symbol of authority of the Ashanti Region, the Asanteman flag

        The story of the Ghanaian professor emeritus who did not attend secondary school

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        Meet Kobena Sekyi, the educated elite who never wore European clothing

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        This African tribe from Togo and Benin were experts in penis enlargement way before plastic surgery

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      $300 million World Bank funds arrive

      BoG won’t close down troubled Savings and Loans companies this week
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      The $300 million World Bank facility to support some projects in 2024 has finally been credited to the Bank of Ghana’s (BoG) account.

      This was after Ghana met all the necessary conditions, including Cabinet and Parliament’s approval to facilitate the transfer of the funds to the country.

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      Joy Business understands that the transfer was done this morning March 27, 2024. The Bank of Ghana is expected to take “the dollars”, and transfer the cedi equivalent to the various government agencies and ministries.

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      The “Foreign Exchange” component of this facility could go a long way to support the international reserves of the Bank of Ghana. Data released by the Bank of Ghana showed that its Gross International Reserves have hit more than $6 billion ending February 2024.

      The Finance Minister, Dr. Mohammed Amin Adam, at a recent engagement with the media this week noted that the government is expecting about $1.2 billion from the country’s development partners before the end of this year.

      Impact on Economy

      The disbursement will help fast-track some infrastructure projects outlined in the 2023 Budget that were stalled due to the late disbursement of this support from Ghana’s donors.

      The World Bank should have disbursed this facility late last year. However, delays on the part of Ghana to reach a deal with its bilateral creditors affected the approval of this $300 million loan.

      The inflows is expected to slow down the rate of the cedi’s depreciation. This is because it could give some signal to the international market that the Central Bank is now in a better position to support the local currency. 

      Focus of this facility

      The disbursement of this $300 million Development Policy Financing, the first in a series of three is for crisis response and resilience in Ghana. Its objectives are to:

      1) Restore fiscal sustainability;

      2) Support financial sector stability and private sector development;

      3) Improve energy sector financial discipline; and

      4) Strengthen social and climate resilience.

      It is expected to strengthen domestic revenue mobilisation, control expenditures, safeguarding financial sector stability, removing barriers to private investment, setting the energy sector on a sounder financial and operational footing, strengthening the country’s social protection system, and mainstreaming climate adaptation and mitigation across policies.

      Background

      This disbursement is part of the total financial support from Ghana’s donor as part of the IMF programme that the country secured in May 2023.  The IMF has so far advanced some $1.2 billion to Ghana under the FUND programme.

      According to the World Bank, the First Resilient Recovery Development Policy Financing is a critical contribution by the Bank’s International Development Association, which will help Ghana’s economic recovery and support the country’s resilient and inclusive growth.

      The World Bank in January 2024, approved this facility, after an agreement in principle by the Official Creditors’ Committee under the G20 Common Framework on the key parameters of the proposed debt restructuring for Ghana.

      The agreement, which is consistent with the Joint World Bank-International Monetary Fund Debt Sustainability Framework, represents a critical milestone toward restoring debt sustainability.

      source: My Joy Online

      Tags: Bank of GhanaWorld Bank

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