Gov’t Talking To World Bank For More Funds For COVID-19 Response Programme

President Akufo-Addo has said discussions with the World Bank are ongoing to raise more funds to support government’s Coronavirus Alleviation Programme.

The President disclosed this at the virtual May Day celebrations held today [Friday, May 1, 2020].

He indicated that the Ministry of Finance had also been instructed to work with the Bank of Ghana to introduce policies that will fortify sectors of the economy.

“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,” said the President

The Finance Minister announced a GHS1 billion Coronavirus Alleviation Programme that will be funded from the Ghana Stabilisation Fund weeks ago.

Other interventions

Other programmes that are intended to support government’s Coronavirus alleviation programme, include the COVID-19 Trust Fund which had received 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. 202 recoveries have been recorded