Tuesday, May 12

Tag: World Bank

World Bank MD Praises Ghana’s Finance Minister on Economic Progress During First Africa Visit
Business

World Bank MD Praises Ghana’s Finance Minister on Economic Progress During First Africa Visit

The Managing Director and Chief Knowledge Officer of the World Bank, Paschal Donohoe, has commended Cassiel Ato Forson for what he described as significant improvements in Ghana’so national finances. The praise came during a high-level meeting between the two officials, held as part of Mr. Donohoe’s first official visit to Africa. The discussions focused on Ghana’s ongoing economic transformation and the next phase of its development agenda. Dr. Forson explained that over the past year, the government has concentrated on resetting the economy and steering it toward a more sustainable path. He noted that while considerable strides have been made in stabilising the economy, unemployment—especially among the youth—remains a major concern. According to the Finance Minister, Ghana’s gr...
Mahama Administration Settles US$1.47bn Energy Debt, Reinstates World Bank Guarantee Within One Year
Business

Mahama Administration Settles US$1.47bn Energy Debt, Reinstates World Bank Guarantee Within One Year

The Government of Ghana, under the leadership of President John Dramani Mahama, has cleared a significant portion of legacy energy sector debt, paying approximately US$1.47 billion in 2025 to stabilise the sector and restore international confidence. Upon assuming office in January 2025, the Mahama Administration inherited an energy sector under severe strain, marked by years of non-payment for gas supplied from the Offshore Cape Three Points (OCTP) field. The situation had resulted in the complete depletion of a US$500 million World Bank Partial Risk Guarantee (PRG), a facility established in 2015 to backstop payments to Sankofa Gas Project partners ENI and Vitol and unlock nearly US$8 billion in private investment. Government sources say the exhaustion of the PRG had undermined Gha...
World Bank Slaps Government Over Mass Dismissals
News

World Bank Slaps Government Over Mass Dismissals

The World Bank has slapped Ghana with a suspension of two of its funded projects in the country following the government’s recent mass layoffs in key sectors. The affected projects are the $200 million Tree Crops Diversification Project and the $200 million Ghana Digital Acceleration Project (GDAP). According to the Bretton Woods institution, the dismissals were improper and violated fair labour practices. The suspension of these projects, which were aimed at strengthening Ghana’s infrastructure and economic resilience, adds further strain to the country’s already fragile financial situation. The High Street Journal quoted sources at the World Bank as stating that in the case of GDAP, Minister of Communication, Digital Technology, and Innovations, Samuel Nartey George...
//omg10.com/4/3711026