(Ecofin Agency) - The government of Ghana is negotiating important financing of $715 million from the World Bank. The information was revealed during an interview with Pierre Frank Laporte (pictured), World Bank Country Director for Ghana, by the Ghanaian site Business 24.
The soon-to-be disbursed resources will mainly be used for the fight against the coronavirus pandemic and the implementation of strategic projects. According to Laporte, the first disbursements will consist of $315 million in loans for two projects. The first is a job creation and skill improvement project that seeks to improve the environment and provide funds for SMEs. The second is the Ghana Accountability for Learning Outcomes Project (GALOP) which seeks to support teaching and learning through modern in-service teacher training and provision of learning materials.
“Early in the [World Bank’s] next fiscal year, by September 2020, we expect to bring roughly another $400m into new projects, including one in the financial sector which will provide credit lines to the development banks and provide guarantees for SMEs. Additional funds will also be dedicated to the water sector and this time we are focusing on Kumasi,” the country manager said.
For the fight against the coronavirus alone, the government is negotiating $100 million from the Bretton Woods institution. And Laporte said the disbursement is expected to be approved by end-July. The pandemic has already affected more than 17,351 people in the country, according to official sources.
Moutiou Adjibi Nourou