Parliament approves $710 million: Seven loan agreements were accepted during an urgent meeting of the parliament. The May 2 sitting includes approval of $60.6 million for the Ghana Covid-19 Disaster Preparation and Response Project, $150 million for the West Africa Food Systems Resilience Initiative, and €EU170 million to create the Development Bank of Ghana (DBG).
In addition, $30 million was allocated to support the Covid-19-related Medical Equipment Provision Project, $150 million went toward the Primary Healthcare Investment Project, and $150 million was allocated to the Public Financial Management for Service Delivery Program.
The Parliament also approved a new loan arrangement worth $200 million with the World Bank for the Ghana Digital Acceleration Initiative.
The project’s goals are to assist the government in expanding broadband access, improving the effectiveness and caliber of a few digital public services, and strengthening Ghana’s ecosystem for digital innovation. These goals will help the country produce better employment opportunities and economic growth.
The authorized Ghana Digital Acceleration Project will assist in a regulation change to establish an enabling environment for digital inclusion and innovation, improve governance and the provision of public services, and encourage smallholder participation in data-driven digital agriculture. Loan arrangements totaling $710 million were eventually approved.
As the nation’s economy faces an impending crisis, Ghana is still knocking on the door of the International Monetary Fund (IMF) in a desperate attempt to secure a $3 billion bailout.
President Akufo-Addo urged Japan earlier this week for assistance in getting Ghana an agreement with the IMF. He said this during a meeting with Fumio Kishida, the prime minister of Japan.
The most recent nation on Ghana’s lengthy list to request aid is an Asian nation. According to President Akufo-Addo, the bailout will accelerate Ghana’s economic recovery.
President Akufo-Addo informed Fumio Kishida that Ghana was relying on Japan’s assistance in order to negotiate a favorable agreement with the International Monetary Fund, which would open the door for a strong recovery of Ghana’s economy.