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March 11, 2016

 
 
 
 
 


There are no conditionalities to the World Bank loan - Finance Minister
By Awudu Salami Sule

On a radio interview today, the Finance Minister, Dr. Kwabena Duffour revealed that due to the immense financial reform being embarked upon currently by the government, there are no conditionalities attached to the World Bank loan.

He said, the World Bank was impressed with the performance of the new government after just five months in office which is why for the first time in Ghana’s history a loan from the Bretton Woods institution has no conditions backing it.

“We are happy to announce that there are no conditionalities contrary to some reports insisting that there are numerous conditions attached to the loan. The World Bank believes we are performing well considering the short time that we took over. Our fiscal consolidation program that we indicated in the budget is working and we have managed to stabilise the high depreciation rate of the cedi", Dr Duffour said.

 

When it was announced that the World Bank has given Ghana a record loan package of $535 million to shore up its ailing economy, many economic analysts in the country feared the conditionalities attached to the loan may be grievous.

 

Economic analysts have argued that it was unusual for the World Bank to give such huge amount as a loan without any conditionalities attached, according to Dr. Duffuor.


Dr. Duffuor further noted that, the loan by the World Bank was an attestation to the fact the government was on course and it is capable of meeting its target.

 

But other economists hold the belief that Ghana's good fiscal fortunes could not all have happened within five months and that there is a longer history to it than has been opined by the Finance Minister.


The package covers three separate credit facilities aimed at helping to improve economic governance and stabilizing Ghana’s economy.

The areas; Economic Governance and Poverty Reduction Credit (EGPRC), Transport Sector Project and Natural Resources and Environmental Governance (NREG), were outlined by government as critical areas of investment that will immediately put the country on a sound economic footing.

A sum of $300 million has been demarcated for the EGRPC, $225million for the Transport sector while $10million is going into natural resources.

Meanwhile, the International Monetary Fund (IMF), another Bretton Woods institution, is set to approve a $1billion package for Ghana on July 15 to help the nation in its balance of payments situation.

 

Ghanadot

 

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