Connect with us

Business News

Ghana receives $200 million World Bank support

The fund is meant to drive the Ghana Economic Transformation Project (GETP)

Published

on

World Bank slams Kenya's textile jobs as "mediocre"
(File photo)

Ghana has received $200 million from the World Bank to help transform and diversify its economy through the promotion of private investment and robust growth in its non-resource base sectors.

The fund, to be administered through an integrated programme is set to build the country’s competitiveness and deliver sustainable jobs under the Ghana Economic Transformation Project (GETP).

The project, from the International Development Association (IDA) approved by the World Bank Board of Executive Directors on Tuesday.

The GETP will support improvements in the business environment and build capacity for investment attraction and retention as well as spatial development such as Special Economic Zones (SEZs) to address constraints to access industrial land.

The project will also support entrepreneurship and SME growth by strengthening the entrepreneurship support ecosystem, and it will include early-stage financing for growth-oriented entrepreneurs.

“Ghana needs to invest more, diversify, and increase productivity if it is to achieve the Government’s current strategy of transforming the economy through higher, inclusive and sustainable growth with the private sector as the main driver,” said Pierre Laporte, World Bank Country Director for Ghana, Liberia and Sierra Leone.

Laporte noted that “this operation directly aligns with the government’s strategy and with the World Bank’s Africa regional strategy, which lays out economic transformation as a mechanism to create sustainable and inclusive growth.”

The GETP will support the government’s strategy of transforming the Ghanaian economy to achieve inclusive and sustainable growth, with the private sector as the main driver to build the most business-friendly economy in Africa and foster the competitiveness of Ghanaian firms.

“This project applies the World Bank Group Maximizing Finance for Development approach, maximizing the Government of Ghana’s resources and will help ensure that IDA funding leverages and attracts complementary private financing,” said Douglas Pearce, Practice Manager Finance Competitiveness and Innovation Global Practice.

The interventions under the project are complementary to initiatives of other development partners focusing on the investment climate, skills development, industrial parks, access to finance, agricultural value chains and climate innovation. The interventions under this project will contribute to the World Bank Group’s twin goals by supporting opportunities for business growth and job creation in non-resource-based sectors.

IDA is one of the largest sources of assistance for the world’s 75 poorest countries, 39 of which are in Africa. Resources from IDA bring positive change to the 1.5 billion people who live in IDA countries. Since 1960, IDA has supported development work in 113 countries.

Annual commitments have averaged about $18 billion over the last three years, with about 54 per cent going to Africa.

Copyright News Central

All rights reserved. This post and other digital content on this website may not be reproduced, published, broadcasted, rewritten or redistributed in whole or in part without prior express written permission from News Central.

New stories delivered to your phone

Click here to have news stories delivered to your phone or mail. You can also share your stories with us. Join our mailing list here.

Continue Reading
Click to comment

Leave a Reply

Business News

Southern African countries reach new trade agreement with Britain

The new agreement will replicate the terms of previous trade on tariffs, quotas, rules of origin and health and safety regulations

Published

on

Southern African countries reach new trade agreement with Britain
South African Minister of Trade and Industry, Ebrahim Patel. (File photo)

South Africa and five other Southern African countries have concluded a new trade agreement with Britain.

The South African Minister of Trade and Industry, Ebrahim Patel say they, together with Lesotho, Eswatini, Namibia, Botswana and Mozambique, made the deal with Britain. The new agreement will govern the bilateral trading relationship between the six countries and Britain after the UK leaves the EU without an agreement or “no-deal Brexit”.

Patel says the South African government have been engaging Britain in the past two years after an announcement to leave the EU and avoid disruption to the country’s exports.

“I am pleased that we have concluded this agreement with the United Kingdom”, he said.

The new agreement will replicate the terms of previous trade on tariffs, quotas, rules of origin and health and safety regulations.

“We are pleased that regardless of the outcomes of these processes, our trading relationship with the United Kingdom can continue without disruption. This is important for the thousands of South African workers whose jobs are dependent on this trade and for the investors who have utilized South Africa as an export base to Britain and the rest of the world”, says Patel.

In 2018, Britain was the fourth largest destination for South African exports, with bilateral trade between the two countries amounting to more than $9.3 billion.

Copyright News Central

All rights reserved. This post and other digital content on this website may not be reproduced, published, broadcasted, rewritten or redistributed in whole or in part without prior express written permission from News Central.

New stories delivered to your phone

Click here to have news stories delivered to your phone or mail. You can also share your stories with us. Join our mailing list here.

Continue Reading

Business News

Somalia’s economy to grow by 2.9% -World Bank

Tax collection by the government increased by 29 per cent last year, as the economy recovered from a drought the previous year

Published

on

Somalia’s economy to grow by 2.9% -World Bank

Somalia’s economy is expected to grow by 2.9 per cent this year, from 2.8 per cent last year, before growth quickens to 3.2-3.5 per cent in the medium term, the World Bank said on Monday.

The country has been in turmoil since 1991, when clan warlords overthrew President Siad Barre and then turned on each other. Over the past decade, it has been hit by famine and sporadic terror attacks by al Qaeda-linked militant group Al-Shabaab.

The higher growth forecast for the next three-to-five years would depend on the country being able to sustain its current economic reform momentum, the World Bank said in a statement.

Tax collection by the government increased by 29 per cent last year, as the economy recovered from a drought the previous year and the government changes its tax policies, the World Bank said.

“While this progress is encouraging, the available fiscal space remains insufficient to meet expenditure needs for education and health sectors,” the bank said.

It asked the government to form a fund dedicated to education to allow authorities in Mogadishu to mobilise more cash from regional states and other partners to support learning.

In May, the International Monetary Fund said Somalia’s economy was on the right track but warned that it was still vulnerable to fragile security, climate change and poverty.

Copyright News Central

All rights reserved. This post and other digital content on this website may not be reproduced, published, broadcasted, rewritten or redistributed in whole or in part without prior express written permission from News Central.

New stories delivered to your phone

Click here to have news stories delivered to your phone or mail. You can also share your stories with us. Join our mailing list here.

Continue Reading

Business News

Sierra Leone to launch National blockchain Identification system

The new project has strengthened the country’s blockchain technology, which had been used to carry out presidential elections in 2018

Published

on

Sierra Leone to launch National blockchain Identification system
Sierra Leone president Julius Maada Bio. (Photo by Sia KAMBOU / AFP)

The Government of Sierra Leone plans to fully adopt a blockchain-based national identity system by the end of 2019.

The new project has strengthened the country’s blockchain technology, which had been used to carry out presidential elections in 2018.

In partnership with the United Nations, Sierra Leonean President, Julius Maada Bio, says the new infrastructure will allow financial institutions to verify identities and create credit histories for their customers.

The new project, called the National Digital Identity Platform (NDIP), is a collaboration between the United Nations (UN) and the non-profit, Kiva, a key technology partner based in San Francisco and Sierra Leone since September.

According to the report, the NDIP will be implemented in two main phases. The first relates to the digitization of identity.

The second should be completed by the end of the year and involve the creation of non-repeatable, non-reusable and generally recognized national identification numbers.

The president said access to blockchain’s financial and credit facilities could significantly improve the lives of citizens of the country and make them more economically resilient. He said the new national identification system “directly translates into citizens who have access to affordable credit for business investment.”

President Maada Bio emphasizes the platform’s high-security standards, stating that each resident’s data will be stored with the national civil registry and kept strictly confidential, in accordance with international norms and practices.

He also notes that the platform’s ability to write new data modification records is one of the key advantages of implementing blockchain technology. With elections and digital identity, blockchain will become a multisectoral solution in Sierra Leone, with more than 85 per cent of the population having no access to the internet and at least 75 per cent having no bank accounts.

Copyright News Central

All rights reserved. This post and other digital content on this website may not be reproduced, published, broadcasted, rewritten or redistributed in whole or in part without prior express written permission from News Central.

New stories delivered to your phone

Click here to have news stories delivered to your phone or mail. You can also share your stories with us. Join our mailing list here.

Continue Reading

Trending