Public Agenda NewsPaperPublic Agenda NewsPaper
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Font ResizerAa
Public Agenda NewsPaperPublic Agenda NewsPaper
Font ResizerAa
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Search
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Follow US
Breaking NewsBusiness

AfDB Group supports Ghana’s COVID-19 response plan with $69 million grant

Latifa Carlos
Last updated: July 29, 2020 11:03 pm
Latifa Carlos
Share
4 Min Read
SHARE

The Board of Directors of the African Development Fund (ADF) on Friday approved a $69 million grant to support Ghana’s efforts to tackle the COVID-19 pandemic and mitigate its socio-economic impact on the nation.

The grant from the ADF, the concessional arm of the African Development Bank will provide fiscal budget support to finance the government’s national COVID-19 Emergency Preparedness and Response Plan, and Coronavirus Alleviation Program.

Specifically, the funds will help to upgrade the capacity of healthcare facilities to isolate, diagnose and care for patients, and provide more test kits, pharmaceuticals, equipment and beds. It will also ensure adequate personal protective equipment (PPE) for health workers and support financial incentives and an insurance package for health and allied professionals.

Ghana ranks fourth in COVID-19 infections in Africa after South Africa, Egypt and Nigeria. As of 24 July 2020, the West African nation has recorded over 32,000 cases of the disease, with 26,687 recoveries and 153 deaths.

“Overall, the objective is to help contain the spread of the virus, expand testing and ease the impact of the virus on social and economic life, through measures aimed at protecting jobs, sustaining livelihoods and supporting small businesses,” said Marie-Laure Akin-Olugbade, the Bank’s Director General for West Africa.

The ADF grant is a Crisis Response Budget Support operation, disbursable in a single tranche under the Bank’s $10 billion COVID-19 Response Facility. The grant aligns with one of the Bank’s High 5 priorities, namely to “Improve the quality of life for the people of Africa”.

Under Ghana’s COVID-19 response program, all affected persons will receive free treatment and free water supply. Micro, Small and Medium enterprises (MSMEs) will benefit from a soft loan scheme with one-year moratorium and two-year repayment period. The private sector will also benefit from a tax freeze and refund, direct subsidies and a guarantee fund, enabling businesses to access bank credit.

The program also aims to increase the percentage of the population tested from one percent to three percent by the end of December 2020, boost the number of points of entry reporting suspected cases of COVID-19 from 1 to 14 by the end of September 2020, and increase designated treatment centers with adequate intensive care facilities to 100% by end December 2020.

As elsewhere, the pandemic has slowed down economic activity in the agriculture, industrial and services sectors. The agriculture sector, in particular, will likely record a lower performance since the disease has coincided with the onset of Ghana’s farming season.

The economy of Ghana, which exports gold, cocoa and oil, is negatively affected by a significant increase in public spending due to COVID-19. Real GDP growth is projected at 2.1% in 2020 compared to 6.1% in 2019, while the current account deficit is forecast to widen to 3.6% compared to 3% in 2019, due to a decline in export earnings and lower tourism revenues and remittances.

The COVID-19 pandemic could also deepen inequalities between men and women, with far-reaching health, social, and economic implications, Bank officials noted.

Source: Publicagendagh.com




Share This Article
Facebook Whatsapp Whatsapp Email Copy Link Print

Latest News

$100m legal war erupts between E&P and Azumah Resources
July 8, 2025
Ghana secures $370M from IMF after successful review
July 8, 2025
Ghana to attract more global oil investors after Akoma and Eban 1X discoveries
July 8, 2025
Govt cracks down on illegal mining task forces amid extortion claims
July 8, 2025
Dr. Adrian Alter appointed new IMF resident representative for Ghana
July 7, 2025
Ablekuma North: EC to rerun Parliamentary Election in 19 Polling Stations
July 2, 2025
Mid-Year budget to clarify road contractor payments – Ampem Nyarko
July 2, 2025

You Might Also Like

Breaking NewsDevelopment Agendatop stories

 ISODEC Urges Citizens to Engage More in Local Governance Processes 

July 2, 2025
Breaking NewsDevelopment Agendatop stories

Government Reaffirms Commitment to Investment-Friendly Environment to Attract Development Financing

July 1, 2025
Breaking NewsDevelopment Agendatop stories

New UN report charts path out of debt crisis threatening global development

June 30, 2025
Breaking NewsBusinesstop stories

World Bank backs Ghana $360m to strengthen macroeconomic stability

June 30, 2025

About Us

Public Agenda is fou­nded and owned by Pu­blic Agenda Communic­ations.

Public Agenda was founded as a public interest Me­dia entity. Its Visi­on is to contribute to building a well-i­nformed society where accurate informati­on dissemination is the cornerstone of a democratic, just and equitable society.

Its mission is to inform, guide and bui­ld responsible citiz­enship and accountab­le decision making and strive for excell­ence in the media in­dustry. Public Agenda Communications is managed by a Board of Directors.

Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?