The World Bank Group (WBG) will release US$200 million into the country’s account this month to be used to procure COVID-19 vaccines.
The planned release of the funds follows the signing of a loan agreement between the country and the International Development Association (IDA) of the bank at a ceremony in Accra for financial support to enhance the country’s fight against the pandemic.
This is the second tranche of funds the government is receiving from the World Bank for the management of the pandemic.
The Minister for Finance, Ken Ofori-Atta, signed on behalf of the country while the country director of the World Bank Group, Pierre Laporte, initialed for the World Bank.
The facility is a 30-year loan and will attract a 0.5% interest rate and a service charge of 1.7%.
Ofori-Atta said the loan was one of the cheapest in the market and would be used to prevent, detect and respond to the threat posed by COVID-19, as well as strengthen national systems for public health preparedness across the country.
He said the funds would go a long way to boost the implementation of a robust COVID-19 vaccination programme, strengthen the country’s health system for large-scale vaccines deployment and widen both the scale and scope of ongoing social welfare protection programmes.
The finance minister said the latest support brought to US$430 million, the total amount of loans that the country had accessed from the WBG to enhance its fight against COVID-19, following its outbreak in Ghana in March last year.
“As we advance, I hope to see additional collaborations, partnerships and substantial resources from the World Bank towards implementing policy initiatives under the Ghana CARES programme, specifically, targeted support towards enhancing food security, developing local manufacturing capabilities and optimising ongoing flagships and strategic programmes,” Ofori-Atta said.
We’ll support
Laporte said the bank was satisfied with the usage of earlier funds granted the country to enhance the national fight against the pandemic.
He said so far the bank had not had any concerns regarding the usage of its funds and pledged to work closer with the country to combat the virus.
Laporte commended the government for rolling out an effective programme on vaccines that resulted in the speedy deployment of the doses to people, saying Ghana stood out among its peers.
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