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UK gives Ghana £20m grant

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Ghana and the United Kingdom have signed an agreement under which the UK will give Ghana a 20-million pound grant under a jobs and economic transformation programme.

The expected outcome of the programme, which will be implemented in the next six years, includes economic diversification and trade boost that will deliver 15,000 formal jobs in the targeted sectors.

The Minister of Trade and Industry, Mr Alan Kwadwo Kyerematen, initialled for Ghana, while the UK Minister of State for Africa, Ms Harriet Baldwin, signed for her country.

Addressing the media at the Jubilee House after the signing ceremony on Tuesday, Mr Kyerematen said the government was working to reduce the volatility of the economy by diversifying its sources of growth, especially from being an export base to a sector that created jobs.

Read Also: Ghana, Kenya overtake Nigeria on list of most hardworking foreigners in US

He said the government was also pursuing comprehensive initiatives and strategic interventions to open up investment opportunities for domestic and foreign companies.

The interventions, he said, covered agro-manufacturing, automobile assembling, pharmaceutical, salt-based chemicals and garments and textiles industries.

For her part, Ms Baldwin stated that the provision of the grant represented a new relationship that would make the UK help Ghana realise its policy of a Ghana Beyond Aid.

She said the support would facilitate value addition, promote industrialisation and focus on ensuring that doing business in Ghana was easier.

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Nigeria wants $2.25 billion World Bank loan

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Nigeria’s Finance Minister, Wale Edun, has revealed that the country is seeking up to $2.25 billion in World Bank loans and expects the bank’s board to approve the request in June.

The move was announced in a statement following the International Monetary Fund/World Bank spring meetings in Washington, D.C as the country also aims to issue diaspora bonds later this year to attract much-need foreign exchange into the country.

The World Bank loans would include $1.5 billion for development policy and $750 million for program-for-results, the statement said. It also said that the bank would meet in June to decide whether to approve the plan in its entirety.

The multilateral body is yet to comment on the revelation at press time.

Nigeria one of Africa’s biggest oil producers has struggled lately mainly over industrial-scale crude oil theft, and troubles getting foreign currency, which caused its naira currency to drop to all-time lows against the U.S. dollar. It has since recovered, though.

Already, the country is on record levels of debt, high unemployment, and large amounts of money from the central bank. However, Edun has insisted that the government had cut the money it borrowed from the central bank in half.

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Ghana’s finance minister anticipates debt restructuring MoU with lenders

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Ghana’s Finance Minister has announced that the country’s two main creditors will send him a draft Memorandum of Understanding (MoU) on a restructuring deal in May, signifying a major progress in the country’s debt reform.

Once the MoU is signed, it will make public the deal that was made in January to restructure $5.4 billion in loans with its official creditors, such as China and France.

The restructuring is a big step toward Ghana getting rid of its debt as it works to get out of the worst economic crisis in a generation. It should also allow the country to get more money from its $3 billion IMF program.

Mohammed Amin Adam said he was sure the International Monetary Fund (IMF) and the World Bank would work together at the Spring Meetings in Washington, D.C. In June, the Monetary Fund’s executive board will agree to review its staff-level deal.

From 2023 to 2028, Ghana’s national debt to gross domestic product level was supposed to go down by 15%. This guess says that the number will have gone down every year for six years, ending at 69.96% in 2028.

Ghana didn’t pay back most of its foreign loans in December 2022 because it became too expensive to do so. But now it needs to work out a deal with private holders of about $13 billion in foreign bonds. It has also changed most of its domestic debt.

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