The World Bank has begun processing $60.6 million additional COVID-19 funding for Ghana.
This follows a satisfactory audit conducted by the Betton Wood institution over the 435.8 million dollars injected into the economy to support the fight against COVID-19 pandemic.
$305 million dollars has so far been used by the government, leaving some $130 million unutilized.
Joy Business understands that the audit did not raise any query regarding the use of the funds by the country.
It is expected that the additional funding will be approved before the end of the month and consequently disbursed to the country.
This expected inflows will help improve the country’s external position, but may not be enough to bring stability to the depreciating cedi.
The World Bank health sector support for the Ghana COVID-19 emergency preparedness and response and vaccination summed up to $435.8 million.
$2.5 million was rechanneled from a previous Maternal and Child Health and Nutrition Project (MCHNP); $65.0 million from the CERC of the GARID project; $35.0 million of the Ghana COVID-19 Emergency Preparedness and Response Project and its 1st and 2nd additional financing of $130 million and $200 million, respectively as well as $3.3 million from the Pandemic Emergency Financing Facility (PEF).
These investments are well balanced between emergency response and health systems strengthening.