The World Bank has confirmed that the Akufo-Addo-led government put to good use the money it received from the Bank to help combat the COVID-19 pandemic.
Speaking to the media, the Bank’s Country Director for Ghana, Liberia, and Sierra Leone, Mr. Pierre Frank Laporte, revealed that the World Bank held the country accountable by perusing all the necessary documentations and receipts on what the money was spent on.
“We know each and every dollar that is spent and accounted for. We have done the necessary audits”, he said.
Mr. Pierre Frank Laporte, however, noted that “There are always a few things here and there and some documentation that needs to be followed.”
Nonetheless, he added that “we are very satisfied that our resources were spent in line with the procurement requirements that existed.”
According to Mr. Pierre Frank Laporte, the government has not spent all the funds it received to combat the virus.
“All the funds for COVID were not spent. There were immediate things to be spent on, but there was also construction and procurement of equipment. We don’t feel that our resources have not been properly spent,” he explained.
In 2020, the World Bank is provided $100 million to Ghana to assist the country in tackling the COVID-19 pandemic.
This financing package included $35 million in emergency support to help the country provide improved response systems.
In addition to the emergency facility, a $65 million contingency emergency response component was triggered from the Greater Accra Resilient and Integrated Development Project (GARID) to support critical activities such as laboratory equipment and chemicals essential medical equipment and supplies including test kits and personal protection equipment.
Apart from the $430 million, the World Bank also advanced an additional $130 million to Ghana for the purchase of vaccines.
In June 2022, the Finance Minister, Ken Ofori-Atta, announced that a total of ¢12.04 billion has been expended so far on COVID-19.
According to figures put out by the Finance Minister in his address to Parliament on Wednesday, June 22, an amount of GH¢11.16 billion was allocated for expenditures related to Covid-19.
However, government ended up spending GH¢8.12 billion by the end of 2020.
In the arena of Covid-19 funding, according to data contained in the 2021 mid-year budget, government also received ¢19.3 billion in 2020 as budget support, following the impact of the pandemic.
Funding Sources for 2020 Budget
- IMF – ¢5.85 bn
- World Bank – ¢1.33 bn
- EU – ¢504 m
- AfDB – ¢405.7 m
- Bank of Ghana – ¢10 bn
- GOG Contingency Fund – ¢1.2 bn
Funding sources for 2021 Budget
According to the 2021 mid-year budget document, government also received ¢6.29 billion in the same year.
- Government of Ghana – ¢4.51 bn
- World Bank – ¢1.2 bn
- Korea – ¢349 m
- Germany – ¢281 m