Parliament has approved a loan agreement between the government and the International Development Association (IDA) for US$35 million to finance the Ghana COVID-19 Emergency Preparedness and Response Project (EPRP).
The amount is part of the $100 million government is seeking from the World Bank to reinforce the country’s preparedness and response against the spread of the Coronavirus.
The facility will be applied to prevent, detect and respond to the threat posed by COVID-19 and strengthen national systems for public health preparedness in Ghana.
The COVID-19 pandemic, caused by the coronavirus (SARS-CoV-2), is prevalent in over 110 countries and territories, including Ghana.
As of April 1, 2020, the outbreak had recorded nearly 882,751cases and 44,150 deaths globally according to the Coronavirus Worldometer.
Ghana has so far recorded 195 cases with five (5) deaths and three recoveries.
The impact of COVID-19 has been profound as it has caused significant disruptions to social and economic activities across the world.
Also READ: COVID-19: NCCE laments ‘scorn of market women’ at precautions
More than 65% of the global economy is currently under some form of lockdown with most economies predicted to experience various degrees of depression for a foreseeable future.
The economy of Ghana is expected to have a significant negative impact from COVID-19 and Preliminary assessment indicates expected petroleum revenue will record a shortfall of GH¢5,660.35 million (US$993 Million).
The slowing down of domestic economic activity is expected to hit tax revenue to the tune of GH¢2,254.3 million and negative impacts on transport, hotel and tourism sectors.
The scale and severity of the impact of COVID-19 on Ghana will depend on the scope and nature of responses from Ghanaians as well as from Government and its international Development Partners (DPs).
Ghana, therefore, developed the national EPRP for COVID-19 valued at a total of US$100 million.
The instant loan facility from the IDA is thus to part-finance the EPRP for COVID-19.
The EPRP aims to among other things strengthen coordination of activities, strengthen the capacity of regions, priority health facilities and points of entry to prevent, rapidly detect, investigate and control any COVID-19 outbreak in Ghana.
The EPRP is to strengthen national capacity for laboratory surveillance and diagnosis; building capacity for early diagnosis, case management, contact tracing, and infection prevention and control and increase public awareness on COVID-19 risk mitigation and response measures among many others.
The terms and conditions of the loan comprise a grace period of five years, a repayment period of 25 years and a maturity period of 30 years.
The Maximum Commitment Charge is 0.5% per annum but that has been waived for 2020.
The project comprises four components namely the Component 1 made up of Emergency COVID-19 Response, which will receive US$21.5 Million.
Component 2 involves strengthening multi-sector national institutions and platforms for policy development and coordination of prevention and preparedness using “one health” approach with $3.4 million.
Component 3 involves Community Engagement and Risk Communication (US$7.4 Million), which will address the risk communication and community engagement needs of the project and the Component 4, implementation management, monitoring and evaluation, and project management – $2.7 million.
—–
By: Uthman A. Marani/Frontpageghana.com/Ghana
