In order to help the government more effectively combat pandemics in the future, the African Development Bank is putting up a $28 million post-COVID-19 rehabilitation programme.
This will also help the commercial sector collect information to create vaccinations and medicines.
This information was presented in a national brief on Ghana titled "Transforming Ghana," which examines the nation's growth during the last 10 years and assesses the contribution made by the African Development Bank through its High 5 strategic goals.
The Bank's Board of Directors is anticipated to approve the project in the second quarter of 2022.
"Increasing capacity is a crucial component of developing resilience. To increase Ghana's health system's capacity to test, identify, and treat the sick during the COVID-19 epidemic, the Bank disbursed $67.6 million (UA 49 million) in emergency budget support in July 2020. The assistance also lessened fatalities, illnesses, and economic damage brought on by the epidemic.
The African Development Bank had previously allocated $2.9 million in December 2019 to increase the government's capacity to mobilise domestic resources and manage its debt.
Although Ghana has seen two decades of consistent prosperity, the CoVid-19 epidemic and the Ukraine-Russia situation may have a negative influence on future economic prospects.
According to the research, Ghana's Gross Domestic Product (GDP) per capita increased by an average of 2.3 percent each year between 2012 and 2021. Over the same period, real GDP growth averaged 5.2 percent, propelling the nation for several years to the top of Africa's fastest-growing economies.
The population below the poverty line decreased from 24.2 percent in 2012 to 10.7 percent in 2021 after reaching lower-middle income status in 2010.
The Bank stated that going ahead, it will support the nation's modernization of agriculture and industrialization while encouraging regional private sector integration.
The Coordinated Programme of Economic and Social Development Policies for Ghana from 2017 to 2024 outlines this.
The Bank emphasised that it will keep assisting governance changes that mainstream problems including a more business-friendly environment, climate change resilience, gender equality, and solid macroeconomic management.
The guiding premise is to recover from the epidemic better and more intelligently.