Ghana Will Receive $300 Million From The World Bank

The Bank’s International Development Association* (IDA) is making a vital contribution to Ghana’s economic recovery and resilient, inclusive growth through the First Resilient Recovery Development Policy Financing.

“The Ghanaian government is still dedicated to establishing macroeconomic stability and putting into effect long-lasting reforms that would put the country’s economy on a path of robust, sustainable growth and transformation. Hon. Ken Ofori-Atta, Ghana’s Minister of Finance, stated that the $300 million in Development Policy Financing, the first of three installments, will be crucial in relieving Ghana’s budgetary constraints, maintaining the pace of economic recovery, and safeguarding the weak and impoverished.

The acceptance of this financing plan comes after the Official Creditors’ Committee agreed in principle last week under the G20 Common Framework on the main elements of Ghana’s proposed debt restructuring. In line with the Joint World Bank-International Monetary Fund Debt Sustainability Framework, the agreement marks a significant advancement towards the restoration of debt sustainability.

“Ghana’s top aims are to restore fiscal and debt sustainability, improve growth prospects, reduce inflation, and protect the most vulnerable—actions that are made possible by this assistance. According to Ousmane Diagana, Vice President of the World Bank for Western and Central Africa, “they are also crucial steps to allow the country to attract more foreign investment, revitalize its domestic private sector, build resilience against climate change, and improve the quality of life of its people.”