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The World Bank has released a US$300 million loan facility to Ghana for budgetary support. This amount was credited to the Central Bank’s account on Wednesday, March 27, 2023.
This disbursement marks the initiation of the first phase of a series of three operations, each amounting to $300 million, from the World Bank. These funds are allocated for crisis response and resilience in Ghana under the Resilient Recovery Development Policy Operation.
The influx of this fresh foreign funding will bolster the Bank of Ghana’s reserves, aiding in the economic recovery and mitigating the depreciation of the cedi. Additionally, it is anticipated to contribute to restoring fiscal sustainability, promoting financial sector stability and private sector development, enhancing energy sector financial discipline, and reinforcing social and climate resilience.
Despite being an election year, Finance Minister Dr. Mohammed Amin Adam has affirmed the government’s commitment to adhering to the Development Policy Operations supported by the World Bank.
Specific reforms supported by this financing series encompass strengthening domestic revenue mobilization, managing expenditures, ensuring financial sector stability, eliminating barriers to private investment, enhancing the financial and operational framework of the energy sector, fortifying the country’s social protection system, and integrating climate adaptation and mitigation into policies.
Source: Omanghana.com
