World Bank approves $300M to bolster Ghana's Economic Recovery

World Bank has approved a $300 million Development Policy Operation to Ghana, marking a significant step towards the country's economic recovery.

This funding comes at a critical moment, following Ghana's recent deal to restructure $5.4 billion of external debt, signaling the government's commitment to fiscal stability and sustainable growth.

"The Government of Ghana remains firmly committed to restoring macroeconomic stability and implementing lasting reforms," said Ousmane Diagana, World Bank Vice President for Western and Central Africa.

"These measures are essential not only for economic recovery but also for attracting foreign investment, revitalizing the private sector, and building resilience against climate change."

The $300 million, channeled through the International Development Association (IDA), is the first part of a planned $900 million support package from the World Bank.

The funds will be directed towards crucial initiatives aimed at strengthening fiscal discipline, enhancing revenue mobilization, and fostering inclusive economic growth.

"This first installment underscores the World Bank's unwavering commitment to Ghana's recovery and long-term prosperity," Diagana emphasized. "By working together, we can create a resilient and inclusive economy that benefits all Ghanaians."

The Ghanaian government has welcomed the World Bank's support, acknowledging its significance in navigating the current economic challenges.

Finance Minister Ken Ofori-Atta stressed that the funds will be used "prudently and effectively" to implement key reforms and create an environment conducive to private sector investment and job creation.

"This partnership with the World Bank is vital for our journey towards a stronger and more diversified economy," Ofori-Atta stated. "The $300 million will be instrumental in driving inclusive growth, improving livelihoods, and building a brighter future for our people."