Ghana is set to receive a $360 million boost from the World Bank to support its efforts in stabilizing the economy and building resilience for long-term growth.
The funding, approved by the World Bank Board of Executive Directors, falls under the Second Resilient Recovery Development Policy Financing operation. It forms part of a broader strategy to aid Ghana’s recovery from recent economic shocks and support key reforms aimed at job creation and improved living standards.
In a statement issued on Sunday, June 29, Finance Minister Cassiel Ato Forson said, “The successful implementation of reforms under the IMF program and our policy operations have strengthened macroeconomic stability and investor confidence. This new support will help us entrench fiscal discipline and build a more inclusive and shock-resilient economy.”
The World Bank says the operation will focus on restoring fiscal sustainability, strengthening financial sector stability, improving energy sector discipline, and enhancing social and climate resilience.
Robert Taliercio, World Bank Country Director for Ghana, Liberia, and Sierra Leone, also emphasized the importance of reforms backed by the financing, noting that “these measures are essential for revitalizing Ghana’s private sector, tackling long-standing energy challenges, and protecting the most vulnerable.”
The policy operation is part of the World Bank’s broader crisis response and resilience strategy for Ghana, which includes investments in domestic revenue mobilization, private-sector-led growth, and climate-smart development.
SOURCE: CITINEWSROOM
