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The World Bank has disbursed a $300 million loan to Ghana to support the country’s budget and aid in economic recovery. This loan is the first in a series of three operations, each totaling $300 million, aimed at enhancing crisis response and resilience in Ghana under the Resilient Recovery Development Policy Operation.
The funds, which were credited to the Bank of Ghana’s account on Wednesday, March 27, 2023, are expected to bolster the country’s economic recovery efforts and help stabilize the depreciation of the cedi. The loan is also intended to restore fiscal sustainability, support financial sector stability, promote private sector development, enhance energy sector financial discipline, and bolster 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 World Bank-supported Development Policy Operations.
The loan’s specific reforms include improving domestic revenue mobilization, controlling expenditures, ensuring financial sector stability, promoting private investment, enhancing the energy sector’s financial and operational stability, strengthening social protection systems, and integrating climate adaptation and mitigation strategies into policies.
Ghana is anticipating a total disbursement of approximately $1.2 billion from its development partners, including the International Monetary Fund, the World Bank, and the African Development Bank, by the end of 2024.
