- This comes in addition to the $1.6 billion already provided
- Portfolio for Ghana currently stands at $4.4 billion
- He advised the government to focus on growing the economy
The World Bank has announced plans to disburse US$1 billion over the next 12 years to support Ghana’s economic stabilization and bolster private businesses.
This comes in addition to the $1.6 billion already provided since last year to assist the country’s economy.
The World Bank’s Country Director, Robert O’Brien, revealed this news during an interview on PM Express Business Edition.
He expressed satisfaction with the measures implemented by the Ghanaian government to stabilize the economy and reduce poverty, which have influenced the bank’s decision to support projects identified in the budget and other initiatives.
Beyond the $1 billion allocation, the World Bank Group has a separate fund of $5 billion earmarked for social intervention programs and infrastructure projects.
O’Brien indicated that the bank will soon convene to approve additional funding for critical projects in Ghana and is considering a second Development Policy Operations that could lead to further financial support.
The World Bank’s portfolio for Ghana currently stands at $4.4 billion, of which only $1 billion has been disbursed in the past 12 months.
In June, the bank approved an additional $800 million to support various sectors of the economy.
Ensuring Sustainable Recovery
To ensure a sustainable economic recovery, O’Brien emphasized the importance of fiscal discipline, particularly during election periods.
He advised the government to focus on growing the economy and creating jobs to support the population.
The World Bank has committed to providing technical assistance to Ghana to help sustain the ongoing reforms.
