Ghana to Receive $360 Million from World Bank for Economic Support
Funding targets fiscal stability, energy reforms, and social resilience
- World Bank approves $360 million to support Ghana’s economic recovery and reforms
- Funding targets fiscal stability, energy sector improvements, and social resilience
- Aim is to boost job creation, investor confidence, and long-term growth
Ghana is poised to receive a $360 million financial injection from the World Bank aimed at stabilizing its economy and laying the groundwork for sustained growth.
This funding, greenlit by the World Bank’s Board of Executive Directors, is part of the Second Resilient Recovery Development Policy Financing initiative. It supports Ghana’s recovery from recent economic setbacks while driving critical reforms focused on job creation and raising living standards.
Finance Minister Cassiel Ato Forson highlighted the significance of this support in a statement on June 29, saying, “Through the successful execution of reforms under the IMF program and our policy initiatives, we have bolstered macroeconomic stability and boosted investor confidence. This new funding will enable us to maintain fiscal discipline and build an economy that is inclusive and resilient to shocks.”
The World Bank plans to channel this operation toward restoring fiscal health, enhancing the stability of the financial sector, improving energy sector management, and strengthening social and climate resilience.
Robert Taliercio, World Bank Country Director for Ghana, Liberia, and Sierra Leone, underscored the vital role of these reforms, stating that “these efforts are key to revitalizing Ghana’s private sector, addressing persistent energy issues, and safeguarding vulnerable populations.”
This policy financing forms a cornerstone of the World Bank’s broader strategy to help Ghana overcome crises and build resilience, emphasizing domestic revenue growth, private sector development, and climate-smart initiatives.
