World Bank approves $300m to help strengthen Ghana’s economy

Accra, Jan. 24, 2024

The World Bank Group said it has approved 300 million U.S. dollars funding to strengthen Ghana’s economy.

The decision came after Ghana agreed to a deal with its official creditors over a week earlier to restructure parts of its external debts.

In a statement, the global lender said the agreement represents a critical milestone toward restoring the West African country’s debt sustainability.

The financing would support government programmes, including strengthening domestic revenue mobilisation, controlling expenditures and safeguarding financial sector stability.

Ghana has experienced soaring inflation, fluctuating currency, and rising living costs in recent years.

Earlier on Jan. 19, the International Monetary Fund approved 600 million dollars in funding under a three-billion-dollar bailout programme to help bolster Ghana’s ailing economy.