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The World Bank plans to release $1bn to Ghana over the next year to stabilise the country’s struggling economy and support private businesses, Country Director Robert O’Brien said.
This funding comes in addition to the $1.6bn already disbursed since last year to aid Ghana’s economic recovery.
According to O’Brien, the Worl Bank is satisfied with the Ghanaian government’s economic stabilisation efforts because they have played a significant role in the bank’s decision to disburse funds supporting key budgeted projects and initiatives aimed at poverty reduction.
“We have our portfolio and pipeline project financing for Ghana in terms of support,” O’Brien said. “In terms of the portfolio funding, there is an allocation of $4.4bn, and just $1bn of that has been disbursed over the past 12 months.”
O’Brien also revealed that the World Bank Group has allocated a separate $5bn for social intervention programmes and infrastructure projects in Ghana. This allocation is part of a broader effort to support the country as it navigates economic challenges exacerbated by its inability to raise funds from the international capital market.
In June, the World Bank approved an additional $800mn to support various sectors of Ghana’s economy. O’Brien noted that this financial support is crucial in helping Ghana address budget shortfalls and maintain fiscal stability.
However, O’Brien stressed that sustained economic recovery in Ghana would require the government to exercise fiscal discipline, especially concerning election-related spending.
“Government must also work hard to grow the economy and create the required jobs for the population,” he advised, adding that the World Bank will continue providing technical support to ensure that ongoing reforms are effective and enduring.
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