World Bank to Provide $300 Million to Cushion Ghana’s Economy
The World Bank Group said it has approved 300 million U.S. dollars in funding to help strengthen Ghana’s economy.
The decision came after Ghana agreed on a deal with its official creditors over a week earlier to restructure parts of its external debts.
In a release Tuesday, the global lender said the agreement represents a critical milestone toward restoring the West African country’s debt sustainability.
The financing will support the government’s programs, including strengthening domestic revenue mobilization, controlling expenditures, safeguarding financial sector stability, and removing barriers to private investment, the release said.
Ghana has experienced soaring inflation, fluctuating currency, and rising living costs in recent years.
Last Friday, the International Monetary Fund approved 600 million dollars in funding under a 3-billion-dollar bailout program to help bolster Ghana’s ailing economy.