The World Bank has announced plans to inject an additional US$1 billion into Ghana’s economy over the next 12 years, aiming to strengthen economic stability and support private sector growth.
This follows the US$1.6 billion already allocated since last year to aid the country’s economic recovery. Robert O’Brien, the World Bank’s Country Director for Ghana, shared the news on Joy News, expressing the Bank’s satisfaction with Ghana’s economic stabilization measures, which have prompted continued support for budgeted projects and poverty reduction initiatives.
In addition to the upcoming US$1 billion, the World Bank Group has allocated US$5 billion over the years for social intervention and infrastructure projects in Ghana. Mr. O’Brien mentioned that the Bank will soon review further funding proposals, including a second Development Policy Operations, which could lead to additional financial support.
Over the past year, US$1 billion has already been disbursed from an allocated $4.4 billion, with US$800 million approved in June for further economic assistance.
The World Bank Country Director emphasized the importance of fiscal discipline and economic growth to sustain the recovery, reaffirming the World Bank’s commitment to providing technical support to ensure the success of ongoing reforms.
The additional US$1 billion disbursement is a significant step in Ghana’s efforts to stabilize its economy and tackle its current challenges. If managed effectively, this funding could help the country navigate its economic difficulties and lay the foundation for sustained growth and development in the coming years.
