Through a number of financial agreements and initiatives, the World Bank has been actively assisting Ghana’s economic development and recovery.
A $250 million International Development Association (IDA) credit for the Ghana Financial Stability Project was authorized by the World Bank in May 2024. Through the recapitalization of banks and specialized deposit-taking institutions impacted by the Domestic Debt Exchange Program, this five-year program seeks to strengthen Ghana’s financial sector.
To improve access to clean cooking solutions, the Bank authorized a $10 million grant and a $250 million credit in June 2024 to support policy changes in Ghana’s energy sector.
Again, in January 2024, the World Bank approved $300 million in financing to aid Ghana’s recovery from economic challenges, marking a critical contribution to the country’s economic recovery and promoting resilient and inclusive growth.
The relationship between Ghana and the World Bank was then further strengthened in May 2024 when the Ghanaian Parliament approved a $150 million loan agreement with the World Bank’s International Development Association.
These partnerships all demonstrate the World Bank’s dedication to promoting Ghana’s economic growth and stability in a number of areas.
Nevertheless, in order to address Ghana’s economic difficulties, President John Dramani Mahama has also stated his desire to work closely with global financial organizations, such as the World Bank. In order to better meet the needs and goals of the nation, he intends to review and modify current agreements with development partners.
John Mahama Officially Sworn In As The New President Of Ghana
President Mahama has emphasized the importance of engaging with the International Monetary Fund (IMF) and the World Bank to realign ongoing programs with his administration’s priorities. He has highlighted the need to manage debt repayments effectively to avoid defaults and ensure economic stability.
Additionally, Mahama has indicated plans to create a more favorable environment for the upstream petroleum sector to attract investors and increase Ghana’s oil and gas production.
According to President Mahama, he is committed to work with the World Bank and other international partners to implement economic reforms and promote sustainable development in Ghana.
