Bank of Ghana receives US$300 million World Bank loan facility

The World Bank has released a US$300 million loan facility for Ghana allocated for budgetary support.

According to a Citi News report, the loan was credited to the Bank of Ghana account on Wednesday March 27, 2023.

The facility from the global lender forms part of a series of three disbursements which will go towards crisis response and resilience under the Resilient Recovery Development Policy Operation.

The amount is expected to boost the Central Bank’s reserve, address fiscal sustainability and increase private sector development. It will also help slow down the cedi’s depreciation, improve climate resilience and enhance energy sector financial discipline.

Meanwhile, finance minister Dr. Mohammed Amin Adam has assured government’s commitment to stay within the World Bank-supported Development Policy Operations.

He made the remarks on the back of potential increased spending often associated with election years in Ghana.

MA/NOQ

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