Ghana is close to securing a $900 million budget support from the World Bank, according to Dr. Mohammed Amin Adam, Minister of State at the Finance Ministry.
He said the budget support will be released in three yearly installments of $300 million each, starting from 2023. This will complement the $3 billion extended credit facility from the International Monetary Fund (IMF) that was approved on Wednesday.
Dr. Adam revealed this in an interview with JoyNews’ PM Express Business Edition, where he said, “We’re almost concluding the negotiation with the World Bank for a $900 million budget support which will be disbursed in equal installment of $300 million a year. And, so for the next three years, while the IMF is disbursing the $3 billion, the World Bank will also be disbursing $900 million – $300 million each year”
He added that the World Bank has also pledged to support Ghana’s Financial Stability Fund with $250 million, while the African Development Bank is expected to contribute another $100 million. The fund was established to strengthen the local banking sector after the domestic debt exchange programme.
Dr. Adam expressed optimism that other development partners will also support Ghana’s economy through budget support and the Financial Stability Fund. He said this will help Ghana restore its debt sustainability and achieve its medium-term growth targets.