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$300MILLION WORLD BANK FUNDS ARRIVE – Report

The first tranche of the $300 million World Bank funds has hit the accounts of the Bank of Ghana, sources close to the arrangement have told the Daily Graphic.

This is expected to further boost the country’s foreign international reserves and help cushion the Cedi which has depreciated by 6.8 per cent since the beginning of the year. The $300 million represents the first tranche of the $900 million three-year development policy budget support programme for the country.

Under the programme, Ghana is expected to receive $300 million each year for a period of three years for budget support. The World Bank in a release in January, 2024, said the first Resilient Recovery Development Policy Financing was a critical contribution by the Bank’s International Development Association (IDA) to help Ghana’s economic recovery and support the country’s resilient and inclusive growth.

Among other things, it seeks to restore fiscal sustainability, support financial sector stability and private sector development, improve energy sector financial discipline, and strengthen social and climate resilience.

credit;graphic.com

 

 

 

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