The $300 million World Bank facility to support some projects in 2024 has been credited to the Bank of Ghana’s (BoG) account.
The money hit the central bank’s account after Ghana met all the necessary conditions.
These conditions include Cabinet and Parliament’s approval to facilitate the transfer of the funds to the country.
Details emerging indicate the transfer was on March 27, 2024.
The Bank of Ghana is expected to take “the dollars” and transfer the cedi equivalent to the various government agencies and ministries.
It is also expected that the “Foreign Exchange” component of this facility could go a long way towards supporting the international reserves of the Bank of Ghana.
The amount is expected to help fast-track some infrastructure projects outlined in the 2023 Budget that were stalled due to the late disbursement of this support from Ghana’s donors.
The disbursement of this $300 million in development policy financing, the first in a series of three, is for crisis response and resilience in Ghana. Its objectives are to:
1) Restore fiscal sustainability;
2) Support financial sector stability and private sector development;
3) Improve energy sector financial discipline; and
4) Strengthen social and climate resilience.
It is expected to strengthen domestic revenue mobilisation, control expenditures, safeguard financial sector stability, remove barriers to private investment, set the energy sector on a sounder financial and operational footing, strengthen the country’s social protection system, and mainstream climate adaptation and mitigation across policies.
By: Rainbowradioonline.com/Ghana
