The World Bank Group, on Wednesday said it has approved 300 million U.S. dollars funding to strengthen Ghana’s economy.
The decision came after Ghana agreed to a deal with its official creditors over a week earlier to restructure parts of its external debts.
The global lender, in a statement noted that the agreement represents a critical milestone toward restoring the West African country’s debt sustainability.
The financing would support government programmes, including strengthening domestic revenue mobilisation, controlling expenditures and safeguarding financial sector stability.
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Ghana has experienced soaring inflation, fluctuating currency, and rising living costs in recent years.
Earlier on Jan. 19, the International Monetary Fund approved 600 million dollars in funding under a three-billion-dollar bailout programme to help bolster Ghana’s ailing economy.
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