Latest news with #SecondResilientRecoveryDevelopmentPolicyFinancing
Business Insider
6 hours ago
- Business
- Business Insider
IMF to disburse $370M to Ghana after fourth programme review
The Executive Board of the International Monetary Fund (IMF) is expected to consider the fourth review of Ghana's $3 billion Extended Credit Facility (ECF) programme on Monday, 7 July 2025, in Washington, D.C., USA. The IMF Executive Board will review Ghana's $3 billion ECF programme in Washington, DC on July 7, 2025. Ghana has met all necessary benchmarks for the fourth review, paving the way for a $370 million disbursement. Ghana's Parliament has ratified a $360 million financing agreement with the World Bank for developmental initiatives. Ghana meets all conditions ahead of review According to sources close to the process, Ghana has fulfilled all necessary benchmarks required for the fourth review, positioning the country to receive the next disbursement of $370 million. All relevant documentation has reportedly been submitted in line with the Fund's four-day processing window leading up to the meeting. This follows the staff-level agreement reached between the IMF and the Government of Ghana in April 2025, which confirmed that Ghana had achieved its programme targets for the review period. The IMF is widely expected to approve the review and disburse the funds by 11 July 2025. Once completed, Ghana will have received a cumulative $2.3 billion under the ongoing programme, out of the total $3 billion earmarked to be disbursed over three years. World Bank Approves $360m to Support Ghana's Recovery In a related development, Ghana's Parliament has ratified a $360 million financing agreement with the International Development Association (IDA) of the World Bank. The facility forms part of the Second Resilient Recovery Development Policy Financing (DPO2) initiative. The agreement was presented to Parliament on Tuesday, 1 July 2025, by Deputy Finance Minister Thomas Nyarko Ampem. The World Bank funding is expected to support a broad range of government priorities, including enhancing livelihoods, accelerating economic growth, curbing inflation, sustaining macroeconomic stability, and promoting a broad-based recovery.
Business Insider
2 days ago
- Business
- Business Insider
World Bank approves $360m for Ghana's economic recovery
The World Bank has approved $360 million in financial support to help Ghana stabilise its economy, create jobs, and enhance resilience in critical sectors such as energy, finance, and climate adaptation. The World Bank approved $360 million in support for Ghana's economic stabilization and sector improvements. Ghana's Finance Minister acknowledged it as a key step towards sustained economic growth and resilience. The package aligns with Ghana's economic reform strategies under its IMF-supported programme. Part of broader economic reform strategy According to a statement from the World Bank, the funding—sourced from the International Development Association (IDA)—was sanctioned by the Board of Executive Directors as part of the Second Resilient Recovery Development Policy Financing operation. This initiative is aligned with Ghana's wider reform efforts under its current IMF-supported economic programme. 'Its objectives are to restore fiscal sustainability, support financial sector stability and private sector development, improve energy sector financial discipline, and strengthen social and climate resilience,' the World Bank noted. Finance Minister welcomes boost to reform agenda Ghana's Minister for Finance, Dr Cassiel Ato Forson, welcomed the development, describing it as a crucial milestone in Ghana's recovery journey. 'The successful implementation of reform actions under the IMF programme and the Development Policy Operations series (DPO) has strengthened macroeconomic stability, restored investor confidence, and laid a solid foundation for sustained economic recovery and inclusive growth,' he stated. Dr Forson added that the funding will help promote 'fiscal discipline and build a more resilient and inclusive economy, capable of withstanding future shocks.' Support for private sector and energy reforms The World Bank highlighted that the programme will facilitate the promotion of private-sector-led growth by enhancing fiscal governance, improving domestic revenue mobilisation, and reinforcing financial stability. The package will also address long-standing issues within Ghana's energy sector, focusing on financial discipline and sustainable operational management. Climate resilience and social protection in focus Additionally, the policy financing operation aims to support reforms that build social resilience and embed climate considerations into national policy frameworks—part of efforts to align with sustainable development goals and respond to emerging environmental threats. Conclusion
