The World Bank Group, in principle, has endorsed the accord on fundamental parameters of Ghana‘s proposed debt restructuring, as reached by the official creditors’ committee under the G20 Common Framework
This agreement, aligning with the Joint WB-IMF Debt Sustainability Framework, marks a pivotal step towards reinstating debt sustainability within the nation.
“This agreement will help unlock financial support by international financial institutions, including a US$300million budget support operation supported by IDA that will be considered by the World Bank’s Board of Executive Directors next week. This will help Ghana in its recovery, attracting investments and restoring a sustainable growth path,” said Ousmane Diagana, World Bank Vice President for Western and Central Africa.
The Resilient Recovery Development Policy Operation, the initial installment in a trilogy amounting to US$900 million, stands as a key component of the expansive World Bank commitment to bolster crisis response and resilience efforts in Ghana.
The nation channels US$4.3 billion in World Bank commitments through a range of national and regional projects, emphasizing private sector development, job creation, inclusive service delivery, and sustainable, resilient development.