The World Bank has committed $250 million to Ghana’s Financial Stability Fund, according to Finance Minister, Ken Ofori-Atta.
The fund, which is expected to be deposited in the third quarter of the year, is designed to enable the government to intervene in the event of solvency and liquidity issues.
Speaking at a news conference in Washington DC, the Finance Minister emphasized that the establishment of the stability fund is a critical step in securing the country’s financial sector.
He also noted that discussions are ongoing with donor partners such as the African Development Bank for additional resources to support the fund.
Mr. Ofori-Atta reiterated the World Bank’s commitment in an interview on Joy FM’s Midday news and encouraged other multilateral development banks and bilateral partners to support the Ghanaian government’s efforts to ensure the stability of the financial sector.
The commitment of the World Bank to the Financial Stability Fund is a significant boost to Ghana’s efforts to stabilize the economy amidst the challenges posed by the COVID-19 pandemic.
It demonstrates the bank’s continued confidence in Ghana’s economic potential and its commitment to supporting the country’s development agenda.
Source: OccupyGh.com
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