The World Bank Group announced that it had given Ghana’s economy $300 million in support.
The decision was made after Ghana accepted an agreement to restructure a portion of its external obligations with its official creditors more than a week earlier.
The international lender stated in a statement that the deal is a crucial first step toward improving the debt sustainability of the West African nation.
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The funding would be used to assist government initiatives that would protect the stability of the banking system, increase domestic tax mobilization, and manage spending.
In recent years, Ghana has seen a sharp increase in inflation, currency fluctuations, and living expenses.
Earlier on January 19, the World Bank approved $300 million to support the strengthening of Ghana’s economy, while the International Monetary Fund approved 600 million dollars in funding as part of a three-billion dollar deal.
