The World Bank has approved a $360 million financial support to help bolster Ghana’s macroeconomic stability and increase job creation.

In a statement issued by the bank as sighted by GhanaWeb Business on indicates that the Board of Executive Directors approved the $360 million from the International Development Association for the Second Resilient Recovery Development Policy Financing operation to support the Ghana government’s efforts to restore macroeconomic stability.

The intervention is expected to reinforce the economic framework of the country to ensure a steady economic growth aimed at boosting job creation.

The bank explained that the Second Resilient Recovery Development Policy Operation is part of a broader World Bank engagement respond to economic crisis to ensure a sustained economic growth.

“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 statement said.

The Minister of Finance, Dr Cassiel Ato Forson welcomed the support from the bank, describing it as a boost to Ghana's economic reforms under the IMF-support programme.

“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. We are confident that the measures supported by this DPO will help our efforts to enhance fiscal discipline and build a more resilient and inclusive economy, capable of withstanding future shocks,” he stated.

According to the World Bank, this programme will promote fiscal discipline and greater domestic revenue mobilisation, enhance the stability of the financial sector and promote private investment for a private-sector-led growth.

It added that the bank will also support measures to improve the financial sustainability of the energy sector to ensure efficient management and operations.

The programme is also set to invest in reforms to bolster social resilience and integrate climate-related considerations into public policy to foster sustainable development.

SP/VPO

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