As part of efforts by the government to restore economic stability, Ghana expects to receive over $6.2 billion from its multilateral partners from now to 2026.
Finance Minister, Ken Ofori-Atta says this multilateral facility forms part of Ghana’s Post-Covid-19 Economic Recovery Program which has been approved by the International Monetary Fund (IMF).
Speaking to the media, the Finance Minister noted that the facility will help to fund all the needed economic reforms that will propel economic recovery, growth, and development.
He further expressed the commitment of the Akufo-Addo-led government to follow through with the reforms,
Ken Ofori-Atta also disclosed that government also expects a total of $2 billion from multilateral partners by the end of 2023.
“Our commitment to these reforms is matched by our relentless pursuit of innovation and strengthened partnerships. Backed by the renewed drive for reforms, the government is working towards securing significant support from our multilateral partners,” Ken Ofori-Atta noted.
He continued that “altogether, and including the IMF funds, World Bank and AfDB support, we expect multilateral support of about $2.0 billion for 2023 and $6.2 billion between 2023 and 2026. We expect the World Bank to provide a total support of $1.6 billion, whilst the AfDB provides a total support of $200 million over the program period.”
“In addition, we expect to mobilize catalytic funding of $30 million in 2023 and $330 million between 2023 and 2026 from bilateral creditors”, he added.
Furthermore, Mr. Ofori Atta said the country is collaborating with other development partners to finance the Ghana Financial Stability Fund to provide liquidity and solvency support the financial sector.
“We are also collaborating with other development partners including the World Bank and the AfDB to finance the Ghana Financial Stability Fund to provide liquidity and solvency support for the financial sector as a result of the assessed impact of the DDEP”.
