The World Bank Group has announced a $30-million International Development Assistance (IDA) credit to Ghana in support of the country’s financial sector stability and improvement of inclusiveness for users of formal financial services. The funds are also expected to expand inclusiveness for financially excluded groups such as women, rural communities and farmers.
According to the Bank Group, the Ghana Financial Sector Development Project, is a key component of its comprehensive portfolio supporting financial stability, financial inclusion and private sector competitiveness.
“It is expected to help regulators strengthen their oversight of the financial sector for a sound and stable sector. This will enable ordinary Ghanaians develop trust in the sector and benefit from access to savings and financing for investments. It will also support the education of consumers on their rights and equip them with skills and knowledge to make informed choices in the use of financial services,” the Bank said in a press release copied to ghanabusinessnews.com.
Commenting, the World Bank’s Country Director for Ghana, Henry K.G. Kerali, said, “This project will support Government’s plan to undertake reforms to deepen financial markets, promote inclusion, enhance the supervision and regulation of specialized deposit-taking financial institutions in line with Ghana’s National Financial Inclusion and Development Strategy.”
“The increase in access to financial services is expected to create economic opportunities and contribute towards ending extreme poverty and promoting shared prosperity,” Douglas Pearce, the World Bank Practice Manager for Finance & Markets said.
By Emmanuel K. Dogbevi