AfDB provides over $102m for Ghana’s economic recovery plan

The African Development Bank (AfDB) Group has approved $102.59 million to support Ghana’s fiscal consolidation and economic recovery.

The budgetary support is expected to cushion the Ghanaian economy and create more financial capacity for the government’s investments, enhanced public finance, increased productivity, and job creation. It also complements the ongoing International Monetary Fund (IMF) Extended Credit Facility to the country.  

According to the AfDB, the grant will strengthen the financial sector to attract private investment into critical sectors of the economy, including the agricultural sector.

“This is a timely intervention that will propel efforts by the government of Ghana to restore macroeconomic stability in the country,” Eyerusalem Fasika, AfDB Ghana Country Manager, said in a press release November 3.

Finance Minister Ken Ofori-Atta is expected to present the country’s 2024 budget statement next week, November 15.

By Ekow Quandzie