The World Bank approved a $250 million credit to support Ghana’s financial sector, the lender said in a statement on Wednesday.
The five-year Ghana Financial Stability Project aims to strengthen the country’s financial system, which has been hit by the government’s domestic debt exchange program.
The project will provide solvency support to banks, pension funds, and other financial institutions, the World Bank said.
The credit was issued by the International Development Association (IDA), the World Bank’s concessional lending arm.
“The World Bank’s support aims to help address short-term shocks and improve prospects for long-term sustainable development,” said Carlos Leonardo Vicente, the bank’s financial specialist and team lead.
The project is part of a broader effort by the World Bank to support Ghana’s economic recovery and job creation, the lender said.
