World Bank approves $250 million IDA credit for Ghana Financial Stability Project
The World Bank on May 31 approved a $250 million International Development Association (IDA) credit to support the Ghana Financial Stability Project over the next five years. This initiative aims to bolster Ghana’s Financial Sector Strengthening Strategy (FSSS) by stabilizing financial institutions affected by the Domestic Debt Exchange Program (DDEP). The financial sector is crucial for Ghana's economy, providing essential services to households, businesses, and the government, thereby fostering economic growth. To mitigate the adverse effects of the DDEP on financial institutions, the Ghanaian government established the Ghana Financial Sector Stability Fund (GFSF). This fund offers solvency support to banks,...
