A $360 million financial package for Ghana has been approved by the World Bank.

Under the Second Resilient Recovery Development Policy Operation (DPO), the fund will aid the West African country in restoring its economy, which will in turn boost investor confidence.

In reaction to the financial assistance, Minister for Finance, Dr Cassiel Ato Forson, noted that "this additional support will help us deepen fiscal discipline, restore investor trust, and build a more inclusive and shock-resistant economy."

He added, "The successful implementation of the IMF reforms and the DPO series has laid a solid foundation for economic recovery."

On his part, the World Bank’s Director for Ghana, Liberia, and Sierra Leone, Robert Taliercio, stated the country's priorities should be towards fiscal and debt sustainability, creating jobs through private investment, and protecting the most vulnerable.

"These are essential steps to revitalise Ghana’s domestic private sector, strengthen resilience to climate change, and improve the lives of ordinary Ghanaians,” Taliercio added.

Ghana is restructuring its debt and is under a programme with the International Monetary Fund (IMF) to aid the recovery of the economy.

The International Monetary Fund (IMF) staff and the Ghanaian authorities have reached staff-level agreement on a package of economic policies and reforms to conclude the fourth review of the 36-month ECF-supported program.

Once the review is approved by the IMF Executive Board, Ghana will have access to about US$370 million in financing.

This latest tranche, when approved by the IMF’s Executive Board, will bring Ghana’s total disbursement under the US$3 billion program to roughly US$2.36 billion since May 2023.

The Fund acknowledged improvements in some areas, such as stronger-than-expected growth driven by mining and construction, as well as better export performance and rising remittances.

However, it also cited fiscal slippages towards the end of 2024, prompting renewed efforts by the new administration to tighten public finances and accelerate key reforms.

Meanwhile, Ghana is set to receive support from the World Bank in addressing its youth unemployment challenge, with the launch of a new Growth and Jobs Strategy designed to create opportunities for over 500,000 young individuals entering the job market each year.

This partnership was formalized during a key meeting at the World Bank headquarters between Anna Bjerde, the Bank's Managing Director of Operations, and Ghana’s Finance Minister, Dr. Cassiel Ato Forson.

The discussions centered around the development and execution of a comprehensive strategy that aims to drive job creation, promote skills development, and foster inclusive economic growth.

“This initiative reflects our shared priority of unlocking opportunities for young people,” said Bjerde. “We are proud to work with Ghana on a strategy that will create jobs and build a stronger, more resilient economy.”