Ghana gets $1.2 billion from World Bank

The World Bank International Development Association (IDA) has agreed to inject 1.2 billion into the Ghanaian economy in the next three years.

The IDA has pledged to support poor countries with $75 billion.

The World Bank Country Director for Ghana, Mr Henry Kerali, made this known to journalists in Accra.

“We also discussed the forthcoming allocation to Ghana from the IDA part of the World Bank. A total of about US$1.2 billion over the three-year period from July 2017 up to June 2020 will be made available to the country through the World Bank,” he said.

He noted that the disbursement of funds for the special social intervention projects will depend on the performance of the projects.

“The performance of those projects will dictate how fast the funds will be disbursed. For projects that perform well, the disbursement will be fast and for projects that perform slowly, the disbursement will be slow. We hope that overall, the total amount will be disbursed between the period of five to seven years because our projects are usually of that duration,” he said.

Mr Kerali also said the funding support to Ghana is expected to increase as the International Finance Corporation (IFC) is likely to provide additional funding to Ghana.

“The amount will, of course, increase because in addition to that amount by IDA, there is also the IFC which provides support to the private sector. IFC will provide additional funds on top of the US$1.2 billion. I am not mentioning the IFC amount because I believe that should come from IFC,” he explained.