Multilateral development finance institution, the African Development Bank (AfDB), has approved a $102 million grant to support Ghana’s Fiscal Consolidation and Economic Recovery Program.
The program – which runs from 2023 to 2024 – is designed to support economic growth by strengthening public finance, economic productivity and job creation. The grant will be issued via the AfDB’s African Development Fund and complements an ongoing financial package provided by the International Monetary Fund.
Ghana will additionally utilize the grant to bolster financial reforms to facilitate increased private sector investment in government-led projects as well as strategic sectors such as agriculture.
Abdoulaye Coulibaly, Director of the Governance and Economic Reforms Department at the AfDB, stated that, “We support the efforts of the (Ghana) authorities to take full advantage of the current difficult economic situation to address the fundamental structural weaknesses of the Ghanaian economy.”