The World Bank has confirmed the transfer of a $300 million facility to support various projects in Ghana, marking a significant development in the country's economic recovery efforts.

The disbursement, credited to the Bank of Ghana's account, comes after Ghana fulfilled all necessary conditions, including obtaining approval from Cabinet and Parliament.

The transfer, executed on March 27, 2024, is expected to bolster Ghana's international reserves, which stood at over $6 billion as of February 2024, according to data released by the Bank of Ghana.

Finance Minister Mohammed Amin Adam has indicated that the government anticipates receiving around $1.2 billion from development partners by year-end.

The disbursement aims to expedite stalled infrastructure projects outlined in the 2023 Budget, which were delayed due to previous funding constraints.

Furthermore, it is anticipated to have a stabilising effect on the Ghanaian cedi, signalling to the international market that the Central Bank is better equipped to support the local currency.

The focus of the $300 million Development Policy Financing, the first instalment of a three-part series, is crisis response and resilience in Ghana.

Its objectives include restoring fiscal sustainability, supporting financial sector stability, promoting private sector development, enhancing energy sector financial discipline, and strengthening social and climate resilience.

This disbursement is part of the financial support Ghana secured as part of the IMF programme initiated in May 2023, with the IMF having already provided $1.2 billion to Ghana.

The World Bank's approval of this facility in January 2024 follows an agreement in principle by the Official Creditors’ Committee under the G20 Common Framework on debt restructuring for Ghana, representing a significant step toward restoring debt sustainability.