World Bank supports Ghana's economy with $1.2 billion

The World Bank's International Development Association has given one point two billion dollars to support Ghana's economy over the next three years. 

The money would be channelled into budget support and special social intervention projects. 

As part of the 18th replenishment of the IDA, 75 billion dollars has been pledge to the world Bank to support poor countries. 

Although Ghana is classified as a low middle income country, it would receive $1.2 billion. 

The World Bank country Director for Ghana, Henry Kerali disclosed this and said 20 to 30 percent of the money would be provided through budget support every year, while the rest would be for specific projects such as water, transport, education and health. 

Briefing journalists on the just ended World Bank Group International Monetary Fund, IMF, Spring meeting in Washington, USA Mr. Kerali said the allocation to Ghana formed part of discussion held with the new government. 

He explained that the performance of the selected projects would determine the rate of disbursement of the allocation, although the World Bank expects to disburse the total amount between five and seven years.

SOURCE: GraphicOnline