In a recent briefing, Ghana’s Finance Minister, Ken Ofori-Atta, announced that the government is set to receive approximately $6.2 billion from its multilateral partners between 2023 and 2026.
This funding is part of Ghana’s Post-COVID-19 Programme for Economic Growth (PC-PEG), which has gained support from the International Monetary Fund (IMF) and aims to revive the country’s economy through various reforms.
Ofori-Atta expressed the government’s commitment to implementing these reforms and stated that they expect to receive a total of $2 billion from multilateral partners by the end of 2023.
He highlighted the importance of innovation and strengthened partnerships in achieving their objectives.
The Finance Minister outlined the breakdown of the expected support from different multilateral partners while briefing the nation on the economy at the Ministry of Finance on Sunday, June 18, 2023.
The World Bank is projected to provide a total of $1.6 billion in support, while the African Development Bank (AfDB) is expected to contribute $200 million over the course of the programme. In addition to these funds, the IMF will also provide support.
Ofori-Atta revealed that the government aims to mobilize catalytic funding of $30 million in 2023 and $330 million between 2023 and 2026 from bilateral creditors.
The government’s focus on securing significant financial support from multilateral partners indicates its determination to overcome economic challenges and promote growth in the country.
“Our commitment to these reforms is matched by our relentless pursuit of innovation and strengthened partnerships. Backed by the renewed drive for reforms, the government is working towards securing significant support from our multilateral partners.
“Altogether, and including the IMF funds, World Bank and AfDB support, we expect multilateral support of about US$2.0 billion for 2023 and US$6.2 billion between 2023 and 2026. We expect the World Bank to provide a total support of US$1.6 billion whilst the AfDB provides a total support of US$200 million over the programme period.”
This funding will be crucial in implementing the necessary reforms outlined in the PC-PEG to revitalize the Ghanaian economy in the post-COVID-19 era.
By Vincent Kubi