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Ghana to receive $600m in budgetary support from World Bank

Ghana is expected to receive an estimated $600m in budgetary support from the World Bank for next year’s budget (2023).

The estimated budgetary support, according to World Bank Country Director, Pierre Laporte, forms 30% to 40% of Ghana’s budget for 2023.

Making the assertion in a yet-to-be-aired interview on TV3, Mr Laporte averred the funds is to help ease the country’s balance of payments.

“We (World Bank) typically give cash to the government and that goes to the budget to help ease the balance of payments.

“We can give around 30% to 40% of the country’s envelope in budget support. For Ghana, you are looking around $600 million because Ghana’s envelope for the next three years is around $1.5 billion.

“But I’m not saying this is what we will give. It can be more, it can be less,” he quipped.

Ghana, he further noted, will however, have to first satisfy some certain criteria before it qualifies for the budgetary support.

Mr Laporte’s assertion is in view of the ongoing negotiations between Ghana and the IMF for a $3bn balance of payment support programme.

The strength of a reform programme by Ghana under the IMF, will also determine the country’s qualification for the budgetary support.

“For us, it is also not about the money, but also about the strength of the reform package that government will put to us (World Bank),” added Mr Laporte.

 

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