Source: newsthemegh.com
In a recent briefing, Ken Ofori-Atta, Ghana’s finance minister, revealed that between 2023 and 2026, the country will receive almost $6.2 billion from its multilateral partners.
The International Monetary Fund (IMF) has backed Ghana’s Post-COVID-19 Programme for Economic Growth (PC-PEG), which intends to revitalize the nation’s economy by implementing a number of reforms.
Ofori-Atta reaffirmed the commitment of the administration to putting these reforms into effect and mentioned that they anticipate receiving $2 billion from multilateral partners overall by the end of 2023.
He emphasized the value of innovation and bolstered alliances in attaining their goals.
On Sunday, June 18, 2023, the Finance Minister briefed the country on the economy at the Ministry of Finance. He then broke out the breakdown of the expected contributions from various multilateral partners.
The African Development Bank (AfDB) is anticipated to provide $200 million throughout the length of the program, while the World Bank is anticipated to offer a total of $1.6 billion in support. The IMF will additionally offer assistance in addition to these money.
Ofori-Atta disclosed that the government plans to enlist the assistance of bilateral creditors to raise $30 million in 2023 and $330 million between 2023 and 2026 in the form of catalytic finance.
The government’s emphasis on obtaining sizeable financial assistance from multilateral partners demonstrates its commitment to overcoming obstacles to the economy and fostering national progress.
“Our steadfast pursuit of innovation and bolstered alliances are in line with our commitment to these improvements. The government is seeking to win significant support from our multilateral partners, supported by the increased push for reforms.
We anticipate multilateral help of around US$2.0 billion for 2023 and US$6.2 billion between 2023 and 2026, including the IMF funding, World Bank, and AfDB support. Over the course of the program, we anticipate a total support from the World Bank of US$1.6 billion and an overall support from the AfDB of US$200 million.
In order to revive the Ghanaian economy in the post-COVID-19 era, the PC-PEG reforms stated in this program are essential.