World Bank Group has commended the Official Creditors’ Committee under the G20 Common Framework for reaching an agreement in principle on the fundamental terms of the proposed debt restructuring for Ghana.

In a released statement, the World Bank noted that the agreement, aligning with the Joint World Bank-International Monetary Fund Debt Sustainability Framework, marks a significant milestone in the journey towards re-establishing debt sustainability in Ghana.

“This agreement will help unlock financial support by international financial institutions, including a $300 million budget support operation supported by IDA, which will be considered by the World Bank’s Board of Executive Directors next week.

This will help Ghana in its recovery, attracting investments and restoring a sustainable growth path,” said Ousmane Diagana, World Bank Vice President for Western and Central Africa.

The Resilient Recovery Development Policy Operation constitutes the initial phase of a comprehensive series of three operations, amounting to $900 million. This initiative is a crucial aspect of the broader World Bank commitment to assist Ghana in crisis response and enhance resilience.

Ghana is set to actualize $4.3 billion in commitments from the World Bank, channeling these funds into national and regional projects aimed at fostering private sector development, job creation, inclusive service delivery, and sustainable resilient development.