The World Bank is anticipated to provide Ghana with $300 million in budget support in December 2023.

Information regarding Ghana's program with the World Bank was obtained during the Annual IMF/World Bank meetings in Marrakech, Morocco, according to JoyBusiness.

Sources close to the Bank in Washington DC, USA have disclosed that Ghana has largely met the conditions for the final approval, which is expected to be granted by the Bank's Board. The World Bank Board's approval is anticipated to come shortly after the IMF Board's approval, which is scheduled for November 22, 2023, following the Staff Level Agreement reached after the First Program Review.

The World Bank is also set to disburse around $250 million to support the Ghana Financial Stability Fund, aimed at assisting banks impacted by the Domestic Debt Exchange Programme (DDEP).

The Finance Ministry has indicated that the Ghana Financial Stability Fund should commence by the end of October 2023, and the government is expected to contribute approximately $700 million as part of its seed capital for the Fund.

World Bank sources have noted that Ghana has made significant progress in other programs aimed at restructuring the economy. It is anticipated that the World Bank will extend over $500 million to Ghana in budget support and other initiatives by the end of this year.

If Ghana secures approval from the IMF Board for around $600 million in the third week of November 2023, the country could receive more than $1.2 billion from these two institutions. Additionally, the African Development Bank is expected to provide support once Ghana secures the IMF Board's approval following the first program review.

A World Bank report released in July 2023 titled "Price Surge: Unraveling Inflation Toll on Poverty and Food Security" projected that Ghana's economy would recover to its full potential in 2025 but cautioned that growth might slow down in 2023 and remain subdued in 2024. The report called for Ghana to sustainably increase domestic revenue, particularly through the streamlining of tax incentive regimes and revenue administration improvement.

Notably, the IMF, in its latest assessment following the first program review by its staff, has suggested that Ghana's economy may experience growth exceeding the previously projected 1.5 percent. Finance Minister Ken Ofori Atta expressed optimism that the economy would grow by over 2.5 percent by December 31, 2023.