Ghana Gets $30 Million From World Bank To Strengthen Its Financial Sector And Promote Inclusion

26 September, 2018

Original Source: Modern Ghana

WASHINGTON, September 20, 2018 - The World Bank today approved a $30 million International Development Association (IDA) credit to support the Government of Ghana strengthen its financial sector stability and improve inclusiveness for users of formal financial services and the financially excluded, particularly women, rural communities and farmers.

“This project will support Government’s plan to undertake reforms to deepen financial markets, promote inclusion, enhance the supervision and regulation of specialized deposit-taking financial institutions in line with Ghana’s National Financial Inclusion and Development Strategy,” said Henry K.G. Kerali, World Bank Country Director for Ghana.

The Ghana Financial Sector Development Project, is a key component of the World Bank Group’s comprehensive portfolio supporting financial stability, financial inclusion and private sector competitiveness. It is expected to help regulators strengthen their oversight of the financial sector for a sound and stable sector. This will enable ordinary Ghanaians develop trust in the sector and benefit from access to savings and financing for investments. It will also support the education of consumers on their rights and equip them with skills and knowledge to make informed choices in the use of financial services.

The project will also promote financial inclusiveness by mainly supporting rural and community banks to expand financial services to rural areas and the underserved segments of Ghanaians. “The increase in access to financial services is expected to create economic opportunities and contribute towards ending extreme poverty and promoting shared prosperity,” said Douglas Pearce, World Bank Practice Manager for Finance & Markets.

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