The World Bank has committed $250 million to Ghana’s Financial Stability Fund, according to the country’s finance minister, Ken Ofori-Atta.
According to him, the fund is expected to hit the accounts latest by the third quarter.
He announced this known during a news conference in Washington DC.
He explained that the stability fund is being established to ensure that government can intervene in the event of any solvency and liquidity issues.
Clarifying his statement in an interview on Monday, Mr Ofori-Atta reiterated “that the World Bank has committed $250 million.”
He noted that currently, talks are underway for donor partners such as the African Development Bank for further resources into the fund.
He added that government will also deposit some money into the fund, and further encouraged other multilateral development banks and bilateral partners to assist the Government of Ghana to secure the stability of the country’s financial sector.