The World Bank Group has welcomed the agreement in principle on the key parameters of the proposed debt restructuring for Ghana reached by the Official Creditors’ Committee under the G20 Common Framework. 

In a statement, the it said this agreement, which is consistent with the Joint World Bank-International Monetary Fund Debt Sustainability Framework, represents a critical milestone toward restoring debt sustainability in this country.

“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 is the first in a series of three operations totaling $900 million and part of a broad World Bank engagement in support of crisis response and resilience in Ghana.

The country would implement $4.3 billion in commitments from the World Bank through national and regional projects focused on private sector development and jobs, inclusive service delivery and sustainable resilient development.